Tola Adeyemi, senior partner Nigeria and CEO KPMG West Africa, has recommended three key ways to prevent ‘reform fatigue’ in Nigeria, due to the plethora of economic reforms the country has witnessed.
These strategies he noted are, better communication with the public, leadership by example, and identifying quick wins to ease the burden on vulnerable groups.
He noted this as keynote speaker during Business day’s 13th annual CEO forum titled: Nigeria, from reform to recovery.
Adeyemi noted that while macroeconomic indicators shows early signs of recovery such as improved trade balances and currency stability, the lived experience of many Nigerians remains harsh.
Read also: From therapeutic pains to sustainable gains: Rethinking economic reforms with a human face
“The investment community may say yes, but most citizens will say no because the benefits haven’t reached them yet.”
However he admitted saying, “Reform is not a one-time event; it’s a continuous process. Building public trust and patience is critical”.
Therefore, for reforms to last, it must be anchored in strong institutions, not personalities.
“We often credit individuals for reform momentum, but unless these changes are embedded in law and institutions, they won’t survive leadership transitions”, he noted.
He made this analytical review of Nigeria’s ongoing economic reform agenda, balancing praise for bold policy decisions with observations on its social cost and long-term sustainability.
Reform drivers: Why nations restructure
In his address, Adeyemi explained that reforms are typically undertaken by countries for five broad reasons: stability, growth, efficiency, inclusion and access.
Reforms often aim to restore macroeconomic confidence, increase productivity, reduce waste, address inequality, or meet conditions for multilateral funding,” he noted.
He emphasised that Nigeria’s ongoing reforms align with all these objectives. “We’ve seen fiscal, monetary, sectoral, and trade policy reforms. This administration has been rightly commended for its boldness.”
Read also: How Nigeria’s tax reforms will cut debt, ease low-income earners
Progress amid pain
While acknowledging international praise citing positive remarks from institutions such as the IMF and Financial Times, Adeyemi was candid about the domestic realities.
“There’s no doubt the reforms have been painful for individuals and corporates alike,” he said, pointing to inflation, currency fluctuations, and overall uncertainty.
He framed the presentation around three key questions: “Are these the right reforms? Are they producing the desired results? And are they sustainable?”.
Comprehensive, reform framework, but gaps remain
Using KPMG’s “Growth Accelerator Framework,” Adeyemi outlined five critical pillars for evaluating reform comprehensiveness: Improving the business environment, fostering youth entrepreneurship, promoting industrial development, attracting investment, and enhancing trade competitiveness.
“We’re not short of good ideas,” he said. “Nigeria is pursuing the right reforms, but the main challenge is implementation.” He added, noting that inclusiveness and sequencing also require attention, noting that doing everything at once may not be sustainable.
Sustainability: Benchmarking countries
Turning to reform sustainability, Adeyemi drew lessons from peer nations such as Indonesia, Vietnam, Rwanda, and Chile. He identified a common pattern among successful reformers: a combination of institutional, political, social, and economic strategies.
He also stressed the importance of political consensus, legal backing, and integrated national planning. “We need elite consensus on Nigeria’s long-term direction to prevent policy flip-flops.”
Key recommendations: Security, technology, inclusion
Adeyemi listed several policy priorities to deepen reform impact and ensure national buy-in:
Security architecture reform to address persistent threats across regions.
Increased use of digital governance to curb public sector leakages and improve efficiency.
Clear metrics for reform outcomes, enabling transparent communication with the public.
Stronger public-private collaboration, particularly with businesses stepping up to engage in shaping policy.
Investment in human capital alongside technological innovation to ensure job creation is not sacrificed.
“Countries doing this well are leveraging technology portals to manage all citizen government interactions securely and efficiently,” he added.
Implications for business
Adeyemi urged the private sector to take a more prominent role in the national economic dialogue.
“Each time we engage with government, we’re told: ‘Come, talk to us, tell us what you need.’ Businesses must be proactive.”
He acknowledged ongoing opportunities across sectors despite the macroeconomic challenges and advised businesses to align their growth strategies with Nigeria’s broader development goals. He also highlighted the importance of balancing investments in technology with workforce upskilling.
“As AI and automation transform entire industries, we must ensure that workforce development keeps pace. Job creation remains a national imperative,” he said.
He also flagged the importance of strengthening supply chains as a business priority in a reforming economy.
In quoting strategist Peter Welsh, Adeyemi said, “A successful economic recovery plan must not only deliver short-term gains but must also generate lasting value value that is shared by all participants, not just a few.”
He concluded: “Reforms succeed not just because they are right, but because they are responsive and sustainable. That’s the essence of long-term value.”
