$1trn Economy: Expert Demands Financial System Re‑architecture

For Nigeria to achieve its $1trillion economy ambition, the former Executive Director at AXA Mansard, Rashidat Adebisi, said Nigeria must re‑architect its financial system and not rely on capital if it wants to achieve its $1 trillion economy ambition.

Adebisi a financial expert with over 21 years in institutional finance, disclosed this in Lagos as she officially launched “The Re-Architecture Project”.

According to her, the path to a trillion-dollar economy requires more than just capital but a total re-architecture of how financial systems interact with the informal economy which currently accounts for over 60 per cent of employment in Africa.

“This strategic pivot aims to align Nigeria’s insurance and financial infrastructure with the federal government’s ambitious $1 trillion economy goal and will position the sector as a critical driver of macroeconomic stability,” she stated.

Adebisi identifies this moment as a watershed for the industry, as the country navigates the complexities of the Nigeria Insurance Industry Reform Act (NIIRA 2025).

“The Re-Architecture Project reframes insurance from a transactional product into the “secret sauce” of a resilient economy.”

Adebisi asserts that for Nigeria to achieve its macroeconomic targets, the insurance industry must bridge the massive “protection gap”, as penetration currently remains below 3 per cent across many African markets.

Insurance as an economic safety net: “Insurance is the net that allows a nation to jump higher,” Adebisi stated.

She emphasises that every decimal point in a financial model represents a business stabilised and a future secured, providing the essential foundation for macroeconomic growth.

“Nigeria is not lacking capital but “invisible infrastructure”, specifically trust, access, and regulatory clarity.”

Adebisi describes NIIRA 2025 as a vital structural reinforcement rather than regulatory friction. “The Act’s focus on capital recalibration, stronger governance, and consumer protection is essential for building the institutional rigour that is required to support a $1 trillion GDP.”

Speaking on recalibrating the foundations, “The reform represents a necessary recalibration of the industry’s foundations while accelerating digital transformation. Those who view compliance as a burden will struggle; those who see it as a competitive advantage will thrive,” Adebisi noted, identifying policy fluency as a core leadership competency for the next decade.

On economic visibility by integrating the informal sector, she said, “A central pillar of the project is “engineering inclusive ecosystems exemplified by the FileAm App. This initiative reimagines tax compliance as a digital utility for SMEs and informal entrepreneurs, moving them from economic invisibility into formal digital tax rails, insurance coverage, and credit ecosystems.

“By building digital identity and verifiable credentials, it will turn compliance into credit history and credit history into the capital access required for intergenerational wealth creation.”

She called on industry leaders and policymakers to move beyond incremental adoption toward designing interoperable ecosystems that can sustain the Africa of tomorrow. “The future of finance in Africa will not be inherited. It will be architected. It is our turn to build,” she concluded.