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Chief Executive Officer of Global Investment and Trade Company, Baba Yusuf, has warned that persistent policy inconsistencies and governance instability continue to undermine Nigeria’s economic progress, warning that without institutional continuity, sustainable growth will remain elusive.
Speaking on the sidelines of the Chartered Institute of Directors Conference on Thursday, Yusuf said Nigeria’s governance model has struggled with direction and cohesion, often leading to setbacks in the implementation of economic and investment strategies.
“When we talk about the Nigerian government or the state government, you see the policy somersaults; you see the inconsistencies that have been taking us back,” he noted.
“It appears as a country, we make three steps forward, two steps backwards because there is a disconnect or lack of understanding of what the governance framework of a country should be.”
Yusuf referenced Singapore as a case study in sustainable policy development. Drawing from this, Yusuf stressed that deliberate efforts must be made to build governance structures that outlast political tenures.
“Incidentally, at other forums, I get a lot of case studies of Singapore. And what that tells you is that in having an issue as a structure or governance framework, there must be a deliberateness to ensure sustainability,” he explained.
He emphasised that strong institutions and adherence to constitutional principles are critical to achieving long-term policy coherence.
Industry observers have long highlighted policy reversals as a key deterrent to foreign and local investment in Nigeria.
Business leaders say reforms in sectors such as energy, trade, and manufacturing often suffer abrupt reversals when new administrations take office.
