Inconsistent policy, funding gap, making Nigeria’s business terrain difficult- Keystone Bank boss
…says conducive business environment critical to achieve $1trn economy
Ada Chukwudozie, Chairman, Board of Directors, Keystone Bank Limited has highlighted policy summersault, poor access to finance among others as factors crippling businesses and making the Nigerian business environment difficult.
Chukwudozie, stated this in Abuja on Thursday, while speaking to journalists at the 2025 annual directors conference, organised by the chattered institute of Directors (CIOD).
Chukwudozie who is also the chairman of the Manufacturer’s Association of Nigeria-southeast region, explained that kind of funds that are available for manufacturers are very expensive. Noting that accessing funds at 35 percent interest rate was on the high side, she said no business can thrive under such situation.
Read also: African entrepreneurs, Turkey strengthen business ties for stronger economy
“When you look at the manufacturing sector, you find that the kind of funds that are available for manufacturers are very expensive. Whereas our counterparts in other regions, in other countries, are getting support from their government to access funds at one digit interest rate.
“Whereas here in Nigeria, we are grappling with about 35 percent interest rate, and no business can thrive under such situation. But even more than that, you have readily available for manufacturers, short-term loans to fund long-term projects. And that also is another mismatch, which also is impacting negatively on businesses.”
She emphasized the need for the government to adopt co-creation approach whereby all relevant stakeholders business owners are engaged in policy development. This for her is imperative to avert policy somersaults, which for her is a challenge to businesses operating in Nigeria.
She also stressed the need for government to push development in critical areas, including infrastructure, to drive the actualization of the $1 trillion economy target of President Tinubu.
“And apart from funding, apart from policies somersaults, we don’t have that infrastructure that supports and helps drive the manufacturing sector, which is the main sector that drives the economy in terms of the multiplier effect it has over all the other sectors. It supports, affects, and contributes directly to the GDP of the nation.
“So here in Nigeria, we have a concentration of light industries, but it’s not so for all the other advanced nations. Here we are a frontier nation, we are just trying to evolve but for us to move to become advanced and hit the goal of our dear president, which is the $1 trillion economy, we need to expedite on so many fronts including infrastructure, energy,” she added.
Also speaking at the event, Aisha Rimi, executive secretary, Nigerian Investment Promotion Commission (NIPC), said that today’s Nigerian investment landscape demands collaboration, innovation, and inclusivity.
She explained that stakeholder alignment is not just a principle; it’s a growth strategy for resilience amid global economic volatility.
Rimi who was represented by Abayomi Salami, director, policy advocacy department, NIPC, said that as Nigeria positions for an investment-led growth decade, aligning policy, capital, and people is no longer optional, but a resilience strategy.
She said, “Boards must integrate stakeholder priorities early through strategic foresight sessions, policy roundtables, and scenario planning, to anticipate shifts rather than react to them. Adopt stakeholder-centric governance charters that define engagement tiers, government, investors, communities, and employees.
“Boards must anchor value on shared national priorities: job creation, sustainability, competitiveness, and community impact.”
Speaking on the outcomes of the conference, Otunba Oyebanji, president of CIOD said that the conference is one of the advocacy programs of the institute, which is aimed to strengthen the boards of directors in Nigeria.
Read also: FRC unveil Business Integrity Certification for Nigerian SMEs
He explained that through the conference, the institute encourages private sector partnership with the government to promote best practices and build resilience in government.
“Most of our members are members of various boards and it is through this kind of conference and the kind of efforts we do in terms of training that we help to build the resilience that we speak of.
“Part of the job is for us to collaborate with government to introduce best practices, practices that have worked very well in the private sector, to introduce them and share them with government so that they can build on resilience within government, particularly state-owned companies.”
