Stakeholders across Nigeria’s finance, insurance, telecommunications, business and investment sectors have identified business-friendly tax policies, stronger capital market participation, reliable broadband infrastructure and effective institutions as key drivers of the country’s ambition to build a $1 trillion economy by 2030.
The stakeholders spoke at the Finance and Business Online Publishers Association (FiBOP) Conference and Awards in Lagos, where policymakers, regulators, investors, business executives and media professionals examined strategies for accelerating economic growth, attracting investment and expanding employment opportunities.
The conference was chaired by the Director-General and Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf.
Held under the theme, “Unlocking Nigeria’s Economic Potential: Taxation, Industry, Insurance, Fintech, Trade and Investment as Catalysts for Nigeria’s $1 Trillion Vision,” the event focused on reforms and sectoral initiatives considered necessary to unlock Nigeria’s economic potential.
Representing the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, his Special Adviser on Revenue, Olufemi Olarinde, said attaining the $1 trillion target would require more than increased government revenue.
He explained that fiscal policies must also encourage business expansion, attract domestic and foreign investment, support job creation and improve living standards.
Olarinde said the government’s tax reforms were designed to promote economic growth while creating an environment in which businesses could thrive and citizens could improve their welfare.
He summarised the philosophy behind the reforms as the need to “tax prosperity, not poverty” and “tax the few and not the citizens.”
His remarks underscored the importance of balancing revenue generation with policies that support productive economic activity, as Nigeria pursues its 2030 economic ambition.
The discussions at the conference highlighted the interconnected roles of taxation, investment, digital infrastructure, insurance, financial technology, trade and institutional effectiveness in supporting a larger and more productive economy.
