The Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun Randle, has issued an urgent call to the Federal Government. He insists that Nigeria's private sector requires immediate repositioning to fully capture opportunities within the $3.4 trillion African Continental Free Trade Area (AfCFTA) market.
Private Sector as the Engine for Growth and Stability
Randle emphasized that achieving economic stability and sustainable growth in Nigeria hinges on more robust and intentional participation from the private sector. He stated that unlocking vast business opportunities is central to the current administration's objectives.
He further highlighted that a competitive and well-supported private sector is non-negotiable for boosting trade, attracting investments, creating jobs, and enhancing Nigeria's position in continental commerce. "A vibrant private sector is indispensable to Nigeria’s economic transformation," Randle declared.
Targeted Reforms and Business Environment Critical
The NBGN leader pointed to the necessity for specific policies and structural reforms. These measures would empower Nigerian businesses, especially Micro, Small, and Medium-sized Enterprises (MSMEs), to leverage emerging opportunities as intra-African trade accelerates.
"Without deliberate efforts to empower businesses, especially small and medium-sized enterprises, the country risks missing out on the full benefits of AfCFTA," he warned. Randle identified key areas for improvement, including:
- Better infrastructure development
- Enhanced access to finance for businesses
- Streamlined regulatory processes
- Efficient export facilitation mechanisms
He argued that these improvements are crucial for Nigeria to maximize AfCFTA's potential and secure long-term economic stability.
NBGN's Commitment and Strategic Priorities
Randle reaffirmed the group's dedication to collaborating with the government and other stakeholders to drive economic development in Nigeria and across Africa. He outlined NBGN's key focus areas, which include:
Strengthening partnerships with public institutions and the organized private sector. Supporting MSMEs to meet necessary certification and export standards. Deepening policy advocacy aimed at enacting reforms that enable smoother trade.
"As AfCFTA implementation deepens, Nigeria must ensure its businesses are adequately prepared, competitive and supported to trade across the continent," Randle concluded, underscoring the urgency of the moment for Nigerian enterprises.
