Nigeria’s Path To $1trn Economy Requires Strong Policy Consistency – Shareholders’ Group

The Independent Shareholders Association of Nigeria (ISAN) has said that for Nigeria to become a $1 trillion economy by the year 2023 requires strong policy consistency.

This was deliberated on at the eighth Triennial Delegates Conference, held yesterday in Lagos, with the theme ‘Nigeria: Towards a $1 trillion Economy by 2030’. The conference highlighted the importance of financial inclusion, corporate governance, insurance reform, and cybersecurity resilience in driving economic growth.

Stakeholders emphasised the need for strong policy consistency, sound corporate governance, innovation, and investment in human capital to achieve the economic milestone.

The national coordinator of ISAN, Mr Moses Igbrude, underscored the crucial role of shareholders in promoting transparency, accountability, and ethical corporate governance, describing these as essential pillars for sustainable economic growth.

He noted that the gathering was not merely ceremonial but a forum for shaping policies and sharing ideas that would drive national prosperity.

According to him, this conference provides a platform for us to engage in meaningful discussions, share knowledge, and shape policies to drive our nation’s economic growth. As shareholders, our duty extends beyond dividends; we must contribute to building a more stable, prosperous economy.

The director of the Inspectorate at the National Insurance Commission (NAICOM), Mr Ajibola Bankole, delivered a paper titled ‘The Strategic Role of Insurance in National Development’, emphasising that insurance plays a pivotal role in fostering economic stability, encouraging investment, and building resilience against shocks.

Describing insurance as the confidence to invest, innovate, create, and build for the future, Bankole lamented that Nigeria’s insurance penetration remains below one per cent of GDP, which he said highlights the need for urgent action to unlock the industry’s full potential.

Bankole highlighted the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a landmark achievement aimed at strengthening corporate governance, enhancing capital adequacy, and protecting consumers, while explaining that the reforms are designed not only to enforce compliance but to create a transparent, competitive, and investment-friendly market capable of supporting the government’s broader economic transformation agenda.

He also called for stronger collaboration among insurers, shareholders, and policymakers to unlock opportunities in critical sectors such as health, agriculture, and infrastructure. He noted that a vibrant insurance sector could be a major catalyst for sustainable development and economic inclusion.

Cybersecurity expert, Dr Martin Ikpehai, warned that Nigeria’s economic ambitions could be severely undermined without robust cybersecurity frameworks to protect its digital infrastructure and financial systems.

Drawing lessons from Australia’s experience in strengthening its digital economy, Ikpehai emphasised that cybersecurity investment is not a cost but an enabler of growth and investor confidence.

He explained that Nigeria must embed cybersecurity into every aspect of its economic planning to achieve a trillion-dollar economy.

He recommended establishing national cybersecurity standards, strengthening incident response systems, and the promotion of public–private collaboration in tackling emerging digital threats.