By Akinnodi Francis, Ondo

The Nigeria Employers’ Consultative Association (NECA) has called for a more pragmatic approach to economic policy implementation to safeguard jobs and ensure business sustainability in Nigeria.

Speaking on a national television programme monitored by Weekend Hope, NECA’s Director-General, Adewale Smatt-Oyerinde, urged policymakers to reassess policies that could impede economic growth and job creation.

He stressed the need for regulatory agencies to align their actions with the government’s broader economic recovery agenda. Citing recent policy adjustments, including the suspension of the four per cent Free on Board (FOB) levy and the reduction of the 50 per cent tariff, he advocated for similar reviews of other regulatory measures.

Smatt-Oyerinde warned that excessive levies and high compliance costs imposed by the government would ultimately burden consumers and weaken the economy. He called for a balance between regulatory enforcement and economic stability.

“While the law must be upheld, expediency should take precedence. Is it appropriate to enforce certain policies now when businesses are struggling with reduced capacity utilisation, rising stock levels, and job losses?

“The law is meant to facilitate business growth, not stifle it. If it becomes an obstacle to the private sector and, by extension, the nation’s economic development, then a review is necessary.

“If the four per cent FOB levy can be suspended and the 50 per cent tariff reduced, there is no reason why the FRCM cannot take a cue from this pattern. It is crucial to save the goose that lays the golden egg,” he said.

He urged the government to prioritise policies that foster business growth rather than stifle it, warning that a short-sighted approach to revenue generation could harm the broader economic objectives of the administration.

“This myopic view of revenue generation will do more harm than good to the bigger economic picture the President is focused on.

“Every additional financial burden on businesses leads to job losses, higher consumer prices, and reduced disposable income for Nigerians. We must shift our focus to policies that promote business survival and economic recovery,” he added.