The Nigerian Employers Consultative Association of Nigeria (NECA) has blamed Nigeria’s ongoing economic challenges on inadequate policy direction on the part of the present administration.
President of NECA, Mr Larry Ettah, in his address at the Association’s Annual General Meeting (AGM) in Lagos said: “While there is no doubt that the past administration was profligate in its management of our commonwealth, it is quite evident that the lack of clarity about the economic agenda of the current government and some wrong policy choices have contributed to the current economic stagnation and recession.”
He said: “We, therefore, welcome the thrust of 2016 budget of which recognises that meaningful GDP growth requires quality spending to reflate the economy.
“We need to invest in boosting our infrastructural stock; we need to reduce our domestic debt; and there is the need to spend to position our economy to be export oriented and less dependent on import. We hope this budget will be faithfully implemented as this is key to the revival of the economy from the current recession.”