Stakeholders at the 2025 National Conference of the Finance and Business Online Publishers Association, FiBOP have identified infrastructure development, agriculture, power supply, telecommunications, education, youth entrepreneurship, and support for small and medium-sized enterprises, SMEs, among others as essential pillars to help Nigeria achieve its ambitious goal of a $1 trillion economy by 2030.
The conference, held in Lagos over the weekend, was themed, “Leveraging Technology Innovations, Tax Reforms And Opportunities In Renewable Energy And Agriculture To Achieve One Trillion Dollar Economy.”
Speaking at a panel session, Mr. Ademayowa Adeduro, Managing Director/CEO of Tangerine General Insurance Company Limited, emphasized that meaningful economic growth is impossible without significant investment in physical and digital infrastructure.
“Infrastructure is the foundation on which every other sector thrives. If we fix our roads, power, and communication systems, we will unlock new levels of productivity across agriculture, manufacturing, and services”, he said.
Mr. Jolaolu Fakoya, Executive Director (Technical) at emPLE Life Assurance Limited, who represented the company’s Managing Director/CEO, Mr. Rantimi Ogunleye, noted that Nigeria’s agricultural sector holds vast potential to drive inclusive growth and job creation.
“Beyond food security, agriculture can become a major source of export revenue if supported with the right financing, mechanization, and logistics infrastructure”, Fakoya said. He advocated for stronger public-private partnerships and increased access to insurance for rural farmers.
In his contributions, Mr. Wilson Esene-Okoh, Head, Corporate Communications at Rex Insurance Limited, representing the Managing Director/CEO, Mrs. Ebelechukwu Nwachukwu, called for urgent reforms in the power sector.
“No economy can thrive in darkness. Nigeria’s industrial growth is severely limited by unreliable electricity. Investment in renewable energy and mini-grid solutions, especially for rural areas, will open up new economic frontiers”, he stated.
Also speaking at the event, Mr. Titiloye Oyatolu, Lagos Branch Manager of the Nigerian Agricultural Insurance Corporation, NAIC, who represented the Managing Director/CEO, Hon. Yazid Shehu Umar Danfulani, highlighted the importance of de-risking agricultural investment through insurance.
He noted that climate-related risks and market volatility continue to discourage private sector involvement in agriculture, which remains Nigeria’s largest employer. “Agricultural insurance must be expanded and made more accessible to enhance resilience and productivity in the sector”, he said.
Telecommunications and digital technology were also spotlighted as key enablers of economic growth. Panelists agreed that with over 150 million internet users, Nigeria is uniquely positioned to benefit from the digital economy.
Investments in broadband infrastructure, mobile technology, and fintech innovation were seen as crucial to improving financial inclusion, expanding market access for SMEs, and driving productivity across industries.
On human capital development, the speakers stressed the need to reform the education sector to equip Nigeria’s youth with the skills required for a modern economy.
They highlighted the growing mismatch between graduates and available jobs, and the urgency of strengthening technical and vocational education.
“Youth entrepreneurship must be intentionally nurtured. The government and the private sector must collaborate to create an ecosystem that supports innovation, startup funding, and skills development”, Adeduro added.
SMEs, which account for a significant portion of Nigeria’s GDP and employment, were identified as critical to achieving sustainable economic growth.
The panelists called for reduced regulatory bottlenecks, better access to finance, and tax incentives for small businesses. “The success of SMEs will determine how inclusive and resilient our economic growth will be”, said Fakoya.
The FiBOP conference concluded with a consensus that while Nigeria’s $1 trillion economic goal by 2030 is ambitious, it is achievable with consistent policy implementation, technological innovation, strategic investments, and collaborative efforts across all sectors. The panelists urged the government to remain focused on reforming critical sectors, removing barriers to investment, and empowering the private sector to drive inclusive and sustainable economic growth.
Photo: L-R: Mr. Babatunde Apeji, Principal Manager, Projects at Nigerian Communications Commission, NCC; Mr. Jolaolu Fakoya, Executive Director, Technical, emPLE Life Assurance Limited and President, Nigerian Actuarial Society, NAS; Jamila Umoru, Principal Manager, Lagos Zonal Office, NCC; Mr. Charles Onwuatogwu, President of FiBOP; Mr. Ademayowa Adeduro, MD/CEO, Tangerine General Insurance; Mr. Wilson Esene-Okoh, Head, Corporate Communications at Rex Insurance Limited and Mr. Titiloye, Branch Manager, Lagos Office of the Nigerian Agricultural Insurance Corporation, NAIC at FiBOP’s 2025 National Conference in Lagos at the weekend.
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