SHARE THIS: Paul Collier, co-director of the Center for the Study of African Economies, Oxford University and Acha Leke, director of McKinsey in Africa write to debunk certain myths about Nigeria while highlighting our Performance threatened by wicked anti Nigerian Terrorist elements as they point the World to see the other side. KINDLY use the Link to Read Full Op-Ed. Excerpts; What is lost in most discussions about Nigeria today is the strong economic record that it has established over the last decade. In fact, a recent year-long study of the country by the McKinsey Global Institute (MGI) showed that, over the next 15 years, Nigeria has the potential to become a major global economy. With roughly 170 million inhabitants, Nigeria has Africa’s largest population. But it has only recently been acknowledged as having the continent’s largest economy – 26th in the world – following the release of “rebased” data putting GDP at $510-billion (U.S.) last year. MGI estimates that, in 2013-2030, Nigeria could expand its economy by more than 6% annually, with its GDP exceeding $1.6-trillion – moving it into the global top 20. The problem is that Nigeria remains subject to outdated assumptions, which are limiting its prospects, especially among foreign companies and investors. For example, many believe that Nigeria is a petro-economy, wholly at the mercy of the world oil market. But the resources sector accounts for only 14% of GDP – meaning that, while oil production remains a critical source of revenue and exports, the Nigerian economy is far more diverse than many assume. - See more at: reubenabati.ng/Don-acirc-t-overlook-the-other-Nigeria-by.html#sthash.IaRDLivJ.dpuf
Posted on: Tue, 29 Jul 2014 10:38:13 +0000
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