By Emmanuella Opara | October 22nd 2026
KEY POINTS
- Former senator Tolu Odebiyi says effective risk management is essential to achieving Nigeria’s $1 trillion economic ambition.
- He identifies energy, agriculture, manufacturing, mining, technology, financial services and infrastructure as key sectors for economic expansion.
- Odebiyi calls for risk management to be integrated into public policy, budgeting, infrastructure projects and private-sector investment.
MAIN STORY
Former Senator Tolu Odebiyi has backed President Bola Tinubu’s ambition to grow Nigeria’s economy to $1 trillion, saying effective risk management, strong institutions and disciplined policy implementation are essential to achieving the target.
Odebiyi made the remarks in his acceptance speech after receiving the Honorary Fellow Chartered Risk Manager award from the Chartered Risk Management Institute of Nigeria at the Oriental Hotel, Lagos, on October 15.
He commended Tinubu’s economic vision and initiatives aimed at attracting investment, strengthening institutions and creating opportunities for sustainable growth. However, he said achieving the target would require more than ambitious policies, stressing the need for sound governance and effective management of economic risks.
“Risk management must be at the heart of this transformation,” Odebiyi said, arguing that its integration into public policy, infrastructure development, financial management and private-sector investment would support the country’s economic aspirations.
He said effective risk management could help protect public resources, improve project delivery, reduce waste, strengthen investor confidence and ensure that investments produce measurable economic returns.
Odebiyi identified energy, agriculture, manufacturing, mining, technology, financial services and infrastructure as critical sectors for economic expansion. He said investments in these areas required systematic risk assessment, efficient resource allocation and measures to withstand economic shocks.
The former senator also called for risk management to be incorporated into government budgeting, major capital projects, public-private partnerships, corporate governance and the management of national assets, saying this would improve accountability and the value derived from public spending.
He stressed that risk management should serve as a strategic tool for national development rather than merely a compliance requirement.
“For our $1 trillion economic ambition to become a sustainable reality, risk management must move beyond a compliance requirement and become a strategic instrument of national development,” he said.
Odebiyi recalled his role in initiating the bill that laid the foundation for the statutory recognition of the Chartered Risk Management Institute of Nigeria during his tenure in the Senate. He said the move was driven by the need to give risk management an appropriate legal and professional framework.
The institute subsequently received its charter under Act No. 39 of 2022.
He identified financial, economic, environmental, technological and institutional risks among the challenges facing Nigeria, saying the country needed professionals with the expertise, integrity and ethical standards to anticipate and manage increasingly complex threats.
Odebiyi urged the institute to strengthen its position as a centre of excellence for risk management in Africa through professional education, research, certification, ethical standards and collaboration with government and the private sector.
He said a stronger pool of risk management professionals could support policy implementation, improve institutional performance and enhance Nigeria’s competitiveness in the global economy.
Describing the honorary fellowship as a responsibility rather than merely an award, Odebiyi said the recognition had reinforced his commitment to nation-building and institutional development. He thanked the institute’s chairman, council members, fellows and other guests for the honour.
He also called on professional institutions to contribute to Nigeria’s economic resilience and long-term prosperity, maintaining that national planning and economic decision-making should account for both opportunities and risks.
THE ISSUES
Nigeria’s $1 trillion economic ambition will depend not only on policies designed to expand output and attract investment, but also on how effectively projects, public resources and economic risks are managed.
Odebiyi’s position is that risk management should be embedded in decision-making across government and business to limit waste, improve accountability and protect investments. He also points to the need for skilled professionals and stronger institutions to manage risks across key sectors of the economy.
WHAT’S BEING SAID
“Risk management must be at the heart of this transformation,” Tolu Odebiyi, former senator and recipient of the Honorary Fellow Chartered Risk Manager award, said.
“For our $1 trillion economic ambition to become a sustainable reality, risk management must move beyond a compliance requirement and become a strategic instrument of national development,” Tolu Odebiyi, former senator and recipient of the Honorary Fellow Chartered Risk Manager award, said.
WHAT’S NEXT
Odebiyi urged the Chartered Risk Management Institute of Nigeria to expand professional education, research, certification and collaboration with public and private institutions. The source did not announce a specific implementation plan or timeline for the measures he proposed.
BOTTOM LINE
Odebiyi says Nigeria’s $1 trillion economic target will require risk management to become a central part of public policy, investment and institutional decision-making, helping to protect resources and support sustainable growth.
