Nigeria’s reforms have been acknowledged as been comprehensive, however, they must be coordinated.
This was the submission of Tola Adeyemi, the Senior Partner of KPMG Nigeria during the 13th BusinessDay CEO Forum.
He noted that Nigeria has embarked on one of its most ambitious reform agendas in decades. Highlighting the removal of petrol subsidies, the harmonization of the multiples exchange rates, as well as the tax reforms, he noted that all these moves have helped the stabilisation of the macroeconomy as well as restoring investor confidence.
Adeyemi noted, “Are the reforms yielding the right results? From a responsiveness standpoint, the data suggests early signs of recovery. Economic growth is trending upward, trade balances have improved, foreign exchange rates are stabilizing, and access to forex has become more consistent.”
“Investor confidence is returning, and sovereign credit ratings are beginning to reflect that optimism.”
He then noted, “If you ask whether the reforms are yielding the right results, the honest answer is both yes and no—it really depends on who you’re speaking to. For the investor and business communities, there are signs of progress. But for the general population, the overwhelming response is still no.”
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Adeyemi highlighted that inflation remains high, purchasing power has eroded, and uncertainty clouds household and corporate decision-making. He noted that this divergence in perception has given rise to what experts now call “reform fatigue.”
He noted that to bridge the gap, citizens must be clearly and repeatedly informed about what each reform aims to achieve, when benefits can be expected, and how progress is being measured. He also noted that government should model the very efficiency and discipline it demands from citizens.
Adeyemi said that while long-term reforms unfold, the government must implement short-term relief measures that provide real support to the most affected groups. He noted this “could include targeted subsidies, social protection programmes, or inflation mitigation measures.”
Not enough done to make reforms last
During his presentation, Adeyemi noted, “fatigue and responsiveness, sustainability looms as the next big question: Have we done enough to ensure these reforms last? The answer, again, is sobering—not yet.” Drawing comparisons with with Indonesia and Vietnam, he highlighted that sustainability demands more than policy tweaks.
He noted that reforms must be codified in law and anchored in strong institutions, not left to the discretion of individual leaders whose exit could derail progress. Then he noted that development plans, budgets, and sector strategies must align, not compete, noting that “coordination is key”.
