President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Oye, has called on the Nigerian government to step back from trying to directly manage economic solutions and instead empower the private sector to drive sustainable poverty reduction and economic growth.
Calling for deeper collaboration, Oye said, “Government has no business in business,” he said,“A government is very important and strategic in providing policy and law, and even the incentives that can bring back these investments. So that’s why I say government should work with us..they shouldn’t try to do it alone.”
With over 100 member chambers across the country, NACCIMA stands ready, he added, to support the country’s growth—but only if the government listens. “When we succeed, we pay more tax. If they make mistakes, we all lose. So it’s better to succeed together.”
Speaking during an interview on ARISE NEWS on Tuesday, Oye expressed concern over the recent projections by the IMF and World Bank warning of a potential rise in poverty across Nigeria. He warned that unless the government changes its approach, “the real Nigerians are not getting any benefit,” despite fiscal improvements and budget surpluses.
“Since they’ve been doing it alone by themselves, it did not work,” Oye said. “They need to work with the private sector and stay as regulators, providing a nebulous environment for businesses to thrive. If they do that, and they can sit back and collect their taxes from our profits.”
As part of a broader economic stimulus strategy, Oye revealed that NACCIMA has proposed a 13-point plan to the government.
Among the key recommendations are targeted training and employment programs, microfinance expansion, and improved agricultural productivity through modern tools and practices.
“We should look at it sector by sector,” Oye explained. “Instead of sending money, 50,000 Naira, the way they’ve been doing it, to people who have no identity, you can use our companies… Train 5 million Nigerians within this space. And make sure you put them on stipends.”
He also criticised the government for crowding out private investment in agriculture and overburdening businesses with taxation and high-interest loans.
“All of us play a form of implicit tax. We virtually provide the infrastructure which we work with. And government still comes in again to collect tax,” he said.
On monetary policy, Oye emphasised that current interest rates—reportedly ranging from 30% to 40%—are not conducive to industrial growth.
“No matter whatever you are producing, it won’t work,” he said, stressing the need for reforms that reduce government borrowing and lower lending rates.
In response to global trade shifts and Nigeria’s new affiliation with the BRICS bloc, Oye described the evolving world economy as a major opportunity.
“America’s current dominance… is continuing to recede,” he said. “What Nigeria should be doing is to take advantage of this new world order… and show (foreign investors) that we have a better investment climate.”
He pointed to the Africa Continental Free Trade Agreement (AfCFTA) as another missed opportunity and faulted the government for excluding credible private sector voices in international engagements.
“When they go (abroad), they go with the same private sector that were there from Abacha’s time… trying to use an old solution to solve a new problem.”
Faridah Abdulkadiri
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