The Nigeria Employers’ Consultative Association (NECA) and the Nigeria Labour Congress (NLC) have warned that the country’s business environment remains extremely harsh despite recent improvements in some macroeconomic indicators.
They say businesses and workers are operating under intense pressure due to inflation, currency volatility, high interest rates, and insecurity.
Speaking at NECA’s Annual General Meeting in Lagos, NECA President, Dr. Ifeanyi Okoye, said the removal of fuel subsidies, foreign exchange liberalization, and a new minimum wage policy in 2023 have created tough economic conditions.
He noted that despite some resilience by businesses, the operating environment remains high-cost and volatile, with the exchange rate exceeding N1,500/$1 and lending rates over 30%.
Dr. Okoye said global conflicts, including the Russia-Ukraine war and the Israel-Palestine crisis, have worsened supply chain disruptions, further complicating Nigeria’s economic recovery.
He added that while GDP growth has shown some promise, poverty increased from 38.9% in 2023 to 47% in 2024, pointing to deepening income inequality.
He called for urgent legislative action against counterfeit and smuggled goods, which he said are crippling legitimate manufacturers and damaging investor confidence.
He urged the Federal Government to pass a comprehensive Anti-Counterfeiting Law to protect local businesses and consumers.
While acknowledging reforms such as the Nigerian Tax Act 2024 and the “Renewed Hope Nigeria First” policy, Okoye stressed the need for effective implementation to ease the cost of doing business.
He also advocated better coordination of monetary and forex policies to bring inflation and interest rates under control.
On his part, NLC President Joe Ajaero, represented by Deputy President Prince Adewale Adeyanju, warned that economic exclusion, insecurity, and repression are shrinking Nigeria’s civic space and endangering labour rights.
He emphasized that sustainable business growth must go hand-in-hand with workers’ welfare and social justice.
Ajaero also condemned ongoing attempts to remove labour issues from the Exclusive Legislative List, describing it as a threat to national industrial harmony.
He challenged NECA to promote better labour practices and respect workers’ rights, noting Nigeria’s poor ranking in the 2025 ITUC Global Rights Index.
Both organisations urged the government to address the multifaceted challenges to ensure inclusive economic growth and national stability.