The Chief Investment Officer of Access ARM Pensions, Wale Okunrinboye, has urged Nigeria’s long-term investors, including pension funds and insurance companies, to play a more proactive role in financing critical sectors needed for industrialization and sustainable economic growth. Speaking at the 9th Nigerian Association of Insurance and Pension Editors (NAIPE) conference in Lagos, Okunrinboye emphasized that these investors must collaborate with the government to help Nigeria realize its goal of becoming a $1 trillion economy.
Okunrinboye pointed out that while many developed countries undergo a significant phase of industrialization before a strong services sector takes hold, Nigeria, like much of Sub-Saharan Africa, has bypassed this critical stage, becoming overly reliant on services. He stressed that this lack of industrial foundation is a major obstacle in addressing unemployment and fostering long-term economic resilience.
“To transition into a fully industrial economy, we need to attract investments—some of which should be local, and some foreign,” Okunrinboye stated, emphasizing the vital role pension funds and other long-term investors must play. He noted that while these funds traditionally invest in government securities, it’s essential they diversify into sectors that can spur industrial development, create jobs, and ultimately contribute to a more balanced economy.
Okunrinboye went on to highlight the broader impact such investments could have on the economy. “For institutional investors, now is the time to find ways to engage with the economy directly. We must invest in projects that drive industrialization and are export-focused. By doing so, we will generate revenue, enhance exports, create jobs, and increase tax revenues, ultimately propelling Nigeria towards the $1 trillion economy target set by the government.”
He argued that pension funds and insurance companies are in a strong position to make long-term investments in industrial projects that could reshape the economy, saying, “For long-term investments, pension funds, insurance companies, and the broader financial system, it’s time to engage the economy, collaborate with the government, and work with stakeholders to develop financing arrangements that support critical projects. These projects should help Nigeria achieve industrialization and boost exports.”
The Access ARM CIO underscored that diversifying investments beyond government securities to fund industrial projects could serve as a powerful catalyst for economic growth. He stressed that such investments would support projects that create infrastructure and services to increase Nigeria’s competitiveness, reduce its dependence on imports, and open up new revenue streams through exports. This approach, Okunrinboye suggested, would not only boost the economy but also ensure the financial security of pension funds by enhancing overall national productivity.
He concluded by calling for an alignment between financial institutions, government policies, and other stakeholders to build an investment landscape conducive to Nigeria’s industrial growth. “This collective effort is key to achieving our economic objectives,” he noted, “and will provide the foundation for sustainable development as Nigeria works to meet its $1 trillion economy vision.”
