$1trn economy: Private capital, regional hubs are key — Experts - Businessday NG

…Insist, the Govt must create an enabling environment

Industry leaders and economists have said Nigeria’s plan to hit a $1 trillion economy by 2030 will succeed only if private sector capital leads the drive.

They warned that the government alone cannot fund the transition. Speaking at the NEPAD Business Group Nigeria, NBGN Q2 Quarterly Webinar in Lagos, Chief Strategist at ECOWAS Commission, Ken Ife, said Nigeria needs $1.74 trillion in cumulative investment to reach the target. Of this, 81 percent or $1.41 trillion, must come from the private sector, while government provides $330 billion.

According to Ife, “The public treasury cannot fund this transition. “The government’s role must shift from running businesses to creating market-enabling policies and structural de-risking.”

The webinar, themed _“Global Challenges: Survival Strategies, Building Resilience and Driving Sustainable Prosperity”_, drew over 200 participants from the Organised Private Sector, OPS, public institutions, academia and civil society.