Prof. Adesoji Adesugba, the First Deputy President of the Abuja Chamber of Commerce and Industry (ACCI), has called for sustained economic policy consistency, improved electricity supply and increased investment in productive sectors as Nigeria pursues its ambition of building a $1 trillion economy.
Adesugba made the call while delivering the keynote address at the 20th anniversary celebration of the Commerce and Industry Correspondents Association of Nigeria (CICAN), where he received a Merit Award in recognition of his contributions to the commerce and industry sector.
The award recognised Adesugba’s engagement with the business community and his contributions to business journalism and economic policy discourse.
In his address, the ACCI first deputy president identified policy continuity beyond the 2027 general elections as a critical requirement for achieving Nigeria’s economic ambitions, warning that policy reversals could undermine progress towards the $1 trillion target.
“The single greatest risk to the trillion dollar ambition is policy reversal,” he said.
Adesugba stressed the importance of maintaining consistent economic policies beyond electoral cycles, noting that continuity was essential to supporting Nigeria’s long-term economic objectives.
He identified reliable electricity supply as a major priority for economic transformation, describing power as the master reform and calling for improved electricity supply to support economic development.
The business leader also emphasised the need for stronger coordination between fiscal and monetary policies, identifying economic coordination as part of the measures required to advance Nigeria’s development ambitions.
On taxation, Adesugba advocated the fair implementation of the new Tax Acts, stressing the importance of ensuring that the reforms were implemented fairly.
He further called for greater participation by state governments in national economic development, emphasising their involvement in achieving the country’s economic ambitions.
Adesugba also advocated strengthening the National Bureau of Statistics to improve the quality of national economic data, highlighting the importance of reliable information in supporting development efforts and informing policy decisions.
Addressing the financing needs of the economy, he called on financial institutions to expand long-term credit to manufacturing, agriculture and infrastructure, particularly as interest rates ease.
He identified the three sectors as areas requiring increased access to long-term financing to support productive activities and contribute to Nigeria’s economic ambitions.
Adesugba also urged the organised private sector to move beyond complaints and embrace evidence-based advocacy to influence policy decisions affecting commerce and industry.
He encouraged businesses to support their engagement with policymakers with evidence that could help shape decisions and address issues affecting the sector.
Speaking on the role of the media in economic development, the keynote speaker outlined seven responsibilities for journalists covering commerce and industry.
He said journalists should explain economic issues, verify information, track policies, investigate developments, provide balanced reporting, report markets responsibly and amplify the activities of the real economy.
Adesugba urged business journalists to sustain these responsibilities and continue providing credible, insightful and development-oriented coverage of Nigeria’s economic and business environment.
The seasoned journalist, who is also the founder of Chamber Telegraph, commended CICAN for its commitment to professional business journalism, economic reporting and national development over the past two decades.
He urged members of the association to maintain their professionalism and continue contributing to national development through credible reporting on commerce and industry.
The CICAN chairman, Mr Gabriel Kuma, expressed appreciation to Adesugba for his fatherly role, continued support and commitment to identifying with the association.
Kuma said having a role model of Adesugba’s calibre would inspire members and strengthen CICAN’s growth, unity and professional development, while acknowledging his continued support for the organisation.
