In this interview, the Director-General of the Nigeria Employers’ Consultative Association shares insights on the Nigerian economy, inflation, unemployment, and pensions.
How do you view the effectiveness of current government economic policies in promoting private sector growth and job creation in Nigeria?
Assessing the government’s economic policies reveals a mix of positives and challenges. While commendable efforts have been made by various entities like the Bank of Industry and the Ministries of Finance and Trade, challenges from past administrations still persist. Addressing issues within the government’s control, such as refining petrol locally and enhancing security, can lead to significant improvements. Despite existing challenges, focusing on areas within reach shows promise for progress.
How are employers managing the balance between raising wages and sustaining their businesses amidst inflation and rising costs?
The need to strike a balance is crucial as businesses face increasing production costs that impact pricing and consumer behavior. Adapting to new wage laws and collaborating with organized labor help alleviate pressures. Sustainability of businesses is key to job creation, emphasizing the importance of a supportive environment for enterprises to thrive.
What actions can the private sector take alongside the government to reduce unemployment?
Private sector initiatives like skill development programs aim to enhance youth employability. A conducive business environment, coupled with government support, can attract investments and drive job creation. Empowering businesses is vital for sustainable employment opportunities.
Do you believe the government’s economic relief measures adequately address business challenges, especially for SMEs?
While short-term relief measures are beneficial, comprehensive reforms addressing infrastructure, power supply, and favorable policies are crucial for long-term growth. Competitiveness in the African market requires systemic improvements to support Nigerian businesses.
How can the private sector contribute to diversifying Nigeria’s exports, particularly in non-oil sectors?
NECA advocates for non-oil exports, emphasizing their vital role in economic development. Collaboration with government agencies to revitalize trade and exports can position Nigeria as a key player in the global market, driving economic growth.
What is NECA’s stance on casual labor, and how can labor laws be enhanced to protect workers and support employers?
NECA opposes casualization, stressing the need for fair labor practices. Urging the swift passage of robust labor laws is essential to safeguard workers’ rights and create a balanced work environment beneficial for all.
How can Nigeria’s pension system be reformed to include informal sector workers, ensuring broader retirement security coverage?
Employers play a vital role in pension system success, requiring tailored strategies to engage informal workers effectively. Extending pension schemes to the informal sector ensures wider coverage and financial security for all participants, contributing to long-term sustainability.
What are the primary labor market challenges faced by employers currently?
Challenges in the labor market, such as skilled talent shortages and lack of reliable labor market information, hinder workforce development. Addressing these issues through a robust labor market information system is crucial for aligning education with market needs and fostering a competitive workforce.