Nigeria must boost productivity and private sector output if it is to achieve its $1 trillion economy target by 2030, the President and Chairman of Council, Chartered Institute of Directors Nigeria (CIoD), Mr Adetunji Oyebanji, has said.
Oyebanji spoke at the 42nd Omolayole Management Lecture held in Lagos, with the theme, ‘What Will It Take to Build a One-Trillion-Dollar Nigerian Economy?’
He said Nigeria’s current Gross Domestic Product (GDP), estimated at $291 billion, leaves a gap of more than $700 billion to be closed in less than four years.
According to him, closing the gap requires accelerated, productivity-led growth and coordinated action by government, the private sector, academia and civil society.
Oyebanji said the challenge was not simply about reaching a particular figure but about addressing the structural and institutional weaknesses that constrain economic growth.
He stated that the government must ensure consistent and transparent governance, strengthen institutions and create an environment that encourages investment and long-term economic development.
For the private sector, Oyebanji called for patient capital and the development of globally competitive businesses driven by innovation and integrity.
He also urged citizens to embrace innovation and entrepreneurship while supporting reforms aimed at strengthening institutions.
The CIoD president said the focus should be on building the fundamentals required for sustainable economic growth rather than concentrating solely on the 2030 deadline.
‘If we build an economy characterised by productive sectors, strong institutions, competitive industries and investor confidence, the trillion-dollar milestone becomes the consequence of sound economic management, not the objective in itself,’ he said.
The President of the Nigeria Employers’ Consultative Association (NECA), Mr Richard Ayibiowu, said the $1 trillion target was ambitious and would require more than economic reforms on paper.
Ayibiowu noted that the government had undertaken major reforms in recent years, including exchange-rate reforms, removal of fuel subsidy and changes to the tax system.
He, however, said the reforms must translate into increased production, investment and job creation.
‘The private sector remains the engine through which investment is converted into production, jobs into incomes, and incomes into improved living standards,’ Ayibiowu said.
He said the private sector must become productive enough to create jobs, expand output and enable Nigerian businesses to compete in the global market.
‘This is an ambitious target and we should be candid about the scale of the challenge,’ he added.
The Omolayole Management Lecture, now in its 42nd year, honours Dr Michael Omolayole, a renowned business leader and management expert who became the first Nigerian Chairman and Managing Director of Lever Brothers Nigeria, now Unilever, in 1975.
Omolayole, an alumnus of St Gregory’s College, Lagos, University College Ibadan, Oxford University and Harvard University, served as President of the Nigerian Institute of Management from 1971 to 1976, pioneer President of the Chartered Institute of Personnel Management and President of NECA from 1980 to 1986.