The Abuja Chambers of Commerce and Industry says credible regulation, sustained political commitment and private-sector partnerships are critical to restoring Nigeria’s moribund enterprises and returning them to productive economic activity nationwide.

The president-elect of ACCI, Adesoji Adesugba, said this in an interview on Thursday in Abuja, while outlining strategies for reviving struggling enterprises.

Mr Adesugba said credible regulation and viable revenue models were essential to attract genuine investors and ensure sustainable operations, adding that reforms must be guided by transparency, accountability, and sound governance.

“Credible regulation, sustained political commitment, and the honest partnership of the private sector, which, applied with our own discernment, can restore enterprises to productive life,” he said.

The development economist urged Nigeria to deploy carefully structured partnerships and lessons from Asian economies to revive moribund state-owned enterprises, emphasising that reform efforts should prioritise long-term sustainability and efficiency.

He said public-private partnerships, concessions and mixed-ownership arrangements could provide the capital, technology, managerial expertise and market access needed to revive struggling enterprises and improve overall operational performance.

He cautioned, however, that PPPs would succeed only when transactions were properly structured and investors had adequate financial resources, technical competence, and the capacity to deliver expected outcomes.

Mr Adesugba cited Nigeria’s telecommunications reforms as a successful example of private-sector participation, noting that private operators invested heavily and transformed service delivery after NITEL’s decline.

He contrasted this with the power sector, where private investors acquired generation and distribution companies, yet persistent operational challenges had continued to undermine expected gains and sectoral performance.

According to him, the power sector’s difficulties stem partly from inadequate investment, metering gaps, and technical and commercial losses, as well as weak alignment between electricity supply and revenue collection.

The expert said PPPs could fail when public assets were awarded to investors lacking the financial strength or managerial capacity required to recapitalise and operate enterprises efficiently.

He said China’s mixed-ownership reforms demonstrated that private investors could improve corporate oversight when granted meaningful representation and incentives to monitor management and strengthen accountability mechanisms.

Mr Adesugba also argued that government could not successfully revive failed commercial enterprises alone, urging collaboration among investors, labour unions, regulators and development institutions to achieve sustainable results.

He said government should focus on policymaking, regulation and creating an enabling environment rather than directly managing commercial enterprises, which were better driven through professional and market-oriented structures.

According to him, Singapore’s Temasek model demonstrates how governments can separate ownership oversight from the day-to-day management of commercial enterprises while maintaining accountability and performance standards.

He said Nigeria could adapt the model by strengthening existing institutions and ensuring that viable state-owned enterprises were professionally managed to improve efficiency, profitability and long-term sustainability.

Mr Adesugba, who is also national vice president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), cited Malaysia’s government-linked company reforms as another example.

He said that Malaysia’s reforms relied on performance indicators, board restructuring and long-term turnaround strategies, helping improve enterprise performance while strengthening governance and institutional accountability frameworks.

According to him, China’s experience further underscored the importance of pragmatism, with the country combining state ownership in strategic sectors and private participation in other areas.

He advised Nigeria to learn principles from Asian economies rather than replicate their systems, highlighting professional management, hard budget constraints, credible regulation and private-sector collaboration as key lessons.

The NACCIMA national vice president said the government’s role should ultimately be that of an enabling shareholder and impartial regulator capable of creating conditions for productive enterprises to thrive.

He urged Nigeria to institutionalise reforms and sustain them across successive administrations, warning against abandoning policies and programmes whenever political leadership changed.

Mr Adesugba emphasised that governance, transparency, accountability and the rule of law remained the most fundamental requirements for successfully reviving enterprises and sustaining economic growth nationwide.

(NAN)