Economic experts and business leaders have called on the Federal Government and state governments to prioritise productive investment, strengthen accountability and improve public spending as Nigeria pursues its ambition of building a $1 trillion economy by 2030.
The call was made at the 2026 Annual Conference and Awards of the Finance and Business Online Publishers Association (FiBOP), held at Orchids Hotel in Lagos on Saturday.
Themed “Unlocking Nigeria’s Economic Potential: Taxation, Industry, Insurance, Fintech, Trade and Investment as Catalysts for Nigeria’s $1 Trillion Vision,” the conference brought together stakeholders from government, finance, insurance, telecommunications and the media.
Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), who chaired the event, said the country’s economic ambition should be measured by its impact on businesses, employment and household welfare rather than the size of its gross domestic product alone.
He acknowledged improvements in foreign exchange conditions, inflation and investor sentiment but cautioned that economic stability would not automatically translate into sustainable growth.
Yusuf called for a more diversified and competitive economy capable of withstanding domestic and international shocks.
He urged federal, state and local governments to direct public revenue towards projects that deliver measurable benefits, particularly in agriculture, transportation, healthcare and education.
He also stressed the need for stronger oversight of government expenditure and urged journalists to hold public officials accountable for the management of public funds.
FiBOP calls for stronger economic policies
FiBOP President Charles Onwatogwu said Nigeria needed closer cooperation between government and the private sector to achieve lasting economic progress.
He identified policy consistency, reliable infrastructure, improved security and predictable regulations as important conditions for attracting investment.
Onwatogwu also advocated a shift away from excessive dependence on imported goods towards domestic manufacturing, value addition and export-oriented production.
He said small and medium-sized businesses needed access to affordable credit, while insurance and financial technology could help businesses manage risks and expand their operations.
He further called for a tax system that improves government revenue without imposing unreasonable burdens on households and businesses.
Tax reforms linked to economic growth
In a presentation delivered on behalf of the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, the minister’s Special Adviser on Revenue, Mr Olufemi Olarinde, outlined the government’s tax reform programme.
The presentation said the reforms were intended to simplify tax administration, reduce compliance costs, protect vulnerable taxpayers and strengthen revenue collection.
It identified four laws underpinning the new tax framework: the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act and Nigeria Revenue Board (Establishment) Act.
The framework, which the source report says took effect on January 1, 2026, includes a zero per cent company income tax rate for qualifying small companies, subject to statutory conditions.
The presentation also highlighted an increase in allocations from the Federation Account Allocation Committee, from N15.2 trillion in 2024 to N21.9 trillion in 2025.
Federal tax collections were reported to have risen from N12.3 trillion in 2023 to N21.3 trillion in 2024 and N28.3 trillion in 2025.
Oyedele emphasised that the success of the $1 trillion ambition should be assessed through indicators such as job creation, rising incomes, business expansion and improved living standards.
He also identified electricity supply, transport and logistics, access to finance, local manufacturing, agricultural processing and mineral development as areas requiring sustained attention.
He urged journalists to distinguish between policies already implemented and proposals still under consideration, as well as verified results and unsubstantiated claims.
Capital market seen as source of long-term funding
The Group Chairman of Nigerian Exchange Group (NGX), Dr Umaru Kwairanga, said the capital market could help finance infrastructure and expand productive businesses.
Kwairanga said NGX market capitalisation had grown from below N50 trillion approximately three years earlier to more than N160 trillion.
He added that the exchange wanted to increase investor participation to 10 million from fewer than five million.
According to him, broader participation by individual investors and international investors could deepen the market and improve businesses’ access to long-term capital.
He also identified reliable electricity, stronger banks and better support for small and medium-sized enterprises as important drivers of economic expansion.
Kwairanga said banking recapitalisation could strengthen the ability of financial institutions to provide credit, while pension funds offered opportunities to mobilise domestic savings for long-term investment.
Insurance industry seeks wider coverage
The Director-General of the Nigerian Insurers Association (NIA), Mrs Bola Odukale, said insurance could support economic growth by protecting businesses against risks and mobilising funds for long-term investment.
She noted that insurance penetration remained below one per cent, despite growth in the industry’s premium income.
Figures cited in the presentation showed that gross premiums written increased by 47.3 per cent to approximately N2.3 trillion in 2025, while industry assets exceeded N4 trillion.
Odukale said the Nigerian Insurance Industry Reform Act 2025 and the sector’s recapitalisation exercise were intended to strengthen insurers’ financial capacity and governance.
She called for better enforcement of compulsory insurance requirements covering motor vehicles, buildings, construction projects and marine operations.
Fake motor insurance policies and limited public awareness, she said, remained challenges for the sector.
Odukale also disclosed that insurers were working with the Lagos State Government and other stakeholders on building insurance and measures to address risks associated with building collapses.
Telecoms, broadband identified as growth drivers
Representing the Executive Vice-Chairman of the Nigerian Communications Commission (NCC), Dr Aminu Maida, the commission’s Senior Manager, Mrs Yetunde Adeyemo, highlighted the role of telecommunications in economic development.
The presentation attributed 9.19 per cent of Nigeria’s GDP in the first quarter of 2026 to telecommunications.
It also cited more than 188 million active telephone subscriptions and over 154.7 million active internet subscriptions as of April 2026.
The figures presented put 4G and 5G network usage at 54.41 per cent and 4.34 per cent, respectively.
Broadband expansion, Adeyemo said, could widen business opportunities, improve financial inclusion and strengthen access to public services.
However, the presentation identified high infrastructure costs, multiple taxation, fibre-optic cable damage, unreliable electricity and inadequate rural coverage as obstacles to expanding connectivity.
It also highlighted differences in state government right-of-way charges, which can affect the cost and pace of fibre deployment.
According to the presentation, some states charged N1,000 per kilometre, while others had agreed to N145 per kilometre or imposed no charge. The commission called for greater harmonisation of the fees.
The NCC’s Digital Awareness Programme was also credited with connecting schools or providing information and communications technology resources to more than 300 schools nationwide since 2006.
Industry leaders honoured at conference
The conference also recognised individuals and organisations for their contributions to business, finance and economic development.
Yusuf received the Economic Voice and Advocacy Personality of the Year award, while Kwairanga was named Capital Market Personality of the Year.
The Comptroller-General of the Nigeria Customs Service, Bashir Adeniyi, received the Transformative Reforms and Leadership Excellence Award.
Tosin Eniolorunda of Moniepoint was recognised with the Financial Inclusion and Digital Payment Company award.
Participants agreed that Nigeria’s $1 trillion economy ambition would depend on turning policy reforms and increased revenue into productive investment, employment, stronger businesses and tangible improvements in citizens’ living standards.
