The Nigeria Employers’ Consultative Association has urged the Federal Government to sustain ongoing economic reforms, strengthen security and accelerate power sector improvements.

The president of NECA’s governing council, Ifeanyi Okoye, gave the advice on Tuesday at the association’s 69th AGM in Lagos.

Mr Okoye said that accelerating improvement in the power sector would reduce business costs and enhance the competitiveness of Nigerian enterprises.

He expressed cautious optimism about Nigeria’s economic recovery, saying that the outlook for the second half of the year remained positive despite prevailing economic and operational challenges facing businesses.

The NECA president attributed the positive outlook to moderating inflation, improved foreign exchange availability and gains from ongoing infrastructure investments.

According to him, sustained implementation of key reforms will be critical to consolidating the country’s economic recovery.

He said that reforms in the power sector had the potential to reduce production costs, improve productivity and strengthen the competitiveness of Nigerian businesses over the medium term.

Mr Okoye, however, urged the government to sustain the momentum of the reforms while taking deliberate measures to cushion the social and economic impacts of the reforms on businesses and citizens.

He expressed concern over persistent insecurity, warning that it continued to discourage investment, disrupt supply chains and increase operating costs for businesses.

“Reforms must be implemented in a manner that preserves business viability, protects jobs, sustains investor confidence and delivers tangible economic benefits,” Mr Okoye said.

He said that in spite of the challenges, Nigerian businesses had continued to demonstrate resilience, innovation and adaptability.

Mr Okoye reaffirmed NECA’s commitment to advocating policies that would enhance competitiveness, attract investment, and reduce the cost of doing business. He added that the association remained committed to creating sustainable employment opportunities and strengthening the private sector’s role in driving economic growth.

Mr Okoye also called for stronger, better-coordinated efforts to tackle insecurity, protect business assets, and secure critical transport corridors to support economic activities nationwide.

Richard Ayibiowu was elected NECA’s new president. In his acceptance speech, Mr Ayibiowu pledged to strengthen engagement with the government to promote enterprise competitiveness, sustainable economic growth and job creation.

He promised to advance the interests of employers and the association. According to him, NECA has remained a credible voice for business in Nigeria by championing enterprise, promoting decent work and shaping policies that enable businesses to grow, compete and create sustainable jobs.

He pledged to build on the legacy of past presidents by sustaining advocacy for business-friendly policies and strengthening collaboration with government and other stakeholders.

Mr Ayibiowu urged member companies to provide credible and timely data to support the association’s advocacy efforts, as evidence-based engagement would produce better policy outcomes.

“We need credible data to engage effectively with government and other stakeholders. Our goal is to create a win-win environment that promotes business growth, decent work and sustainable economic development,” he said.

(NAN)