Finance

President Buhari urges private sector to drive growth, create jobs and pay requisite taxes


President Muhammadu Buhari stated that Nigeria’s organized private sector must partake in its duties by driving growth through investing in job creation and paying the requisite taxes as the FG works to ensure the sustainability of the enterprise by building and protecting a sound national industrial relations system.

The President stated this at the Nigeria Employers’ Summit of the Nigeria Employers’ Consultative Association (NECA) on Monday in Abuja represented by Labour Minister, Chris Ngige.

The theme of the summit is “The Private Sector-An Engine for National Development”.

What the President is saying

President Buhari stated that the private sector could become the engine of growth in Nigeria in many ways.

He urged the private sector to adopt and respect worker protection laws, as the FG is committed to the protection of worker rights, considering the challenges facing the country in terms of job creation and empowerment.

  • “While the government works with the trade unions to ensure the sustainability of the enterprise by building and protecting a sound National Industrial Relations System, on the other hand, businesses are also protected and enabled to succeed.
  • “They are consequently expected to drive growth, create jobs and pay the requisite taxes that will boost investments, finance works and services to improve the social welfare of people in the field of education.
  • ”This is also in the provision of basic facilities, portable water, transportation, care of the aged and other forms of horizontal and vertical social protection/social security that include but are not limited to the empowerment of the less privileged and the vulnerable in the society.
  • “In this regard, I am glad that the National Labour Advisory Council (NLAC), of which NECA is a member, has commenced the consideration of International Labour Organisation (ILO) Convention No. 102 on Social Security (Minimum Standards),” he said.
  • He added that it also encompasses nine thematic areas or branches for ratification by Nigeria, though being considered in stages due to the enormity of coverage provided by the Convention.
  • “When this feat is accomplished, the role of the private sector in national development will be highlighted,” he said.

Buhari further noted the areas of Public Private Partnership with NECA, such as the Nigeria Social Insurance Trust Fund (NSITF) and the Industrial Training Fund (ITF).

The President added that such partnerships would enable and create more opportunities for Corporate Social Responsibility (CSR) by those companies in tune with the principles contained in the ILO instrument.



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