Experts call for reforms to build a trade-ready Nigeria for $1 trillion economy
Nigeria requires institutional strengthening, port modernization, customs digitization, and robust private sector engagement to reach its trillion-dollar economic target, according to trade specialists and government officials addressing a Lagos conference organized by the Bashir Adeniyi Centre for International Trade and Investment and the Nigeria Institute of International Affairs.
Nigerian-Indonesian Chamber of Commerce President Ishmael Balogun reported that bilateral commerce expanded from $1.9 billion to over $6 billion within recent years through strategic reform implementation. He emphasized that businesses must shift from raw material exports toward value chain integration while maintaining regulatory consistency and utilizing diplomatic missions as commercial accelerators. University of Ibadan Professor Olowale Ogunkola identified policy fragmentation among government agencies as undermining facilitation efforts, noting that annual expansion between 15 and 18 percent would be necessary to achieve the economic milestone.
Financial Derivatives Company Managing Director Bismark Rewane expressed confidence in reaching the target despite the current $250 billion valuation, while Lagos Commerce Commissioner Folashade Bada Ambrose-Medebem stressed that subnational governments serve as frontline institutions requiring coordinated investment frameworks. Customs Comptroller-General Bashir Adeniyi highlighted service commitments toward digitalization, aligning with African Continental Free Trade Area objectives.
