Nigeria’s economy has officially crossed the trillion-dollar gross domestic product (GDP) mark, but experts warn that the milestone is only the beginning. To truly unlock its potential, the country must embrace bold, research-driven reforms. This was the central message from Afrinvest, a leading investment banking group, at its 30th anniversary celebration and the unveiling of the 20th edition of its flagship Banking Sector Report (BSR) in Lagos.
Themed “ACT-BOLD: Beyond a Trillion-Dollar Economy,” the report identifies seven key sectors—agriculture, creative industries and tourism, technology, banking and finance, oil and gas, logistics, and domestic manufacturing—as catalysts capable of propelling Nigeria toward global competitiveness if strategically harnessed.
Lessons From Three Decades of Turbulence
Afrinvest’s Managing Director, Dr. Ike Chioke, noted that the firm’s three-decade journey has been anchored on producing ideas that guide policymakers, regulators, and businesses through uncertain times.
“Our research has consistently shown that Nigeria’s fortunes are inseparable from global tides,” he said. “From the banking reforms of the early 2000s, to the 2008 financial crisis, the 2016 recession, and the COVID-19 pandemic, clarity, innovation, and bold action have always been the most reliable drivers of recovery and growth.”
Chioke recalled how earlier editions of the BSR served as both warnings and roadmaps for Nigeria’s economy. In 2009, the report spotlighted the collapse of the banking sector. In 2017, the “Nigeria Reopens for Business” edition captured signs of recovery. And in 2022, its “Brace for Impact” warning foreshadowed the fuel subsidy and foreign exchange reforms later implemented under President Bola Tinubu.
“The 20th edition is not just analysis—it’s a framework,” Chioke emphasized. “If Nigeria can strategically harness these seven industries, we can move beyond short-term fixes and build an economy that rivals countries like India and Indonesia.”
A Legacy of Impactful Transactions
The event drew top policymakers, regulators, and industry leaders, who praised Afrinvest’s consistency in providing data-backed insights that influence Nigeria’s economic trajectory.
Mr. Godwin Obaseki, Afrinvest’s Chairman, represented by Prof. Osita Ogbu, a former Minister of National Planning, highlighted the firm’s legacy of resilience, innovation, and transformative impact.
He noted Afrinvest’s pivotal role in landmark transactions, including:
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The 2004 merger of UBA and Standard Trust Bank,
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GTBank’s €350 million Eurobond issuance in 2007, and
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The historic N2.1 trillion listing of Dangote Cement in 2010, the largest in the history of the Nigerian Exchange.
“Our legacy is not just in numbers but in impact,” Obaseki said. “We have supported governments, facilitated investments that built infrastructure, and contributed to international market growth. With courage, clarity, and creativity, Afrinvest is ready for the next chapter, confident that together, we can go beyond limits.”
Beyond the Numbers
As Afrinvest celebrates 30 years of navigating Nigeria’s economic highs and lows, its message is clear: research-backed reforms and bold execution are the levers that will determine whether Nigeria can transform its trillion-dollar economy into a sustainable engine of growth.
