Bimbola Oyesola
Organised private sector has tasked President Muhammadu Buhari, wh just won a second term in office, to ensure that he uses the next four years to reverse all the negative problems that have been a stumbling block to the growth of the economy in past four years.
Following the issuance of a certificate of return to Buhari by the Independent National Electoral Commission (INEC), confirming his re-election for another four years, the Nigeria Employers’ Consultative Association (NECA) has examined some implications of the President’s re-election to businesses.
The director-general of NECA, Mr. Timothy Olawale, said Buhari’s government now has another four years 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”, he said.
He noted that the presidential election has been won and lost, noting that it is time to put aside politics and let governance take centre stage.
Expressing concerns of businesses over the worrisome trend in the first four years of the Buhari administration, he posited that “regulatory gangstarism 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.”
While drawing the attention of the President to this anathema, he said “the President must ensure that this trend is brought to a stop. A collaborative engagement of the private sector and creation of an environment for it to thrive is the only panacea to the raging threat of unemployment in our nation.”
He, however, stated that the federal government has shown a sustained commitment to the implementation of the Economic Growth Recovery Plan (ERGP) adding that members of the OPS expect it to continue.
He said, “We expect stability of different economic policies, continued focus on the different social investment programmes such as the trader-moni, etc, which are deemed pro-poor and sustenance or deepening of the government’s engagement with the private sector through the quarterly Presidential Forum, amongst others.”
Olawale said infrastructural development has also been an area of focus for the present administration, stating that the business community expects the completion of major projects all over the country.
“We are also witnessing a steady progress in the Export Expansion Grant, which supports exporters in the expansion of their businesses. We expect the Presidential Enabling Business Environment Council (PEBEC) to step up the implementation of its mandate and the implementation of the Ease of Doing Business policy. We, however, hope that the passage and implementation of the 2019 budget will be given due attention as we are already in the third month of our fiscal year, not forgetting that several business decisions are tied to the passage of the budget.”