EKO HOT BLOG reports that NRCA Director-General/Chief Executive, Mr Adewale-Smatt Oyerinde, made the appeal in a statement on Sunday in Abuja, following a national address by President Bola Tinubu and condemned the unfortunate looting that had characterised the protest in some parts of the nation.
“We commend the President for addressing the nation on the protest and the many on-going efforts of the government to address the pains of Nigerians.
“We urge, most urgently, that government should also give urgent attention to the myriads of contradictions bedeviling the private sector, to enable the economy open up and return to the path of rapid growth,” he said
Oyerinde noted that the contradictions were strangulating the organised private sector and stopping it from fulfilling its role as the engine of development.
Sharing some of the contradictions, the NECA boss averred that, while the nation grapple with high unemployment rate and low business capacity utilisation, some regulatory agencies were still creating bottlenecks for business growth.
Specifically, he urged the federal government to implement the reports of the Taiwo Oyedele led Presidential Committee on Tax and Fiscal Policy Reforms, which, according to him, engaged critical stakeholders and build consensus on tax reforms.
Oyerinde frowned at the development where some agencies continue to introduce new levies and other forms of taxes, negating the main reason for the establishment of the Committee.
Speaking further, the NECA Chief Executive noted that, “with the current rate at which businesses are declaring losses, especially in the real sector, the nation might be in for another round of business shutdown”.
He said a combined loss of over N533 billion by four businesses in the sector, in quarter one of 2024, called for urgent action.
Oyerinde urged the government to address the ‘low hanging fruit’ solutions” to get the real sector back on track.
He said some of the interventions included, issuing strict directives to regulatory agencies to prioritise regulation over the current seeming unquenchable thirst to impose penalties on already struggling businesses.
He said NECA was not against pro-growth regulations, but concerned about the current pervasive arbitrary drive for revenue.
Oyerinde also urged the government to curtail the rising interest and inflation rates, and address ongoing FOREX volatility.
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