‘How to achieve $1trn economy’

The Independent Shareholders Association of Nigeria (ISAN) yesterday identified the critical role of corporate governance, innovation, and stakeholder collaboration in driving Nigeria’s ambition of becoming a $1 trillion economy by 2030. The association’s position emerged at its 8th Triennial Delegates Conference held on Thursday at the NECA House in Lagos.  The conference, themed: “Nigeria: Towards […]

The Independent Shareholders Association of Nigeria (ISAN) yesterday identified the critical role of corporate governance, innovation, and stakeholder collaboration in driving Nigeria’s ambition of becoming a $1 trillion economy by 2030.

The association’s position emerged at its 8th Triennial Delegates Conference held on Thursday at the NECA House in Lagos. 

The conference, themed: “Nigeria: Towards a $1 Trillion Economy by 2030,” brought together policymakers, regulators, investors, and business leaders to deliberate on strategies for achieving sustainable national growth.

In his opening remarks, the National Coordinator of ISAN, Moses Igbrude, emphasized the importance of transparency, accountability, and ethical governance in nation-building. 

He described the conference as a platform for shaping policies and sharing ideas that would accelerate Nigeria’s economic transformation.

“This conference provides a platform for us to engage in meaningful discussions, share knowledge, and shape policies that will drive our nation’s economic growth. 

“As shareholders, our duty extends beyond dividends; we must contribute to building a more stable and prosperous economy,” Igbrude stated.

Delivering a paper titled: “The Strategic Role of Insurance in National Development,” the Director of Inspectorate at the National Insurance Commission (NAICOM), Ajibola Bankole, highlighted the pivotal role of the insurance sector in fostering economic stability and investor confidence.

Bankole noted that despite its potential, Nigeria’s insurance penetration remains below one per cent of GDP, a situation he said calls for urgent reform.

He pointed to the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a milestone initiative aimed at strengthening governance, capital adequacy, and consumer protection in the industry.

“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.

Bankole urged stronger collaboration between insurers, shareholders, and policymakers to unlock growth in key sectors such as health, agriculture, and infrastructure, noting that a vibrant insurance industry could serve as a catalyst for inclusive economic development.

A cybersecurity expert, Dr Martin Ikpehai, in a paper titled: “Securing and Protecting the $1 Trillion Economy Against Cyber Terrorism by 2030,” warned that Nigeria’s digital vulnerabilities could undermine its trillion-dollar ambition if robust cybersecurity measures are not embedded in national planning.

Drawing parallels with Australia’s digital economy framework, Ikpehai stressed that cybersecurity investment should be viewed as an enabler of growth and investor confidence rather than 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 noted.

He called for the establishment of national cybersecurity standards, improved incident response systems, and greater public–private collaboration to mitigate digital risks. 

He also recommended more investment in cyber education and measures to secure emerging technologies such as artificial intelligence (AI), the Internet of Things (IoT), and 5G infrastructure.

Participants agreed that achieving the $1 trillion target would require policy consistency, corporate governance reforms, human capital investment, and sustained innovation.

They also underscored the need for synergy among government institutions, regulators, and private sector players in executing Nigeria’s economic blueprint.