Prominent stakeholders have called for targetted, measurable reforms to enhance the ease of doing business in Nigeria.
The call was made on Thursday, January 9 at the 13th Anniversary Lecture of socio-economic group, January 9 Collective (J9C), in Lagos, themed: ‘Business and Policy Strategy: Examining the Role of Reform in Enhancing the Ease of Doing Business in Nigeria’.
Chairman of the event, Asiwaju Solomon Kayode Onafowokan, Chairman of Coleman Wires and Cables, called for greater investment in key sectors, including agriculture, industrial raw materials, and ICT. He highlighted the importance of succession planning to ensure business continuity.
“Investment decisions are not sentimental; globally, the primary consideration is to invest where returns are guaranteed, though not taken for granted.
“Equally crucial is succession planning, which is vital for aspiring entrepreneurs.
“Founders of Nigerian businesses should encourage their children to engage with the institutions they have built to ensure sustained growth and continuity,” Onafowokan stated.
Keynote speaker, Prince Adewole Adebayo, underscored the need for fiscal reforms aimed at promoting economic growth and stability. He advocated for the metering of oil wells to ensure accurate revenue generation and emphasised the separation of regulatory functions from business operations.
Economic reforms without political reforms are ineffective, as politics dictate the economy, Adebayo noted, stressing the importance of transparency in land matters and strengthening the legal framework to punish economic crimes.
“The Nigerian government must look inwards, define the desired trajectory for the country, and carry out reforms based on that vision.
“The first reform should ensure that rules are not set by players but are enforced by independent entities. Businesspeople must approach the government for general regulations rather than specific ones.
“Economic reforms without political reforms are ineffective, as politics dictate the economy.
“For ease of doing business, we must also separate regulators from those they regulate and ensure economic crimes are punishable,” Adebayo who was the Social Democratic Party (SDP) 2023 presidential candidate, said.
Ugodre Obi-Chukwu, founder of Nairametrics, emphasised the critical role of data in driving economic reforms. According to him, nations that effectively harness data tend to outperform others economically.
“Tax incentives and foreign exchange reforms are essential for attracting foreign direct investment,” he added, urging the government to address the fiscal deficit and ensure exchange rate stability.
Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria, urged the government to prioritise industrial policies. He advocated for passing pending tax bills and revising electricity tariffs to reflect actual consumption.
“Manufacturing is key to economic growth. The government must incentivise private sector participation and clear foreign exchange obligations,” Ajayi-Kadir said.
Toki Mabogunje, former President of the Lagos Chamber of Commerce and Industry, highlighted the role of sub-national governments in driving reforms. She called for the modernisation of reforms and global competitiveness in the SME sector.
Adedeji Popoola, founder of Fina Trust Microfinance Bank, stressed the need for SMEs to internalize business processes and maintain proper documentation for financial inclusion. He also urged the government to address insecurity to foster economic growth.
Alara of Ara Kingdom, Osun State, Oba Olubayo Windapo, who was the royal father of the day, pointed out that non-oil sectors are contributing more to the Nigerian economy than they are given credit for.
Captain of J9C, Kingsley James, reiterated the group’s commitment to engaging in dialogue and offering solutions to Nigeria’s economic challenges.
