Stakeholders in Nigeria’s finance business insurance telecommunications and investment sectors have identified pro-growth tax policies increased capital market participation reliable broadband connectivity and strong institutions as critical to achieving the country’s $1 trillion economic target by 2030.
They spoke at the Finance and Business Online Publishers Association (FiBOP) Conference and Awards held in Lagos.
The conference chaired by the Director-General and Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE) Dr Muda Yusuf brought together policymakers regulators business leaders investors and media professionals to discuss strategies for unlocking Nigeria’s economic potential.
Themed ‘Unlocking Nigeria’s Economic Potential: Taxation Industry Insurance Fintech Trade and Investment as Catalysts for Nigeria’s $1 Trillion Vision’ the event examined reforms needed to attract investment expand businesses and create jobs.
Representing the Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele his Special Adviser on Revenue Olufemi Olarinde said achieving the target would depend not only on government revenue generation but also on policies that promote business growth attract investment and create employment.
He said the government’s new tax policy was designed to support economic expansion improve living standards and create an environment where businesses and citizens could prosper.
Olarinde said the central principle behind the reforms was to ‘tax prosperity not poverty’ and ‘tax the few and not the citizens.’
The Chairman of Nigerian Exchange Group (NGX Group) Alhaji Umaru Kwairanga called for increased participation in the capital market saying the country needed to expand its investor base from fewer than five million to 10 million.
He described the capital market as a vital channel for mobilising funds to finance infrastructure expand businesses and create jobs.
Kwairanga said NGX market capitalisation had risen from less than N50 trillion to more than N163 trillion since President Bola Tinubu assumed office.
He urged more Nigerians to participate in the market and benefit from opportunities in the country’s investment ecosystem.
Kwairanga received the Capital Market Personality of the Year Award at the event.
The Director-General and Chief Executive Officer of the Nigerian Insurers Association Mrs Bola Odukale highlighted the insurance sector’s contribution to economic development.
She stressed the need to strengthen the industry’s role in supporting national growth and urged the media to continue projecting Nigeria positively to domestic and international audiences to support investor confidence.
The Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC) Dr Aminu Maida identified broadband connectivity as a major driver of productivity innovation and market expansion.
Represented by the commission’s Senior Manager Regulatory Services Mrs Yetunde Adeyemo Maida said reliable broadband would enable businesses across sectors to reach wider markets and participate in national regional and global value chains.
He said traders farmers fashion designers content creators and software developers could use internet connectivity to reach customers receive payments advertise products and improve their operations.
According to him broadband reduces transaction costs improves service delivery and supports inventory management particularly for micro small and medium-sized enterprises.
Maida added that innovation in financial technology education technology agricultural technology health technology and the creative economy depended on affordable and reliable data access.
He said communications infrastructure including fibre networks towers satellites and spectrum provided the foundation for the digital services needed to support economic growth.
The Managing Director of DataPro Limited Abimbola Adeseyoju represented by Senior Rating Analyst Victoria Motunrayo Balogun stressed the importance of credible institutions productive investment and sustained investor confidence.
Adeseyoju described the conference theme as timely noting its alignment with DataPro’s 2026 International Rating Webinar which examined ‘Sovereign Credit Rating: Africa’s Roadmap to Investment Grade Status.’
He said achieving Nigeria’s economic ambition required sound policies credible institutions and sustained confidence in the economy.
He also highlighted the importance of credit ratings in assessing the creditworthiness of governments and businesses helping investors evaluate lending risks and make informed investment decisions.
The President of FiBOP Charles Onwuatogwu reaffirmed the association’s commitment to disseminating accurate credible and factual information.
He urged online publishers to uphold professional standards and ensure their reporting contributed to informed discussions on national development.