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 government alone cannot fund the transition.

Speaking at the NEPAD Business Group Nigeria, NBGN Q2 Quarterly Webinar in Lagos, Chief Strategist at ECOWAS Commission, Prof. Ken Ife, said Nigeria needs $1.74 trillion in cumulative investment to reach the target. Of this, 81 per cent 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.”

On his part, Prof. Gafar Tunde Ijaiya of University of Ilorin and Dr. Ibilola Amao of Lonadek Global Services urged federal and state governments to dismantle regulatory and bureaucratic bottlenecks frustrating private investments.

In its communiqué, NBGN said states must stop functioning only as administrative centres. “They should build integrated Special Purpose Vehicles around transit, energy and agriculture to drive regional industrialization,” the group noted.

The group called for a phased ban on export of unprocessed raw materials, noting that instead, Nigeria should set up domestic processing hubs for minerals and agricultural produce to capture full value-chain earnings.

The group also canvassed a circular bioeconomy where agricultural and municipal waste would be converted to biofuels and fertilizers.

It further recommended a “Triple Helix” model linking government, industry and universities to commercialise local patents.

The forum urged banks and fintechs to collaborate on low-interest, digitised credit for micro-enterprises, which form the backbone of Nigeria’s informal economy.

Chairman of the group, Bashorun JK Randle, said the group will engage the Nigeria Governors’ Forum and the Federal Ministry of Industry, Trade and Investment to implement the resolutions.

“This is not just another talk shop,” he said, adding that an Academic-Industry Commercialisation Desk will also be set up to help SMEs scale local inventions.

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