Tola Adeyemi, senior partner at KPMG Nigeria, has outlined three ways Nigeria’s reforms can transform the economy’s future.
Speaking during his keynote address at BusinessDay’s 13th CEO Forum, themed Nigeria: From Reform to Recovery, held on Thursday in Lagos, he said these reforms, though difficult, are necessary.
One key way the reforms can impact the economy is through improving macroeconomic stability. The unification of exchange rates and subsidy removal, though painful, has helped address long-standing distortions in Nigeria’s fiscal and monetary systems.
Adeyemi noted that early signs, such as improved investor confidence, better access to foreign exchange, and a narrowing trade deficit, show the economy is responding.
However, stability alone is not enough. A second way the reforms could transform Nigeria is by making the economy more inclusive. Currently, the benefits of the reforms are not evenly felt across the population. While some in the business community see gains, many Nigerians are grappling with rising living costs and stagnant wages.
Read also: Three things Nigeria must do to avoid reform fatigue – KPMG
“This is where communication, leadership, and quick wins become essential,” Adeyemi explained.
He urged the government to clearly articulate the goals and benefits of reforms, demonstrate shared sacrifice, and roll out short-term measures that offer relief to the most vulnerable.
The third and perhaps most crucial area is sustainability. Adeyemi warned that without strong institutions, the reforms may not last.
“It’s not enough for one administration to push reforms,” he said. “We need laws, policies, and institutions that will protect and build on these changes across political cycles.”
He pointed to countries like Indonesia and Vietnam, which have implemented sustained reforms anchored by legal frameworks and political consensus. Nigeria, he said, must develop its model of reform sustainability, rooted in institutional strength, coordinated planning, and inclusive governance.
Adeyemi also urged the private sector to play a more active role in shaping policy and preparing for technology-driven disruptions. “There are opportunities in this economy,” he said. “But businesses must be agile, strategic, and aligned with Nigeria’s broader economic vision.”
While the road to recovery may be long and uneven, the groundwork, he believes, is already being laid.
