Despite persistent structural challenges and policy hurdles that many perceive as discouraging, Nigeria’s economy has shown notable endurance. In the midst of these constraints, the organized private sector remains active and forward-thinking, pushing innovation to stimulate investment and economic advancement. In a recent interview, Dele Kelvin Oye, President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), sat down with Onikepo Braithwaite and Jude Igbanoi to discuss NACCIMA’s core mission, its commitment to driving private sector development, economic concerns Nigeria is currently facing, and practical paths forward.
Background and Legal Career
You’re trained as a lawyer—are you still actively practising?
Certainly. My dedication to the legal profession is as strong today as ever. I currently lead Dele Oye & Associates, a dynamic law firm with locations in Lagos, Abuja, and Port Harcourt. Since being called to the Bar in 1989, I’ve dedicated over 30 years to the advancement of legal practice in Nigeria.
Over the years, I’ve held several leadership roles in the Nigerian Bar Association, such as Vice Chairman of the Abuja Branch, NEC member, and a prosecutor (eventually lead prosecutor) with the Legal Practitioners Disciplinary Committee, where I contributed to the landmark case of LPDC v Okike (No. 1), affirming the right of direct appeal to the Supreme Court. I’ve chaired two national NBA conferences, served on the Council of Legal Education, and been a member of the Body of Benchers.
My work continues to be guided by a deep commitment to legal excellence and ethical practice—both in private practice and public service.
Journey into Private Sector Advocacy
How did your involvement in economic advocacy begin, and what path led you to head NACCIMA?
My introduction to business advocacy came naturally through my legal work. In 1994, a member of the Abuja Chamber of Commerce (now ACCI) invited me to resolve a commercial conflict. Through diligent mediation, I successfully resolved the issue, earning recognition for my approach and building a reputation for solution-driven engagement.
That experience led me to officially join the Chamber. Over time, I took on greater responsibility, eventually becoming President of ACCI in 2008. With my colleagues, we established strong ethical standards and a forward-thinking leadership culture—acknowledged by the naming of “Dele Oye Hall” in my honor.
At NACCIMA, I followed a similar path—rising through the ranks with consistent service. Six years ago, I was appointed 2nd Deputy President, and in June 2023, I was sworn in as National President. I’ve also recently taken on the role of Chairman of the Organised Private Sector of Nigeria (OPSN), which unites the country’s five foremost business organizations.
These experiences have deepened my perspective and strengthened my resolve to support Nigeria’s private sector in building a more resilient economy.
Core Objectives of NACCIMA
NACCIMA is the definitive advocate for Nigeria’s private sector, committed to shaping a strong, competitive, and inclusive economic environment. Our priorities center around:
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Advancing Business and Industry
We promote commerce, agriculture, technology, and industrial growth across Nigeria, using lawful strategies to foster sustainable development. -
Policy Engagement and Advocacy
We actively interact with policymakers to influence reforms and create an environment where businesses can innovate and expand. -
Unified Economic Representation
As Nigeria’s principal business federation, with over 100 affiliate chambers, we express the collective stance of private businesses locally and continentally. -
Youth and Women Empowerment
We believe inclusive growth starts with empowering women and youth. We run mentoring, skill-building, and entrepreneurial programs through the Women Chambers (WCCIMA) and NACCIMA Youth Entrepreneurs. -
Trade Expansion and Documentation
We support businesses with trade certification, exhibition opportunities, and promote access to regional, continental, and global markets, especially under AfCFTA.
Our secretariat ensures smooth daily operations, while our leadership teams—Exco, Council, and trade groups—guide strategic decisions.
As President, my goal is to tap into our shared strength and partner with the public sector to unlock Nigeria’s true economic potential.
Transitioning Nigeria from Consumer to Producer Nation
Nigeria’s movement towards a production-driven economy hinges on timely and realistic action. In agriculture, we must modernize practices through mechanized tools, irrigation systems, affordable input access, and robust training. Agro-processing must be prioritized to enhance value addition.
For industrial growth, we require consistent energy, reliable infrastructure, investor-friendly policies, and better access to funding for small businesses, which remain the economy’s backbone.
Security must also be improved by investing in technology-based intelligence, community policing, and reforming law enforcement structures. Only through a comprehensive approach—combining stable policies, training, infrastructure, and safety—can Nigeria truly shift towards sustainable production.
Assessing Tinubu’s Economic Reforms
The administration deserves credit for addressing entrenched issues like fuel subsidies and currency controls. These reforms are crucial to minimizing fiscal waste and bringing policies in line with economic realities.
However, implementing these measures all at once, without proper safeguards, caused sharp inflation and deepened hardship for many. The fluctuating Naira also intensified market unpredictability.
Future efforts should include phased rollouts, social safety programs, and genuine consultation with the private sector. Clear communication, transparency, and targeted relief will be key to restoring economic stability and public trust.
Reducing Poverty Through Private Sector Collaboration
Addressing widespread poverty calls for investments in skills, healthcare, education, and job creation. Advanced tools like AI and data analytics can help accurately identify those most in need, improving the efficiency of social support programs.
Focusing on vocational training for young people and expanding access to quality services—especially in agriculture and light manufacturing—will generate employment and improve income levels. Private sector initiatives like low-interest loans and public-private healthcare models should be scaled, but with government ensuring transparency and impact.
NACCIMA’s 13-Point Economic Stimulus Framework
Our strategy rests on five pillars:
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Accessible Credit – Affordable, long-term financing for SMEs and productive sectors.
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Fiscal Efficiency – Redirect spending to infrastructure and widen the tax net while minimizing borrowing.
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Youth and Security Focus – Expand public works, digital skills training, and rural business support to reduce insecurity and youth emigration.
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Inflation Management – Address root causes like food shortages and forex instability, and support domestic production.
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Private Sector Involvement – Involve business leaders in shaping policies grounded in evidence and reality.
Internationally, we must broaden trade relations and engage new global markets beyond the West and China, aligning with current economic shifts.
Challenges to Business and Investment Climate
Barriers such as high loan rates, poor infrastructure, bureaucratic bottlenecks, policy unpredictability, and security issues remain widespread. To create a more welcoming environment for investors, we propose:
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Lower lending costs and more alternative financing options
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Completion of energy and logistics infrastructure via PPPs
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Streamlining and digitalizing government regulatory processes
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Firm anti-corruption enforcement
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Stronger law enforcement and judicial accountability
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Skilling up the workforce and improving security across sectors
We must also reconsider recent proposals like the 15% tax on free trade zones and plans to repeal NEPZA and OGFZA laws, which could hinder trade advantages—especially with developments like the Dangote Refinery and our shift toward BRICS partnerships.
Rebuilding Foreign Investor Confidence
To attract FDI, Nigeria must offer consistency—legal, regulatory, and security-wise. Contracts and arbitration outcomes must be enforceable in line with international standards.
Investment in infrastructure and PPPs is essential. Anti-corruption efforts need to be visible, and bureaucracy simplified. Tailored incentives for strategic industries can attract meaningful foreign capital.
Security reforms, ethical partnerships, and a stronger presence at international investment forums are also necessary. These steps will help reposition Nigeria as a destination of choice for global investors.
Nigeria’s Role in BRICS and Global Alignment
As of January 17, 2025, Nigeria became the ninth BRICS partner nation, joining Belarus, Bolivia, Uganda, and others. This offers pathways to alternative financing, larger export markets, and influence in global economic decision-making.
However, over-reliance on China or any single nation poses strategic risks. Our international agreements should emphasize fairness, transparency, and knowledge exchange. A balanced foreign policy—engaging with both Western and BRICS nations, while strengthening ties within ECOWAS and AfCFTA—is the most beneficial route.
Reviving Legal Leadership in AfCFTA Integration
Nigerian legal professionals must re-engage with AfCFTA through specialization in trade, arbitration, IP law, and regulatory advisory. The NBA and legal bodies should influence policy discussions to protect national interests as frameworks evolve.
Regional collaboration and active roles in AfCFTA panels will raise Nigeria’s visibility. Domestically, lawyers should promote access to justice and legal certainty, which are essential for cross-border business.
Thought leadership, strategic research, and awareness initiatives can help business leaders and government harness AfCFTA’s full potential.
