Tayo Aduloju, chief executive officer of the Nigerian Economic Summit Group (NESG) has emphasised that the private sector needs to be involved in the creation of policies, because public policies are made for businesses not government.

In other words, public policies must be co-designed with the private sector in mind.

He said this while urging the private sector to participate in building a new Nigeria during the 13th BusinessDay’s CEO Forum in a panel session titled, ‘Public-private collaboration, regulation, digital economy and strategic business growth’.

Aduloju underscored the need to redesign the engagement model between business and government, noting that a strategic collaboration will make policies to work.

“Policies are made for businesses, not for government. If those who are meant to implement them aren’t involved in their creation, there will be no ownership or sustainability,” he explained.

“NESG had to rethink the social contract. We had to ask how can we review the terms of engagement between government and the private sector to co-create policies together?” he said.

Read also: NESG advocates phased approach to reforms in 2025

Speaking on becoming a catalyst for Nigeria’s long-term reform, he reflected on NESG’s beginnings three decades ago, which started with having a vision for a better Nigeria.

“In 1993, business leaders got together and agreed that a productive, powerful, peaceful, digitally connected, industrial Nigeria was possible, even under military rule.” He described this vision as the audacity of hope to act, which is is key to action.”.

Aduloju credited past milestones like pension reform and the telecommunications breakthrough which saw teledensity surge from below 1 percent to over 65 percent by 2010, as proof that strategic collaboration between the public and private sectors works.

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Regulation as a framework for market creation

Aduloju elaborated on this reformist regulatory approach, “Our goal is not to stifle innovation but to create new markets, improve service delivery, protect consumers, and even protect service providers to a certain extent.”

He argued that regulation should not be viewed as a restriction but as a framework for market creation and digital transformation.

“Today, we’re talking about building a New Nigeria,” he declared. “That Nigeria will not look like the one we know. We must define what kind of future we want and co-create the policies that will get us there.”

Read also: Why more Nigerian CFOs should engage in public policy

Technology and AI as catalysts for business growth

Aduloju turned his attention to emerging technologies like AI, calling on CEOs to engage with them not merely as tools but as strategic partners. “Every organisation today is a technology organisation. Every industry is a digital industry. So how do we use technology, particularly AI, as a source of business inspiration?”

He offered practical advice,

“Invite AI to the table. Give it a person; make it your business partner, your lawyer, your co-founder. Then test it, refine it, and ensure we create policies and labs that allow us to maximise its potential.”

This, he argued, is where government comes in, which is to support innovation through experimentation, build sandboxes for safe technology deployment, and establish baseline standards for future regulation.

Ngozi Ekugo is a Senior Correspondent at BusinessDay. She holds a Masters in management from the University of Lagos, an undergraduate from University of Lagos, and is in an alumni of Queen's College. Shes currently an associate member of the Chartered Institute of Personnel Management (CIPM). She has a brief experience at Goldman sachs, London in its Human Capital Management division. She is interested in human capital development and is leveraging her varied experience across sectors to report labour and global mobility trends for stakeholders to make informed decisions.

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