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Okonjo-Iweala, Aganga, others see double-digit economic growth for Nigeria

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The Nigerian economy needs growth that will impact on the people, even as the government seeks double digit Gross Domestic Product, GDP, said Finance Minister & Co-ordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala.

Meanwhile, former chairman, Goldman Sachs Asset Management and Chief Economist, Jim O’Neill, has again predicted that Nigeria’s economy may grow by 10 per cent if the privatised power sector ends daily electricity cuts.

It will be recalled that it was Goldman Sachs that in 2004 projected that Nigeria will become one of the 20 largest economies in the world by 2025, which gave birth to Nigeria’s Vision 20: 2020.

It was the same company that coined the term BRIC, which ranked Brazil, Russia, India and China as the emerging economies.

Speaking at the FBN Capital third investor conference held in Lagos yesterday, Dr. Okonjo-Iweala said: “The Nigerian economy has the capacity to grow at a double digit rate of 10 per cent per annually.”

Minister of Trade , Industry & Investment, Dr. Olusegun Aganga and O’Neill also corroborated Okonjo-Iweala’s view.

In different presentations at the conference, the three main-tained that Nigeria’s popula-tion of 160 million and vast resources provide oppor-tunities that can make the country’s economy expand at a double digit rate.

Okonjo-Iweala, who spoke through a televised broadcast at the conference, with the theme, Tomorrow’s Nigeria Through Economic Empowerment, noted that government’s efforts at diversifying the economy as well as re-basing the Gross Domestic Product, GDP, is expected to make the country the fastest growing economy in Africa.

She stressed the need to grow at about nine to 10 per cent, saying the current growth rate “has come with increasing inequality and we need to change that pattern of growth. That is why we are working on agriculture and industrialisation.”

O’Neill, now a Bloomberg View columnist, said: “Nigeria’s economy could easily grow at a rate of 10 per cent if the newly-privatised power industry puts an end to daily electricity cuts.

“Nigeria’s population of more than 160 million people, the biggest in Africa, is key to unlocking enormous growth potential.”

Nigeria is ranked alongside Mexico, Indonesia and Turkey as part of his MINT countries with the largest emerging-market populations outside Brazil, Russia, India, China, and South Africa.

O’Neill coined the acronym for that grouping, BRICS, while at Goldman Sachs.

Article Credit: Vanguard Newspapper

Updated 5 Years ago

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