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Treasurers in Nigeria are advocating for a shift from the traditional output-based approach to economic growth to an asset-based framework. This recommendation was made during the Association of Corporate Treasurers of Nigeria’s (ACTN) 2025 Economic Outlook event in Lagos.

Dr. Ayo Teriba, CEO of Economic Associates, emphasized the need for this shift, stating, “When we talk about the outlook, we first look back and say that the evolution of the country’s economy has been a nightmare.” He noted that the government cannot continue to implement policies that have not yielded desired results and instead should focus on investing in physical, human, intellectual, and digital assets.

Teriba explained that assets are codependent, using India as an example, where human and intellectual assets are intertwined. “You cannot have human assets without an educated population, which is the intellectual asset,” he said. He also highlighted the importance of stopping post-harvest losses in agriculture rather than investing in new tractors that may not be utilized effectively.

The economist encouraged the federal and state governments to attract foreign direct investments to finance assets such as railway tracks, which would improve transportation needs for the agriculture and services sectors. He warned that countries with stagnant inward FDI stocks and slow export flows will require additional funding to stay liquid enough to support diversified GDP growth.

Teriba described countries that adopt asset-based approaches as “financializers,” citing the United States, China, and India as examples. He urged Nigeria to take steps to move from being an “increasingly illiquid” country to an “increasingly liquid” one.

ACTN President Adeyinka Ogunnubi emphasized the need for treasurers and businesses to become innovative in the face of economic challenges. “It is a clarification call to all of us to embrace innovation, resilience, and strategic foresight as we prepare to face the unique economic realities of the coming year,” he said.

Peju Faloye, a member of the ACTN governing council, highlighted the importance of treasurers providing liquidity for businesses and ensuring they can deliver growth strategies. “As treasurers, we are at the core of ensuring that our businesses are always liquid enough to continue to deliver growth strategies for our companies,” she said.

Faloye emphasized the need for treasurers to focus on providing liquidity and driving business growth. “Corporate treasurers must focus on providing services and driving liquidity, ensuring that we provide liquidity for our businesses,” she stated.

She noted that illiquid businesses are unable to drive or deliver assets or growth, adding, “As treasurers, we are at the core of ensuring that our businesses are always liquid enough to continue to deliver growth strategies for our companies.”

Faloye also highlighted the importance of treasurers looking beyond traditional methods and embracing new strategies. “The takeaway is that we must focus less on reviewing balance sheets as we used to historically 10 years ago,” she said.

She emphasized that treasurers in 2025 must look at strategies and different approaches to providing immediate, medium, and long-term liquidity solutions for businesses. “That is the core for treasurers today. The takeaway is that we must focus less on reviewing balance sheets as we used to historically 10 years ago,” Faloye added.

She concluded by stating, “If we are not doing well as treasurers, then the output will be on the economy.

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