Nigeria’s ambition to build a $1 trillion economy by 2030 will depend on tax policies that encourage enterprise, stronger industrial capacity, increased investment, wider digital connectivity and a capital market capable of mobilising long-term funds, speakers at the 2026 Finance and Business Online Publishers Association (FiBOP) Conference and Awards have said.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, represented by his Special Adviser on Revenue, Olufemi Olarinde, said the country’s tax reforms were designed not merely to raise government revenue but also to promote business growth, improve living standards and create opportunities for Nigerians.
Delivering the minister’s keynote address at the conference in Lagos on Saturday, October 17, Olarinde said the government’s approach was anchored on the principle of “Tax prosperity, not poverty. Tax the few and not the citizens.”
The conference, which brought together policymakers, financial market leaders, industry stakeholders, journalists and business analysts, examined the theme, “Unlocking Nigeria’s Economic Potential: Taxation, Industry, Insurance, Fintech, Trade and Investment as Catalysts for a $1 Trillion Economy.”
Oyedele argued that the success of Nigeria’s economic ambition should not be measured by the size of its gross domestic product alone, but by the extent to which businesses expand, incomes rise, employment opportunities improve and living standards increase.
He stressed that an entrepreneur given the right conditions to grow could eventually become a major employer, while excessive tax burdens and unnecessary business costs could undermine investment and weaken the revenue base the government seeks to expand.
According to him, the government is pursuing better coordination between monetary policy and tax administration, including aligning applicable tax-related interest and penalty rates with prevailing monetary conditions while retaining appropriate consequences for non-compliance.
However, he acknowledged that tax reforms alone would not deliver the $1 trillion target. Nigeria must also address constraints affecting manufacturing, agricultural processing, mineral development and other productive sectors.
Reliable electricity, efficient transportation and logistics, affordable financing and predictable regulation, he said, were equally important to creating an environment in which businesses could invest, expand and compete.
Tax reform must translate into productive growth — Muda Yusuf
Chairman of the conference, Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said Nigeria’s $1 trillion economic aspiration was ambitious but achievable if recent improvements in macroeconomic conditions translated into stronger productive capacity.
In his opening remarks, Yusuf acknowledged improvements in foreign exchange market conditions, inflation moderation and investor confidence, but cautioned that macroeconomic stability, although necessary, was insufficient to deliver economic transformation.
He said the fundamental challenge was to convert these gains into increased investment, higher productivity, quality employment and improved living standards.
Yusuf also cautioned against treating the $1 trillion ambition as a target based solely on nominal dollar-denominated GDP.
He argued that the more important objective should be to build a diversified, competitive and resilient economy capable of sustaining productivity growth and delivering broad-based prosperity.
The CPPE chief described taxation, industry, insurance, banking, fintech, trade and investment as interconnected drivers of economic development rather than isolated sectors.
Their effectiveness, he said, would depend on the quality of public policies, institutions and the investment environment.
Yusuf urged participants to use the conference to develop practical ideas capable of informing policy decisions, strengthening institutions and improving economic outcomes.
Capital market central to $1trn ambition — NGX chairman
Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, said the capital market would remain central to Nigeria’s ambition of building a $1 trillion economy by mobilising the funds required for infrastructure development, enterprise expansion and job creation.
Kwairanga, who received the Capital Market Personality of the Year award at the event, said NGX had aligned its activities with President Bola Tinubu’s economic vision from the early stages of the administration.
He said the exchange had been strengthening its platforms and processes, expanding the range of products and companies available to investors, and promoting awareness of the potential effects of the administration’s macroeconomic reforms.
According to him, the capital market must help attract domestic and international investment on the scale required to finance Nigeria’s development needs.
He cited the proposed initial public offering of Dangote Refinery as an opportunity to showcase Nigerian investment opportunities across Africa and internationally, with the potential to attract cross-border capital.
Kwairanga said achieving the trillion-dollar target would require substantial investment in infrastructure and productive enterprises capable of creating employment and improving citizens’ welfare.
He added that NGX would continue working towards this objective.
The NGX chairman dedicated the award to his management team, led by Group Chief Executive Officer Temi Popoola, as well as mentors, capital market regulators, board colleagues and market operators who had supported his work.
Among those he acknowledged were Alhaji Umaru Mutallab, Alhaji Aliko Dangote, Aigboje Aig-Imoukhuede and Dr. Emomotimi Agama.
Broadband, digital inclusion critical to economic expansion — NCC
Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, said broadband infrastructure and digital inclusion would be essential to achieving Nigeria’s economic ambitions.
In his address, Maida argued that the proposed $1 trillion economy was not merely a fiscal or macroeconomic target but also a connectivity challenge requiring broader digital access, affordable services and improved network quality.
He said broadband had become a foundation of modern competitiveness, enabling trade, improving productivity, supporting innovation and expanding access to financial, educational and healthcare services.
According to figures presented in his speech, Nigeria had more than 188 million active telephony subscriptions and over 154.7 million active internet subscriptions as of April 2026.
He also reported that 4G accounted for 54.41 per cent of mobile technology usage, while 5G accounted for 4.34 per cent.
Maida said the telecommunications sector contributed more than 9.19 per cent to Nigeria’s GDP in the first quarter of 2026, underscoring its importance to economic activity.
He explained that stronger broadband penetration could help small businesses reach wider markets, enable farmers to connect with buyers, improve inventory management and reduce transaction costs.
Digital connectivity could also support fintech, e-commerce, telemedicine, online education, artificial intelligence, precision agriculture and digital public services.
However, he warned that broadband expansion continued to face challenges, including high right-of-way charges, fibre cuts, infrastructure vandalism, multiple taxation, high deployment costs, electricity constraints and inadequate coverage in rural communities.
He called for stronger cooperation among federal and state governments, telecom operators, infrastructure providers and other stakeholders to reduce deployment costs, protect critical infrastructure and extend coverage to underserved areas.
Maida highlighted the NCC’s Digital Awareness Programme, which he said had benefited more than 300 secondary schools across Nigeria’s six geopolitical zones since its introduction in 2006.
He added that investment in digital literacy was as important as infrastructure deployment because connectivity would deliver greater economic value when citizens possessed the skills to use digital services productively.
The NCC chief also urged financial and business journalists to provide accurate reporting on economic data and public policies, noting that credible information could strengthen investor confidence and improve public understanding of the digital economy.
Credit ratings can improve access to investment — DataPro
DataPro Limited also highlighted the importance of credit ratings in building investor confidence and attracting capital to support Nigeria’s economic transformation.
The company’s Managing Director, Mr. Abimbola Adeseyoye, represented by Victoria Balogun, a senior rating analyst at DataPro, said the conference theme aligned with the focus of the company’s recently concluded 2026 International Rating Webinar, themed “Sovereign Credit Rating: Africa’s Roadmap to Investment Grade Status.”
Adeseyoye said the discussions at both events recognised that economic transformation required more than ambitious targets. It also depended on sound policies, credible institutions, productive investment and sustained confidence in the economy.
He explained that credit ratings provided independent assessments of creditworthiness, helping investors evaluate the risks associated with lending to governments and businesses.
He said efficient taxation could strengthen public revenue mobilisation, industrial development could expand productive capacity and create jobs, while insurance could improve risk management for businesses.
Fintech, he added, could deepen financial inclusion, while trade and investment could expand market access and stimulate economic activity.
The DataPro presentation reinforced the importance of credible assessments of financial risk in helping investors make informed decisions and supporting access to capital.
Insurance, fintech and trade must support enterprise growth
Across the presentations, speakers emphasised that Nigeria’s economic transformation would require coordinated progress across multiple sectors.
The finance minister’s address linked tax reform to the need to encourage business expansion, while Yusuf stressed that macroeconomic stability must translate into productive investment and employment.
Kwairanga highlighted the capital market’s role in mobilising long-term funds, while Maida focused on digital infrastructure as a platform for productivity, inclusion and innovation. DataPro, meanwhile, underscored the contribution of credit ratings to investment decisions.
Insurance was identified as a means of protecting productive assets, managing risks and mobilising long-term funds. Fintech could reduce transaction costs and expand access to financial services, while improved trade facilitation could help Nigerian businesses reach larger domestic, regional and international markets.
Together, these sectors could reinforce one another: investment finances production, technology improves efficiency, insurance protects assets, and trade creates opportunities for businesses to expand.
The discussions also highlighted the importance of affordable financing, reliable infrastructure, regulatory consistency and policies that support private-sector investment.
Media urged to deepen economic understanding
The conference also placed emphasis on the role of the media in explaining economic reforms and strengthening public understanding of policy decisions.
Oyedele urged publishers and journalists to distinguish verified economic data from speculation and to clearly separate proposed policies from measures already implemented.
He also called on government institutions to provide timely information, explain policy decisions and remain open to constructive scrutiny.
Maida similarly described credible publishing as an important part of the digital economy, arguing that accurate reporting could help investors make better decisions and enable citizens to understand the implications of government policies.
For FiBOP and its members, the challenge is to ensure that economic reporting goes beyond policy announcements to examine implementation, measurable results and the effects of reforms on businesses and households.
From ambition to measurable outcomes
The central message emerging from the conference was that Nigeria’s $1 trillion economy ambition will require more than revenue targets, market reforms or improvements in headline GDP.
It will depend on sustained investment, a competitive business environment, stronger industrial capacity, efficient infrastructure, broader financial inclusion and policies that enable businesses to grow.
The challenge for policymakers is to ensure that reforms encourage investment without imposing unnecessary burdens on households and enterprises, while the private sector must convert improved opportunities into productive activity, employment and exports.
Ultimately, the success of the ambition will be determined not only by whether Nigeria reaches a particular GDP figure, but also by whether the expansion produces more jobs, stronger businesses, higher incomes and improved living standards.
The FiBOP conference brought these interconnected priorities into focus, highlighting the need for taxation, finance, industry, technology, insurance and trade to work together in turning Nigeria’s economic ambition into sustainable and broadly shared prosperity.