At a recent high-level economic forum organized by BusinessDay, stakeholders from across Nigeria’s public and private sectors gathered to assess the country’s reform agenda and chart a viable path toward long-term, inclusive economic growth. The event, themed “Translating Reforms to Sustainable Growth,” featured a keynote address by Tola Adeyemi, Senior Partner for KPMG in Nigeria and CEO of KPMG West Africa.

Adeyemi opened his remarks with an acknowledgment of BusinessDay’s consistent role in shaping Nigeria’s business environment, noting that “BusinessDay has indeed made an impact on the business environment in Nigeria.” He described KPMG’s technical partnership in the event as a reflection of the firm’s commitment to meaningful, results-driven economic dialogue. “At KPMG, we’re proud to partner on this discourse as we journey from reform to resilience,” he said.

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His keynote was structured around three central goals: evaluating the real-world impact of Nigeria’s current reforms, outlining a strategy for sustainable growth, and providing concrete recommendations for both government and private sector leaders. Drawing from KPMG’s research and cross-border economic insights, Adeyemi framed the reform conversation within a global context.

Countries typically pursue reforms, he noted, for five key reasons: to restore macroeconomic stability, to stimulate growth, to improve public sector efficiency, to foster inclusion, and to secure access to international funding and partnerships. In Nigeria’s case, reforms have been implemented in all these categories—fiscal, monetary, trade, and sectoral—underscoring what Adeyemi called “a particularly bold and reform-minded administration.”

But boldness alone, he argued, is not enough. While the reforms may be technically sound, they have also triggered real socioeconomic pain for businesses and citizens alike. Rising inflation, currency volatility, and widespread uncertainty have left many Nigerians disillusioned, struggling to see tangible benefits from the policy shifts. This reality, Adeyemi warned, risks leading to what he described as “reform fatigue”—a deepening skepticism that can derail even the best-laid plans.

In response, he posed three fundamental questions: Are these the right reforms? Are they delivering the right results? And have we done enough to make them sustainable?

Answering the first, Adeyemi affirmed that these are indeed the right reforms, particularly when assessed through KPMG’s “Growth Accelerator Framework,” which emphasizes five key development pillars: a business-enabling environment, youth and entrepreneurship support, industrialization, investment attraction, and trade competitiveness. However, he acknowledged that significant implementation gaps, weak inclusiveness, and poor reform sequencing continue to hinder effectiveness. “Nigeria does not suffer from a lack of ideas,” he said. “What we lack is structure, execution, and coordinated focus.”

On the second question whether the reforms are working, Adeyemi pointed to a mix of positive indicators and persisting challenges. Economic growth has improved, foreign reserves are stabilizing, investor confidence is rising, and international credit ratings are trending upward. Yet for many Nigerians, these gains remain abstract. The average citizen, he stressed, is yet to feel the relief, and that disconnect threatens the very sustainability of the reform process.

To bridge this gap, he urged government leaders to act on three urgent fronts: improve public communication around reform objectives and timelines, lead by example to build trust, and deliver quick wins that provide short-term relief to the most vulnerable.

Crucially, Adeyemi emphasized that reform is not a destination but an ongoing process. Even advanced economies like the United States and United Kingdom, he noted, continue to refine and recalibrate their policy frameworks. The true test for Nigeria is whether its reforms can evolve into institutional norms that transcend administrations.

This led him to his third and perhaps most sobering question: Have we done enough to make these reforms sustainable? Drawing comparisons with countries like Vietnam and Indonesia, Adeyemi laid out the key ingredients for reform durability—strong institutions, legislative codification of policies, elite consensus on national development priorities, integrated planning, decentralization, and deep investments in human capital and technology.

“We’ve made some progress,” he acknowledged, “but we have not done enough.”

To move forward, he issued a series of targeted recommendations. For the government, these included deepening reform implementation, enhancing national security, embracing technology to reduce corruption and improve services, and fostering greater inclusiveness. He also called for a legal framework that embeds reforms into national policy, making them harder to reverse.

For the private sector, Adeyemi encouraged businesses to become more proactive in shaping national direction. He urged them to identify opportunities aligned with government priorities, invest in workforce development and digital transformation, strengthen supply chains, and engage in ongoing dialogue with policymakers to ensure alignment and agility.

He referenced KPMG’s CEO Outlook Report 2024/25, which provides strategic insights for businesses operating in uncertain economic environments like Nigeria’s. The report, he noted, underscores the importance of innovation, resilience, and forward-thinking leadership in weathering reform transitions.

In closing, Adeyemi invoked the words of Peter Welsh: “For an economic recovery programme to be effective, it must not only create a short-term economic boost but also generate lasting value for all participants, not just a few.”

He concluded with a call to action: “Reforms succeed not just because they are the right reforms but because they are responsive, inclusive, and sustainable. That is what long-term value is all about.”

As Nigeria continues its journey from policy turbulence to economic transformation, Adeyemi’s message was clear: the road ahead requires more than good ideas—it requires discipline, empathy, and collective resolve.

At a recent high-level economic forum organized by BusinessDay, stakeholders from across Nigeria’s public and private sectors gathered to assess the country’s reform agenda and chart a viable path toward long-term, inclusive economic growth. The event, themed “Translating Reforms to Sustainable Growth,” featured a keynote address by Tola Adeyemi, Senior Partner for KPMG in Nigeria and CEO of KPMG West Africa.

Adeyemi opened his remarks with an acknowledgment of BusinessDay’s consistent role in shaping Nigeria’s business environment, noting that “BusinessDay has indeed made an impact on the business environment in Nigeria.” He described KPMG’s technical partnership in the event as a reflection of the firm’s commitment to meaningful, results-driven economic dialogue. “At KPMG, we’re proud to partner on this discourse as we journey from reform to resilience,” he said.

His keynote was structured around three central goals: evaluating the real-world impact of Nigeria’s current reforms, outlining a strategy for sustainable growth, and providing concrete recommendations for both government and private sector leaders. Drawing from KPMG’s research and cross-border economic insights, Adeyemi framed the reform conversation within a global context.

Countries typically pursue reforms, he noted, for five key reasons: to restore macroeconomic stability, to stimulate growth, to improve public sector efficiency, to foster inclusion, and to secure access to international funding and partnerships. In Nigeria’s case, reforms have been implemented in all these categories—fiscal, monetary, trade, and sectoral— underscoring what Adeyemi called “a particularly bold and reform-minded administration.”

But boldness alone, he argued, is not enough. While the reforms may be technically sound, they have also triggered real socioeconomic pain for businesses and citizens alike. Rising inflation, currency volatility, and widespread uncertainty have left many Nigerians disillusioned, struggling to see tangible benefits from the policy shifts. This reality, Adeyemi warned, risks leading to what he described as “reform fatigue”—a deepening skepticism that can derail even the best-laid plans.

In response, he posed three fundamental questions: Are these the right reforms? Are they delivering the right results? And have we done enough to make them sustainable?

Answering the first, Adeyemi affirmed that these are indeed the right reforms, particularly when assessed through KPMG’s “Growth Accelerator Framework,” which emphasizes five key development pillars: a business-enabling environment, youth and entrepreneurship support, industrialization, investment attraction, and trade competitiveness. However, he acknowledged that significant implementation gaps, weak inclusiveness, and poor reform sequencing continue to hinder effectiveness. “Nigeria does not suffer from a lack of ideas,” he said. “What we lack is structure, execution, and coordinated focus.”

On the second question whether the reforms are working, Adeyemi pointed to a mix of positive indicators and persisting challenges. Economic growth has improved, foreign reserves are stabilizing, investor confidence is rising, and international credit ratings are trending upward. Yet for many Nigerians, these gains remain abstract. The average citizen, he stressed, is yet to feel the relief, and that disconnect threatens the very sustainability of the reform process.

To bridge this gap, he urged government leaders to act on three urgent fronts: improve public communication around reform objectives and timelines, lead by example to build trust, and deliver quick wins that provide short-term relief to the most vulnerable.

Crucially, Adeyemi emphasized that reform is not a destination but an ongoing process. Even advanced economies like the United States and United Kingdom, he noted, continue to refine and recalibrate their policy frameworks. The true test for Nigeria is whether its reforms can evolve into institutional norms that transcend administrations.

This led him to his third and perhaps most sobering question: Have we done enough to make these reforms sustainable? Drawing comparisons with countries like Vietnam and Indonesia, Adeyemi laid out the key ingredients for reform durability—strong institutions, legislative codification of policies, elite consensus on national development priorities, integrated planning, decentralization, and deep investments in human capital and technology.

“We’ve made some progress,” he acknowledged, “but we have not done enough.”

To move forward, he issued a series of targeted recommendations. For the government, these included deepening reform implementation, enhancing national security, embracing technology to reduce corruption and improve services, and fostering greater inclusiveness. He also called for a legal framework that embeds reforms into national policy, making them harder to reverse.

For the private sector, Adeyemi encouraged businesses to become more proactive in shaping national direction. He urged them to identify opportunities aligned with government priorities, invest in workforce development and digital transformation, strengthen supply chains, and engage in ongoing dialogue with policymakers to ensure alignment and agility.

He referenced KPMG’s CEO Outlook Report 2024/25, which provides strategic insights for businesses operating in uncertain economic environments like Nigeria’s. The report, he noted, underscores the importance of innovation, resilience, and forward-thinking leadership in weathering reform transitions.

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In closing, Adeyemi invoked the words of Peter Welsh: “For an economic recovery programme to be effective, it must not only create a short-term economic boost but also generate lasting value for all participants, not just a few.”

He concluded with a call to action: “Reforms succeed not just because they are the right reforms but because they are responsive, inclusive, and sustainable. That is what long-term value is all about.”

As Nigeria continues its journey from policy turbulence to economic transformation, Adeyemi’s message was clear: the road ahead requires more than good ideas, it requires discipline, empathy, and collective resolve.