NECA Pledges Support For FG’s Economic Policy

The Nigeria Employers Consultative Association (NECA) has pledged its support for the federal government economic policy through the Economic Recovery and Growth Plan (ERGP).
In a statement to newsmen in Lagos on Monday, NECA’s  President, Larry Ettah, said that the association would continue to support the  ERGP which provides assurance  to domestic and foreign stakeholders on the economic policy direction of the Federal Government.
Ettah said that the policy will pull the economy out of the current economic recession, stressing that the policy document was produced through a process that involved consultation with the private sector and hope such consultative posture will be sustained.
The NECA boss pointed out that members of the  association share in the broad principles enunciated in the policy plan aimed at tackling constraints to economic growth particularly in the areas of fuel, power, foreign currency, leveraging the power of private sector, promoting national cohesion, social inclusion and allowing market forces to work.
He advised the Federal Government to focus on the effective implementation of all the action and initiatives contained in the policy document for quick accrual of benefits to the nation’s   economy, the business community and the  citizenry.
He said that NECA is optimistic that the economy will rebound with the positive happenings in the economy such as the increase of oil price now risen to an average of $55 per barrel which allowed the Central Bank of Nigeria (CBN) to witness increase in foreign reserve.
Ettah explained that the association supports some specific initiatives and targets stated in the document including the desire to   increase oil production to 2.5 million barrels per day by 2020, privatisation of specific enterprises and assets reducing petrol importation by 60 per cent building a globally competitive economy and improving the level of infrastructure.
He emphasised that despite the  fact that the document is two years late, he urged the government to implement the document (ERGP) forthwith to diversify the economy for more revenue generation.
He added that members of the association are unhappy with the relatively  high cost of the Eurobond offer and the rising debt service obligations.