Despite assurances of economic stability from the federal government, millions of Nigerians continue to grapple with rising hardship, the Nigeria Employers’ Consultative Association (NECA) has warned.
Reacting to recent remarks by the Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, who praised Nigeria’s economic stabilization efforts, NECA’s Director-General, Adewale-Smatt Oyerinde, said the so-called stability remains largely “theoretical,” with little impact felt by ordinary citizens and businesses.
“Two years ago, Nigeria was close to bankruptcy, printing money to fund subsidies and support the naira. Today, we see improvements, foreign exchange rates are nearly unified, trade deficits have turned to surpluses, and reserves are rising. Yet, Nigerians are not feeling these changes,” Oyerinde lamented.
He stressed that inflation, weak consumer demand, and heavy taxation have eroded purchasing power, forcing businesses into survival mode. According to him, the ripple effect is clear: when consumers cannot afford basic goods, production drops, loans remain unpaid, and companies face the risk of collapse.
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NECA also raised alarm over what it described as “anti-business regulations” and arbitrary taxes imposed by some government agencies, warning that such practices could derail ongoing tax reforms. Oyerinde argued that while reforms were introduced to harmonize levies, certain agencies are exploiting loopholes to impose new charges.
“Unless the government clamps down on these practices, its tax reform agenda will be rendered meaningless,” he cautioned.
The employers’ association urged the federal government to complement macroeconomic reforms with concrete relief measures for households and businesses. It maintained that true economic recovery must be felt in markets, homes, and industries, not just in policy speeches or official data.
For now, many Nigerians remain caught in the storm of skyrocketing prices, dwindling demand, and unending taxes, raising the question: when will economic stability translate into real-life relief?
