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BUSINESS & ECONOMYNEWS

Aganga, Okonjo-Iweala, Others Agree on Double Digit GDP for Nigeria

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 & Coordinating 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 maintained that Nigeria’s population of 160 million and vast resources provide opportunities that can make the country’s economy expand at a double digit rate.

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