World Bank Forecasts Double Digit Growth for Nigeria

“The World Bank has predicted that the Nigerian economy will grow at a double digit rate this year and beyond with the country’s new focus on investment.

The World Bank Country Director for Nigeria, Mr Onno Ruhl, stated this during a courtesy visit to the Minister of Trade and Investment, Mr Olusegun Aganga, in Abuja.

Nigeria had recorded a Gross Domestic Growth (GDP) growth of 10.3 per cent, 10.6 per cent, 5.4 per cent, 6.2 per cent, 7 per cent, six per cent, seven per cent and 7.4 per cent in 2003, 2004, 2005, 2006, 2007, 2008, 2009 and 2010. The country’s economy is also expected to grow by 7.8 per cent this year.

Ruhl said: “In spite of the lull in economic growth triggered by the global economic crisis, the Nigerian economy had the potential to grow at a double digit rate.

“With the creation of a new ministry to take charge of trade and investment, the country is on the right track towards achieving its objective of becoming one of the 20 leading economies by 2020.

“The ongoing global economic crisis essentially means that not many economies are growing fast. But the economy is still growing fast.We all know that the investment climate in Nigeria can be significantly improved by improvement in infrastructure and access to credit thereby making it possible for more people in Nigeria to do business.

“Economic growth in Nigeria is expected to be faster this year, which will allow the country the real, good opportunity to realise its objective of catching up with other economies of the world in line with its Vision 20:2020 programme. . .” Read the full story on the Nation.

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