The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has called on Nigerian businesses, financial institutions and investors to support ongoing Federal Government reforms aimed at expanding the economy to $1 trillion by 2030.
Oyedele made the appeal on Thursday at the 14th Annual BusinessDay CEO Forum in Lagos, themed “From Stability to Shared Prosperity.”
He said the government could not, on its own, deliver the scale of investment, productivity and enterprise expansion required for Nigeria’s next phase of economic growth.
According to the minister, the country’s economic future must be jointly shaped by government, businesses and investors, with the private sector playing a decisive role in converting reforms into productive activity, employment and higher household incomes.
Oyedele said the government had identified priority growth sectors, critical policy actions and implementation timelines required to support the $1 trillion economic target.
He urged both domestic and foreign investors to position themselves to take advantage of emerging opportunities across the economy.
“Government alone cannot deliver Nigeria’s next phase of growth,” he said, stressing that businesses and investors would be central to building the productive capacity required to achieve the target.
Policy stability crucial to private capital
Oyedele identified stable policies, strong institutions and regulatory certainty as essential conditions for attracting long-term private capital.
He assured investors that the Federal Government remained committed to transparency, policy consistency, the rule of law and the creation of a more predictable operating environment.
For businesses, these assurances are particularly important after years in which foreign-exchange volatility, high borrowing costs, infrastructure deficits and regulatory uncertainty weakened investment planning.
Private capital typically responds not only to the size of a market, but also to the credibility of its institutions and the predictability of its policies. Nigeria’s large population and consumer base create significant commercial potential, but investors will continue to weigh those opportunities against inflation, energy costs, logistics constraints and policy risk.
Oyedele urged companies to respond to the reform programme with investment, innovation, expansion and stronger participation in productive sectors.
Banks urged to finance production
The minister challenged commercial banks to direct more credit towards productive economic activities instead of concentrating excessively on short-term trading opportunities.
He said manufacturers should expand domestic production, deepen value addition and increase Nigeria’s export capacity.
Technology companies, he added, should focus on developing solutions to real economic problems while building businesses capable of competing globally.
Oyedele also encouraged family-owned enterprises to strengthen governance, scale their operations and evolve into globally competitive companies.
The call reflects a wider structural challenge in Nigeria’s economy. Although the country has a large entrepreneurial base, many businesses remain small, informal, underfunded and unable to scale beyond their founders.
Transforming such enterprises into enduring institutions will require access to affordable capital, stronger management systems, succession planning, technology adoption and entry into larger domestic and export markets.
Credit reforms could unlock $100bn
Oyedele said reforms in Nigeria’s credit economy alone could generate more than $100 billion in additional economic value.
A deeper credit system would improve access to finance for consumers, small businesses and larger companies, allowing households to purchase goods, entrepreneurs to acquire equipment and companies to fund expansion.
Nigeria’s economy remains largely cash-driven, while formal credit reaches only a limited proportion of businesses and individuals. Expanding responsible lending could therefore stimulate demand, production and investment.
However, the success of the credit reforms will depend on reliable identity systems, credit information, enforceable contracts, consumer protection and effective mechanisms for recovering loans.
Oyedele also said tax reforms were encouraging more small enterprises to formalise their operations.
According to him, about 10,000 businesses were registering daily with the Corporate Affairs Commission.
He said the growing number of registered enterprises should be supported with finance, skills, technology and market access in order to convert formalisation into sustainable businesses, jobs and economic output.
Registration alone will not guarantee survival. Newly formalised businesses will require an environment in which compliance is simple, taxation is predictable and access to opportunity improves rather than becomes more burdensome.
Growth sectors identified
Oyedele identified technology, agro-processing, energy, manufacturing and financial services as major drivers of Nigeria’s proposed economic expansion.
Each sector offers considerable potential.
Agro-processing can reduce food losses, strengthen rural incomes and create exportable products. Manufacturing can lower import dependence and generate industrial employment. Energy investment can improve power availability and support production, while financial services and technology can expand access to payments, credit and business tools.
For investors, the opportunity lies in sectors where Nigeria has strong demand, a large market and significant supply gaps. The risks remain execution, policy continuity, access to foreign exchange and the cost of doing business.
From stability to shared prosperity
Oyedele said Nigeria had completed the difficult phase of restoring macroeconomic stability and must now convert that stability into investment, productivity and improved incomes.
That transition is critical. Economic stabilisation may improve government finances and investor sentiment, but citizens ultimately measure reform by jobs, purchasing power, business growth and living standards.
The government’s $1 trillion ambition will therefore depend on whether reforms can stimulate real-sector expansion and create opportunities that are broadly shared.
Brand implications
For Nigeria, the $1 trillion target is also a national-brand proposition.
It presents the country as a large, reforming and investible market. But the credibility of that promise will depend on measurable progress, consistent policy communication and visible improvements in the business environment.
For companies, the reform period offers an opportunity to reposition for growth. Brands that invest in capacity, innovation, local production and consumer relevance may be better placed to benefit as the economy expands.
BRANDECONOMY Insight
Nigeria’s $1 trillion ambition will not be achieved by government declarations or macroeconomic reforms alone.
The decisive question is whether private capital can move confidently into factories, farms, technology platforms, energy projects and export-oriented businesses.
Government must provide stability, infrastructure and credible rules. Banks must finance production. Businesses must invest and scale. Investors must commit patient capital.
The real test is not simply whether Nigeria reaches a larger headline GDP figure, but whether that growth creates stronger companies, better jobs, higher productivity and improved prosperity for citizens.
