Business leaders to debate what Nigeria needs for $1tn economy

By Chibuzor Alli

Business leaders, policymakers and other stakeholders are expected to examine the measures needed to help Nigeria achieve its $1tn economic ambition at the 42nd Omolaloye Management Lecture organised by the Nigeria Employers’ Consultative Association.

The annual event, scheduled to take place next week, will focus on the theme, ‘$1tn economy: What it will take Nigeria to achieve the goal’.

Director-General of NECA, Adewale-Smatt Oyerinde, said the lecture was coming at a time when businesses were dealing with rapid changes, including skills shortages, competitiveness pressures and the need to improve productivity and resilience.

Oyerinde spoke on Thursday in Lagos at a press conference to announce the lecture. He was represented at the event by NECA’s Deputy Director, Legal, Thompson Akpabio.

“Enterprises are operating in an environment characterised by rapid changes. Some of these changes include a new world of work on workplace expectations, skill gaps, competitiveness, and the continuing need to improve productivity and resilience, especially in this economy that we operate in,” Oyerinde said.

He said economic progress depended not only on appropriate policies and investment but also on the quality of leadership and management within organisations.

“Effective management is essential for productivity, innovation, competitiveness, industrial harmony, and the creation of a sustainable enterprise. The 2026 edition therefore comes at an important time for businesses and the Nigerian economy,” he said.

NECA links management to economic growth

Oyerinde said the media engagement was important because the media played a key role in communicating issues affecting Nigeria’s economy, workplaces and the future of businesses.

He said the lecture had become an important part of NECA’s calendar “because it provides an opportunity for business leaders, policymakers, professionals, academia, and other stakeholders to discuss, reflect on contemporary management and economic issues, as well as exchange ideas and explore practical approaches to strengthening organisational performance and national development.”

Providing background to the event, Oyerinde said Dr Michael Omolayole served as NECA’s 10th president between 1980 and 1986.

He said the lecture was established to honour Omolayole’s contributions to management, enterprise development and the growth of Nigeria’s organised private sector.

“As employers and representatives of the organised private sector, NECA recognises and also welcomes each and every person who will be part of the event,” he said.

Nigeria’s economic size to come under scrutiny

Also speaking at the press conference, the President of AIESEC Alumni Nigeria, Marcel Mba, said only about 21 countries out of more than 200 globally had nominal gross domestic products above $1tn.

He noted that no African country was currently among them and said Nigeria had recorded a higher GDP level in the past.

“No African country is even close. And sadly, Nigeria had achieved a higher GDP level in the past. So, it is a source of concern and interest to all discerning citizens of Nigeria. Hence the need for you to come and join the conversation here,” he said.

Mba described the Omolaloye Management Lecture as an annual management and economic development forum established in honour of the veteran industrialist and former first Nigerian Chairman and Chief Executive Officer of Unilever Nigeria, formerly Lever Brothers.

“At OML, over the past 42 unbroken years, we have raised and discussed issues of National importance, and come up with solutions and communiques that have been passed to the Federal Government; such inputs have gone on to make positive impacts in the nation’s economy,” he stated.

Organisers target position paper on $1tn economy

The Chairman of the organising committee, Mr Bayo Ige, said the discussions would be expected to produce practical recommendations on how Nigeria could achieve the $1tn economic target.

“At the end of the lecture, they are expected to come out with a position paper on how the country can achieve the 1tn dollar economy,” he said.