It’s time CFOs stepped out from behind the spreadsheets and joined national conversations on key policy proposals and decisions of the Nigerian government. If we don’t, others without our operational realities and financial perspective will shape policies on our behalf — often with disastrous consequences.
In this article, I argue why it’s time for more Nigerian CFOs to engage actively in public policy discussions, not just for the sake of their companies, but for the broader economy.
Public policy relates to key principles, policy decisions and actions that a government takes towards addressing specific societal problems and achieving her goals, be it improving the country’s manufacturing output, growing tax revenue, providing more jobs, discouraging import binges through tariffs, fighting inflation or improving the general standard of living of the populace. Public policy shapes the environment in which every business operates – Nigeria or anywhere else. From fuel subsidy removal, foreign exchange regime change, and power sector reforms to tax reforms and infrastructure revamp initiatives, these decisions either empower or suffocate businesses. Yet, the people who best understand the financial and operational implications of these policies — CFOs — are often missing from these critical conversations. Our silence is no longer golden.
Every Central Bank of Nigeria (CBN) directive, Federal Inland Revenue Service (FIRS) circular, Ministry of Finance budget pronouncement, or state government fiscal plan affects the viability of the businesses we manage. CFOs don’t just manage money — we manage liquidity, tax exposure, capital structures, pricing frameworks, and risk buffers — all of which are directly shaped by public policy.
When government decisions change tax rates, alter capital allowance structures, introduce new import tariffs, ban importation of certain items (I kind of detest the word ‘ban’) or issue a directive on FX repatriation timelines, it’s the CFO that must recalibrate cash flows, renegotiate loans, and advise boards on survival plans.
If CFOs remain quiet and disconnected from policy-shaping platforms, decisions will continue to be made by others — often people with little or no exposure to the operational realities and financial risks Nigerian businesses face daily. This, in part, explains the disconnect we frequently experience between policy intentions and real-life business outcomes.
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For a start, let us have a look at some of the critical policy areas where CFOs need to show up more to share their input:
Tax reforms: The widespread problem of multiple taxation and ineffective tax policy in Nigeria needs practical, sector-specific reforms driven by those managing tax exposures in real-time. The ongoing tax reforms led by the Taiwo Ayodele-led committee require active participation and intellectual input from key stakeholders, including the CFOs. We need to participate in legislative review sessions before the final passage of the tax reform bills.
Foreign Exchange (FX) Policy: Our role isn’t to always groan in pain and lament after the facts. The FX rate unification debate, market stability measures, repatriation rules, and risk management tools should never have been defined and structured without CFOs offering data and pragmatic insights. But we need to show up.
Infrastructure financing frameworks: Nigeria’s infrastructure deficit is a major cost driver for most businesses. To run at scale, you literally have to provide for your own power infrastructure, water sources and security. CFOs, who negotiate funding deals and manage cost structures, will have to factor all these realities into funding models and negotiations. All these ultimately feed into project viability concerns. Therefore, CFOs have no choice but to make input into government infrastructure and funding conversations.
Energy pricing and logistics costs: Bad and insecure roads, poor power supply, rising energy costs and other supply chain frictions exacerbate inefficiencies that directly impact product margins. CFOs understand these realities better than anyone and can help the government craft more business-friendly pricing structures and logistics reforms.
Corporate governance policies: Effective governance structures, financial disclosure requirements, and reporting standards are areas where CFO experience is invaluable in shaping enforceable, balanced, and ethical policies. In recent times, Nigeria, with the effort of FRCN, has made significant progress in enforcing strong corporate governance and financial reporting through proactive enforcement of Internal Control over Financial Reporting (ICFR), guidelines on sustainability reporting and stronger oversight on audit firms, amongst others.
CFOs occupy a unique vantage point. We combine financial, operational, and risk oversight in a way that no other executive does. This cross-sector, numbers-driven, risk-aware view gives us insights policymakers badly need. We run the numbers. So, we see firsthand how poor tax incentives drive businesses into the informal economy; how erratic FX policies could make multinational operations unsustainable; how underdeveloped infrastructure financing frameworks or policy reversals of successive governments on the same choke capital projects, and more importantly, how bad policies result in job losses, divestments, and capital flight. The recent gale of divestments from the country by some multinationals is evidence of this last point.
In all, CFOs offer practical, data-backed, actionable recommendations rooted in what should actually work in the Nigerian business terrain.
I dare say that our absence as finance leaders in public policy conversations may have partly been responsible for some of the country’s past policy misadventures now hurting our company performance numbers.
Consider the FX market distortions in the past years before the current government. Erratic rate policies and conflicting circulars left businesses gasping for dollars and wrecked import plans. CFOs could have played a vital role in shaping a phased, data-driven FX unification plan as of then.
In infrastructure, the lack of commercially viable PPP models and lack of policy continuity keep limiting private sector investment in much-needed public projects in the country. Yet CFOs, with their deep experience in financing structuring, risk-sharing, and deal modelling, have largely been absent from these policy debates. This needs to change. And some recent events attest to this possibility.
The example of MTN Nigeria’s CFO’s policy advocacy in my inaugural piece titled The Modern CFO: More Than a Number Cruncher is instructive. In recent months, the CFO publicly engaged on the impact of FX exposures on their financial results and actively advocated for realistic telco pricing reviews to reflect true economic costs. This is exactly the kind of public, fact-based, and responsible financial leadership the country needs from CFOs.
At a not-so-recent CFO Luncheon Series organised by Forvis Mazars in partnership with the Franco-Nigerian Chamber of Commerce (FNCCI), important topics around sustainability, security and the changing regulatory landscape in Nigeria were discussed. The LBS CFO Leadership Summit held in March 2024, which had the MD/CEO of the Financial Reporting Council of Nigeria, industry leaders, and top CFOs in attendance, was another great channel of public policy engagement. These events are a powerful reminder that while we debate EBITDA margins in boardrooms, the policy environment can either protect those numbers or wipe them out overnight. And we need more events such as these.
Now more specifically, how can we as CFOs engage more?
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It’s not enough to complain in boardrooms or post reactions on WhatsApp groups. Below are some of the ideas on how CFOs can engage more meaningfully:
Industry advocacy groups: We need to actively participate more in MAN, LCCI, NESG, and sector-specific business associations.
Thought leadership: As CFOs, not many of our think pieces are featured out there. I must confess that observation or realisation gave birth to this series. I know we are mostly busy carrying other people’s burdens. But still, we need to spare some time to share our ideas. We have tons of them. We also have the data. We need to use media platforms, industry publications, and professional associations to educate and advocate on public policy topics. As a CFO, tell us, how should Nigeria respond to the US tariffs? How should Nigerian companies exporting to the US market react?
Policy advisory: We need to volunteer our expertise through consultative sessions with regulators, government agencies, and lawmakers. This could be in the form of a response to a government request for public memoranda or participation in legislative public hearings on matters of economic relevance.
CFO voices in associations: Most CFOs, perhaps by virtue of our confidentiality mandate, tend to be introverted and suck at networking. This, though unproven, is my observation. My point really is that we need to build stronger CFO networks within business and trade groups that we belong to. This way, we are able to amplify collective positions on key policy matters for maximum impact and to gain desired attention.
Nigerian CFOs can no longer afford to stay silent while public policies shape — and sometimes destabilise — the very businesses we are charged to protect. We are not just number crunchers; we are architects of financial resilience, risk guardians, and stewards of capital.
It’s time for us to step out from behind the curtain and actively contribute to national conversations that will determine whether Nigerian businesses survive, thrive, or fail. The economy, hoping and working to reach $1 trillion GDP soon, can no longer afford the silence of its CFOs.
Sikiru Salami FCA is a Nigerian-based CFO, finance strategist, and business leader with over 15 years’ experience across multiple sectors including mortgage banking, oil & gas and retail. In this weekly BusinessDay column, he shares honest, practical insights from behind the boardroom doors — tackling the challenges, triumphs, and untold stories of CFOs in Nigeria. He can be contacted via goodsalam@gmail.com.
