Several prominent Nigerian business associations, including NECA, MAN, and NACCIMA, have criticized the government’s abrupt policy changes under the current administration, attributing them to the country’s ongoing socio-economic challenges.
At NECA’s 67th Annual General Meeting in Lagos, President Taiwo Adeniyi highlighted the detrimental impacts of recent policies such as fuel subsidy removal and exchange rate liberalization, which have led to market distortions and increased operational costs for businesses since mid-2023.
Adeniyi emphasized the urgent need for government policy that supports domestic production and alleviates the burden on private enterprises.
Similarly, MAN pointed out that foreign exchange volatility, inadequate power supply, and high inflation have compounded challenges in the manufacturing sector, significantly raising production and distribution costs by 20.7% in early 2024.
The Director General of MAN, Segun Ajayi-Kadir, urged the government to address issues like insecurity and policy inconsistency to bolster sectoral performance.
Echoing these concerns, NACCIMA’s Director General, Sola Obadimu, called for improved public finance management to mitigate the harsh economic climate, stressing the need for policies that facilitate business growth rather than impede it.
Meanwhile, in a separate but related development, President of the Nigeria Labour Congress (NLC), Joe Ajaero, advocated for a substantial increase in the national minimum wage to enhance workers’ purchasing power and stimulate economic growth.
Ajaero warned of organized labor’s readiness to shut down the country should legislative efforts undermine fair wage standards set by international conventions ratified by Nigeria.
The collective stance from these influential bodies underscores growing discontentment with current economic policies and a unified call for reforms to stabilize Nigeria’s business environment and promote sustainable growth.
