By Our Reporter
Dr. Ogho Okiti, CEO of ThinkBusiness, has spoken passionately about Nigeria’s path to achieving a $1 trillion economy. He said this recently at the 2025 Bullion Lecture in Lagos, highlighting the importance of adhering to specific growth fundamentals, emphasizing that the nation needs to achieve consistent economic growth above 7% to avoid stagnation.
Dr. Okiti identified three key metrics critical for high-growth economies: lower food costs relative to income, affordable skilled labor, and accessible, low-cost energy. Unfortunately, he pointed out, Nigeria currently falls short in all these areas. High food prices are burdensome for citizens, the cost and quality of skilled labor are lacking, and energy access is severely limited, with many regions enduring less than eight hours of electricity a day.
He cautioned that relying on foreign knowledge without investing in local talent development diminishes Nigeria’s productivity. “A nation cannot grow its economy dependent on foreign knowledge,” he asserted, calling for systemic reforms to nurture local human capital that can drive innovation and efficiency.
Regarding the energy sector, Dr. Okiti remarked that the sluggish pace of power generation and distribution is a significant barrier to growth. He referenced China, where electricity generation grew by 15% annually, outpacing the economy, while Nigeria struggles due to inadequate investment and a lack of prioritization in energy initiatives.
Dr. Okiti also addressed a common misconception that market forces would naturally resolve issues in the power sector, arguing instead that strategic government investment is essential to make the market viable. “If power is a priority, it gets done. If it isn’t, it won’t,” he stated decisively. He concluded with an optimistic outlook, believing that with the right focus and commitment, Nigeria can indeed reach its $1 trillion economic goal