The Nigeria Employers’ Consultative Association (NECA), has criticized what it dubbed ‘regulatory gangsterism’ by some regulatory agencies which it claimed led to job losses in the first four years of President Muhammadu Buhari’s regime.
The body further revealed that the situation suppressed businesses and dissuaded entrepreneurial propensity among small and medium enterprises, which it referred to as the major drivers of employment in the informal sector of the economy.
It also sought the early passage of the 2019 budget, as many business decisions were linked to it.
These were included in a statement rated, ‘President Buhari’s re-election: Implications for business’ released on Thursday in Lagos.
In the statement, the Director-General of NECA, Mr Timothy Olawale, urged President Buhari to alter the adverse pattern in his second term so as to ensure the rebirth of the moribund industries.
He said, “Regulatory gangsterism reached a new height in the first four years of the administration. As the President was making efforts to ease the challenges of doing business in Nigeria, some regulatory agencies were stifling businesses, discouraging entrepreneurial propensity of small and medium-scale entities and inadvertently creating the environment for job losses.
“The President must ensure that this trend is brought to a stop. A collaborative engagement of the private sector and the creation of an environment for it to thrive is the only panacea to the raging threat of unemployment in our nation.
“This government has another four years’ opportunity to reverse the negative trends and prognosis associated with the nation in the last four years. Concerted efforts must be made to revive moribund industries, support struggling enterprises, create a responsible regulatory regime and focus on inclusive growth for the rapid development of our nation.”
Olawale said NECA anticipated to see more of policy stability, requesting the government to guarantee a sustained effort to the execution of the Economic Recovery and Growth Plan.