{"id":9078,"date":"2026-07-17T12:52:48","date_gmt":"2026-07-17T12:52:48","guid":{"rendered":"https:\/\/ograsset.com\/?p=9078"},"modified":"2026-07-17T12:52:50","modified_gmt":"2026-07-17T12:52:50","slug":"stakeholders-push-reforms-to-sustain-nigerias-economic-gains","status":"publish","type":"post","link":"https:\/\/ograsset.com\/index.php\/2026\/07\/17\/stakeholders-push-reforms-to-sustain-nigerias-economic-gains\/","title":{"rendered":"Stakeholders push reforms to sustain Nigeria\u2019s economic gains"},"content":{"rendered":"\n
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Stakeholders push reforms to sustain Nigeria\u2019s economic gains<\/strong><\/p>\n\n\n\n

Nigeria\u2019s economic managers, captains of industry, development partners and business leaders on Thursday converged on Lagos to chart a roadmap for translating the country\u2019s improving macroeconomic stability into inclusive economic growth, with strong calls for sustained reforms, greater private sector investment and stronger coordination between fiscal and monetary authorities.<\/p>\n\n\n\n

The discussions took place at the 14th BusinessDay CEO Forum Nigeria 2026, themed \u2018From Stability to Shared Prosperity,\u2019 where the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the Coordinating Minister of the Economy and Minister of Finance, Dr Taiwo Oyedele, assured investors that Nigeria had entered \u201ca new phase of economic stability capable of supporting long-term investment, productivity and job creation.\u201d<\/p>\n\n\n\n

In his welcome remarks, the Publisher and Editor-in-Chief of BusinessDay, Frank Aigbogun, described the annual forum as \u201cone of Nigeria\u2019s leading platforms for policy dialogue over the past 14 years, bringing together government and the private sector to examine practical solutions to the country\u2019s economic challenges.\u201d<\/p>\n\n\n\n

He congratulated BusinessDay on its 25th anniversary and also commended the CBN for winning the Central Bank of the Year Award. \u201cAchievements by Nigerian institutions deserved far greater recognition,\u201d he noted.<\/p>\n\n\n\n

\u201cAs journalists, we are often quick to report failures, but when Nigerian institutions receive global<\/p>\n\n\n\n

recognition, we should celebrate those successes because they do not happen every day,\u201d he said.<\/p>\n\n\n\n

Aigbogun observed that nearly three years after the commencement of major economic reforms, Nigeria had \u201cmoved beyond merely expecting results to witnessing measurable improvements in macroeconomic indicators.\u201d<\/p>\n\n\n\n

Delivering the keynote address, Oyedele said, \u201cNigeria has successfully navigated the difficult phase of restoring macroeconomic stability, and we must now focus entirely on converting those gains into inclusive prosperity.\u201d<\/p>\n\n\n\n

\u201cSuccessful economic transformation must follow three sequential stages: stabilisation, growth, and shared prosperity,\u201d he explained.<\/p>\n\n\n\n

\u201cThe administration inherited multiple exchange rates, fuel subsidy distortions, weak public finances, and an inefficient tax system that imposed heavy compliance costs on businesses,\u201d Oyedele said.<\/p>\n\n\n\n

He continued, \u201cWe chose reform over postponement because delaying difficult decisions would have taken the economy closer to collapse.\u201d<\/p>\n\n\n\n

The minister stated that the impact of these changes is already visible: \u201cOur reforms have strengthened external reserves, restored investor confidence, improved the functioning of the foreign exchange market, and placed inflation back on a downward trajectory despite global uncertainties.\u201d<\/p>\n\n\n\n

He, however, stressed that macroeconomic stability alone would not raise living standards unless it was accompanied by higher productivity, increased investment and sustained job creation.<\/p>\n\n\n\n

To achieve that objective, he outlined three pillars driving the government\u2019s economic agenda: \u201cimproving productivity through industrialisation and value addition; optimising public revenue through tax reforms and simplified compliance; and promoting inclusion through investments in education, vocational training, women, youths, persons living with disabilities, and small businesses.\u201d<\/p>\n\n\n\n

Oyedele disclosed that the government would begin measuring shared prosperity using three specific metrics: \u201ca reduction in multidimensional poverty, growth in real income per capita, and declining inequality across the board.\u201d<\/p>\n\n\n\n

He reaffirmed the government\u2019s commitment to building a $1tn economy by 2030, noting, \u201cThis target is not a mere projection; it is backed by detailed, rigorous implementation plans covering technology, artificial intelligence, fintech, agriculture, manufacturing, energy transition, gas infrastructure, and financial services.\u201d<\/p>\n\n\n\n

\u201cNigeria currently hosts five of Africa\u2019s nine technology unicorns,\u201d he pointed out, underlining<\/p>\n\n\n\n

that this statistic \u201chighlights the massive scale and potential of our growing digital economy.\u201d<\/p>\n\n\n\n

The minister also highlighted the rapid impact of recent tax reforms, revealing, \u201cAbout 10,000 informal businesses now apply daily for registration through the Corporate Affairs Commission, following the measures we introduced to actively encourage business formalisation.\u201d<\/p>\n\n\n\n

\u201cSmall businesses have been completely exempted from Company Income Tax,\u201d he disclosed. \u201cAdditionally, the government approved free registration for 250,000 businesses and released hundreds of billions of naira through the Bank of Industry and Bank of Agriculture to dramatically improve access to affordable finance.\u201d<\/p>\n\n\n\n

Oyedele also announced plans to strengthen collaboration between the state and the private sector, proposing \u201ca Public Policy Private Partnership framework that will allow the private sector to actively participate in policy formulation, implementation, and evaluation.\u201d<\/p>\n\n\n\n

Responding to questions during the interactive session, he stated, \u201cWe are aggressively tackling excessive bureaucracy, improving access to credit, strengthening taxpayer protection through the Office of the Tax Ombudsman, and expanding support for women, youths, and persons living with disabilities.\u201d<\/p>\n\n\n\n

He also stressed the critical need for \u201cstronger and more seamless collaboration with state and local governments to ensure that the tangible benefits of these reforms reach communities across the country.\u201d<\/p>\n\n\n\n

The forum also featured a fireside chat between Aigbogun and Cardoso, during which the CBN Governor defended the apex bank\u2019s reform programme and outlined the impact of its monetary policy initiatives on the Nigerian economy.<\/p>\n\n\n\n

Cardoso stated that the apex bank had \u201cfundamentally transformed Nigeria\u2019s foreign exchange market by eliminating multiple exchange rate windows, restoring transparency, and rebuilding confidence in monetary policy.\u201d<\/p>\n\n\n\n

\u201cThere has been a regime change at the CBN. Confidence has returned because we have remained<\/p>\n\n\n\n

disciplined and consistent in implementing reforms,\u201d he said.<\/p>\n\n\n\n

\u201cNigeria\u2019s gross external reserves have increased to about $52bn,\u201d Cardoso noted, \u201cwhile net<\/p>\n\n\n\n

reserves have risen from roughly $3bn when our current management assumed office to over<\/p>\n\n\n\n

$40bn today.\u201d<\/p>\n\n\n\n

He also disclosed that \u201cmonthly diaspora remittances have exceeded $600m,\u201d adding that the CBN<\/p>\n\n\n\n

is actively \u201ctargeting $1bn monthly before the end of the year.\u201d<\/p>\n\n\n\n

\u201cThis improved reserve position has fundamentally strengthened Nigeria\u2019s resilience against<\/p>\n\n\n\n

external shocks and restored international investor confidence,\u201d Cardoso said.<\/p>\n\n\n\n

He urged Nigerian businesses to take swift advantage of the country\u2019s improving investment climate, warning, \u201cForeign investors are already positioning themselves to benefit from these emerging opportunities, and our local investors should not wait until those opportunities have passed.\u201d<\/p>\n\n\n\n

Cardoso also defended the ongoing bank recapitalisation programme, explaining, \u201cStronger capital bases will enable Nigerian banks to finance larger investments across Africa while significantly improving our financial system\u2019s overall resilience.\u201d<\/p>\n\n\n\n

\u201cThe Monetary Policy Committee will continue making decisions strictly on economic data,\u201d he noted, explaining that \u201crecent geopolitical tensions have delayed expectations of lower interest rates despite our earlier progress in bringing down inflation.\u201d<\/p>\n\n\n\n

Reflecting on the country\u2019s economic situation when the current CBN management assumed office, Cardoso admitted, \u201cRestoring confidence required us to make difficult but necessary decisions.\u201d<\/p>\n\n\n\n

\u201cIt was never about personal comfort. It was about doing what was necessary to secure the future<\/p>\n\n\n\n

of over 200 million Nigerians,\u201d he added.<\/p>\n\n\n\n

Throughout the fireside discussion, Aigbogun questioned the governor on foreign exchange reforms, reserve management, inflation, interest rates, bank recapitalisation, lending to the real sector, financial system resilience and the leadership principles behind the CBN\u2019s reform agenda.<\/p>\n\n\n\n

Beyond the keynote addresses, the forum featured panel discussions involving policymakers, business executives and industry experts who examined the practical steps required to move Nigeria from macroeconomic stability to inclusive prosperity.<\/p>\n\n\n\n

Participants discussed strategies for expanding private sector investment, improving manufacturing competitiveness, strengthening financial sector resilience, accelerating technology adoption, deepening tax reforms, promoting energy transition, expanding infrastructure financing and improving access to finance for small and medium-sized enterprises.<\/p>\n\n\n\n

Speakers at the event agreed that \u201cgovernment alone cannot deliver economic transformation,\u201d urging businesses to \u201cmatch ongoing reforms with fresh private investments, innovation, and job creation.\u201d<\/p>\n\n\n\n

\u201cWe call for stronger collaboration among federal, state, and local governments, regulators, development partners, and the private sector,\u201d the participants concluded, emphasising that this synergy is  needed  to  \u201csustain  reform  momentum,  simplify regulations,  reduce  bureaucratic bottlenecks, and create a highly predictable investment environment.\u201d<\/p>\n\n\n\n

Source: https:\/\/punchng.com\/stakeholders-push-reforms-to-sustain-nigerias-economic-gains\/<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Stakeholders push reforms to sustain Nigeria\u2019s economic gains Nigeria\u2019s economic managers, captains of industry, development partners and business leaders on Thursday converged on Lagos to chart a roadmap for translating the country\u2019s improving macroeconomic stability into inclusive economic growth, with strong calls for sustained reforms, greater private sector investment and stronger coordination between fiscal and… <\/p>\n

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