The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has called on businesses to support the Federal Government’s economic reforms aimed at growing Nigeria into a $1 trillion economy by 2030.
Oyedele made the appeal on Thursday while speaking at the 14th Annual BusinessDay CEO Forum in Lagos, themed “From Stability to Shared Prosperity.”
He said achieving the government’s ambitious economic target would require strong collaboration between the public and private sectors, stressing that government alone could not drive the country’s next phase of economic growth.
According to him, Nigeria’s economic future will be shaped jointly by businesses, investors and policymakers.
Oyedele disclosed that the government had identified key growth sectors, priority actions and implementation timelines to support the $1 trillion economy target, urging both local and foreign investors to seize emerging opportunities.
He said stable policies, strong institutions and regulatory certainty remained critical to attracting private investment, assuring investors of the government’s commitment to transparency, policy consistency and the rule of law.
The minister urged businesses to complement ongoing reforms with fresh investments, innovation and expansion.
He also called on banks to channel more financing into productive sectors rather than short-term trading activities, while encouraging manufacturers to boost domestic production and expand exports.
Oyedele urged technology firms to develop scalable solutions to Nigeria’s economic challenges and compete globally, while advising family-owned businesses to pursue growth into internationally competitive enterprises.
According to him, reforms in Nigeria’s credit economy alone have the potential to generate more than $100 billion in additional economic value.
He added that ongoing tax reforms were already encouraging more small businesses to formalise their operations.
Oyedele revealed that about 10,000 businesses are being registered daily with the Corporate Affairs Commission (CAC), noting that providing them with access to finance, skills and markets would stimulate economic growth and create jobs.
He identified technology, agro-processing, energy, manufacturing and financial services as key sectors that would drive Nigeria’s economic transformation.
The minister said the government had completed the difficult task of restoring macroeconomic stability, adding that the next priority was to translate that stability into higher investment, increased productivity and improved incomes for Nigerians.
