Nigeria’s path to a $1 trillion economy by 2030 could hit a dead end unless government institutions and private companies embrace ethical governance and full transparency, shareholders have warned.
The Independent Shareholders Association of Nigeria (ISAN) issued the warning at its 8th Triennial Delegates Conference in Lagos, urging both the public and private sectors to rebuild investor confidence through stronger accountability and sustainable corporate practices.
ISAN National Coordinator, Moses Igbrude, said shareholders must play a more active role beyond chasing dividends, by demanding ethical conduct and long-term value creation.
“Our duty extends beyond dividends,” Igbrude said. “We must promote the kind of transparency and accountability that drives inclusive, sustainable growth. The economy we build today determines the prosperity of tomorrow.”
The conference, themed “Nigeria: Towards a $1 Trillion Economy by 2030,” gathered policymakers, regulators, and investors to discuss reforms in governance, insurance, financial inclusion, and cybersecurity — all seen as pillars for achieving sustained growth.
Insurance Sector Seen as Key Growth Engine
Delivering a paper on “The Strategic Role of Insurance in National Development,” Ajibola Bankole, Director of Inspectorate at NAICOM, said Nigeria’s insurance industry must become a catalyst for economic transformation.
“Insurance gives investors the confidence to build and innovate,” Bankole said, lamenting that Nigeria’s insurance penetration remains below 1% of GDP.
He described the new Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a “game changer” that could restore confidence through better governance, higher capital standards, and consumer protection.
“These reforms aren’t just about compliance,” he noted. “They’re about confidence, stability, and long-term value creation.”
Cybersecurity Threat Looms Over $1 Trillion Ambition
On his part, cybersecurity expert Dr. Martin Ikpehai warned that Nigeria’s trillion-dollar goal could unravel if cyber threats continue to grow unchecked.
Speaking on “Securing and Protecting the $1 Trillion Economy Against Cyber Terrorism by 2030,” Ikpehai called for urgent national investment in digital security.
“Cybersecurity isn’t a cost — it’s an enabler of growth,” he said. “A single breach can wipe out the value we’re trying to build.”
He urged the government to set national cybersecurity standards, improve incident response systems, and boost cyber education, especially around emerging technologies like AI, IoT, and 5G.
ISAN’s Call to Action
Closing the session, Igbrude reaffirmed ISAN’s commitment to responsible investing and stronger shareholder advocacy.
“To achieve a $1 trillion economy, governance must work — from the boardroom to the corridors of power,” he said.
