Former Senator Tolu Odebiyi has backed President Bola Tinubu's ambition to build a $1 trillion Nigerian economy, arguing that effective risk management is critical to achieving sustainable economic growth. Odebiyi made the remarks while accepting the Honorary Fellow Chartered Risk Manager award from the Chartered Risk Management Institute of Nigeria at the Oriental Hotel in Lagos on October 15, 2026. He praised Tinubu's economic vision and initiatives aimed at transforming the country's economy, attracting investment, strengthening institutions and creating opportunities for sustainable growth.
According to Odebiyi, achieving the $1 trillion target would require more than ambitious policies. The former lawmaker stressed the need for disciplined implementation, sound governance, strong institutions and effective risk management. He said risk management must be at the heart of the transformation, adding that Nigeria's economic aspirations would be more achievable if risk management became an integral part of public policy, infrastructure development, financial management and private-sector investment. He urged Nigerians to remain focused and steadfast in supporting the country's economic transformation agenda, noting that sustained progress would require collective commitment, accountability and a determination to translate policy objectives into tangible improvements in citizens' lives.
Odebiyi identified energy, agriculture, manufacturing, mining, technology, financial services and infrastructure as critical sectors for Nigeria's economic expansion. He said each sector required a systematic approach to identifying risks, allocating resources efficiently and building resilience against economic shocks. He emphasised that effective risk management could help protect public resources, improve project delivery, strengthen investor confidence, reduce waste and ensure that investments generate measurable economic returns.
The former senator stressed that risk management should not be treated merely as a compliance requirement but as a strategic instrument for national development. He said integrating risk management into government budgeting, major capital projects, public-private partnerships, corporate governance and the management of national assets would strengthen accountability and improve the value derived from public expenditure. He identified financial, economic, environmental, technological and institutional risks as major challenges confronting Nigeria, arguing that the country needed professionals with the expertise, integrity and ethical standards required to anticipate and manage increasingly complex threats.
Odebiyi reflected on his contribution to establishing the Chartered Risk Management Institute of Nigeria, recalling that he helped initiate the bill that laid the foundation for the institute's statutory recognition during his tenure in the Senate. The institute received its charter under Act No. 39 of 2022. He urged the institute to strengthen its position as a centre of excellence for risk management in Africa through improved professional education, research, certification, ethical standards and collaboration with government and the private sector.