Nigeria’s economic growth drive needs more than policy reforms – Rewane

As Nigeria implements various reforms to grow its economy, Bismarck Rewane, CEO of Financial Derivatives Company Limited, says that policy reforms are essential for building competitive companies and prosperous economies, but warns that reforms alone do not guarantee success.

Rewane, who has several years of experience in macroeconomic research and investment banking, described reforms as intentional intervention and changes in the enabling framework, laws, decrees, regulations, but more importantly, the enhancement of institutional capacity to implement these frameworks.

He spoke on Tuesday on Policy Reforms and Corporate Competitiveness: Navigating towards a sustainable edge” at the 2026 Pearl Awards Corporate Summit in Lagos.

According to him, successful reforms in any economy create an enabling environment that attracts investment, boosts productivity, creates jobs, and improves living standards.

Drawing from global examples such as Singapore, Norway, China, and the UAE, among other countries that have grown their economies, GDPs, external reserves and diversified their economies to the benefit of their citizens, Rewane demonstrates how consistent reforms have transformed economies and improved citizens’ welfare.

For instance, he cited China and other countries, including Taiwan, where corruption has zero tolerance.

He said that through reforms and institutional capability, some countries, including Japan and Germany, which were victims of world wars and conflicts, have turned their economies around.

Further examining the fast-developing economies, he said what made these countries stand out is not just reforms, but reforming the institutions and the mindset of the leadership and the people.

“Reform means that you take steps to ensure that you deliver value to the people”, he told the audience, which comprised policy makers, captains of industry and business executives.

The economist also examined Nigeria’s reform journey—from SAP, banking consolidation, telecom liberalisation, pension reforms, privatisation, subsidy removal, and foreign exchange reforms—and assessed their impact on corporate performance and economic wellbeing.

He said that while Nigeria’s recent reforms had improved macroeconomic stability, fuel supply, foreign exchange market efficiency, and investor confidence, the benefits have not yet translated sufficiently into improved living standards due to inflation, poverty, and income pressures. “Nevertheless, the outlook for Nigeria’s economy and capital market remains positive, provided reforms are sustained and deepened”, he said.

In his speech, Tayo Orekoya, Chief Executive of Pearl Awards, who has organised the award for 30 years, said ongoing economic reforms in Nigeria would continue to redefine the operating landscape, creating both opportunities and challenges for corporate organisations.

“At such a time, competitiveness is no longer determined solely by size or financial strength. It is increasingly driven by innovation, agility, effective governance, strategic leadership, operational efficiency and the ability to adapt to change”, he noted.

Orekoya, who described the theme as reflecting today’s rapidly evolving economic environment, said organisations that successfully align their strategies with evolving policy directions will be better positioned to create long-term value and sustain growth.

Also speaking at the summit, Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group (NGX), said for Nigeria, this conversation on policy reforms and corporate competitiveness: Navigating towards a sustainable edge is particularly important.

He said Nigeria has significant economic potential, a dynamic private sector, a young, innovative population and an inter-perennial culture that continues to inspire confidence.

He, however, said that converting potential into sustained economic progress requires deliberate action, strong institutions and an environment that enables businesses to grow and compete. He said at the centre of this transformation is the capital market, which remains one of the most effective mechanisms for mobilising local capital, supporting enterprise growth and enabling wealth creation.

“At Nigeria Exchange, our role goes beyond facilitating transactions. We are committed to building a market ecosystem that supports businesses at every stage of their growth journey, providing access to capital, strengthening corporate governance, improving transparency and creating opportunities for investors to participate in Nigeria’s economic growth”, Kwairanga said.