The Group Managing Director of Afrinvest, Chioke Ike, has advised the federal government to grow beyond the banking sector in order for Nigeria to achieve the projected $1tn economy.

Mr Ike made this known during the launch of its 2024 Banking Sector Report, themed 'Recapitalisation: Catalyst for a $1 Trillion Economy?’

The apex bank ahead of announcing the new capital requirements of the banks said that the banks needed to be stronger and more stable to be able to drive the $1tn economy projected by President Bola Tinubu.

Ike said: “To achieve a $1tn economy, Nigeria needs to grow beyond the banking sector. Every aspect of the economy must grow alongside it.

“Nigeria needs to invest in its people to achieve similar growth. We must prioritise human capital development to achieve a $1tn economy.

“The macroeconomic environment is challenging, with a potential national strike looming.

"However, the data is available to run the economy effectively, but politicians must pay attention to it and have the discipline to be humble.”