An economic analyst and managing director, Business Day Media, Dr. Ogho Okiti, has projected that the Nigerian economy’s value could grow to $800 billion within the next decade if the constraining factors undermining its potential are addressed by government.
He explained that if the economy grew at an average of seven percent at the current exchange rate of the national currency to the dollar, the economy would have grown to $800 billion by the end of 2030.
Describing the Africa’s largest economy as a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors, Okiti said the projected growth would help drive new opportunities for the citizens and a dramatic poverty reduction.
Speaking on the theme ‘Nigeria’s Prosperity Ahead 2030: Population, Data, Productivity’ at Business Day’s 2020 Economic Outlook Conference, Okiti said “if the Nigerian economy continues to grow at the current two percent growth, it will make Nigerians poorer except fertility rates drop dramatically but at five per cent growth rate above the population growth rate, the economy would have grown to over $800 billion.”
He, however, lamented that Nigeria’s growth, productivity gains and economic performance was still largely driven by oil, warning that “until we are able to pass in a sustained economic growth, job creation and raising standard of living that does not depend on oil prices, we will continue to suffer.”
In his presentation at the forum, the managing director, Old Mutual Life Assurance, Segun Omosehin, stressed that the nation’s economic development would depend on improved infrastructure.
He explained that infrastructure deficit in key sectors of power, transportation and housing had been inimical to job creation and economic prosperity in the country.
Omosehin called for a coordinated and coherent policy framework necessary to maintain the current momentum in the Nigerian economy from financial industry-led efforts such as the new minimum capital requirements for insurance operators.