Chairman of NGX Group Plc, Dr Umaru Kwairanga, has stressed the need for Nigeria to remain steadfast in implementing far-reaching economic reforms that strengthen institutions, improve market efficiency, attract investment and encourage innovation.

According to him, these are the pillars upon which sustainable economic growth and long-term national prosperity are built.

Kwairanga noted that the experience of the world’s most successful economies shows that no country achieves lasting prosperity without deliberate and consistent reforms that create strong institutions, support businesses and inspire investor confidence.

He pointed out that countries that have transformed their economies did so by establishing transparent systems, promoting policy consistency and creating an environment where businesses grow, compete and create value.

He said reforms become meaningful when they remove obstacles to investment, improve productivity, reduce the cost of doing business and create opportunities for enterprises to expand, innovate and contribute more effectively to national development.

According to him, businesses thrive in economies where government policies are predictable, transparent and consistent.

He said investors are more willing to commit long-term capital when they are confident that economic policies will remain stable and institutions will uphold the rule of law.

Kwairanga said the relationship between government policies and corporate competitiveness is inseparable, noting that neither can succeed in isolation.

He argued that while governments are responsible for creating an enabling environment through sound economic management, efficient regulation and institutional reforms, businesses have a duty to invest, innovate, create jobs, improve productivity and contribute to national wealth.

He maintained that the private sector remained the engine of economic development because it drives industrial growth, stimulates innovation, creates employment and generates wealth across different sectors of the economy.

“Businesses require predictability, consistency and in-appearance frameworks to make long-term investment decisions, while governments depend on a vibrant and competitive private sector to drive economic growth, employment generation, wealth creation and national prosperity. The relationship is therefore mutually reinforcing and must be nurtured through continuous engagement and collaboration,” he said.