President Bola Tinubu. Photo: State House
Former Senator Tolu Odebiyi has commended President Bola Tinubu’s ambition to build a $1 trillion Nigerian economy, describing effective risk management as critical to achieving sustainable economic growth and national development.
In a statement made available to PUNCH Online on Thursday, Odebiyi made the remarks while delivering his acceptance speech after receiving the Honorary Fellow Chartered Risk Manager (HFCRM) award from the Chartered Risk Management Institute of Nigeria at the Oriental Hotel, 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 the former lawmaker, achieving the $1 trillion economic target would require more than ambitious policies, stressing the need for disciplined implementation, sound governance, strong institutions and effective risk management.
“Risk management must be at the heart of this transformation,” Odebiyi said, 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 said effective risk management could help protect public resources, improve project delivery, strengthen investor confidence, reduce waste and ensure that investments generate measurable economic returns.
He identified energy, agriculture, manufacturing, mining, technology, financial services and infrastructure as critical sectors for Nigeria’s economic expansion, noting that each required a systematic approach to identifying risks, allocating resources efficiently and building resilience against economic shocks.
The former senator stressed that risk management should not be treated merely as a compliance requirement but as a strategic instrument for national development.
“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.
He explained that 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.
Reflecting on his contribution to the establishment of the Chartered Risk Management Institute of Nigeria, Odebiyi recalled that he helped initiate the bill that laid the foundation for the institute’s statutory recognition during his tenure in the Senate.
He said his involvement was driven by the conviction that risk management was too important to Nigeria’s development to operate without an appropriate statutory framework and professional recognition.
The institute subsequently received its charter under Act No. 39 of 2022, providing a formal institutional foundation for advancing professional risk management in the country.
Odebiyi 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.
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.
According to him, Nigeria’s economic transformation would benefit from a new generation of risk management professionals capable of supporting effective policy implementation, improving institutional performance and strengthening the country’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 expressed appreciation to the institute’s chairman, council members, fellows and other distinguished guests for the honour.
He also urged professional institutions to contribute meaningfully to Nigeria’s economic resilience and long-term prosperity.
Odebiyi concluded that achieving the country’s economic ambitions would require collective effort, sustained commitment and the responsible management of both opportunities and risks.
He maintained that embedding risk management in national planning and economic decision-making would help strengthen institutions, protect investments and improve the prospects of sustainable growth.