Nigeria’s economic fortunes depend on data-backed reforms— Afrinvest

Afrinvest has called for research-driven reforms to unlock Nigeria’s economic potential beyond the trillion-dollar gross domestic product milestone. Its managing director, Ike Chioke, made the call at the company’s 30th anniversary celebration and the unveiling of the 20th edition of its flagship Banking Sector Report in Lagos. The report outlines seven priority sectors, agriculture, creatives/tourism and hospitality, technology, banking & finance, oil and gas, logistics, and domestic manufacturing, as accelerators of growth that can reposition Nigeria as a globally competitive economy. Mr Chioke said the company’s 30-year journey had been about producing ideas that shape policy and guide stakeholders through economic turbulence.
“Our research has consistently shown that Nigeria’s fortunes are inseparable from global tides. From the banking reforms of the early 2000s to the 2008 financial crisis, the 2016 recession, and the COVID-19 pandemic, we have seen that clarity, innovation, and bold action remain the most reliable drivers of recovery and growth,” Mr Chioke said.
He noted that past editions of the BSR had spotlighted critical turning points. He said this includes the 2009 banking sector collapse, the 2017 recovery phase titled ‘Nigeria Reopens for Business’, and the 2022 warning, ‘Brace for Impact’, which foreshadowed subsidy and FX reforms later implemented by President Bola Tinubu. “This 20th edition is both a call to action and a framework for Nigeria’s future. If we harness these seven industries strategically, Nigeria can move beyond short-term fixes and position itself as a trillion-dollar-plus economy, just like India and Indonesia have done,” Mr Chioke added.
The event drew policymakers, regulators, and industry leaders, who praised Afrinvest for its consistency in providing research-driven solutions to Nigeria’s economic challenges. Godwin Obaseki, the chairman of Afrinvest, said that the company’s three-decade journey has reflected a legacy of resilience, innovation, and transformative impact in Nigeria’s financial markets. According to him, the company has not only facilitated landmark acquisitions but also built innovative investment instruments that continue to redefine access to opportunities for clients. He highlighted some of Afrinvest’s landmark transactions, including the UBA and Standard Trust Bank merger in 2004, the €350 million eurobond issued by GTBank in 2007, and Dangote Cement’s N2.1 trillion listing in 2010, the largest in the history of the Nigerian Exchange. NAN