Vice President Kashim Shettima has called for support from the organised private sector on the myriads of reforms being carried out by the Federal Government in order to build a resilient and inclusive economy.
Speaking at the opening session of the 4th edition of the Nigeria Employers’ Summit with the theme: ‘Enabling Sustainable Enterprise in a Transitioning Economy; Aligning Fiscal, Trade and Regulatory Reforms for Rapid National Development’, held in Abuja on Thursday, Shettima, who was represented by the Special Adviser to the President on Job Creation and MSME, Temitola Adekunle-Johnson, stated that the nation was currently undergoing a transition with the wave of bold reforms that were designed to steer the volatile economy into becoming more stable and sustainable.
He further stressed that though the reforms might be difficult in the short-term, they were meant to lay the groundwork for a more transparent, competitive, diversified and investor-friendly business environment.
“The vision of the President Bola Ahmed Tinubu administration is to build an economy where sustainable enterprises, like yours, can thrive, create decent jobs, and contribute to a society where prosperity is shared by all, not just a privileged few. And it is for this very purpose that this administration is committed to the intricate but essential task of ensuring that its fiscal, trade, and regulatory reforms are aligned to enable sustainable enterprise in Nigeria,” he stated.
He added that the administration remained committed to ensuring that Nigerian businesses take full advantage of the African Continental Free Trade Area as it recently gazetted the Preferential Tariff Concessions under the AfCFTA as a way of opening doors for Nigerian exporters to access preferential tariffs across African markets.
This will give them a significant competitive edge, reducing the cost of importing intermediate goods and raw materials from other African countries and improving profit margins, particularly for small and medium enterprises.
He equally urged the organised private sector to see the reforms as an opportunity to innovate, invest, and lead stating that these reforms were designed to create an environment where sustainable enterprise can flourish and inclusive development was seen as a reality.
Also speaking at the occasion, the Minister of Interior, Olubunmi Tunji-Ojo, expressed the commitment of the Federal Government to embarking on policies that would drive growth for the private sector.
Tunji-Ojo noted that President Bola Tinubu was willing to collaborate with the private sector to achieve collective good.
Citing instance of collaborative approach between the administration and NECA, Tunji-Ojo noted that through the Expatriate Administration and Visa Policy, both the government and the private sector contributed a great deal in finetuning and arriving at a more satisfactory policy document that addressed issues such as quota abuse and streamline visa processes, adding that the policy is expected to come into effect by July 1, 2025.
He said the current administration had made significant effort in improving the investment climate, as seen with some of the reforms that have been carried out stating that the government intention was to remove the bottlenecks by creating a business-friendly environment.
“Before now, there were conditions beyond the control of the private sector that didn’t allow for a more conducive business environment. Since the advent of this administration, we have seen efforts to remove the bottlenecks that impedes growth of business. So, the best time to invest in Nigeria is today,” he said.
While expressing deepest gratitude to NECA for contributing significantly to the socio-economic conditions of many Nigerians through the millions of jobs as well as the goods and services that they provide, he called for collaboration with the organised private sector to drive transformation and build an economy where Nigerian enterprises would be globally competitive and sustainable.
In his welcome address, the Director-General, NECA, Adewale Smatt-Oyerinde, stated that the essence of the summit was to build consensus around Federal Government’s policy reforms with a view to transforming them into actions that are favorable to businesses.
Smatt-Oyerinde noted that NECA as a body remained determined to work with the government to create an economy that was not only competitive, but could serve as a platform to advance the African economy.
Also speaking at the summit, the Chief Executive Officer, Nigeria Social Insurance Trust Fund, Oluwaseun Faleye, charged the organised private sector players, including members of NECA, to pay adequate attention to providing safety nets for their employees by implementing the Employee Compensation Act as they strive to ensure sustainability of their businesses or enterprises.
In his remarks, the representative of UNIDO, Philbert Johnson, who lauded the FG for signing the Programme for Country Partnership with UNIDO, stressed that the agency was committed to working with NECA in the implementation of the agreement to promote and accelerate inclusive and sustainable industrialisation in Nigeria.
He stated that there was the urgent need to go beyond profits by prioritising long-term viability of their enterprises and the well-being of the planet.
“We also need partnerships on all levels with donor countries, international organizations, NGOS and local businesses including the organized private sector to mobilise resources to enhance Nigeria’s industrial development and trade competitiveness. It is only by so doing that both the employers and employees in an enterprise and the entire society can all benefit on a continuous basis,” he said.
