Prof. Adesoji Adesugba warns of policy reversal risks to Nigeria’s economy

Prof. Adesoji Adesugba, 1st Deputy President of the Abuja Chamber of Commerce and Industry (ACCI), has warned that policy inconsistency poses a significant threat to Nigeria’s goal of building a $1 trillion economy. Speaking at the 20th anniversary of the Commerce and Industry Correspondents Association of Nigeria (CICAN), Adesugba emphasized that the period surrounding the 2027 general elections could incentivize governments to relax fiscal controls and reconsider difficult reforms due to political pressure.

Adesugba called for sustained policy continuity, particularly regarding the market-determined exchange-rate system, the new tax framework, and fiscal discipline. He identified reliable electricity supply as a master reform necessary for economic transformation and urged for stronger coordination between fiscal and monetary policies to ensure macroeconomic stability.

Additionally, he encouraged financial institutions to expand long-term credit to the manufacturing, agriculture, and infrastructure sectors. He also advised the organized private sector to utilize evidence-based advocacy to influence policy decisions effectively.