Keypoints
- Retired diplomat Amb. Akinremi Bolaji has identified chambers of commerce as essential structures for private sector-led economic growth.
- Speaking in Ibadan on Wednesday, Bolaji emphasized that government alone cannot drive development and needs organized sectors like ICCIMA to coordinate participation.
- He distinguished chambers of commerce (private sector groups) from business councils, which typically include government representation to manage cross-border trade risks.
- Bolaji noted that the decentralization of the power sector will only succeed if state governments proactively leverage the ongoing reforms to improve local distribution.
Main Story
The role of organized private sector groups in Nigeria’s economic recovery took center stage in Ibadan on Wednesday. Amb. Akinremi Bolaji, a former Director of Economic, Trade and Investment at the Ministry of Foreign Affairs, asserted that chambers of commerce act as “critical bridges” for sustainable development.
During the investiture of Chief Folorunso Ogunnaike as the new President of the Ibadan Chamber of Commerce, Industry, Mines and Agriculture (ICCIMA), Bolaji argued that active chambers provide the necessary structure for the government to engage effectively with business owners.
A key theme of his address was the distinction between various business organizations. While chambers operate at community, state, national, and international levels to promote trade, business councils serve a more formal coordinating role.
These councils often involve government participation to ensure orderliness in international transactions and mitigate the risks of “unscrupulous activities” in cross-border investments. Bolaji expressed strong confidence in current federal reforms, suggesting that Nigeria’s economic trajectory is on the right path.
The Issues
A major bottleneck identified by Bolaji is the slow adoption of power sector reforms at the state level. While the Federal Government has moved to decentralize and devolve control of electricity, he noted that many states have yet to “key in” to these opportunities. For the devolution of power to yield results, states must move beyond policy and invest in the infrastructure required to manage local distribution. Additionally, the challenge remains for chambers like ICCIMA to move beyond being social associations and become true “economic drivers” that can influence state-level policy.
What’s Being Said
- “There is no way the government alone can drive development. Organized sectors like the chambers of commerce are an indication that there will be development,” stated Amb. Akinremi Bolaji.
- Bolaji noted that business councils are vital for “cross-border business relations” because they provide a layer of government-backed security for trade.
- On the energy crisis, he remarked, “The challenge we have here is that the states are yet to key in [on power devolution], and the Federal Government cannot do it alone.”
- The former diplomat praised Chief Folorunso Ogunnaike as an “industrious and open-minded leader” capable of strengthening ICCIMA’s regional influence.
What’s Next
- The Ibadan Chamber (ICCIMA) is expected to launch new initiatives under Ogunnaike’s leadership to attract industrial investment to Oyo State.
- Observers will be watching for more state-level power laws as regional governments face increasing pressure to utilize the new Electricity Act.
- Further collaboration between the Ministry of Foreign Affairs and national business councils is anticipated to help Nigerian SMEs navigate the complexities of the African Continental Free Trade Area (AfCFTA).
Bottom Line
For Amb. Bolaji, the path to a robust Nigerian economy lies in the “devolution of responsibility”—moving from a government-centric model to one where organized chambers of commerce and empowered state governments take the lead in industrial growth.
