The Abuja Chamber of Commerce and Industry (ACCI) has called for economic reforms that reduce production costs, improve access to affordable financing and strengthen business profitability in Nigeria.
The Chamber made the call at a high-level policy webinar organised through its National Policy Advocacy Centre (NPAC) to assess the impact of economic reforms introduced since 2023 on businesses, particularly Micro, Small and Medium Enterprises (MSMEs), manufacturers and households.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, acknowledged some positive developments from the reforms, including improved exchange rate stability, stronger investor confidence, moderating inflationary pressures and increased external reserves, reportedly reaching an 18-year high of 55 billion dollars.
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He, however, said these macroeconomic improvements had yet to translate sufficiently into lower production costs, affordable credit, stronger consumer purchasing power and improved business profitability.
Yusuf stressed the need for government to address structural constraints, reduce production costs and improve access to affordable financing.
Policy Consistency
He also identified policy consistency as essential to enabling businesses to benefit meaningfully from the reforms.
The Deputy Director-General of ACCI, Dr Temitope Ariyo, who represented the Director-General, said economic reforms should ultimately create a more supportive business environment.
She said the reforms should focus on “improving productivity, stimulating investment, reducing operating costs and strengthening the competitiveness of Nigerian enterprises.”
Speaking from the perspective of the organised private sector, the Technical Adviser to the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and AfCFTA Trade Group, Ambassador Suleiman Audu, said businesses were experiencing mixed outcomes.
He noted that many enterprises continued to face high operating costs, limited access to finance and weak consumer demand.
Business Reform
Audu proposed a 90-day Business Reform Compact to address outstanding challenges, strengthen accountability and accelerate reforms that directly affect businesses.
Also speaking, Mr Olu Obafemi of the Presidential Enabling Business Environment Council (PEBEC) highlighted government initiatives to improve regulatory efficiency, digitalise public services and reduce delays in business processes.
He disclosed that 69 business-facing government agencies had been assessed, with 98 per cent compliance recorded.
Obafemi also said the Regulatory Impact Analysis framework now required evidence-based assessments before new regulations were introduced.
He highlighted efforts to improve port efficiency through the Ports and Customs Efficiency Committee and the deployment of automated scanners to reduce cargo clearance delays and the cost of doing business.
From a social and economic perspective, Hajia Suwaiba Muhammad of ActionAid Nigeria said subsidy removal, exchange rate liberalisation and electricity tariff increases had placed considerable pressure on households, small businesses and vulnerable groups.
She called for stronger social protection measures, greater transparency and accountability in public spending, and timely implementation of critical infrastructure projects to reduce production costs and protect livelihoods.
The Director of the Centre for Social Justice, Mr Eze Onyekpere, also stressed the need for government policies to reflect the realities of the business community.
He said 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 and promote sustainable economic development.
