Nigerians Yet to Feel Economic Reforms, Borrowing Must Deliver Results — NECA DG

The Director-General of the Nigeria Employers’ Consultative Association (NECA), Wale-Smatt Oyerinde, has said that despite signs of macroeconomic stability, most Nigerians are still struggling with inflation, rising costs and economic hardship.

Oyerinde also raised concerns about the country’s growing debt burden, insisting that borrowing must be tied to projects that citizens can see and benefit from.

According to him, economic reforms will only be meaningful when they improve the lives of ordinary workers and households.

“Whatever growth we are claiming must translate to the average worker. The average Nigerian household must feel it.”

Households Still Under Pressure

The NECA chief noted that inflation, worsened by international developments including tensions in the Middle East, continues to reduce the purchasing power of Nigerians.

While acknowledging some improvements in exchange rate stability and business planning, he said prosperity remains elusive for most businesses and households.

“Is the average household feeling it currently? Not absolutely. Is the worker feeling it currently? Not so.”

He added that welfare measures announced for civil servants have limited impact because the majority of Nigerians operate outside the public sector.

Transportation and Security Key to Recovery

Oyerinde identified transportation and security as two critical areas requiring urgent attention.

He said high transportation costs affect every aspect of the economy, from food prices to housing costs and business operations.

Although he commended government efforts to introduce CNG buses, he said much more investment is needed.

“The government needs to invest more in CNG buses. We also need to invest more in light rail systems.”

He argued that improved security would also boost agricultural production and help lower food prices nationwide.

Strengthening Local Production

The NECA DG maintained that Nigeria must reduce its dependence on imports and foreign exchange.

He said supporting local industries and expanding domestic production would help stabilize the naira.

“If everything I need can be produced and bought locally, why would I need dollars?”

According to him, strengthening productive sectors is essential for long-term economic recovery.

Fuel Subsidy Should Not Return

Oyerinde backed the government’s decision not to reinstate fuel subsidy but urged authorities to consider supporting strategic sectors instead.

“Bringing back subsidy should not even be part of the conversation because we have seen that it was largely a charade.”

He suggested that industries such as healthcare and pharmaceuticals could benefit from targeted interventions to reduce costs for citizens.

Transparency Needed on Borrowing

Expressing concern about Nigeria’s increasing debt profile, Oyerinde said public confidence would improve if citizens could clearly see the projects financed through borrowed funds.

He called for greater scrutiny of loan requests and clearer communication from government regarding the use of subsidy savings and borrowed resources.

“The real question people are asking is: what exactly is this borrowing for?”

He added:

“When borrowing is done without visible, tangible outcomes, it naturally raises concerns.”

Power Supply Remains a Major Challenge

Oyerinde also highlighted the worsening power crisis as a major burden on businesses.

He explained that high electricity costs increase production expenses and ultimately push up prices for consumers.

“When businesses spend that much on energy, it feeds directly into production costs, which in turn increases the cost of goods and services.”

He urged government at all levels to focus on practical policies that improve transportation, security, healthcare and power supply, stressing that economic growth should be reflected in the daily experiences of Nigerians.

“What the average Nigerian wants are practical things — beyond grammar — things that directly affect daily life.”

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