FiBOP Conference: Stakeholders outline path to Nigeria’s $1trn economy through tax reforms, investment, broadband

L-R: Special Adviser on Revenue to Minister of Finance, Mr.Olufemi Olarinde; Director-General/ Chief Executive Officer, Nigerian Insurers Association, Mrs. Bola Odukale; Director-General/Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf; Chairman, Nigerian Exchange Group (NGX Group), Alhaji Umaru Kwairanga; President, Finance and Business Online Publishers Association (FiBOP), Charles Onwuatogwu, and
Senior Manager, Regulatory Services, Nigerian Communications Commission (NCC), Mrs Yetunde Adeyemo, at the FiBOP conference in Lagos, on Saturday

Caleb Ohaeri

Stakeholders across Nigeria’s finance, business, insurance, telecommunications and investment sectors have identified pro-growth tax policies, increased capital market participation, reliable broadband connectivity and strong institutions as critical drivers of the country’s ambition to build a $1 trillion economy by 2030.

They made the submissions at the Finance and Business Online Publishers Association (FiBOP) Conference and Awards in Lagos State.

The conference, chaired by Director-General and Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, brought together policymakers, regulators, business leaders, investors and media professionals to discuss strategies for unlocking Nigeria’s economic potential.

Themed, ‘Unlocking Nigeria’s economic potential: Taxation, industry, insurance, fintech, trade and investment as catalysts for Nigeria’s $1 trillion vision,

The event examined policy and industry reforms needed to stimulate investment, expand businesses and create jobs.

Representing the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the Minister’s Special Adviser on Revenue, Olufemi Olarinde, said Nigeria’s $1 trillion economic ambition would depend not merely on how much revenue the government generated, but also on how effectively its policies enabled businesses to grow, attract investment and create employment.

According to him, the government’s new tax policy was designed to support economic expansion, improve living standards and create an environment where businesses and citizens could prosper.

He said the central principle behind the reforms was to “tax prosperity, not poverty” and “tax the few and not the citizens.”

NGX seeks 10 million investors

The Chairman of Nigerian Exchange Group (NGX Group), Alhaji Umaru Kwairanga, called for broader participation in Nigeria’s capital market, saying the country’s $1 trillion economic ambition presented an opportunity for ordinary Nigerians to participate in wealth creation.

Alhaji Kwairanga said Nigeria needed to expand its investor base from fewer than five million to 10 million, describing the capital market as a vital channel for mobilizing funds to finance infrastructure, expand businesses and create jobs.

He noted that NGX market capitalization had risen from less than ₦50 trillion to more than ₦163 trillion since President Bola Tinubu assumed office, highlighting the growing significance of the capital market in Nigeria’s economic landscape.

Beyond market growth, he stressed the need to encourage more Nigerians to become investors and benefit from opportunities within the country’s expanding investment ecosystem.

Alhaji Kwairanga was also honored with the ‘Capital Market Personality of the Year Award’ at the event.

Insurance sector, industries urged to drive growth

The Director-General and Chief Executive Officer of the Nigerian Insurers Association, Mrs. Bola Odukale, highlighted the role of insurance and other key industries in driving economic expansion and supporting Nigeria’s $1 trillion target.

She emphasized the importance of strengthening the insurance sector’s contribution to national development and called on the media to continue projecting Nigeria positively to both domestic and international audiences.

Her remarks underscored the role of effective communication and responsible reporting in shaping perceptions of the country and supporting investor confidence.

NCC identifies broadband as a growth catalyst

The Nigerian Communications Commission (NCC) also placed broadband connectivity at the center of Nigeria’s economic transformation agenda, describing digital access as an essential driver of productivity, innovation and market expansion.

The Executive Vice Chairman and Chief Executive Officer of the NCC, Dr Aminu Maida, represented by Mrs Yetunde Adeyemo, Senior Manager, Regulatory Services, said reliable broadband could enable businesses across different sectors to reach wider markets and participate in national, regional and global value chains.

He explained that traders, farmers, fashion designers, content creators and software developers could use connectivity to reach customers, receive payments, advertise products, manage logistics and improve business operations.

According to Maida, broadband reduces transaction costs, improves service delivery, supports inventory management and enables more efficient business processes, particularly for micro, small and medium-sized enterprises, which remain important to employment and entrepreneurship in Nigeria.

He further noted that innovation across fintech, edtech, aggrotech, health-tech and the creative economy depended on affordable and reliable data access.

The NCC chief executive stressed that communications infrastructure, including fiber networks, towers, satellites and spectrum, provided the foundation for the data, voice and video services needed to support a growing digital economy.

DataPro stresses credible institutions, investor confidence

The Managing Director of DataPro Limited, Abimbola Adeseyoju, represented by Senior Rating Analyst Victoria Motunrayo Balogun, emphasized the importance of credible institutions, productive investment and sustained investor confidence in achieving Nigeria’s economic ambition.

Adeseyoju described the conference theme as timely, noting its alignment with DataPro’s recently concluded 2026 International Rating Webinar, which examined “Sovereign Credit Rating: Africa’s Roadmap to Investment Grade Status.”

He said Nigeria’s economic transformation required more than ambitious targets, stressing the need for sound policies, credible institutions, productive investment and sustained confidence in the economy.

He also highlighted the importance of credit ratings in assessing the creditworthiness of governments and businesses, helping investors understand lending risks and supporting informed investment decisions.

FiBOP reaffirms commitment to credible journalism

The President of FiBOP, Charles Onwuatogwu, reaffirmed the association’s commitment to disseminating accurate, credible and factual information to the public.

He underscored the responsibility of online publishers to uphold professional standards and ensure that information reaching the public contributes to informed discussions on national development.

The conference concluded with the presentation of awards to deserving recipients and closing remarks, bringing together stakeholders from key sectors to examine practical pathways towards Nigeria’s $1 trillion economic vision.