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NECA DG advises FG on economic policies

By on January 1, 2016

The Director-General, Nigeria Employers’ Consultative Association, Mr. Olusegun Oshinowo, has advised the Federal Government to refrain from making policies that will further constrain the ease of doing business.

While speaking on the expected policy direction of the government for the coming year in Lagos on Wednesday, Oshinowo pointed out that the assessment of the policy decisions in 2015 showed that the economy was not on the right track.

He emphasised the need for the government to give hope to Nigerians in terms of qualitative policies with long-term impact.

Specifically, Oshinowo advocated policies that would ensure that the private sector had unhindered access to the foreign exchange market in the New Year.

He said, “We are looking for policy options that will ensure unfettered access to foreign exchange by the private sector. We are not looking forward to a policy option, which will further constrain the very narrow fiscal space.

“By assessing the government based on these policy options, one can conclude that we are not on the right track. Given the situation of things, we can’t expect tangible and meaningful outcomes now but we should be able to have hope in terms of policy options such that if there is no respite in the short-term, we can long for respite in the medium-term and long-term.”

The NECA DG said that improvements in road and rail networks that would facilitate the movement of goods by business organisations were crucial.

According to him, concrete plans that will show withdrawal from the dependence on crude oil revenue and diversification of the economy are also essential.

“We want policy options that will show clearly that in the next two years, we will start seeing improvement in our infrastructure, in our road and rail networks. We are looking for policy options that will be consistent and will ensure that the government means business in terms of diversification of this economy away from outright dependence on revenue from the sale of crude oil,” he said.