Olisa Agbakoba Urges Nigerian Government to Build Sustainable Business Environment for Private Sector Growth

Former Nigerian Bar Association (NBA) President and maritime law expert, Dr. Olisa Agbakoba, has called on the federal government to prioritise creating a sustainable and enabling business environment rather than competing with private companies. Speaking at the fifth edition of the CEO Luncheon Series organised by the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) in partnership with KPMG in Lagos, he said government’s role should be to set the right policies for economic growth, not to run businesses.

According to Agbakoba, government agencies often crowd out private sector players by venturing into sectors better managed by entrepreneurs. “If you create the right environment and allow business people to thrive unimpeded, the economy will grow faster,” he explained. He cited the health and oil sectors—where the government still builds hospitals and owns NNPC Limited—as examples where state involvement could discourage private investment despite reforms like the Petroleum Industry Act (PIA).

He stressed that a thriving private sector would naturally create jobs and reduce hunger and unemployment among Nigeria’s estimated 133 million people living in poverty. “The government does not know how to employ people, but it knows how to create the environment for people to be employed,” he noted, urging policymakers to understand the difference between regulation and direct participation in business.

The luncheon, themed “Policy, Reforms and Business in Nigeria: What CEOs Should Know”, focused on helping business leaders understand evolving government policies. KPMG Partner and Head of Tax, Energy and Resources, Ayo Salami, said the session aimed to equip CEOs with insights into Nigeria’s fiscal and regulatory landscape over the next two years, especially as several laws have been repealed and replaced to provide clearer rules for taxpayers.

FNCCI Director-General Moses Umoru assured participants the chamber is committed to monitoring reforms and advocating their continuity across administrations to sustain economic growth. Chairman of FDI Advisors Limited, Gabriel Ukpeh, added that attracting foreign direct investment hinges on improving security, infrastructure, power and other key aspects of Nigeria’s business environment.

source: The guardian