Twenty-seven years after Nigeria returned to democratic governance, stakeholders across critical sectors of the economy say the next phase of the nation’s development must be anchored in reliable infrastructure, policy consistency, efficient institutions, and sustained investment across all sectors.
The stakeholders, who spoke in separate interviews, said democratic governance had created opportunities for reforms and private-sector engagement. They, however, said that more deliberate efforts were needed to translate these gains into broad-based economic prosperity.
Energy, manufacturing, maritime, and governance experts noted that the nation’s economic future would depend on the quality of reforms, institutional effectiveness, and the ability to create an environment in which businesses could thrive and citizens could feel the impact of democracy.
Energy law expert and partner/chair of the Energy and Natural Resources Practice Group, Bloomfield Law Practice, Ayodele Oni, said Nigeria’s democratic era had delivered some of the most important reforms in the energy sector.
According to him, landmark laws such as the Petroleum Industry Act 2021 and the Electricity Act 2023 had transformed governance frameworks, attracted investment and opened opportunities for states to develop their own electricity markets.
“The PIA provided the legal and fiscal certainty that the upstream petroleum sector needed and achieved what previous administrations could not deliver,” Mr Oni said.
He said the reforms were beginning to reflect in improved fuel availability, rising domestic refining capacity and increased competition in the downstream petroleum market.
Mr Oni noted that the emergence of private refineries had altered the energy landscape and reduced Nigeria’s long-standing dependence on imported petroleum products.
He said the deregulation of petroleum product pricing, though challenging for many consumers in the short term, was a major policy shift that previous administrations had struggled to implement.
According to him, democratic institutions made it possible for major reforms to pass through consultations, legislative scrutiny and stakeholder engagement.
Mr Oni, however, said transparency in the management of petroleum revenues and effective implementation of existing laws remained essential to sustaining investors’ confidence.
Mr Oni also stressed the need for host communities in oil-producing areas to benefit from ongoing reforms and environmental remediation efforts. He urged the government to avoid frequent changes to major sectoral laws and allow existing reforms enough time to deliver measurable outcomes.
A member of the Science and Technology Education Research Group, Lagos State University, Olukayode Akinrolabu, said Nigeria’s democratic journey had moved from mere survival to sustained civilian governance.
He said institutions such as the Independent National Electoral Commission and the National Assembly had continued to play important roles in sustaining democratic processes.
According to Akinrolabu, the quality of democracy should be measured not only by regular elections but also by the government’s ability to provide services and improve living standards.
He said reforms in the power sector, including the Electric Power Sector Reform Act of 2005, the 2013 power privatisation and the Electricity Act 2023, had increased electricity generation capacity.
Mr Akinrolabu said available generation capacity had risen from about 3,000 megawatts to more than 12,500 megawatts over the years. He, however, noted that many Nigerians still experienced inadequate electricity supply due to transmission limitations, metering gaps and technical losses.
In the maritime sector, the president of Oceans Ambassadors Foundation, Violet Williams, said democratic governance had transformed Nigeria’s ports through reforms, digitalisation and increased private investment. She recalled that Nigerian ports previously struggled with illegal levies, racketeering and activities of “wharf rats” before regulatory reforms improved operations.
Ms Williams said the port concession programme marked a turning point by encouraging automation, efficiency and improved revenue generation. She added that the Nigerian Ports Authority’s transition to a landlord model enabled terminal operators to manage port activities more effectively.
According to her, the development of the Lekki Deep Sea Port and ongoing plans to upgrade Apapa and Tin Can Island ports reflected the sector’s modernisation drive.
She also noted that the expansion of barge services and ferry operations had helped reduce road congestion and improve cargo movement. Ms Williams said democracy had created more opportunities for women to occupy leadership positions and build careers in the maritime sector.
She added that increased awareness of succession planning among stakeholders would support sustainability and long-term growth in the industry.
The director-general of the Association of Enterprise Risk Management Professionals, Olayinka Odutola, said democratic growth required active citizen participation, transparency and accountable leadership.
He expressed concern over the low participation of young people in the electoral process, noting that many citizens criticised governance online without taking part in democratic activities.
Mr Odutola urged governments at all levels to improve public communication and ensure that citizens understood the policies and programmes designed for their benefit. He said misinformation and unverified narratives could create social risks and affect Nigeria’s image among investors and international partners.
The director-general of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, said democratic governance had provided the private sector with platforms to engage the executive, legislature and judiciary on issues affecting business operations.
Mr Ajayi-Kadir said democracy alone could not guarantee economic development without effective institutions, sound policies and responsible governance. He called on political parties to develop clear ideological foundations and formulate policies based on research, data and the actual needs of citizens.
The CEO of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said Nigeria’s manufacturing journey under democracy reflected resilience, opportunities and unresolved structural challenges.
Mr Yusuf said the sector’s contribution to gross domestic product had remained around 9-10 per cent for much of the democratic period, indicating that the country had yet to achieve the level of industrial transformation required for rapid economic growth.
He said the decline of textile mills, tyre factories, battery plants and automobile assembly operations highlighted the consequences of inadequate infrastructure, costly financing and inconsistent industrial policies.
According to him, high lending rates, expensive energy, poor logistics and smuggling continued to reduce the competitiveness of local manufacturers.
Mr Yusuf, however, identified the cement industry, food and beverage sector and the Dangote Refinery as examples of how private capital and long-term vision could drive industrial progress.
Mr Yusuf added that recent improvements in foreign-exchange liquidity and government concessions on critical manufacturing inputs could lower production costs, attract investment, and support job creation.
(NAN)
