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The Nigeria Employers’ Consultative Association has advised governments to urgently accord businesses more structured and specific support to enable them to stay afloat and reduce the impact of Coronavirus on them.
NECA’s Director-General, Timothy Olawale, who made the call on Tuesday in Lagos, called for more specific and direct business sustainability schemes to save the private sector.
Olawale said: “While we commend the efforts of the Central Bank of Nigeria for stating its intention to provide palliatives and stimulus to businesses, much more can be done to keep businesses afloat and reduce the risk of massive job losses.
“It was reported by the International Labour Organisation that over 22.7 million jobs could be lost as a result of the COVID-19 pandemic, notwithstanding the current worrisome unemployment rate in the country.
“More than ever before, government should seek the collaboration of organised businesses to save our country from the crippling effect of the disease and its long-term socioeconomic effects.”
The director-general, in a statement, said governments in other climes in supporting organised businesses had taken specific measures to protect local industries and guarantee job security for their citizens.
According to him, this can be replicated in Nigeria.
Olawale said: “In Australia, government provided tax-free cash flow for employers; up to $25,000 is available to help pay wages or for investment, to protect against downturn in activity.
“This is excluding wage subsidy and instant asset write-off for businesses with turnover of less than $500 million.
“In France, the government has proposed that water, gas and electricity bills as well as rents, will be suspended for companies in difficult situation.
“Fixed costs will also be reduced by the saving of rents, especially for businesses that have to close.
“The same story applies to Maldives, New Zealand, North Macedonia, Philippines, South Africa, Singapore, Spain, Switzerland and many other countries.”
