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Nigeria Employers’ Consultative Association (NECA) says President Muhammadu Buhari will need to prioritise policies directed at strengthening the productive sector of the economy where lies the potential to create jobs and reduce the country’s frightening unemployment rate.
Buhari is to take oath of office on Wednesday, May 29, 2019 for a second term of four years that will elapse on May 29, 2023. His first four years has seen Nigeria struggling with compounding economic woes.
Statistics from the National Bureau of Statistics (NBS) showed that youth unemployment rate averaged 23.63 percent from 2014 until 2018, reaching an all-time high of 38 per cent in the second quarter of 2018, with millions of the citizens continuing to fall below the poverty line.
Timothy Olawale, the Director-General of NECA, in a document titled “NECA’s Agenda for Government,” made available to BusinessDay on Monday, said the real sector in the last four years has had to struggle against burdensome taxation, poor access to funding, regulatory insensitivity, even as interventions by the Central Bank of Nigeria (CBN) did little to strengthen to the sector.
He said that “among the urgent support needed by the real sector is access to single digit capital, a business-friendly exchange rate regime, policy to ensure the patronage of made-in-Nigeria goods, concerted efforts at curbing smuggling and associated activities, bail-outs and corporate tax incentives that will enable the expansion of local businesses, enforcement of harmonised taxes and levies by the Joint Tax Board at all levels of government.”
The employers’ body also pointed to the need for the government in its second term to build infrastructure as critical enabler of development. It called on the government to take urgent steps towards the completion of the Apapa Ports road, the Agbara Industrial Estate road and other … Read More...