The federal government has been charged to put up mechanisms that will align current economic realities with the expected economic growth in order to meet its $1 trillion economy projection by the year 2030.
The Managing Director/Chief Economist, Analysts Data Services & Resources Limited, Dr. Afolabi Olowookere, stated this at the 9th Annual National Conference of the National Association of Insurance and Pension Editors held in Lagos.
Speaking on the theme, "Towards A $1trillion Economy, Roles of Insurance And Pension Sectors," he urged federal government to tinker with the current policies and speed up infrastructure development to encourage more investments, to realise the $1 trillion economy projection.
According to Olowookere, the country's Gross Domestic Product (GDP) grew from 2.98 per cent in the first quarter of the year to 3.19 per cent in the second quarter, noting that the forecasts in the short to medium term remained weak.
Speaking, the Chief Investment Officer of Access ARM Pensions, Wale Okunrinboye, has called on long-term and institutional investors to take a more active role in financing sectors critical to Nigeria's industrialization and economic growth.
He highlighted the need for pension funds, insurance companies, and other key financial stakeholders to collaborate with the government to achieve Nigeria's ambitious goal of becoming a $1 trillion economy.
He emphasised that countries transitioning from underdeveloped to developed economies typically undergo a robust phase of industrialization, followed by the growth of high-service sectors.
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Okunrinboye stressed that attracting both local and foreign investments is essential for Nigeria to become a fully industrialized economy. He urged pension funds and other long-term investors, traditionally focused on government securities, to diversify their portfolios into critical sectors that can drive industrialisation.
"To transition into a fully industrial economy, we need to attract investments some of which should be local, and some foreign. This is where pension funds and other long-term investors come in. A large portion of pension fund investments is currently in government securities, but recent discussions have focused on the need to invest beyond government securities as a way to catalyze and develop the economy," Okunrinboye said.
Earlier in his goodwill message, the Chairman of the occasion, and a former Commissioner for Insurance, Mr Fola Daniel, commended NAIPE for putting the programme together.
