Nigerian employers say the country’s sweeping economic reforms have yet to deliver real relief to businesses, three years after major policy changes including fuel subsidy removal and foreign exchange liberalization.
The Nigeria Employers’ Consultative Association (NECA) revealed that many firms are still operating under severe pressure despite government efforts to stabilize the economy.
The association’s Director General, Adewale-Smatt Oyerinde, noted that while reforms have improved investor confidence, most domestic businesses have not felt the benefits.
According to NECA, businesses are still grappling with high inflation, rising energy and fuel costs, foreign exchange instability and weak consumer purchasing power
These factors continue to squeeze profit margins, especially for small and medium-sized enterprises (MSMEs).
NECA acknowledges that reforms such as fuel subsidy removal and FX market liberalization were necessary policy shifts.
However, the association says the real economy where businesses operate is yet to feel the intended relief.
Small businesses remain the hardest hit, facing higher production and transport costs, expensive access to credit and reduced customer demand due to inflation
Many firms are adjusting operations or scaling down investment plans.
Beyond NECA’s statement, broader economic reports shows persistent inflationary pressure, currency depreciation increasing import costs, high interest rates limiting business expansion
These conditions continue to make profitability difficult for firms across sectors.
While Nigeria’s economic reforms are widely seen as structurally significant, business leaders warn that the short-term pain is still outweighing visible gains for many companies.
NECA is calling for more policy support to help businesses survive and adapt during the transition period.
