NECA sets for 2nd round of employers’ summit

By allcitynews.ng

It may no longer be news, especially to captains of industry in Organised Private Sector {OPS} of 2022 summit. But the current fresh news is that Nigeria Employers Consultative Association {NECA} has pencilled down round two of that summit.

The second round summit tagged Employers’ Summit is meant to consolidate on the achievement recorded from the 2022 edition.

The Director General, Mr Adewale-Smatt Oyerinde who made this known cited the fruits which the 2022 edition have already started yielding as reason for the 2023 edition.

Billed to take place in Abuja on the 10th and 11th July, 2023 at Abuja Intercontinental Hotel (Formerly Sheraton), at 9.00am is meant to make both representatives of Federal Government and members of OPS brainstorm on how best to fast track the growth of the economy, mostly now that the effects of subsidy removal from fuel have been hitting hard on manufacturers in the country.

According to Oyerinde, the Employers’ Summit was created to bridge the gap in Organized Businesses advocacy in Nigeria.

He admitted that the first edition has brought more light into thinking OPS whereby it now realised that it can influence or collaborate with policy makers to alliaviate the current econonic realities.

“Following the first edition, it is growing to become the foremost advocacy platform for organized businesses in Nigeria. The first edition of the Summit was held from 20th – 21st June, 2022 at Transcorp Hotel, Abuja with theme: Enthroning the Private Sector as Engine of National Development”. The edition proved to be a huge success.

Hence, the second annual employers summit which is a focus on why trade and non-oil exports became imperative because “For over five decades, the Nigerian economy has predominantly depended on crude oil sales, accounting for over 80% of the country’s revenue and foreign exchange earnings, albeit, with slight contribution to its GDP growth. Due to the vulnerability of the oil sector, any external shock with potential to affect the production capacity of the nation always have significant effect on the economy.

“Export trade is generally considered as a veritable instrument for sustainable economic growth. It normally facilitates improved foreign exchange earnings, strengthens the balance of payments, encourages the development of export-oriented industries in the manufacturing sector, increases the profitability of firms, creates jobs and increases government revenue through taxes, levies, and tariffs. All of these, in the medium and long term cumulatively accelerates economic growth.”

Oyerinde furthermore said “Historically, the Nigerian economy was buoyant during the pre- and post-independence years because of huge earnings from non-oil export like cocoa, cotton, groundnut, palm oil etc. The economy was so strong that it financed an appreciable number of capital projects without any recourse to borrowing, and the export market of the country was reasonably developed.

“Notwithstanding the gains and huge potential of export-trade, it has been faced with the challenge of non-diversification of the content of export trade. It must be averred that improving the share of non-oil goods in Nigerian export is an important objective of Nigeria’s industrial policy. Efforts at encouraging more sophisticated, value-added products should target the regional market as much as targeting domestic market.”

Likewise the DG said “It is, therefore, imperative that the country should articulate a definite roadmap in order to diversify the economy towards non-traditional tradable goods and services, beyond mineral and agricultural base products in sustaining the value-addition components.

“This will not only guarantee long term economic stability, it will also ensure sustained job creation and foreign exchange generation. Furthermore, aggressively transiting into non-oil export and exportable service activities would allow Nigeria to take advantage of the rising income elasticity of demand that derives from growing income in the world economy.”

Current realities and importance of the 2023 summit

Stressing the need for the 2023 summit, the DG reminded everyone that: Nigeria was ranked 52nd in global export in 2018 with 0.25% share of world export. Export trade of Nigeria was recorded at N26.8 trillion in 2022 while import trade was 25.7 trillion with a trade balance of N1.21 trillion for the same year; non- oil sector stood at N2.57 trillion in 2022 with a growth rate of growth of 19.6% for the whole year; share of oil export to total export was recorded at 76.74% in 2022, the share non-oil to total export stood at 9.54% in 2022.

According to him, contribution of oil sector to GDP was 5.67% in 2022; and non-oil sector contribution to GDP was 94.33% the same year (Source: NBS).

“With these realities, it is obvious that we need trade and non-oil exports not only to drive the economy but also to shore up FOREX to augment the current shortage. In fact, our options are limited. We must refocus on non-oil exports to change our national economic narratives.”

On the same vein, Oyerinde pointed out that “We want to appreciate our partners and sponsors. We note the support by the Federal Ministry of Industry, Trade and Investment, the Nigeria Export Promotion Council, sponsors and partners that time will fail us to mention and others.

“We call on other patriotic organizations and individuals to join us in the task of facilitating our nation’s economic renaissance. The event is free, but subject to registration.”

Additionally, Oyerinde noted that: “our nation is facing tough choices and to move forward, we have to face those tough choices. We call on the Federal Government to lend its support to this Summit and demonstrate its true commitment to national development.”

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