As Nigeria strives to achieve a $1 trillion economy by 2030, financial analyst Dr. Afolabi Olowookere emphasized the need for the Federal Government to align current economic policies with this ambitious goal. Speaking at the 9th Nigerian Association of Insurance and Pension Editors’ (NAIPE) Conference, he highlighted the importance of revisiting policies and accelerating infrastructure development to attract investments essential for meeting this target. The conference theme, “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors,” underscored the importance of these sectors in the country’s economic growth.
Olowookere pointed out the country’s GDP growth, which rose from 2.98% in the first quarter to 3.19% in the second quarter of the year. Despite this improvement, he warned of weak forecasts in the short to medium term, driven by high inflation and elevated interest rates that could hinder economic expansion. He also noted the naira’s significant depreciation, which poses further challenges, exacerbated by trade imbalances and inflationary pressures. These factors, he suggested, might limit Nigeria’s economic growth to approximately $450 billion by 2030.
Identifying key contributors to Nigeria’s GDP—Agriculture, ICT, Trade, and Manufacturing—Olowookere acknowledged the vital role of the financial and insurance sectors, which together account for 6.579% of the GDP. He asserted that these sectors will remain central to Nigeria’s economic growth. However, to move toward the $1 trillion goal, more significant policy adjustments and a strategic focus on stability and investment-friendly reforms are needed.
