Industry leaders and economists have identified private sector capital as the major drive to unlock Nigeria’s $1 trillion economy vision by 2030.
They stated this at the NEPAD Business Group Nigeria, NBGN Q2 Quarterly Webinar, warning that the government alone cannot fund the transition.
Speaking at the webinar, Chief Strategist at ECOWAS Commission, Prof. Ken Ife, said Nigeria needs $1.74 trillion in cumulative investment to reach the target.
He stressed that 81 percent or $1.41 trillion of the $1.74 trillion in cumulative investment must come from the private sector, while the government provides $330 billion.
‘The public treasury cannot fund this transition. The government’s role must shift from running businesses to creating market-enabling policies and structural de-risking,’ he said.
The webinar, themed _’Global Challenges: Survival Strategies, Building Resilience and Driving Sustainable Prosperity’, drew over 200 participants from the Organised Private Sector (OPS), public institutions, academia and civil society.
Prof. Gafar Tunde Ijaiya of the University of Ilorin and Dr. Ibilola Amao of Lonadek Global Services urged federal and state governments to dismantle regulatory and bureaucratic bottlenecks frustrating private investments.
In its communique, NBGN said states must stop functioning only as administrative centres, stressing they should build integrated Special Purpose Vehicles, SPVs, around transit, energy and agriculture to drive regional industrialization.
The group called for a phased ban on export of unprocessed raw materials, adding that Nigeria should set up domestic processing hubs for minerals and agricultural produce to capture full value-chain earnings.
The group also canvassed a circular bioeconomy where agricultural and municipal waste are converted to biofuels and fertilizers.
It further recommended a ‘Triple Helix’ model linking government, industry and universities to commercialize local patents.
The forum urged banks and fintechs to collaborate on low-interest, digitized credit for micro-enterprises, which form the backbone of Nigeria’s informal economy.
Chairman of the group, Bashorun JK Randle, said the group will engage the Nigeria Governors’ Forum and the Federal Ministry of Industry, Trade and Investment to implement the resolutions.
‘This is not just another talk shop,’ he said, adding that an Academic-Industry Commercialization Desk will also be set up to help SMEs scale local inventions.