By Rukayat Moisemhe
Financial experts have urged the Federal Government and private sector players to sustain policy reforms, strengthen institutions and embrace corporate adaptability as key drivers of competitiveness and long-term economic growth in Nigeria
They made the call on Tuesday in Lagos at the PEARL Awards summit themed: “Policy Reform and Corporate Competitiveness: Navigating Towards a Sustainable Edge.”
The Chief Executive Officer of Financial Derivatives Company Ltd., Mr Bismarck Rewane, said reforms could improve competitiveness by reducing the cost and time of doing business, boosting private sector activity and strengthening economic resilience.
Rewane identified quality, cost, innovation, market competitiveness and institutional strength as the five key determinants of corporate competitiveness.
He listed banking sector consolidation and recapitalisation, telecommunications deregulation and pension reforms as some of Nigeria’s successful reforms.
He, however, described the Anchor Borrowers’ Programme, past civil service reforms and power sector privatisation as initiatives that either failed or stalled.
According to him, ongoing reforms include foreign exchange market unification, fuel subsidy removal and tax reforms.
“Companies can become more successful after reforms, but it is not automatic. Success depends on the quality of the reform, implementation discipline and the firm’s ability to adapt,” he said.
Rewane described pension reform as one of the most significant policy interventions in Nigeria’s economic history.
The expert, however, noted that recent reforms had come with short-term challenges, including inflationary pressures and declining living standards.
He said Nigeria experienced a reform-induced inflation shock between 2023 and 2024, with sharp increases in food prices eroding household purchasing power despite wage adjustments.
He warned that the sustainability of reforms could be undermined by reform fatigue, political resistance, economic shocks, vested interests, policy inconsistency and social pushback.
“Reform is a process, not an event. Sustainable reform is essential for long-term corporate competitiveness, and Nigeria’s future competitiveness depends on maintaining and deepening reforms,” he said.
The Chief Executive Officer of PEARL Awards Nigeria, Mr Tayo Orekoya, said the theme reflected current realities in a rapidly evolving global economic environment.
Orekoya said businesses were operating amid shifting policy directions, changing market dynamics and rising expectations for sustainable growth.
According to him, competitiveness is now driven not only by size and financial strength, but also by innovation, agility, governance, strategic leadership and adaptability.
“Organisations that align their strategies with evolving policy directions will be better positioned to create long-term value and sustain growth,” he said.
He reaffirmed the organisation’s commitment to promoting corporate excellence, transparency, superior performance and shareholder value creation in the Nigerian capital market.
Also, Dr Faruk Umar, Chairman of the PEARL Awards Board of Governors, said sustainable economic growth depended on reforms that strengthen institutions, improve market efficiency and encourage investment and innovation.
Umar said the success of reforms was determined not only by policy formulation, but by their ability to create an enabling environment for businesses to thrive and contribute to national development.
He called for continuous engagement among policymakers, regulators and business leaders to enhance Nigeria’s competitiveness in the global economy.
Governor Babajide Sanwo-Olu of Lagos State, represented by the Commissioner for Information and Strategy, Mr Gbenga Omotoso, highlighted the role of the capital market in financing infrastructure development in the state.
Sanwo-Olu described the Nigerian capital market as a key partner in government efforts to drive development and improve citizens’ welfare.
In his remarks, the Chairman of Nigerian Exchange Group Plc, Dr Umaru Kwairanga, said the summit provided a platform for discussions on corporate governance, competitiveness and sustainable growth.
Kwairanga said the quality of institutions, effectiveness of policies and adaptability of businesses would determine the economic transformation.
He noted that the capital market remained a key channel for mobilising local capital, supporting enterprise growth and creating wealth.
According to him, sustainable competitiveness requires an ecosystem that encourages investment, innovation and institutional development.
Kwairanga advocated fiscal incentives for listed companies, including reduced corporate tax rates, arguing that such firms already uphold high standards of governance, transparency and disclosure.
He also called for stricter enforcement of local content policies to strengthen domestic industries and enhance competitiveness.
He said companies that embrace innovation, sustainability and sound governance would be better positioned to attract investment and achieve long-term growth. (NAN)
Edited by Olawunmi Ashafa
