• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NECA fears further crashing of fragile economy

Economy

The Matters Press by The Matters Press
February 6, 2023
Reading Time: 2 mins read
0
NECA on how to address Nigeria’s economic challenges

The Nigeria Employers’ Consultative Association (NECA) has urged Federal Government to save Nigeria’s fragile economy from further crashing with its multi-faceted problems including petrol scarcity and currency redesign challenge.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

NECA’s Director-General, Mr Adewale-Smatt Oyerinde, made the call in a statement on Sunday in Lagos.

Oyerinde also urged government to urgently ensure availability of the new Naira notes, and to prosecute saboteurs of the policy.

He said that such action would ease the frustration of Nigerians and avert the impending breakdown of law and order.

He said that one worrisome and distinctive feature of recent economic policies remained their poor implementation.

“The country is not short of good policies, but implementation by relevant authorities remained a challenge; while the naira redesign is commendable, the implementation so far is short of commendable.

‘’A policy purportedly designed to curb inflation, encourage the cashless culture and foster financial inclusion among others is inadvertently pushing many Nigerians into frustration.

‘’This is in view of the current epileptic Bank transfers and inefficient e-payment systems, and general inadequacy of online banking infrastructure.

‘’The current situation portends grave danger for the economy, because Nigerians have no access to the new notes, businesses are short of sales and most employees find it difficult to go to work because of lack of cash.

‘’It is apt to conclude that it could be counter-productive to seek to implement a cashless economy abruptly, when at the same time the new Naira notes are being rolled out in limited quantities within an impracticably short timeframe”, he said.

The director-general said that due to rising inflation and real reduction in citizens’ purchasing power, the nation could be witnessing financial losses in many Small and Medium Scale businesses and also shutting down of many large businesses.

He lamented that as Nigerians grappled with scarcity of cash, they were at the same time confronted with high cost of Petrol, a product for which trillions of naira is expended as subsidy.

According to him, businesses also continue to face increasing energy cost, inadequate Foreign Exchange rates, and high operating costs among others.

He said that financial experts have confirmed that contrary to CBN’s view, Nigeria does not have excessive cash in circulation, noting that the cash is less than two per cent of Gross Domestic Product.

‘’The latest report by the Central Bank of Nigeria actually shows that currency in circulation is only N 3 trillion out of N 52 trillion aggregate money supply.

‘’If the monetary policy is not working as we have seen overtime, it is not because of the N 3 trillion out of N 52 trillion, which is less than six per cent; and making our currency scarce only increases the incentive for counterfeiting.

‘’Also, more immediate and drastic action should be taken to ensure adequate supply of petroleum products to cushion the harsh effects of current scarcity”, he said.

Oyerinde said that making Nigerians spend hours on queue for a product that the nation is naturally blessed with, which is also subsidised is not only contradictory, but also shameful.

Tags: EconomyNECA
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
NECA on how to address Nigeria’s economic challenges

Ensure availability of new Naira, save economy, NECA tells FG

Fair exhibitors adopt strategies to boost sales

Naira, fuel scarcity takes shine off 44th Kaduna International Trade Fair

Recommended Stories

Nigeria moves to attain self-sufficiency in maize production by 2022

Farmers produce 20m tonnes of maize in 2021

March 14, 2022
NLNG seeks partnership with NMDPRA to boost domestic gas market

NLNG’s report on illegal shipment of oil to America

February 22, 2022
Nigeria denies plan to accept foreign military base

Nigeria denies plan to accept foreign military base

May 6, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us