The Deputy Governor, Corporate Services of the Central Bank of Nigeria (CBN), Ms Emem Usoro, has stated that building a $1 trillion economy requires careful planning, robust and clear policy direction, and dutiful implementation.
She made this remark in her keynote address on Monday at a two-day seminar organised by the CBN for the Finance Correspondents Association of Nigeria and Business Editors, emphasising that building a one-trillion-dollar economy is no easy task.
Ms Usoro stated: “One trillion dollars would require careful planning, robust and clear policy direction, dutiful implementation, and unwavering commitment from stakeholders that would galvanise the various sectors of the economy.”
According to her: “Today, our economy is valued at approximately $250 billion. As we aspire to build a one-trillion-dollar economy, all hands must be on deck to drive strong ideas to sustain this vision, which has the potential to accelerate the development of our economy and improve the quality of life for our citizens.”
The Deputy Governor, Corporate Services, who was represented by the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, said: “The global financial system and architecture have assumed a new dimension, even before the new administration of Donald Trump in the United States of America,” adding that globalisation has broken the limits of financial flows, and investors have inadvertently taken full advantage of the opportunities.
Ms Usoro stated that literature has established that financial resources, complemented by quality human capital and technology, remain the major driving forces of industrialisation since the emergence of the 4th industrial revolution.
To play this critical role, she said the banking system must grow, expand, and deepen through deliberate policy efforts. As is widely known, the Nigerian banking system has undergone reforms, including bank recapitalisation and consolidation exercises.
“The current global system has manifested even more dynamic paradigms, with intense globalisation and guided protectionism, where countries favour trade wars and retaliations. This brings to the fore the readiness and preparedness of our dear country and banking system to build a more sophisticated, vibrant economy.
“As we work towards building a one-trillion-dollar economy, we must consider the recapitalisation of our banks to enable them to fund, finance, and power the economy, and favourably compete globally with their peers in other climes.
“I believe that if the current protectionist development approach by the US and other major economies continues to dominate the global system, we should particularly pay significant attention to bank recapitalisation to ensure that our banks are strong, resilient, and stable enough to carry out financial intermediation, as well as the much-needed financing of development projects and programmes,” Ms Usoro further stated.
Earlier in her opening remarks, Acting Director of the Corporate Communications Department, Mrs Hakama Sidi-Ali, said the seminar aims to educate and enhance the capacity of financial reporters.
“This seminar, which is a well-thought-out initiative of the Central Bank of Nigeria, was established with a clear purpose to foster a healthy and constructive working relationship between the Bank and the media. At its core, the objective of this initiative is to educate and enhance the capacity of finance correspondents and business editors, enabling them to accurately interpret and report on contemporary financial and economic policy issues, as well as the Bank’s activities in alignment with its overarching mandate.
“As Nigeria positions itself more competitively in the global economic arena, the role of the media remains absolutely critical—not only as conveyors of information but also as strategic partners in national development. Your role in simplifying complex policy issues, ensuring public accountability, and building trust in financial institutions cannot be overemphasised,” Hakama further stated.
