At WorldStage Summit 2025, EFCC Outlines New Strategy to Strengthen Nigeria’s Economy Through Transparency and Innovation
The Economic and Financial Crimes Commission (EFCC) has restated its commitment to enhancing Nigeria’s business climate and tackling systemic corruption that continues to impede productivity and economic growth. The reaffirmation was made on Friday, November 21, 2025, during the WorldStage Economic Summit 2025 held at the Nigerian Exchange Limited Event Centre in Lagos.
Chief Superintendent of EFCC, Adeniran Adebayo Samuel, who represented EFCC Executive Chairman Mr. Ola Olukoyede, delivered the Commission’s address before an audience of policymakers, business executives, and key industry stakeholders. Speaking on the summit’s theme, “Tackling the Issue of Low Productivity in Nigeria,” Olukoyede stressed that entrenched corruption remains one of the greatest barriers to the nation’s economic advancement.
According to him, corruption discourages investment, weakens competitiveness, and widens poverty, despite high levels of employment. He noted that “every naira lost to corrupt practices results in fewer public services, weaker infrastructure, and diminished opportunities for citizens.”
Olukoyede further explained that global investors increasingly evaluate corruption risk when deciding where to allocate capital. Nations perceived as opaque or unpredictable, he said, face higher transaction costs, reduced competition, and declining innovation, factors that combine to suppress productivity.
He emphasized that attracting long-term investment requires a transparent and accountable business environment capable of driving innovation nationwide.
Acknowledging the evolving nature of corruption, especially with the surge in cybercrime, cryptocurrency-related fraud, and illicit financial flows, the EFCC Chairman disclosed that the Commission is expanding its capacity in digital forensics, intelligence gathering, and public education to counter emerging threats. He also clarified that the EFCC is not against legitimate business activities but is instead committed to building a fair, predictable, and secure economic environment where honest enterprises can thrive.
Other notable speakers at the Lagos summit included Dr. Olasupo Olusi, Managing Director/CEO of the Bank of Industry (BoI), and Dr. Abidemi Adegboye of the University of Lagos.
The WorldStage Economic Summit, organised annually by WorldStage Newsonline, has grown over the past decade into one of Nigeria’s foremost economic platforms, drawing participation from former vice presidents, governors, and leading figures across the public and private sectors.
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