Mixed reactions trail prediction of Nigeria’s one trillion dollars economy in 2025
Some financial experts, on Tuesday, expressed divergent views on the prediction that the nation’s economy would hit one trillion dollars in 2025.
While some experts’ in Lagos support the projections, others argued the nation’s infrastructure and human capital deficit make the projection impossible to achieve.
A South African economist, Dr Martyn Davie, recently predicted that the Nigeria economy, would hits one trillion dollars benchmark by 2025.
Davie, who is the Chief Executive Officer (CEO), Frontier Advisory Ltd. made the prediction at the opening of 2014 Hotel and Investment forum in Addis Ababa, Ethiopia.
Davie urged Nigeria to take advantage of the demography and diversify its economy and initiate investment friendly legislation to attract new investors.
He said that gross domestic product (GDP), contrary to other opinions was no longer a measure of growth, adding that growth had become more complex, dealing more with diversification, quality and quantity of services.
He said that government and the private sector should collaborate and invest in national infrastructure which would assist overall industralisation.
Mr Chris Nemedia, a former Director, Central Bank of Nigeria (CBN) described the projection of one trillion dollars economy, as a fair prediction, but urged government to execute fiscal policies that would back up the infrastructural needs of such a large economy.
“We need a massive infrastructure in every aspect of the domestic economy, to support the huge demand which includes reconstructing new railway tracks to augment the existing ones as well as handing over the management of some major roads and government utilities to private sector, so as to bring about optimum performance” he said.
Nemedia said that in spite of the forecast of a trillion dollars economy, government should ensure to bring about development, as having one trillion dollar economy was not enough.
Dr Oci Itsede, said that the One trillion dollars prediction was a welcome development, when juxtapose against the backdrop the nation’s security and infrastructure challenges.
Itsede, a former Director General, West Africa Institute of Finance and Economic Management (WAIFEM), said that sustained execution of adequate fiscal and monitory policy would be the “game changer” towards the attainment of the projection.
“It is crucial to have a satisfactory fiscal and monitory policy in a long term, if the economy must reach the predicted estimation.
“Besides having a proper instrument of managing the economy, one of the challenges that have delayed us as a people was weak institution,” he said.
Also speaking, an entreprenuer, Mr Tunji Ahmed, said that one trillion dollar was unattainable following the level of unemployment, poverty, security challenges and infrastructure deficit in the nation.
He said that government’s inability to enact policies that would affect majority of Nigerians made the projection unattainable, as many would unconsciously work against it.
“We have not contended with the simple things like tackling unemployment, social vices and meeting our infrastructural deficits but we are busy talking about a huge economy that had not yet taken off.
“Our leaders should learn to meet the immediate needs which will keep us going as a people before planning for the future” he said.
(NAN)