Senator Tolu Odebiyi has identified effective risk management, sound governance, and institutional accountability as critical to President Bola Tinubu’s ambition to grow Nigeria’s economy to $1 trillion, warning that the target would require disciplined implementation of policies and prudent management of national resources.
Odebiyi, according to a statement by his media office on Wednesday, spoke in Lagos while delivering his acceptance speech after receiving the Honorary Fellow Chartered Risk Manager (HFCRM) award from the Chartered Risk Management Institute of Nigeria.
He said risk management must become an integral part of the country’s economic transformation agenda.
He commended Tinubu for pursuing the ambitious economic target and initiatives aimed at attracting investment, strengthening institutions, and creating opportunities for sustainable growth.
The former lawmaker, however, stressed that achieving the $1 trillion target would require more than bold policies and ambitious projections, insisting that effective risk management must underpin government programmes, infrastructure development, public expenditure, and private-sector investments.
“Risk management must be at the heart of this transformation,” he declared.
Odebiyi spoke during the award ceremony held at Oriental Hotel, Lagos, on October 15.
He urged Nigerians to remain focused and steadfast in supporting the country’s economic transformation, stating that sustainable progress would depend on collective commitment, accountability, and the determination to translate government policies into tangible improvements in citizens’ living conditions.
According to him, effective risk management would 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 that must drive Nigeria’s economic expansion.
Odebiyi said investments in those sectors must be supported by systematic risk assessment, efficient resource allocation, and measures to strengthen resilience against economic shocks.
He cautioned against treating risk management as a mere compliance requirement, stating that it should, instead, serve as a strategic instrument for achieving national development objectives.
“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.
The former senator explained that incorporating risk management into government budgeting, major capital projects, public-private partnerships, corporate governance, and the administration of national assets would strengthen accountability and improve returns on public expenditure.
He said the country’s economic transformation would be more sustainable if government institutions and private-sector operators systematically identified potential threats to their investments and developed strategies to mitigate them before they undermined project outcomes.
Odebiyi also emphasised the importance of building institutional capacity to identify and manage financial, economic, environmental, technological, and governance risks confronting Nigeria.
He stated that the increasing complexity of the challenges made it imperative for the country to develop a pool of professionals equipped with the requisite technical expertise, integrity, and ethical standards to support effective decision-making.
Reflecting on his contribution to the establishment of the Chartered Risk Management Institute of Nigeria, Odebiyi recalled that he initiated the bill that laid the foundation for the institute’s statutory recognition during his tenure in the senate.
He said his intervention was motivated by the conviction that risk management was too important to Nigeria’s development to operate without a clearly defined statutory framework and professional recognition.
The institute subsequently received its charter under Act No. 39 of 2022, providing a formal legal foundation for the advancement of professional risk management in Nigeria.
Odebiyi urged the institute to consolidate its position as a centre of excellence for risk management in Africa through professional education, research, certification, adherence to ethical standards, and stronger collaboration with government institutions and private-sector organisations.
He said developing a new generation of competent risk management professionals would help improve policy implementation, strengthen institutional performance, and enhance Nigeria’s competitiveness in the global economy.
According to him, professional risk managers have an important role to play in ensuring that public institutions and businesses anticipate potential challenges, make informed decisions, and deploy resources in ways that support long-term economic stability.
He added that embedding risk management principles across the public and private sectors would help Nigeria better navigate economic uncertainties while maximising opportunities for growth.
Describing the honorary fellowship as a call to service rather than a personal accolade, 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 more actively to strengthening Nigeria’s economic resilience and supporting the country’s long-term development objectives.
Odebiyi maintained that achieving the $1 trillion economic ambition would require sustained commitment, effective institutions, and the responsible management of both opportunities and risks.
He said Nigeria’s economic future would depend not only on the scale of its ambitions but also on the capacity of its institutions to implement policies effectively, protect investments, and ensure that economic growth translated into lasting benefits for citizens.
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