‘Nigeria Needs Stable Energy and Investor Friendly Regulations’
Nigeria’s economy has shown resilience, even in the face of huge challenges with policies many perceive as unfriendly. Amidst these challenges, the organised private sector continues to forge ahead with innovations, to drive investments and growth. Last Friday, President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, had a chat with Onikepo Braithwaite and Jude Igbanoi in which he discussed what NACCIMA stands for, its drive towards growth in the private sector, challenges the Nigerian economy is facing, optimistic goals and some solutions for achieving them
Introduction
You are a Lawyer by training. Do you still practise?
Absolutely, my commitment to the legal profession, remains as strong as ever. I am privileged to serve as the Principal Partner at Dele Oye & Associates, a forward-looking law firm with offices in Lagos, Port Harcourt, and Abuja. Called to the Nigerian Bar in 1989, I have spent over three decades honing my expertise and contributing to the evolution of legal practice in Nigeria.
Throughout my career, I have actively served in various leadership roles within the Nigerian Bar Association, including Vice Chairman of the NBA Abuja Branch, National Executive Committee Member, Prosecutor (and at one time lead) with the Legal Practitioners Disciplinary Committee for 13 years—where my involvement in the landmark LPDC v Okike (No. 1) case helped solidify the right of direct appeal to the Supreme Court—Chair of two NBA National Conferences, and as a member of the Council of Legal Education and the Body of Benchers.
My unwavering dedication to upholding the integrity and advancing the frontiers of the legal profession continues to guide my engagements, both within my firm and in my wider public service.
How did you get involved in private sector advocacy, contributing to the development of the Nigerian economy, and emerging as President of NACCIMA?
My entry into the landscape of organised private sector advocacy was, quite fittingly, through my legal practice. In 1994, I was enlisted by a member of the Abuja Chamber of Commerce (now ACCI) to resolve a commercial impasse. Approaching the matter with a spirit of mediation and perseverance, I was able to provide a resolution, transforming initial scepticism into lasting respect for the power of constructive engagement.
This first experience, inspired me to formally join the Chamber. Over time, I channeled my energy into its growth and governance, steadily ascending through the ranks – serving in various leadership capacities, and ultimately being elected President of ACCI (Abuja Chamber of Commerce and Industry) in 2008. Together with dedicated colleagues, we embedded a culture of ethical governance and visionary institutional leadership, a legacy recognised by the naming of the “Dele Oye Hall” in my honour, by the subsequent executive council.
My trajectory within NACCIMA has similarly, been marked by continuous service and a commitment to excellence. Observing the organisation’s time-honoured tradition of rotational leadership, I advanced to the position of 2nd Deputy President about six years ago, and, through sustained dedication, was inaugurated as the National President of NACCIMA in June 2023. Most recently, I have also had the honour of being named Chairman of the Organised Private Sector of Nigeria (OPSN) – the umbrella body encompassing the five premier business organisations in the country.
These cumulative experiences across commerce and industry have not only broadened my perspective, but have instilled a deep sense of responsibility to help drive Nigeria’s economic transformation by championing the aspirations of its private sector.
What is the main thrust of your Association (NACCIMA)?
NACCIMA stands as the unequivocal voice of the Nigerian private sector—dedicated to promoting a resilient, inclusive, and globally competitive economy. Our overarching mandate revolves around several core pillars:
– Promotion of Commerce and Industry:
We relentlessly pursue initiatives that nurture and protect the interests of commerce, industry, agriculture, and technology across Nigeria, employing every lawful avenue to promote sustainable growth.
– Policy Advocacy and Reform:
At the heart of our work is continual engagement with government and lawmakers, to shape policies and regulatory frameworks that enable businesses to thrive. Our goal is to help create an environment, where innovation and entrepreneurship can flourish seamlessly.
– National Business Representation:
As the apex business association with over 100 affiliated city, regional and bilateral chambers, NACCIMA articulates unified private sector positions on pressing economic issues, amplifying the collective voice of businesses both within Nigeria and on the African continent.
– Empowerment of Women and Youth:
We believe that inclusive prosperity, requires the meaningful participation of women and youth. To this end, we support capacity-building initiatives, mentorship programmes, and entrepreneurial opportunities designed to unlock their full potential. For the Women, we have Women Chambers of Commerce Industry Mines and Agriculture (WCCIMA) and for the Youths, we have the NACCIMA Youth Entrepreneurs.
– Trade Promotion and Certification:
NACCIMA enables Nigerian businesses to access new markets, by providing vital services such as certificates of origin, organising/Licensing of trade fairs and exhibitions, and advocating for smoother regional, Continental (AfCFTA)and global trade flows.
Our commitment to ethical leadership, partnership, and sustainable development guides all our activities. The NACCIMA Secretariat, led by the Director General, ensures effective operational delivery, while the leadership team through the Exco, Council, trade groups, continuously provides strategic direction.
As President, I am dedicated to harnessing our collective strengths to unlock Nigeria’s economic promise, working collaboratively with the Government and all stakeholders to build a prosperous future for generations to come.
– In recent years, Nigeria’s industry, manufacturing, and agriculture sectors have declined. With high unemployment and persistent import dependency, how can we realistically move “from consumption to production”, especially in light of insecurity?
Revitalising production in Nigeria, demands urgent and pragmatic action. In agriculture, we must modernise: investing in irrigation and mechanised farming, training of our farmers on the use of modern farming techniques, facilitating affordable access to improved seeds, fertilisers, and reasonable priced long term finance, and promoting agro-processing for value addition. For industry and manufacturing, a stable power supply, better logistics, and clear, investor-friendly regulations are essential. We must also support MSMEs with concessionary loans and technical training, as small businesses are the backbone of any thriving economy.
However, none of this will be sustainable without addressing insecurity. This means investing in technology-driven intelligence, professionalising law enforcement (including support for State Police), and engaging local communities for grassroots security solutions. A holistic approach – combining infrastructure, skills, policy stability, and robust security – will enable us to harness Nigeria’s vast resources and talent, shifting firmly towards a production-led, job-creating economy.
The Tinubu Administration has undertaken major economic reforms, such as subsidy removal and Naira float. What is your assessment – what has worked, what hasn’t, and what is needed going forward?
The administration has shown commendable political will, by tackling some long-standing structural challenges, most notably, the removal of fuel subsidies and the liberalisation of the exchange rate. These steps were necessary, to curb fiscal leakages and align our policies with economic realities.
However, the simultaneous implementation, without adequate social safety nets or clear communication, has triggered severe inflation and hardship for millions. The volatility in the Naira, further compounded uncertainty for households and investors alike.
For reforms to deliver benefits, a phased approach, targeted relief programmes, and robust engagement with independent private sector stakeholders are crucial. Transparency, accountability, and the rapid scaling-up of social support will help stabilise the macroeconomic environment and restore public confidence.
Despite intermittent aid and intervention programmes, Nigeria’s poverty index remains stubbornly high. What practical steps should be prioritised, particularly from the private sector’s perspective?
Tackling multidimensional poverty requires coordinated investment in job-creation, human capital, and robust targeting systems. We recommend leveraging advanced data analytics and AI to more accurately identify and support the truly vulnerable, rather than broad-brush cash transfers.
We must channel resources into primary healthcare, quality education, and skills acquisition for youth and women – sectors with the greatest impact on upward mobility. Investments in agriculture and light industry, can drive mass employment and raise incomes. Initiatives like low-interest development loans, entrepreneurship grants (such as the Tony Elumelu Foundation Programme), and public-private health collaborations exemplify the kinds of innovation needed.
The private sector stands ready to collaborate, but Government must ensure that interventions are transparent, accountable, and scalable.
Please, elaborate on NACCIMA’s economic stimulus plan. What are the core pillars, and how do they address Nigeria’s present challenges?
Our 13-point economic stimulus plan focuses on five key pillars:
a) Affordable Financing: MSMEs and productive sectors must have access to low-interest, long-tenure loans, if we truly want to drive growth and job creation.
b) Fiscal Responsibility: Reduce recurrent expenditure, broaden the tax base, and invest public funds in infrastructure and productive assets, shifting away from unsustainable borrowing.
c) Tackling Youth Migration and Insecurity: Create nationwide public works, invest in digital and vocational training, and provide targeted support for rural entrepreneurs to address the root causes of migration and insecurity.
d) Beyond Monetary Tightening: Address inflation’s root causes—food shortages, logistical gaps, and forex volatility—while accelerating local refining and strategic food importation.
e) Private Sector Engagement: Institutionalise private sector input into economic policy formulation and execution for evidence-based, practical solutions.
Globally, we must seize new opportunities by diversifying trade beyond the West and China, tapping into new blocs and markets as the world economic order evolves due to the ongoing USA Tariffs war.
What are the persistent barriers to doing business in Nigeria, and how can these be addressed to improve the country’s investment climate?
High interest rates, poor infrastructure, cumbersome regulations, unrealistic fines by Government agencies, corruption, policy/law inconsistency, and security concerns are the main barriers. Addressing them requires coordinated action:
– Lower lending rates and expand alternative funding channels for entrepreneurs.
– Accelerate completion of power and logistics projects through efficient PPPs.
– Streamline regulations and digitalise Government services for transparency.
– Strengthen anti-corruption agencies and ensure regulatory certainty.
– Promotion of Law and order, through the enforcement of existing laws on anyone, regardless of status and position.
– Invest in workforce skills and ensure security for people and assets. We need to address the security issues, surrounding the “Emerging Hunters”. The recent attempts to tax the free trade zones, through the 2024 Tax Bill, by imposition of 15% flat tax, concentration of all Government revenue collection on one agency and the penalising of sales of more than 25% goods in the customs territory, would amount to scoring of own goals, with the current reality of Energy security through Dangote Refinery supply to the local market and the ongoing shift towards BRICS Nations. These realities affo
rd us another opportunity to rethink and retrace our steps, on the attempts to abolish the NEPZA and OGFZA Acts, these will allow us take full advantage of the changing order of global trade.
A thriving business climate will not only grow investment, but also create jobs and spark innovation.
Given recent departure of foreign businesses and challenges in Nigeria’s judicial enforcement, how do you propose restoring investor confidence and attracting FDI?
Investor confidence is rooted in predictability – of the legal system, policies, and security. We must strengthen the enforceability of contracts and arbitral awards to align with international best practices, reassuring investors that Nigeria honours its agreements.
Simultaneously, infrastructure must be addressed through targeted government investments and PPPs. Transparency and anti-corruption must not just be promised, but visibly enforced. Regulatory processes must be simplified, and sector-specific incentives should attract FDI in priority sectors.
Additionally, we must reinforce security, encourage ethical local partnerships, and promote Nigeria’s strengths at global investment forums. Only a holistic effort will reverse the trend, and position Nigeria as the preferred destination for foreign investment.
BRICS is gaining global prominence. What benefits might Nigeria derive from pursuing closer ties; and do you have concerns about Nigeria’s perceived over-dependence on China?
On January 17, 2025, Nigeria was officially admitted as the ninth partner country in BRICS, reflecting its growing international profile, despite domestic economic challenges. Nigeria joins other new partner countries such as Belarus, Bolivia, and Uganda, following the creation of this category at the 16th BRICS Summit in 2024.
BRICS offers Nigeria significant opportunities – access to alternative development finance; broader markets for our products; and a seat at the table in global economic governance reform efforts. Importantly, membership could diversify our partnerships, and reduce exposure to unilateral Western policies.
However, over-dependence on any one country, including China, as we have seen with US government’s current inconsistent actions, comes with risks. We must negotiate deals that are mutually beneficial, with transparent terms, knowledge transfer, and clear protections for the national interest. Nigeria’s foreign policy should aim for balanced engagement between the West, BRICS, and our African neighbours under the ECOWAS and AfCFTA, ensuring national development goals always take precedence.
Nigerian Lawyers once championed AfCFTA’s realisation, but enthusiasm now seems to have waned. How can the legal profession reclaim and strengthen Nigeria’s leadership in continental trade integration?
Nigerian Lawyers must seize the AfCFTA era, as both a duty and an opportunity. We need to build deep specialisation in trade law, dispute resolution, intellectual property, and regulatory compliance. The NBA and other bodies must actively engage the policymaking process, ensuring Nigeria’s interests are protected as laws and regulations evolve.
Collaboration is key: forging regional partnerships and participating in AfCFTA Panels, will project Nigerian expertise across Africa. Domestically, Lawyers must champion rule of law and an accessible judicial system, making Nigeria an attractive base for cross-border business.
Thought leadership, research, and public engagement are also essential – so that both business and government fully grasp the transformative opportunities AfCFTA represents for Nigeria and the continent.
Thank you Sir.
