As Nigeria sets its sights on growing its economy to a $1 trillion value by 2030, the Federal Government (FG) has been advised to transition to an assets-based financing model, replacing the traditional output-based approach that currently dominates economic strategies. Dr. Ayo Teriba, a distinguished economist and the Chief Executive Officer of Economic Associates, delivered this crucial advice during the 2025 Economic Outlook event organized by the Association of Corporate Treasurers in Nigeria (ACTN) in Lagos.
Dr. Teriba underscored Nigeria’s vast, yet underutilized assets, which he believes could be monetized to attract significant foreign direct investment (FDI) and stimulate sustainable economic growth. He emphasized that modern economies no longer rely solely on production and exports to generate wealth. Instead, countries that thrive today have successfully leveraged their assets to bring in investment. Nigeria, according to Dr. Teriba, must follow this trajectory to stabilize its economy, improve liquidity, and avoid falling further behind in the global economic race.
The economist criticized the Nigerian government’s current reliance on debt-financed growth, particularly highlighting the missed opportunity in maximizing state-owned enterprises and national infrastructure. He pointed out that Nigeria, much like South Africa, Brazil, and Russia, is struggling with liquidity crises due to its failure to adapt to modern economic trends that involve leveraging national assets for growth.
Dr. Teriba also cited Nigeria’s telecom sector as a success story in attracting private capital without resorting to government borrowing. He believes this model of privatization could be replicated in other strategic sectors such as energy, railways, and telecommunications to ease the government’s financial burdens while driving economic expansion.
The economist called for Nigeria to shift its focus from debt-based financing to asset-based financing. This could be achieved by securitizing national assets and creating a transparent investment registry that would attract global investors. Rather than issuing Eurobonds or taking loans, Dr. Teriba advocated for the issuance of asset-backed bonds and equity-linked instruments that would provide a more stable and sustainable source of funding.
He highlighted the vast untapped resources in Nigerian states, many of which are more valuable than entire economies elsewhere, yet remain largely unused. He stressed the need for state governors to adopt the mindset of asset managers rather than merely budget administrators, maximizing the value of their state’s natural and economic assets to foster development.
Dr. Teriba pointed to global examples of asset-based growth as a model for Nigeria. He referenced Saudi Arabia’s transformation of its oil reserves into Aramco, now one of the world’s most valuable companies, and the UAE’s success in turning Dubai into a global investment hub. According to Teriba, Nigeria has similar potential, yet continues to rely on borrowing instead of attracting equity investments through its national and state-owned assets.
In his opening remarks, ACTN President Adeyinka Ogunnubi echoed Dr. Teriba’s sentiments, stressing the need for innovation within corporate treasury and business strategies. Ogunnubi noted that the role of corporate treasurers extends far beyond managing funds—it is also about enabling businesses to thrive amidst uncertainty, optimizing liquidity, and creating long-term value.
With Nigeria poised to harness its vast untapped assets, the shift to asset-based financing could be the key to unlocking sustainable growth, attracting global investment, and moving closer to the ambitious $1 trillion economic target by 2030.