CIoD President Urges Nigeria to Boost Economy to $1 Trillion

Mr. Adetunji Oyebanji, the President and Chairman of Council of the Chartered Institute of Directors Nigeria (CIoD), emphasized the need for Nigeria to boost productivity and private sector output to reach its $1 trillion economy target by 2030. Speaking at the 42nd Omolayole Management Lecture in Lagos, Oyebanji noted that Nigeria's current Gross Domestic Product (GDP) stands at approximately $291 billion, indicating a gap of over $700 billion that must be closed in less than four years.

He stressed that achieving this goal requires coordinated efforts from the government, private sector, academia, and civil society, focusing on addressing structural and institutional weaknesses. Oyebanji called for consistent governance, stronger institutions, and an investment-friendly environment.

He urged the private sector to develop globally competitive businesses and for citizens to embrace innovation. Mr. Richard Ayibiowu, President of the Nigeria Employers’ Consultative Association (NECA), acknowledged the ambitious nature of the target, stating that reforms must translate into increased production and job creation.