…says conducive business environment critical to achieve $1trn economy

Ada Chukwudozie, Chairman, Board of Directors, Keystone Bank Limited, has highlighted policy somersault, poor access to finance, among others, as factors crippling businesses and making the Nigerian business environment difficult.

Chukwudozie stated this in Abuja on Thursday, while speaking to journalists at the 2025 annual directors conference, organised by the Chartered Institute of Directors (CIOD).

Chukwudozie, who is also the chairman of the Manufacturers’ Association of Nigeria-southeast region, explained that the kind of funds that are available for manufacturers are very expensive. Noting that accessing funds at a  35 per cent interest rate was on the high side, she said no business can thrive under such a situation.

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“When you look at the manufacturing sector, you find that the kind of funds that are available for manufacturers are very expensive. Whereas our counterparts in other regions, in other countries, are getting support from their government to access funds at one-digit interest rates.

“Whereas here in Nigeria, we are grappling with about 35 percent interest rate, and no business can thrive under such situation. But even more than that, you have readily available for manufacturers, short-term loans to fund long-term projects. And that also is another mismatch, which also is impacting negatively on businesses.”

She emphasised the need for the government to adopt a co-creation approach whereby all relevant stakeholders, including business owners, are engaged in policy development. This, for her, is imperative to avert policy somersaults, which, for her, is a challenge to businesses operating in Nigeria.

She also stressed the need for the government to push development in critical areas, including infrastructure, to drive the actualisation of the $1 trillion economy target of President Tinubu.

“And apart from funding, apart from policies somersaults, we don’t have that infrastructure that supports and helps drive the manufacturing sector, which is the main sector that drives the economy in terms of the multiplier effect it has over all the other sectors. It supports, affects, and contributes directly to the GDP of the nation.

“So here in Nigeria, we have a concentration of light industries, but it’s not so for all the other advanced nations. Here we are a frontier nation, we are just trying to evolve but for us to move to become advanced and hit the goal of our dear president, which is the $1 trillion economy, we need to expedite on so many fronts including infrastructure, energy,” she added.

Also speaking at the event, Aisha Rimi, executive secretary, Nigerian Investment Promotion Commission (NIPC), said that today’s Nigerian investment landscape demands collaboration, innovation, and inclusivity.

She explained that stakeholder alignment is not just a principle; it’s a growth strategy for resilience amid global economic volatility.

Rimi, who was represented by Abayomi Salami, director, policy advocacy department, NIPC, said that as Nigeria positions for an investment-led growth decade, aligning policy, capital, and people is no longer optional, but a resilience strategy.

She said, “Boards must integrate stakeholder priorities early through strategic foresight sessions, policy roundtables, and scenario planning, to anticipate shifts rather than react to them. Adopt stakeholder-centric governance charters that define engagement tiers, government, investors, communities, and employees.

“Boards must anchor value on shared national priorities: job creation, sustainability, competitiveness, and community impact.”

Speaking on the outcomes of the conference, Otunba Oyebanji, president of CIOD, said that the conference is one of the advocacy programs of the institute, which is aimed at strengthening the boards of directors in Nigeria.

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He explained that through the conference, the institute encourages private sector partnerships with the government to promote best practices and build resilience in government.

“Most of our members are members of various boards, and it is through this kind of conference and the kind of efforts we do in terms of training that we help to build the resilience that we speak of.

“Part of the job is for us to collaborate with government to introduce best practices, practices that have worked very well in the private sector, to introduce them and share them with government so that they can build on resilience within government, particularly state-owned companies.”