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‘Regulatory gangsterism’ by agencies marred Buhari’s 1st term—NECA

More captains of industry and leaders of economy have continued to highlight leadership and policy shortfalls of President Muhammadu Buhari’s first term in office which ends in next two months before he begins another term having been declared winner of the presidential election.
This time, the Nigeria Employers’ Consultative Association (NECA) has fingered what it described as ‘regulatory gangsterism’ by some regulatory agencies as the last straw that broke the camel’s back in the last four years, saying the act claimed a lot of jobs within the organized private sector.
According to a statement issued by the Director-General of NECA, Mr Timothy Olawale, weekend, regulatory bureaucracy frustrated businesses and discouraged entrepreneurial propensity among small and medium enterprises which remain the major drivers of employment in the informal sector of the economy.
He appealed to Mr President to not only reverse the negative trend in his second term in order to ensure the revival of the moribund industries, but inject real sector professionals in his cabinet.
Olawale argued that unless there is reliable policy stability, sustained commitment to the implementation of the Economic Recovery and Growth Plan (ERGP), may not see the light of the day even in the emerging second term.
The statement caption: ‘President Buhari’s re-election: Implications for business,’ read in parts, saying “Regulatory gangsterism reached a new height in the first four years of the administration. As the President was making efforts to ease the challenges of doing business in Nigeria, some regulatory agencies were stifling businesses, discouraging entrepreneurial propensity of small and medium-scale entities and inadvertently creating the environment for job losses.
“The President must ensure that this trend is brought to a stop. A collaborative engagement of the private sector and the creation of an environment for it to thrive is the only panacea to the raging threat of unemployment in our nation.
“This government has another four years’ opportunity to reverse the negative trends and prognosis associated with the nation in the last four years. Concerted efforts must be made to revive moribund industries, support struggling enterprises, create a responsible regulatory regime and focus on inclusive growth for the rapid development of our nation,” NECA stressed.