Experts Urge Government to Improve Regulator-Industry Engagement

Experts have called on the Nigerian government to enhance engagement between regulators and the private sector in order to foster a more conducive environment for business growth and sectoral development. The call comes amid concerns over the challenges businesses face due to regulatory bottlenecks, inconsistent policies, and limited communication with industry regulators.

At a recent industry forum, speakers emphasized that more effective collaboration between government agencies and businesses is essential for addressing the regulatory gaps that hinder innovation, investment, and competitiveness. They argued that businesses, especially in sectors like agriculture, technology, and manufacturing, often struggle to navigate complex and sometimes outdated regulatory frameworks.

“Regulatory bodies must be more proactive in engaging with the private sector, listening to their concerns, and providing clear, consistent guidance. A more transparent dialogue can help streamline the regulatory process, reduce uncertainty, and ensure that policies are aligned with the needs of businesses,” said one industry expert.

The call for better engagement is also focused on improving the implementation of policies, ensuring they are practical, efficient, and adaptable to the evolving market dynamics. Companies have often cited delays in obtaining permits, unclear tax regulations, and stringent compliance requirements as barriers to growth and investment.

Government representatives at the forum acknowledged the importance of improving dialogue with businesses but emphasized the need for a balanced approach that prioritizes public welfare and regulatory oversight. They assured the attendees that efforts are underway to address these concerns through reforms aimed at simplifying and modernizing Nigeria’s regulatory landscape.

The experts also recommended that regular consultations and feedback mechanisms be institutionalized, allowing industries to actively participate in shaping policies that affect their operations. This, they believe, would create a more collaborative environment that fosters economic growth, reduces friction between the private sector and regulators, and enhances Nigeria’s competitiveness on the global stage.

As Nigeria continues to focus on economic diversification and sustainable development, the relationship between regulators and industries will play a crucial role in ensuring that the country’s policies support business growth and attract both local and foreign investment.