NECA Condemns Regulatory Barriers Under Buhari

Buhari on arrival from LondonBuhari on arrival from London
  • NECA Condemns Regulatory Barriers Under Buhari

The Nigeria Employers’ Consultative Association has condemned what it termed ‘regulatory gangsterism’ by some regulatory agencies which it claimed led to job losses in the first four years of President Muhammadu Buhari’s administration.

The body further stated that the situation stifled businesses and discouraged entrepreneurial propensity among small and medium enterprises, which it described as the major drivers of employment in the informal sector of the economy.

It also called for the early passage of the 2019 budget, as many business decisions were tied to it.

These were contained in a statement entitled, ‘President Buhari’s re-election: Implications for business’ released on Thursday in Lagos, a copy of which was made available to our correspondent.

In the statement, the Director-General of NECA, Mr Timothy Olawale, appealed to President Buhari to reverse the negative trend in his second term in order to ensure the revival of the moribund industries.

He said, “Regulatory gangsterism reached a new height in the first four years of the administration. As the President was making efforts to ease the challenges of doing business in Nigeria, some regulatory agencies were stifling businesses, discouraging entrepreneurial propensity of small and medium-scale entities and inadvertently creating the environment for job losses.

“The President must ensure that this trend is brought to a stop. A collaborative engagement of the private sector and the creation of an environment for it to thrive is the only panacea to the raging threat of unemployment in our nation.

“This government has another four years’ opportunity to reverse the negative trends and prognosis associated with the nation in the last four years. Concerted efforts must be made to revive moribund industries, support struggling enterprises, create a responsible regulatory regime and focus on inclusive growth for the rapid development of our nation.”

Olawale said NECA expected to see more of policy stability, asking the government to ensure a sustained commitment to the implementation of the Economic Recovery and Growth Plan.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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