By Rukayat Moisemhe
President of the Nigerian-British Chamber of Commerce (NBCC), Mr Abimbola Olashore, says rebuilding public trust and strengthening governance are critical to ensuring that the gains from ongoing economic reforms translate into broad-based prosperity.
Speaking in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos, Olashore commended President Bola Tinubu’s administration for implementing difficult but necessary reforms that previous governments had long avoided.
He noted, however, that while the government had taken bold economic decisions, restoring confidence in leadership and public institutions remained essential for achieving inclusive growth.
According to him, Nigeria’s widening trust deficit poses a significant threat to the success of ongoing reforms.
“On the economic front, the administration has done very well. They have taken what I call very bold steps.
“You must commend the President for having the moral and political courage to implement what was so obvious to some of us for decades,” he said.
Olashore stressed that the government had not done enough to manage public expectations or clearly communicate the rationale and expected outcomes of the reforms.
He said many Nigerians were left confused and frustrated by the abrupt implementation of key policies without adequate stakeholder engagement.
According to him, perceptions of inequality and the absence of shared sacrifice among public officials have deepened the trust gap between government and citizens.
“Rebuilding trust is the first step toward ensuring that economic reforms gain wider acceptance and deliver their intended benefits.
“We have a big problem called optics. If government is taking decisions that will inflict initial pain on people, the best way to gain credibility is for citizens to see that the pain is equally shared.
“However, many Nigerians do not see that. They see convoys, privileges and lifestyles that suggest some people are insulated from the hardship everyone else is experiencing.
“When there is a trust deficit, the first thing you must do is rebuild trust. Whether in the private or public sector, leaders and followers must feel they are in the same boat,” he added.
The NBCC president also called for stronger institutions and more accountability, saying weak enforcement often prevents government interventions and public spending from reaching intended beneficiaries.
“Nigeria is a place where there are often no consequences. There must be consequences for both good and bad behaviour.
“When there are no consequences for bad behaviour, some people hijack the benefits of reforms and the gains never get to the masses,” he said.
Olashore further urged the government to prioritise large-scale infrastructure projects capable of creating jobs, developing skills and stimulating economic activity across sectors.
He said sustained investment in rail, roads and other strategic infrastructure could serve as a catalyst for employment generation and industrial growth.
“You need serious public works because if you wake up and decide to build a railway from Lagos to Abuja, jobs would be created immediately.
“As workers are engaged, markets emerge, financial services follow and economic activity expands. That is how countries create employment at scale,” he said.
He also advocated technical and vocational education, warning that Nigeria’s labour market was characterised by a mismatch between academic qualifications and industry requirements.
According to him, restoring dignity to skilled trades and technical professions is essential to addressing unemployment and supporting industrialisation.
“Nigerians are not the only people with university degrees. What Nigeria needs is people with skills.
“We are still pushing people into universities to obtain degrees that are not necessarily aligned with the needs of today’s economy.
“We need plumbers, technicians, teachers and skilled workers, and we must give those professions dignity and proper remuneration,” he said.
On security, Olashore said the government must demonstrate more visible results in tackling banditry and other forms of criminality.
He noted that successful prosecution of sponsors and perpetrators of violent crimes would strengthen public confidence and enhance the nation’s attractiveness to investors.
“You cannot keep saying you are fighting banditry and people do not see the end result.
“People want to see accountability. They want to see arrests, prosecutions and convictions. That is what gives confidence that the fight is real,” he said.
On foreign investment, Olashore said Nigeria was beginning to attract renewed investor interest due to improving macroeconomic conditions.
He, however, stressed that sustaining policy consistency would be crucial to converting portfolio inflows into long-term foreign direct investment (FDI).
He noted that many investors remained cautious because of past experiences involving policy reversals and regulatory uncertainty.
“People are coming, but investors want stability.
“You spent decades chasing investors away. They burnt their fingers.
“A foreign investor who wants to build a factory is looking at what Nigeria will look like in five years’ time, not just today.
“We must show consistency and sustainability before confidence becomes permanent,” he said.
On governance, Olashore maintained that effective governance ultimately depends on values, ethics and accountability.
He said corporate governance frameworks alone could not compensate for declining societal values and weak enforcement of standards.
“When you jettison morality, values and consequences for bad behaviour, you are trying to layer corporate governance on a decaying moral fabric.
“Before rules and regulations, there must be a culture where society itself condemns misconduct and institutions are willing to enforce standards,” he said.
Meanwhile, Olashore highlighted efforts made during his tenure to strengthen bilateral trade relations between Nigeria and the United Kingdom.
He said the chamber had intensified initiatives aimed at facilitating trade, increasing awareness of business opportunities and creating structures to support commercial engagement between both countries.
According to him, the recent launch of the NBCC United Kingdom chapter marks a major milestone in advancing the chamber’s objective of deepening economic ties.
“For me, success as president of a bilateral chamber is increased trade and increased cooperation between the two countries.
“If at the end of your tenure there is no increase in trade, then the question becomes: what have you been doing?
“The highlight of the past year is the opening of the NBCC UK chapter, which is all about making trade easier and facilitating stronger economic relationships between Nigeria and the UK,” he said.
Olashore added that growing alignment between the Nigerian and British governments on trade promotion had created fresh opportunities for business collaboration and investment.
He expressed optimism that sustained engagement among stakeholders in both countries would drive stronger economic partnerships and increased commercial activity in the years ahead. (NAN)
Edited by Olawunmi Ashafa
