ACCI-NPAC convenes stakeholders to examine impact of Nigeria’s economic reforms on businesses
The Abuja Chamber of Commerce and Industry (ACCI), through its National Policy Advocacy Centre (NPAC), has convened a high-level policy webinar to examine the impact of Nigeria’s economic reforms introduced since 2023 on businesses, particularly Micro, Small and Medium Enterprises (MSMEs), manufacturers and households.
The webinar, themed “Reform Reality: Are Government Policies Hurting or Improving Businesses?” held on Thursday, brought together representatives of government agencies, private-sector organisations, civil society groups and policy experts to assess the gains, challenges and implementation gaps associated with the country’s ongoing economic reforms.
This was contained in a statement on Friday by ACCI Media and Strategy Officer, Olayemi John-Mensah.
Welcoming participants on behalf of the Director General of ACCI, Mr Agabaidu Jideani, the Deputy Director General, Dr. Temitope Tinuke Ariyo emphasised that economic reforms should ultimately create a more supportive business environment by improving productivity, stimulating investment, reducing operating costs and strengthening the competitiveness of Nigerian enterprises.
In his presentation on Nigeria’s economic reform architecture, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, examined the major policy shifts, including foreign exchange liberalisation, petroleum subsidy removal, monetary and fiscal policy adjustments, tax reforms, trade and customs reforms, power sector restructuring and social protection initiatives.
He acknowledged some positive developments, including improved exchange rate stability, stronger investor confidence, moderating inflationary pressures and increased external reserves, reportedly reaching an 18-year high of $55 billion. However, he cautioned that macroeconomic improvements have yet to translate sufficiently into lower production costs, affordable credit, stronger consumer purchasing power and improved business profitability.
Dr. Yusuf stressed the need for government to address structural constraints, reduce the cost of production, improve access to affordable financing and ensure greater policy consistency to enable businesses to benefit meaningfully from the reforms.
Also presenting, Mr Olu Shirin Obafemi of the Presidential Enabling Business Environment Council (PEBEC) highlighted ongoing initiatives aimed at improving Nigeria’s business environment. He discussed reforms targeting regulatory efficiency, agency responsiveness, grievance redress mechanisms, digitalisation and transparency in government processes.
He disclosed that 69 business-facing agencies had been assessed, with 98 per cent compliance recorded, while the Regulatory Impact Analysis framework now requires evidence-based assessments before new regulations are introduced.
Mr Obafemi further highlighted interventions to improve port efficiency, including the work of the Ports and Customs Efficiency Committee and efforts to deploy automated scanners at inspection points to reduce cargo clearance delays and the cost of doing business.
From the perspective of the organised private sector, Amb. Suleiman Audu who is the Technical Adviser to the National President and Chairman, of the Nigerian Association of Chamber of Commerce, Mines and Agriculture (NACCIMA) AfCFTA Trade Group presented evidence of mixed business recovery, noting that while some enterprises were beginning to benefit from policy adjustments, many continued to struggle with high operating costs, limited access to finance and weak consumer demand.
He advocated a 90-day Business Reform Compact to address outstanding challenges, strengthen accountability and accelerate the delivery of reforms that directly affect businesses.
Adding a social and economic justice perspective, Hajia Suwaiba Muhammad of ActionAid Nigeria highlighted the disproportionate impact of subsidy removal, exchange rate liberalisation and electricity tariff increases on households, small businesses and vulnerable populations.
She noted that rising energy, transportation and food costs, coupled with declining purchasing power, had placed considerable pressure on livelihoods and enterprise sustainability. She therefore called for stronger social protection measures and policies that take the realities of ordinary Nigerians into account.
Hajia Muhammed also emphasised the need for greater transparency and accountability in Nigeria’s budgetary process, noting that several critical projects across key sectors of the economy remain unimplemented despite their inclusion in government budgets. She observed that the timely execution of these projects is essential to improving the business environment, addressing infrastructure deficits, reducing the cost of production, and enhancing the overall competitiveness of Nigerian businesses.
Barrister Eze Onyekpere, Director of the Centre for Social Justice, further emphasised the need for government reforms to align with the needs, expectations, and aspirations of the business community. He noted that policies and reforms should be guided by practical economic realities and developed through sustained engagement with the Organised Private Sector to ensure they deliver tangible benefits, stimulate investment, promote business growth, and foster sustainable economic development.
The webinar also featured a panel discussion involving representatives of NACCIMA, the Centre for Communication and Entrepreneurship (CCE), the Centre for Social Justice and ACCI, among others. Discussions focused on what needs to change in the design and implementation of government reforms to ensure that their benefits are reflected in business performance and citizens’ welfare.
Panelists agreed that although some macroeconomic gains had been recorded, the effectiveness of reforms should be measured by their practical outcomes rather than policy announcements. They identified poor sequencing, weak implementation, inadequate infrastructure, high financing costs and insufficient stakeholder consultation as major constraints.
Among the recommendations were improved coordination of fiscal, monetary and trade policies; restoration of the January–December budget cycle; more effective implementation of Executive Order 001 and the Business Facilitation Act; digitalisation of trade processes; greater transparency in public expenditure; and stronger collaboration between government, the private sector and civil society.
The discussion further underscored the importance of reducing the cost of doing business, improving infrastructure, expanding access to affordable finance and ensuring that existing policies are fully implemented before introducing additional regulatory measures.
At the end of the webinar, participants emphasised the need to translate policy commitments into measurable improvements in the operating environment. PEBEC was encouraged to sustain its assessment of business-facing agencies and subnational governments, deepen digital reforms, extend support to industrial and export hubs across all geopolitical zones, and continue engagement with foreign direct investors.
In its follow-up commitments, NPAC indicated that contributions and recommendations from the webinar would be consolidated into a communiqué for submission to relevant government institutions, including the Federal Ministry of Industry, Trade and Investment. The Centre also undertook to share the communiqué and speakers’ presentations with participants.
The Executive Director of the National Policy Advocacy Centre (NPAC), Dr Chidiebere Onwumere, commended all the presenters for their insightful contributions. He also disclosed that a communiqué would be issued and forwarded to the relevant authorities for consideration and implementation.
The webinar reaffirmed ACCI-NPAC’s commitment to providing a platform for evidence-based policy dialogue, amplifying the concerns of the organised private sector and promoting reforms that support enterprise growth, investment, job creation and inclusive economic development.
