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

An Investment banking group, Afrinvest, has called for research-driven reforms to unlock Nigeria’s economic potential beyond the trillion-dollar gross domestic product milestone.

Its Managing Director, Dr Ike Chioke, made call at the company’s 30th anniversary celebration and the unveiling of the 20th edition of its flagship Banking Sector Report (BSR) on Tuesday in Lagos.

The theme of the report is “ACT-BOLD: Beyond a Trillion-Dollar Economy”.

Our correspondent reports that 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.

Chioke said the company’ 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,” 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,” Chioke added.

The event drew policymakers, regulators, and industry leaders, who praised Afrinvest’s consistency in providing research-driven solutions to Nigeria’s economic challenges.

Also, Chairman of Afrinvest, Mr Godwin Obaseki, represented by Prof. Osita Ogbu, Prof. Osita Ogbu, Development Economist and former presidential economic adviser, said the company’s three-decade journey 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 to include 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.
“Our legacy is not just in numbers but in impact. We have supported governments, facilitated investments that built infrastructure, and contributed to the growth of international markets.

“With courage, clarity, and creativity, Afrinvest is ready for the next chapter, confident that together, we can go beyond limits,” the chairman added.

Our correspondent reports that the event drew regulators, policymakers, and industry leaders, who commended the company for three decades of thought leadership and its solution-driven approach to the nation’s economic transformation.