The Central Bank of Nigeria (CBN) has been urged to implement policies that promote non-oil exports and attract diaspora investments in an effort to strengthen the Naira.
This was part of the recommendations presented in the State of Enterprise 2025 Report released by EnterpriseNGR.
According to the firm’s head of research, Tayo Muritala, the report highlighted key performance indicators across nine sectors including banking, insurance, pension, capital markets, assets management, sustainable finance, fintech, non-interest finance, and professional service.
He stressed that the financial institution contributed immensely, accounting for 5.8% of the country’s GDP, climbing 30.9% year-on-year to ₦4.58 trillion in 2024.
He, however, outlined that persistent forex volatility and overreliance on oil and weak FX inflows continue to pressure the Naira.
“The CBN should implement policies that promote non-oil exports and attract diaspora investments. Expand targeted funds such as the Export Stimulation Facility to provide low-interest loans to non-oil exporters.
“Also, prioritize access to FX for exporters. Enhancing transparency in FX markets and diversifying inflow sources through diaspora bonds and export credit programs will also help rebuild reserves and restore confidence in the currency,” he said.
The firm’s Chief Executive Officer Obi Ibekwe underscored the importance of the report, saying it provided an in-depth analysis of Nigeria’s Financial and Professional Services (FPS) sector.
She added that it explored how the country’s rich cultural heritage and community values influence financial behaviours, investment practices, and economic inclusion.
“It delivers forward-thinking insights, reviews key policies and reforms, and offers practical recommendations to address challenges across sub-sectors, laying the groundwork for a more inclusive, resilient, and sustainable financial future for Nigeria,” she said.
The firm’s director, policy and public affairs, Lami Adekola described the four tax reform bills assented yesterday by President Bola Tinubu as pathways to ease the means of business.
The four bills: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
“With respect to the tax bills that were assented by Mr. President, we actually did a deep dive into the four bills and we pulled out the facts around it.
“Our take is we pay kudos to the government for being proactive to simplify the current tax regime and also try to expand the tax net,” he said.
