Economic reforms create opportunities despite short-term pains — Akabueze

•Says RCCG Economic Summit targets clarity on reforms, investments

By Babajide Komolafe

Economic reforms currently being implemented by the Federal Government, though painful in the short term, are laying the foundation for sustainable growth and long-term investment opportunities, Pastor Ben Akabueze, former Director-General of the Budget Office of the Federation, has said.

Akabueze made the assertion at a press briefing to unveil the RCCG Christ Church Economic Summit 2026, organised by the Redeemed Christian Church of God (RCCG), Lagos Province 35, as part of its Christian Social Responsibility and economic empowerment initiatives.

The summit which is scheduled for Saturday January 24th, 2025, is themed, ‘Navigating Tax Reforms and    Investment Opportunities. ‘

The summit will feature a keynote by the Minister of State for Industry,   Trade and Investment, Senator John Owan Enoh.  

Other speakers include   Mr. Bismarck Rewane, CEO, Financial   Derivatives Company;   Dr. Muda Yusuf    CEO, Centre for the   Promotion of Private   Enterprise [CPPE); Ms. Elizabeth Olaghere, Tax Partner, KPMG, West Africa .

In his opening remarks,  Pastor Emeka Obiagwu, who heads the Empowerment Committee of the Church,  explained that the Economic Summit, now in its 12th year, has evolved into a critical platform for helping church members and the wider society understand Nigeria’s economic direction, government budgets and policy reforms. He said the summit is designed to equip individuals, professionals and business owners with the insight required to make informed financial and investment decisions in a challenging economic environment.

Speaking on the objectives of the summit, Akabueze said Nigeria was experiencing “one of the most profound reform cycles in its economic history,” urging Nigerians to view current hardships through a long-term lens.

“These reforms are not painless, and we must be honest about that,” he said. “But they are necessary if Nigeria is to achieve macroeconomic stability, restore investor confidence and unlock sustainable growth.”

According to him, reforms in taxation, fiscal policy, exchange rate management and market liberalisation are meant to correct long-standing structural distortions. “Whenever you remove distortions, there will be adjustments,” Akabueze said. “What these reforms ultimately do is create a clearer and more predictable environment for economic planning and investment.”

He explained that the RCCG Economic Summit 2026 was structured to help participants properly understand these changes. “The objective of this summit is clarity,” he said. “We want people to understand what is changing, why it is changing and how to position themselves to benefit rather than be overwhelmed.”

On taxation, Akabueze noted that Nigeria’s tax-to-GDP ratio remains below 10 per cent, compared with an African average of about 16 per cent. “This is why tax reforms are inevitable,” he said. “At the summit, we will examine how these reforms affect personal income, business profitability, investment returns and cash flow, with emphasis on lawful tax planning—tax avoidance, not tax evasion.”

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