• Dr. Ifeanyi Okoye, NECA President
The Nigeria Employers’ Consultative Association (NECA) and the Nigeria Labour Congress (NLC) have dismissed the claims by the Nigerian Bureau of Statistics, NBS, improvement in some macroeconomic indicators.
The Nigerian Bureau of Statistics, NBS, has just released its latest Composite Consumer Price Index indicating that inflation declined for the third consecutive month in June, showing 22.22 per cent, while the foreign exchange rate hovered around N1,520 to USD1 following a sustained recovery of the local currency .
The two bodies, reacted during the 67th Annual General Meeting, AGM, of NECA in Lagos, yesterday, and said that the impact of both economic indicators on businesses and workers are still on the brink of collapse.
Dr. Ifeanyi Okoye, NECA President, noted that the macroeconomic environment remained challenging throughout the year.
” As of May 2025, the exchange rate stood at N1,538 per US dollar, maximum lending rates hovered around 30.8 percent, and inflation remained high at 22.9 percent
These conditions make it nearly impossible for businesses, especially Micro, Small, and Medium Enterprises to operate profitably,” said Okoye.
On his part, President of the NLC, Joe Ajaero, warned that the shrinking civic space, repression, and economic exclusion are worsening the country’s already fragile labour environment.
Represented by NLC Deputy President, Prince Adewale Adeyanju, Ajaero stated: “More broadly, we must act to reclaim Nigeria’s civic space, which is shrinking under the weight of insecurity, repression, and economic exclusion.
“A vibrant civic space is not a luxury — it is the fertile ground in which both businesses and workers flourish. Imagine, just for a moment, the transformative power we could unleash if employers and employees spoke with one voice for fairness and shared prosperity.
” That worker you consider redundant is also the consumer who keeps your enterprise alive. When we protect jobs, we protect the entire chain of production, consumption, and social stability.”
