Industry leaders, regulatory stakeholders and the private sector who gathered in Abuja for the 4th annual conference of the Nigeria Employers’ Consultative Association (NECA) have called for reforms to promote inclusive growth.
Under the title, “Enabling Sustainable Enterprise in a Transitioning Economy: Aligning Fiscal, Trade and Regulatory Reforms for Rapid National Development,” the summit brought together top government officials, private sector leaders, regulators, and development partners to chart new pathways for economic revitalisation and business competitiveness in Nigeria.
One of the standout sessions at the summit was a panel discussion themed: “Regulating the Regulators to Promote Enterprise Competitiveness and Rapid National Growth,” moderated by Ms. Seun Oni, group MD/CEO of AG Leventis and head of Sustainability at Nestlé Nigeria.
The session featured insightful contributions from leaders such as Princess Zahrah Mustapha-Audu, Director-General, Presidential Enabling Business Environment Council (PEBEC); Sadiq Kassim, Director of Corporate Affairs, TGI Group; Engineer Gbenga Adebayo, Chairman, Association of Licensed Telecom Operators of Nigeria (ALTON); Prof. Moji Adeyeye, Director General, NAFDAC; and Mr. Segun Ajayi-Kadir MNI, Director General, Manufacturers Association of Nigeria (MAN).
Setting the tone for the panel, Princess Zahrah Mustapha-Audu stressed that effective regulation is not a hindrance to business but a crucial enabler when properly designed and implemented.
“Regulation is not the enemy of business. When designed and executed efficiently, it is the bedrock of market confidence, consumer protection, and economic stability,” she said. “PEBEC was established to eliminate bureaucratic and legislative bottlenecks and improve Nigeria’s ease of doing business—not by scrapping regulations, but by ensuring regulators are themselves guided by reform-minded frameworks.”
In his remarks, Sadiq Kassim acknowledged PEBEC’s efforts while highlighting the need for greater coordination among regulators.
“PEBEC is the regulator of the regulators, and we appreciate what they are doing—but some regulators appear untouchable. When mandates clash, PEBEC must act as a legislative liaison to harmonise conflicting requirements,” he noted.
He also highlighted the financial inclusion challenges for rural communities, especially farmers lacking National Identification Numbers, utility bills or verified contact details.
Regarding financial inclusion and the banks, we at TGI deal with farmers in the villages who don’t have a NIN because of a lack of exposure or knowledge. They also lack basic requirements to open a proper bank account, like utility bills or a valid phone number. The question is, how do we get them to be banked? Therefore, PEBEC needs to streamline some of these regulations so that we can understand what we want. We must have a clear line of sight, a delineation of the regulators, and recommend changes in the enabling law”
Engineer Gbenga Adebayo expressed similar concerns that unchecked regulatory powers pose a systemic risk. He stated, “Some regulators are seen as ‘super regulators’, untouchable in some respects, and this is where PEBEC must assert more influence. Their decisions affect multiple subsectors and can slow down the enterprise.”
Prof. Moji Adeyeye, Director General of NAFDAC, took a collaborative tone, urging businesses to uphold regulatory standards as part of a mutual responsibility framework. He said, “Our mandate is to safeguard public health. We strive to offer safe, reliable products and urge the private sector to comply with our requirements. We are consumer-focused and always open to feedback and partnerships.”
Mr Segun Ajayi-Kadir, Director General of MAN, also joined the conversation by reinforcing the importance of regulatory clarity and policy synergy in supporting manufacturing and industrial growth in Nigeria.
The session reflected a broad consensus: regulatory frameworks must be transparent, inclusive and adaptable to modern realities to unlock Nigeria’s full economic potential. The call for a more innovative regulatory ecosystem resonated across sectors, from simplifying compliance requirements to harmonising overlapping mandates.
NECA continues to bridge the gap between public and private sectors through platforms such as the Nigeria Employers’ Summit, shaping policy, deepening engagement and driving inclusive national development.
