The Nigeria Employers’ Consultative Association, NECA, has recommended that the Federal Government set aside any pride and reconsider the elimination of fuel subsidy and the decision to float the nation’s currency, the naira.
They have cautioned against a potential rise in unemployment crisis, especially given the challenging economic conditions.
Director-General of NECA, Mr. Adewale- Smatt Oyerinde, who spoke on behalf of employers in the country, argued yesterday: “Some of the policies that are inimical to business include the currency redesign policy of the CBN, removal of fuel subsidy, floating of the foreign exchange, increase in various taxes, including excise duties and most recently, upward review of the foreign exchange rate for clearing of imports by the Nigeria Custom Service.
“Also included in this is the banning of alcoholic beverage in sachets and pet bottles of less than 200m. These measures are swiftly dragging most private businesses to the brink of collapse.
“The National Bureau of Statistics, NBS, reported a rise in unemployment rate to 5.0 per cent in the third quarter of 2023, from 4.2 per cent in the second quarter of the year.
“The figure is a product of the new methodology adopted by the bureau, which defines unemployment as the ratio of the working-age population to the total labour force. Retrospectively, using the old methodology for the last time, NBS reported unemployment at 33.3 per cent for the first quarter of 2021.
