By Rukayat Moisemhe

Economic stakeholders have said that Nigeria requires sustained long-term investments, stronger corporate governance and more investible businesses to achieve its one trillion dollar economy ambition by 2030.

They said this on Wednesday in Lagos at the business-meets-government dinner of the 2026 Annual Directors’ Conference organised by the Chartered Institute of Directors (CIoD) Nigeria.

The event has the theme : “Reimagining the Boardroom for Inclusive and Sustainable National Prosperity in the New Economy”.

Mrs Clare Omatseye, Founder and Chief Executive Officer, JNC International, said achieving the target required more than economic reforms.

She stressed that such ambition was fundamentally an institutional responsibility requiring collaboration between government and the private sector.

According to her, Nigeria must move beyond attracting short-term portfolio investments and create an environment capable of attracting patient capital for infrastructure, industrial development and business expansion.

She observed that about 95 per cent of investments in the country’s capital market were portfolio investments, while less than 1.3 per cent constituted long-term foreign direct investment.

Omatseye said the country’s capital market also needed greater depth, noting that 11 companies controlled about 75 per cent of the market.

She stressed the need to develop hundreds of well-governed medium-sized businesses capable of growing into large corporations and accessing the capital market.

“To build a one trillion dollar economy, we need to have hundreds of well-governed businesses, well-governed mid-sized companies,” she said.

Omatseye also called for predictable government policies, reliable disclosures, enforceable contracts and stronger board accountability to build investor confidence.

She said corporate governance should be treated as a business strategy rather than merely a compliance requirement, adding that sustainability reporting, public-private partnerships and mentoring of future directors were critical to achieving the economic ambition.

The JNC International chief executive further advocated greater representation of women and young people on corporate boards, saying Nigeria needed to expand its pool of competent directors to strengthen institutional leadership.

She said sustainability considerations, including climate risks, energy reliability, water management and workforce resilience, were increasingly important in attracting long-term investments.

Omatseye cited Nigeria’s sovereign green bond, which she said was oversubscribed by 183 per cent, as evidence of the availability of sustainable financing when appropriate structures were in place.

She also identified public-private partnerships as an effective mechanism for addressing infrastructure deficits, particularly in healthcare.

Dr Umaru Kwairanga, Chairman, Nigerian Exchange Group (NGX), said the country’s economic reforms, though initially difficult, had begun yielding positive results across the economy and capital market.

Kwairanga said the  market capitalisation of the NGX had grown from below N30 trillion at the beginning of the current administration to more than N162.5 trillion.

He said the one trillion-dollar economy ambition was achievable through sound corporate governance and efficient management of the economy and businesses.

Kwairanga urged directors and business leaders to support reforms by strengthening institutional governance and ensuring that economic gains translated into sustainable business growth.

Gov. Babajide Sanwo-Olu of Lagos State said corporate boards must look beyond immediate financial returns and consider how their decisions could strengthen local industries, develop regional talent, support smaller businesses and prepare organisations for technological changes.

Sanwo-Olu, represented by the state’s Head of Service, Mr Bode Agoro, said government and the private sector had complementary responsibilities in creating lasting prosperity.

He said Lagos State’s development investments were aimed at improving productivity, strengthening the business environment, attracting capital and creating employment opportunities.

The governor also stressed the need for businesses to embrace environmental responsibility, particularly in coastal cities such as Lagos, where environmental sustainability was an economic necessity.

He urged the CIoD to sustain engagement between government and business leaders to strengthen cooperation, improve the investment environment and create more opportunities for Nigerians.

President, CIoD Nigeria, Mr Adetunji Oyebanji, said stronger collaboration between government and the private sector was necessary to translate economic reforms into inclusive national prosperity.

Oyebanji said the Business Meets Government platform of the conference provided an opportunity for policymakers and business leaders to build trust, exchange ideas and develop practical solutions to economic challenges.

He identified policy consistency, macroeconomic stability, infrastructure development and predictable regulations as important conditions for attracting investment and expanding businesses.

He, however, said economic stabilisation must translate into tangible relief for households and businesses, noting that high borrowing costs and infrastructure deficits continued to constrain small and medium-sized enterprises.(NAN)

Edited by Folasade Adeniran