Economic reform, in and of itself, is not a strategy; it is a starting point. Over a year into Nigeria’s current economic recalibration, the mood across boardrooms and markets remains cautiously analytical, while on the streets, frustration simmers. Pain has become the currency of transition, but returns, for the average citizen, remain elusive.
The recently concluded 13th BusinessDay CEO Forum, themed “Nigeria: From Reform to Recovery,” brought this disconnect into sharp focus. Informed voices from the public and private sectors converged to appraise the reform agenda. The consensus was clear: the reform direction is right, but the implementation must now mature from macroeconomic fixes to measurable national impact. In short, reform must translate into relief, and fast.
Tola Adeyemi, senior partner at KPMG Nigeria, offered a sharp framework during his keynote. He noted that three pillars must underpin reform if it is to be transformative: stability, inclusion, and sustainability. To his credit, the macroeconomic stabilisation agenda, through fuel subsidy removal and exchange rate unification, has tackled long-standing distortions. The fiscal discipline and market correction that followed are foundational. But the foundation is not final.
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The painful truth, Adeyemi observed, is that “it depends on who you ask” whether the reforms are working. For the business and investor class, FX access is improving, trade balances are firming, and green shoots of investor confidence are returning. But for households and informal workers, the narrative is far less forgiving. Inflation is stubborn. Food and energy prices remain volatile. The promise of recovery feels abstract.
This disparity is where reform ambition must meet reform compassion. Adeyemi’s emphasis on quick wins and communication clarity cannot be overstated. Nigerians must be told what each reform aims to achieve, how progress will be measured, and when tangible benefits can be expected. More importantly, the federal government must model the very efficiency and discipline it now expects from citizensth, rough cost-saving in governance, public sector transparency, and performance-driven leadership.
“Private sector leaders must align their strategy with Nigeria’s broader development goals, invest in upskilling their workforce, and engage policymakers with solutions, not just grievances.”
Beyond the fiscal conversation lies a deeper question of institutional resilience. Nigeria’s history is littered with abandoned reforms, initiatives that began well but fell to political inertia or policy U-turns. For these current reforms to endure, they must be embedded within legal, policy, and institutional frameworks that transcend election cycles. As Adeyemi argued, Nigeria needs its own model of reform sustainability: one that is less dependent on personalities and more anchored in systems.
Tony Attah, CEO of Renaissance Africa Energy, drew attention to a related blind spot: the Petroleum Industry Act (PIA). Though hailed as a landmark reform when passed in 2021, it is already showing signs of obsolescence. The law does not reflect the digitalisation, AI integration, and energy transition trends reshaping global energy markets. A review is not just overdue; it is essential if Nigeria intends to remain competitive in a rapidly evolving global landscape.
This speaks to a larger issue: policy must keep pace with disruption. From technology to climate resilience, Nigeria’s regulatory frameworks must anticipate, not merely react to, global shifts. The agility of reform, not just its intent, will determine its long-term relevance.
Equally pressing is the country’s approach to industrialisation and investment facilitation. Aliko Dangote’s remarks during the forum cut to the heart of the matter. When serious investors signal interest, the state must respond, not with red tape, but with coordinated support from conception to commissioning. Industrialisation cannot occur by chance. It must be curated through predictable policy, incentives, and infrastructure.
The Coordinating Minister for the Economy, Wale Edun, has rightly called this moment a turning point. The fundamentals, he argues, are strengthening. That is true in some respects, especially in stabilising FX flows and attracting renewed foreign investor attention. But fundamentals alone do not power economic dignity. That requires implementation at the street level, not just in government memos.
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Herein lies the core challenge: bridging the reform-relief gap. The next twelve months must focus on converting economic prescriptions into social dividends. This includes scaling targeted social interventions, accelerating public works programmes, and creating employment pipelines in critical sectors like agriculture, manufacturing, and digital services.
Business, too, has a role to play, not merely as beneficiaries of reform, but as co-creators of national resilience. Private sector leaders must align their strategy with Nigeria’s broader development goals, invest in upskilling their workforce, and engage policymakers with solutions, not just grievances.
In the end, economic reform will be judged not by GDP graphs or investor decks, but by how many Nigerians it lifts from precarity into productivity. If reform is the surgery, then inclusive recovery must be the healing. The tools are on the table. What remains is the discipline to execute with empathy and the courage to stay the course.
