Business
NASS, Stakeholders Differ On CSR Legislation
Stakeholders in the Organised Private Sector (OPS) on Thursday expressed objection to legislation on Corporate Social Responsibility (CSR) for companies operating in Nigeria.
They held that such legislation would hinder the attraction of investors to the country.
OPS members, who spoke at a seminar in Lagos, held under the auspices of the Nigeria Economic Summit Group (NESG), said that a legislation on CSR would deepen the harsh business environment in Nigeria.
The News Agency of Nigeria (NAN) reports that many participants, drawn from the extractive industry, oil and gas, telecommunications, banks, small and medium scale industries, urged the National Assembly to drop the current debate on the CSR bill.
The Chairman of Dubri Oil Company Ltd, Dr Imo Itsueli, described CSR legislation as an invasion of companies’ privacy that would further mortgage the nation’s numerous harsh tax regimes.
“Legislation on CSR will drive away investments. Companies are already inundated with so many taxes from the various layers of government for us to think of additional burden on them,” Itsueli said.
According to him, the paramount issue remains that the people must hold government accountable and compel those in power to provide evidence of tax utilisation.
Drawing from MTN Communications Nigeria’s success profile in CSR, Mr Akinwale Goodluck said that challenges of the nation’s economy made it imperative for CSR issue to be encouraged instead of legislation.
Akinwale said that MTN’s policy of committing 1 per cent of its net profit to the communication company’s foundation made it possible for them to actualise set goals on CSR.
He said that one of the ways of encouraging and institutionalising CSR was to legislate on the issue of tax rebate for companies engaged in verifiable CSR programmes.
The Chief Executive Officer (CEO) of Sigma Technical Agencies (Nigeria) Ltd, Dr Samuel Amachree, said that the general acceptance of CSR in the polity made it imperative for regulation.
Amachree said that while he subscribed to the need for government to be effectively accountable in general governance, legislation would moderate and galvanise sustainable CSR in Nigeria.
Earlier, the Director-General of NESG, Mr Frank Nweke, said the seminar was part of the group’s advocacy to leverage and situate CSR in the nation’s business climate.
Nweke said that collaboration with the Canadian High Commission on CSR was to share from their experience and add a global perspective to the concept.
The Canadian Deputy High Commissioner, Mr Jean Gauthier said the collaboration was a fallout of the 15th Economic Summit and the need to avail the Nigerian business community the opportunity to be part of the international community on CSR issues.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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