• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, August 28, 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

Rising business divestment, capital flight worries employers

NECA

The Matters Press by The Matters Press
August 10, 2023
Reading Time: 2 mins read
0
Africa’s remittance inflows hit $72b

Dollars

Lagos, Aug. 10, 2023: The Nigeria Employers’ Consultative Association (NECA) has expressed worry over the recent trend of relocation and divestment of businesses, saying it was unfortunate.

RELATED POSTS

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

Tinubu succeeding where Obasanjo failed woefully, says TMSG

The Director-General, Mr Adewale-Smatt Oyerinde, said this in a statement on Wednesday in Lagos.

He said that such trend was a major reason why the rate of unemployment continued to soar perpetually with consequential rise in crime and other security issues.

“When businesses cease operations, divest or move to other profitable and hospitable environments, large number of Nigerians become unemployed.

“Inadvertently, the country loses income from taxes, social investment is hindered and poverty holds sway, “ he said.

According to him, in most developing economies across the globe, private businesses account for over 93 per cent of employment, including formal and informal jobs.

He said that the private sector continued to remain the catalyst for economic growth, being a major contributor to national income and the efficient flow of capital.

Oyerinde, therefore, called for a more definitive and urgent intervention.

“While we acknowledge and commend the current administration’s effort to address the concerns of the private sector and the steps it took to provide some respite to businesses in specific sectors of the economy, more needs to be done.

“Beyond the tax reforms activity and the provision of palliatives to select corporate entities, government should, by deepening engagement with the Organised Private Sector, provide the right intervention.

“Also, incentive, not only to attract more Foreign Direct Investment, but to also prevent more companies from shutting down, divesting or leaving the country,” he said.

The director-general urged the government to work collaboratively with the private sector with the view to developing and implementing action plans capable of promoting enterprise sustainability and competitiveness.

He said: “Sectors such as cosmetics, services, pharmaceuticals, aviation, textile, maritime, construction and, in fact, the real sector should be prioritised as they have the capacity to generate jobs.

“Expeditious action should be taken to finalise the appointment of Ministers and constitution of Boards of Agencies to drive the economic programmes of the administration.”

Tags: EconomyNECA
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
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
Next Post
“Naira-4-Dollar” getting results

Dollar beats Naira again

Nigeria’s non-oil revenue grew above target by 15.7%

Expert urges FG to cut cost of governance to boost revenue

Recommended Stories

“Naira-4-Dollar” getting results

Naira gains at investors, exporters window

September 2, 2023
Value of China’s export to US dips

Chinese Yuan weakens to 7. 1797 against dollar

November 3, 2023
China’s agricultural wholesale products prices continue to drop

YAS project to empower 10,000 Nigerians as agribusiness

October 22, 2023

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

  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals
  • ‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient
  • Tinubu succeeding where Obasanjo failed woefully, says TMSG

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