The economy shows stability, but the Nigerians are still struggling

The Nigerian Employer Consultative Association (NECA) has warned that while the new reforms may have attracted the country’s economy to come out of the “intensive care unit,” millions of Nigerians are still staggered from inflation, weakening requests, and several taxation.

This group reacted to comments by the Director General of the World Trade Organization (WTO), Ngozi Okonjo-iweala, who recently stated that the Nigerian economy had been stable. Director General of Neca, Adewale-Sumatt Oyerinde, acknowledged that progress but emphasized that the impact had not been filtered into business and households.

“Two years ago, we were on a bankrupt path – printing money to fund subsidies and defend Naira. Today, macro stability is seen: Forex tariffs are almost in harmony, the trade surplus has replaced the deficit, and reserves have grown. But Nigerians did not feel it,” Oyerinde said.

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He noted that the increase in costs had eroded consumer purchasing power, leaving many businesses in difficulties.

“Business requires a stable demand. If people cannot afford to buy goods, production suffering, loans remain due, and companies face collapse,” he said.

Furthermore, Neca expressed his concern about arbitrary taxation and anti-business regulations imposed by several government agencies, warning that they could erase the ongoing tax reform benefits.

“While the reform aims to harmonize levies, several institutions exploit legal gaps to introduce new accusations. Without decisive actions, this effort will be damaged,” Oyerinde added.

The association urged the federal government to pair macroeconomic reforms with targeted assistance steps that will ease the burden on citizens. According to Neca, then the promise of recovery will “from the board room to the market.”

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