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Nigeria’s top business groups have warned that repeated summons of private companies by the National Assembly are fueling regulatory uncertainty and risk driving away foreign investors at a time when the government is struggling to restore confidence in Africa’s top crude producer.
The Organised Private Sector of Nigeria (OPSN), an umbrella body including the Manufacturers Association of Nigeria, NACCIMA, NECA, NASME and other major business associations, said in an open letter to President Bola Tinubu that the legislature’s actions amount to a duplication of executive oversight functions.
The practice, it said, violates judicial precedents and has already saddled companies with higher costs and disruptions.
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“The incessant summons has created multiple layers of regulatory uncertainty, thereby discouraging foreign investors, derailing Ease of Doing Business reforms, and worsening unemployment,” the group said.
“Senior managers and technical experts are pulled away from core operations, leading to lost output, missed deadlines, and weakened competitiveness.”
Nigeria is recovering from one of its toughest economic downturns in decades, with inflation above 20 percent and unemployment climbing. But the government is courting foreign capital in a move to further stabilise the naira and steady growth.
Analysts say investor confidence hinges on regulatory predictability, something OPSN warns is being undermined by lawmakers’ actions.
The business coalition pointed to a pending Supreme Court appeal and earlier rulings that restricted the National Assembly’s oversight powers to public funds and agencies, excluding private enterprises. Despite this, lawmakers have continued to summon firms across telecoms, oil, manufacturing, and services.
By sidestepping established regulatory agencies, OPSN argued, parliamentary committees are creating parallel oversight that blurs accountability.
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“These investigations fall within the jurisdiction of the executive arm,” the group said, urging Tinubu to intervene to safeguard regulatory clarity.
The warning comes as the Tinubu administration pushes reforms meant to attract foreign direct investment, including currency liberalisation and tax incentives. But investors have long flagged Nigeria’s opaque regulatory environment as a key deterrent.
“If these challenges are not addressed, Nigeria risks losing capital inflows to more predictable African markets,” said one Lagos-based analyst.
OSPN stressed it isn’t against oversight but urged lawmakers to “exercise restraint” until the Supreme Court settles the issue. It pledged to work with the government on reforms that would strengthen Nigeria’s image as a stable, investment-friendly destination.
