Economic and business experts have outlined key strategies to fast-track Nigeria’s economic growth towards President Bola Ahmed Tinubu’s ambitious $1 trillion economy target by 2030.
Speaking at the 8th Triennial Delegates Conference of the Independent Shareholders Association of Nigeria (ISAN), held at the NECA House, Ikeja, Lagos, the experts emphasised policy consistency, strong corporate governance, human capital development, innovation, and stakeholder collaboration as the essential drivers for accelerated national growth.
The conference, themed “Nigeria: Towards a $1 Trillion Economy by 2030,” brought together policymakers, regulators, investors, and business leaders to discuss actionable strategies for sustainable economic transformation.
Corporate Governance and Transparency Key to Growth
The National Coordinator of ISAN, Mr. Moses Igbrude, stressed that transparency, accountability, and ethical governance are indispensable for building investor confidence and driving sustainable progress.
“This conference provides a platform to engage in meaningful discussions and shape policies that will drive economic growth. As shareholders, our duty extends beyond dividends — we must help build a stable and prosperous economy,” Igbrude said.
He commended partners, sponsors, and participants for supporting the event, urging stakeholders to remain united in pursuing Nigeria’s long-term economic goals.
Insurance Sector Vital for Economic Stability
Delivering a paper on “The Strategic Role of Insurance in National Development,” Mr. Ajibola Bankole, Director of Inspectorate at the National Insurance Commission (NAICOM), highlighted the insurance industry’s critical role in fostering economic resilience and investor confidence.
He noted that insurance penetration in Nigeria remains below 1% of GDP, describing it as a major gap that must be addressed urgently.
Bankole cited the forthcoming Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a landmark policy aimed at strengthening governance, capital adequacy, and consumer protection.
“The NIIRA 2025 introduces far-reaching provisions designed to create a transparent, competitive, and investment-friendly insurance market. These reforms are not just about compliance — they are about confidence, stability, and long-term value creation,” he said.
He called for deeper collaboration among insurers, shareholders, and policymakers to unlock growth in key sectors such as health, agriculture, and infrastructure, noting that a vibrant insurance sector could act as a catalyst for inclusive development.
Cybersecurity as Economic Infrastructure
Addressing the conference on “Securing and Protecting the $1 Trillion Economy against Cyber Terrorism by 2030,” cybersecurity expert Dr. Martin Ikpehai warned that Nigeria’s growing digital vulnerabilities could undermine its trillion-dollar ambitions if not urgently addressed.
Drawing lessons from Australia’s digital economy model, Ikpehai argued that cybersecurity should be treated as an economic enabler, not merely a cost.
“To achieve a trillion-dollar economy, Nigeria must embed cybersecurity into every aspect of its economic planning. Digital resilience is now synonymous with economic resilience,” he said.
He recommended the creation of national cybersecurity standards, robust incident response frameworks, and enhanced public–private sector collaboration to tackle emerging cyber threats.
Ikpehai also called for increased investment in cyber education and the protection of new technologies such as artificial intelligence (AI), the Internet of Things (IoT), and 5G infrastructure.
Shared Prosperity through Collaboration
Reaffirming ISAN’s commitment to responsible investing and shareholder protection, Igbrude urged collective action among all economic stakeholders.
“Let us seize this opportunity to work together towards a brighter economic future for Nigeria. Our actions today will determine the prosperity of tomorrow,” he concluded.
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