By Mercy Peter
The First Deputy President of the Abuja Chamber of Commerce and Industry (ACCI), Prof. Adesoji Adesugba, has called on policymakers, the organised private sector and the media to intensify collaboration and focus on measurable economic reforms to actualise the Federal Government’s $1 trillion economy ambition.
Adesugba made the call while delivering the keynote address at the 20th anniversary conference of the Commerce and Industry Correspondents Association of Nigeria (CICAN), held at Barcelona Hotel, Abuja, on Tuesday, October 20, 2026.
Speaking on the theme, “From Ambition to Arithmetic: Actualising the Federal Government’s $1 Trillion Economy—The Roles of Policymakers, Stakeholders and the Media,” he said Nigeria’s economic transformation would depend more on effective policy implementation than ambitious announcements.
He described the $1 trillion target as a national mobilisation objective rather than a guaranteed economic forecast, stressing that the country must move beyond macroeconomic stabilisation to sustained productivity, industrial expansion, employment generation and poverty reduction.
According to him, although recent economic indicators suggest improvements in growth, inflation and foreign exchange stability, the underlying productive capacity of the economy remains insufficient to support the scale of transformation required to achieve the target within the proposed timeframe.
Adesugba congratulated CICAN on its 20 years of reporting commerce, industry and investment, noting that the association’s members had chronicled major developments in Nigeria’s economic history since its incorporation in June 2006.
He recalled that the association had witnessed significant events, including the global financial crisis of 2008, the rebasing of Nigeria’s national accounts in 2014, economic recessions in 2016 and 2020, the removal of petrol subsidy and foreign exchange reforms in 2023, as well as subsequent changes to the country’s tax and statistical frameworks.
Drawing from his experience in journalism, public service and the private sector, Adesugba said economic policy in a democracy ultimately succeeded or failed in the public arena, with the media playing a crucial role in shaping citizens’ understanding of government decisions.
He noted that Nigeria’s real Gross Domestic Product grew by 4.43 per cent year-on-year in the second quarter of 2026, while growth for the first half of the year stood at 4.16 per cent, compared with 3.68 per cent in the corresponding period of 2025.
He also cited the decline in headline inflation to 14.63 per cent in September 2026 from 20.98 per cent a year earlier, alongside an increase in gross external reserves to $55.25 billion and improved stability in the foreign exchange market, as signs of progress in the country’s stabilisation efforts.
However, he warned that the gains had yet to translate into sufficient long-term investment, stronger manufacturing capacity and broad improvements in household welfare.
Adesugba disclosed that capital importation reached $10.37 billion in the first quarter of 2026, but foreign direct investment accounted for only $135.08 million, representing approximately 1.3 per cent of total inflows. He said the disparity showed that Nigeria was attracting more short-term financial capital than the long-term investments required to establish factories, expand production and create sustainable jobs.
He identified inadequate electricity supply as another major obstacle to economic growth, noting that although Nigeria had an installed grid capacity of 13,625 megawatts, average available capacity stood at 4,758 megawatts in August 2026.
According to him, the power deficit forces businesses to depend on expensive alternative sources of electricity, increasing production costs and weakening their competitiveness. He maintained that reliable electricity, improved infrastructure and affordable financing were indispensable to industrial expansion and the country’s trillion-dollar ambition.
The ACCI deputy president also expressed concern over the country’s poverty levels, citing World Bank estimates that approximately 63 per cent of Nigerians, or about 140 million people, lived below the national poverty line in 2025.
He argued that economic growth would have limited value if its benefits failed to reach ordinary citizens, particularly those struggling with food prices and declining purchasing power. He therefore called for policies that would ensure economic expansion translated into decent jobs, higher incomes and measurable improvements in living standards.
On the feasibility of achieving the $1 trillion target by 2030, Adesugba said Nigeria would need to more than triple the dollar value of its economy from its estimated 2025 level of between $285 billion and $291 billion within five years.
He explained that this would require average annual expansion of approximately 28 per cent in dollar terms, making the deadline highly ambitious under current growth conditions. He cautioned against relying excessively on exchange-rate appreciation to achieve the headline figure, insisting that sustainable growth must be driven by increased production and productivity.
Adesugba proposed that the government complement the 2030 target with measurable interim benchmarks, including sustained real GDP growth of at least six per cent, foreign direct investment exceeding 10 per cent of total capital importation, reliable electricity availability of at least 8,000 megawatts and a reduction in inflation to single digits.
He urged the Federal Government to guarantee policy continuity ahead of the 2027 general elections, warning that abrupt policy reversals, fiscal indiscipline and uncoordinated monetary and fiscal decisions could undermine investor confidence and weaken the progress already recorded.
He further called for accelerated power-sector reforms, effective implementation of the new tax laws, stronger revenue transparency, improved security and investment in technical and vocational education. He said state governments must also play a greater role through improved land administration, agricultural development, infrastructure provision and the creation of business-friendly environments.
Addressing the organised private sector, Adesugba urged businesses, chambers of commerce, banks and industry associations to move beyond complaints about the operating environment and support evidence-based advocacy, long-term investment and stronger links between small businesses and larger industrial value chains. He also called on financial institutions to increase lending to manufacturing, agriculture and infrastructure rather than concentrating on government securities.
He emphasised that universities, research institutions, development partners and Nigerians in the diaspora had important contributions to make through innovation, skills development, technology transfer and investment. According to him, the country’s economic ambitions would require stronger collaboration between research institutions and industry to commercialise local innovations and build productive capacity.
On the role of the media, Adesugba said business and economic journalists must explain complex policies in accessible language, verify official claims against credible data, investigate revenue leakages and abandoned projects, and report economic developments with accuracy and balance.
He proposed the establishment of a quarterly CICAN $1 Trillion Tracker to independently monitor key economic indicators, including GDP growth, foreign direct investment, electricity supply, inflation, manufacturing output, employment and poverty levels. He also recommended an economic reporting fellowship in partnership with the private sector and academia, as well as an annual Real Economy Forum where policymakers would report progress against published targets.
The keynote speaker called for greater protection of journalists, timely access to public information and improved investment in specialised economic reporting. He maintained that a free, credible and adequately resourced press was essential to investor confidence and public accountability, urging government and industry leaders to regard journalists as partners in national development.
Earlier, the Chairman of CICAN, Gabriel Kuma, said the association’s 20th anniversary was an opportunity to celebrate two decades of professional commitment, perseverance and journalism’s contribution to national economic development.
Kuma recalled that CICAN was registered in June 2006 with the vision of creating a professional platform for journalists covering commerce, industry, investment and related economic activities. He said the association had grown from modest beginnings into a recognised voice in national economic conversations despite resource constraints and the challenges of specialised reporting.
He noted that reporting commerce and industry required more than publishing financial figures or reproducing official statements, explaining that journalists must examine the connections between government policies and citizens, investment and employment, and industrial production and national prosperity.
The CICAN chairman welcomed government officials, industry leaders, development partners, members of the organised private sector and other distinguished guests to the anniversary conference, describing their participation as evidence of the importance of collaboration among government, business and the media.
Kuma said the association remained committed to strengthening economic journalism and contributing to a more productive Nigerian economy, expressing optimism that the next phase of CICAN’s development would build on the achievements of its first two decades.
The anniversary conference brought together stakeholders from government, industry, the media and the business community to examine Nigeria’s economic prospects and the collective responsibilities required to advance commerce, investment and industrial development.
Adesugba concluded that the country’s trillion-dollar ambition should be judged not merely by the year in which it was achieved but by the strength and inclusiveness of the economy built in the process. He said Nigeria must convert macroeconomic stability into productivity, investment into factories, public revenue into infrastructure and economic growth into jobs and reduced poverty.
He congratulated CICAN on its 20th anniversary, urging the association to sustain its commitment to credible reporting and accountability as Nigeria pursues its economic transformation agenda.
