NECA advises new ministers that Nigeria needs a speedy answer to its economic problems.

The Nigeria Employers’ Consultative Association, NECA, has advised the newly appointed ministers that the country’s socioeconomic difficulties must be addressed quickly.

According to NECA, organized businesses expect the new Minister of Finance and Coordinating Minister of the Economy to further existing fiscal and monetary reforms while keeping in mind the need to provide a welcoming climate for domestic and foreign investors.

Speaking at the inauguration of the ministers, Mr. Adewale-Smatt Oyerinde, Director-General of the Association, stated that the new minister of labor must urgently finalize the reviewed Labour Laws for passage as Executive Bills to the National Assembly, reform the Industrial Relations System, and deepen social dialogue, among other things.

“We congratulate the President on the inauguration of the new Ministers,” he stated. We expect that with the inauguration, decisive actions will be done to strengthen governance at all levels. The appointment of a new Minister of Labour and Employment comes at a critical time. The reviewed Labour Laws must be finalized as soon as possible for passage as Executive Bills in the National Assembly.

“There is an urgent need for reform of the Industrial Relations System, for deepening social dialogue, for strengthening labor administration institutions, for deepening engagement with social partners, and for an urgent focus on job creation.” It is vital to emphasize that the new Minister of Labour and Employment’s performance will be heavily reliant on how he manages the intricacies of the relationships amongst Social Partners.”

On the economy, Oyerinde stated, “Organized businesses expect the new Minister of Finance and Coordinating Minister of the Economy to deepen the ongoing fiscal and monetary reforms, while not losing sight of the need to create a welcoming environment for domestic and foreign investors.” The importance of maintaining Naira support and stabilizing the FOREX market cannot be overstated.”

“Organized businesses continue to face multi-dimensional challenges in light of the recent removal of fuel subsidy and subsequent reforms,” he said, urging the Minister for Industry, Trade, and Investment, as well as other Ministers, to work in close collaboration with Organized Businesses to drive the economy back on track of growth and consistent development. It will be advantageous for the government to move quickly on palliatives and support for organized enterprises. The tendency of some enterprises leaving and many others closing has exacerbated the country’s unemployment predicament. This should not be taken lightly in order to avoid further harm.”