The Nigeria Employers’ Consultative of Association (NECA) has charted a course for the economy in the new year.
The Director General of the association, Timothy Olawale, said in a statement on Thursday, that the economy struggled with an average growth rate of two per cent in the first three quarters of 2019, while inflation was still in double-digit, orchestrated mainly by increasing food inflation as a result of the closure of land borders.
He noted that, “though the economy has great potential for growth, a more concerted and collaborative efforts with the private sector could have made significant impact.”
On his expectation for 2020, Olawale said, for “any economy to fulfil its full potential, efficiency and synergy of the fiscal and monetary authorities is critical.”
Speaking further on expectations, the NECA Director-General stated that “government should remain focused on implementing the Economic Recovery & Growth Plan (ERGP) as part of efforts to restore economic growth and expand the tax net to improve revenue generation, rather than focusing on tax increases that have remain burdensome to businesses.
“Beyond the rhetoric of improved Ease of Doing Business rating, we expect that greater effort would be made to reign in the excesses of some regulatory authorities, whose actions tend to stifle businesses, invariably increasing the unemployment rate. The private sector should be aggressively supported to create jobs through business-friendly policies and regulation.”
On the Budget 2020, he called for, “full and timely implementation of the budget and early release of funds in order to stimulate the economy.”
“Monitoring mechanisms should be institutionalised to gauge how well the budget is implemented.
“Special focus should be given to infrastructural development as enshrined in the 2020 budget as this is the foundation for national development,” he added.
The NECA Director General added: “We expect that for the sake of our country and the teeming populace, government at all levels will see the private sector as an engine of development and a worthy partner in the realisation of the Nigerian dream.
“The executive and especially, the legislature must facilitate an enabling environment for the economy to grow through business-friendly and citizen-focused legislation for the betterment of our nation.”