President Muhammadu Buhari has said that Nigeria is on course to take her rightful place in the global economy.
He stated that a report by PriceWaterhouse Coopers shows that Nigeria could become World’s 14th fastest growing economy in the next 28 years.
Already, he said, Nigeria with a population of 200 million has the largest economy in Africa with over $400 billion in Gross Domestic Product (GDP).
He spoke at the Nigeria International Economic Partnership Forum, one of the sidelines of the United Nations General Assembly (UNGA). in New York, the United States yesterday.
The President also highlighted the gains of his administration’s investment in the security and energy sectors as well as Nigeria’s National Development Plan (2021 – 2025). He said the development plan would help to generate 21 million full-time jobs and lift 35 million Nigerians out of poverty by 2025.
Buhari, who was represented by his Chief of Staff Ibrahim Gambari, assured that the projection by PriceWaterhouse Coopers’s report was achievable going by the fact that Nigeria is presently experiencing economic growth driven mostly by the non-oil sector.
Buhari explained to the participants who were mostly investors and Nigeria’s financial partners, that the current economic growth gives credence to the diversification of the nation’s revenue base by his administration.
His words: “According to PriceWaterhouse Coopers, Nigeria could be the fastest growing African economy by 2050, and could move up the global GDP ratings to 14th in the same year, provided we succeed in our efforts to diversify Nigeria’s economy away from oil and strengthen its institutions and infrastructure.
“The International Monetary Fund (IMF) projects global growth to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023.
“For our economy, we recorded quarterly GDP growth in Q1 2022. The growth has been mostly driven by the non-oil sector, giving credence to the revenue source diversification agenda of the government.
“The agricultural sector, our most important, has remained resilient in spite of security concerns, low irrigation, limited inputs, and legacy infrastructure challenges, with strong food demand bolstering growth.
“Growth in manufacturing reflected stronger household and business consumption on account of the reopening of economic activities and improvement in supply chains.”