Financial analyst Kalu Aja and lawyer Ilemona Onoja have warned that overlapping regulatory responsibilities among government agencies are increasing the cost of doing business in Nigeria, discouraging investment and ultimately pushing higher costs onto consumers. The experts spoke during an X Space discussion on regulatory uncertainty in Nigeria's economy on Saturday, July 19, 2026.
Regulatory Overlap Driving Costs and Uncertainty
Aja illustrated the challenge with the example of import regulation, arguing that where businesses must deal with multiple agencies with overlapping responsibilities, the additional costs are often transferred to consumers. He said: "If I'm paying twice, I have to charge you the consumer twice. When regulations work in silos, you get higher costs, uncertainty and businesses begin to look elsewhere."
He added that investors typically avoid markets where regulatory responsibilities are unclear. Aja said: "The market does not like uncertainty. Every board will say, 'Let's wait, let's pause until things settle.' That pause translates to investments not flowing into your country, jobs not being created and businesses delaying expansion."
Call for Mandatory Regulatory Impact Assessments
Onoja argued that many of the problems begin long before regulations are implemented, saying greater attention should be paid to how proposed rules interact with existing laws and regulatory frameworks. He said: "A lot of the time, laws are made without consideration for the already existing laws, existing infrastructure or existing regulations."
He called for mandatory Regulatory Impact Assessments (RIAs) before new regulations are introduced, arguing that the process would identify overlaps with existing laws, reduce compliance costs and allow stakeholders to contribute before policies take effect. Onoja said: "That is where stakeholders are supposed to say, 'This is how this regulation affects me.' Those conversations should happen before a regulation comes into force."
He also urged Nigerians to participate more actively in legislative public hearings. He added: "If you ever hear about a public hearing... go there. Submit memoranda if you can. Get interested in the process because that is how we ensure that we get laws and regulations that impact the general public favourably."
Court Dispute Underscores Calls for Better Regulatory Coordination
The discussion comes amid an ongoing legal dispute concerning the regulatory framework for airtime and data lending services, where questions relating to the scope of regulatory powers are before the Federal High Court. Without commenting on the issues pending before the court, the speakers cited the case only as an example of why clearer institutional mandates, stronger inter-agency collaboration and more rigorous regulatory impact assessments are important before new regulations are introduced.
According to Onoja, better consultation during the policy-making process would help identify potential overlaps early and reduce the likelihood of regulatory conflicts. Aja said clearer regulatory boundaries would improve Nigeria's investment climate by reducing uncertainty. He said: "With certainty comes investment, and with investment comes jobs and lower prices."
MTN Restores Airtime, Data Borrowing Service
Earlier, Legit.ng reported that MTN Nigeria has restored its airtime and data borrowing service, allowing millions of subscribers to once again access emergency credit after weeks of disruption linked to a regulatory dispute. The telecommunications company confirmed that eligible customers can activate the service by dialling *303# to borrow airtime or data based on their approved credit limits. The restoration comes after Airtel and Glo had already resumed the service.
