By Vivian Emoni

The National Policy Advocacy Centre (NPAC) of the Abuja Chamber of Commerce and Industry (ACCI), has called for stronger implementation of economic reforms to reduce business costs and improve enterprise competitiveness.

The centre made the call at a policy webinar on Friday in Abuja, organised by the ACCI through its NPAC, to assess the impact of reforms introduced since 2023.

The webinar, with the theme “Reform Reality: Are Government Policies Hurting or Improving Businesses?”, brought together government officials, private-sector representatives and policy experts.

The Deputy Director-General of ACCI, Dr Tinuke Temitope, said economic reforms should improve productivity, stimulate investment and strengthen the competitiveness of Nigerian businesses.
In his presentation, Dr Muda Yusuf , Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), identified foreign exchange liberalisation, subsidy removal and monetary adjustments among major reforms.

Yusuf acknowledged improvements in exchange rate stability, investor confidence, inflationary pressures and external reserves, which reportedly reached an 18-year high of 55 billion dollars.

However, he said the macroeconomic gains had yet to translate into lower production costs, affordable credit, improved consumer purchasing power and higher business profitability.

He urged the government to address structural constraints, reduce production costs, improve access to affordable financing and ensure policy consistency.

Speaking, Mr Olu Obafemi of the Presidential Enabling Business Environment Council (PEBEC), said 69 business-facing agencies had been assessed, recording 98 per cent compliance.

He said the Regulatory Impact Analysis framework now required evidence-based assessments before introducing new regulations, while efforts were underway to improve port efficiency.

Obafemi added that automated scanners at inspection points would help reduce cargo clearance delays and the cost of doing business.

Amb. Suleiman Audu, the Technical Adviser to Association of Chambers of Commerce, Mines and Agriculture (NACCIMA’s) President, said businesses were experiencing mixed recovery, many still struggling with high operating costs, limited financing and weak consumer demand.

He proposed a 90-day Business Reform Compact to address outstanding challenges, strengthen accountability and accelerate reforms directly affecting businesses.

Similarly, Hajia Suwaiba Muhammad of ActionAid Nigeria, said subsidy removal, exchange rate liberalisation and electricity tariff increases had disproportionately affected households, small businesses and vulnerable populations.

She called for stronger social protection, greater budget transparency and timely execution of government projects to address infrastructure deficits and reduce production costs.

The Director of the Centre for Social Justice, Mr Eze Onyekpere, urged the government to align reforms with business realities through sustained engagement with the organised private sector.
Participants identified poor policy sequencing, weak implementation, inadequate infrastructure, high financing costs and insufficient stakeholder consultation as major obstacles to reform effectiveness.

They recommended better coordination of fiscal, monetary and trade policies, restoration of the January-to-December budget cycle, digitalisation of trade processes and greater transparency in public expenditure.

The Executive Director of NPAC, Dr Chidiebere Onwumere, said the centre would consolidate participants’ recommendations into a communiqué for submission to relevant government institutions, including the Federal Ministry of Industry, Trade and Investment. (NAN)(www.nannews.ng)
VOE/VIV
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Edited by Vivian Ihechu