At the fifth Nigeria Employers’ Summit in Abuja, the Nigeria Employers’ Consultative Association (NECA) stated that while recent federal macroeconomic reforms are necessary for long-term growth, they have yet to relieve the severe operational burdens on businesses. Under the theme “Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth,” NECA President Ifeanyi Okoye—represented by Treasurer Richard Ayibiowu—noted that after three years of aggressive structural changes, including fuel subsidy removal and foreign exchange floats, firms are still battling soaring energy costs, persistent inflation, unstable exchange rates, and multiple taxation. Micro, Small, and Medium Enterprises (MSMEs) are bearing the heaviest brunt of this adjustment period.
To help smaller enterprises navigate shifting global market demands, NECA partnered with the International Labour Organisation (ILO) to launch the Environmental, Social, and Governance (ESG) Implementation Guide for MSMEs in Nigeria. NECA Director-General Adewale Smart Oyerinde remarked that integrating sustainability metrics is now crucial for local firms seeking access to international finance and supply chains. Looking ahead, Oyerinde announced that beginning in 2027, the convention will transition into the International Employers’ Summit to address global investment and labour migration. Additionally, NSITF Director-General Oluwaseun Faleye emphasized that strengthening social safety nets like the Employees’ Compensation Scheme is essential to maintaining a productive and resilient workforce during these economic transitions.
