Minister Lists Reform Gains as Experts Warn Against Policy Inconsistency
Stakeholders have expressed concerns that policy inconsistency could undermine recent reforms aimed at improving Nigeria's business environment, despite efforts by the Federal Government to support small businesses. This warning emerged during the sidelines of the 2026 World Bank Group/IMF Spring Meetings at a session titled, 'From Policy to Jobs: Creating Business-Enabling Regulatory Environments.'
Government Reforms for Business Growth
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, highlighted key government reforms designed to enhance transparency and ease of doing business, particularly for Micro, Small and Medium Enterprises (MSMEs). She emphasized the implementation of the National Single Window (NSW) and new tax laws as pivotal steps.
Oduwole explained that the first phase of the NSW will streamline import processes and boost trade efficiency. Additionally, recent tax reforms have increased the exemption threshold for small businesses from N25 million to N100 million in yearly turnover. She noted that changes to the tax structure, including exemptions on value-added tax for certain business categories and the introduction of a unified development levy, are expected to reduce the financial burden on firms and support their growth.
Private Sector Concerns on Regulatory Stability
However, private sector players cautioned that frequent regulatory changes could weaken the impact of these reforms. Executive Director of Africa50 Mobility, Kader Hassane, pointed out that while large firms may adapt to shifting policies, smaller businesses often struggle with unpredictable regulatory environments. This inconsistency poses a risk to the sustainability of the reforms and could hinder long-term economic progress.
The debate underscores the need for balanced policy implementation to ensure that reforms effectively support Nigeria's business landscape without creating instability for enterprises.
