Some Financial experts on Thursday said that Nigeria had the potentials to achieve higher economic growth rate than the 7.68 per cent achieved in 2011.

The experts told newsmen in separate interviews in Lagos on Thursday that this was possible if government adopted measures that would impact positively on all sectors of the economy.

It would be recalled that Dr. Yemi Kale, Statistician–General, National Bureau of Statistics (NBS), disclosed last Tuesday that Nigeria achieved 7.68 per cent growth in real Gross Domestic Product (GDP) in 2011.

Mr Titus Okunronmu, a former Director of the Central Bank of Nigeria (CBN), said that any growth rate that was less than 12 per cent would not impact postively on the standard of living of the people.

He said that the wealth of the nation was being controlled by less than four per cent of the population, adding that there was gross inequality in the national income distribution.

“The economy is not developing at an optimal level due to persistent increase in unemployment and poverty rates,” he said.

Okunronmu advised government to bridge the wide gap between the rich and the poor to achieve some fairness in the distribution of the national income.

“If the Federal Government can resolve the problems of refineries and invest in petrochemical industry, this will create more job opportunities for the people,” he said.

Mr Olumide Adegoke, the General Manager, Standard Alliance Insurance, said that the nation’s economy “growth model is narrow and difficult to examine the various sectors of the economy”.

“There must be deliberate efforts by the government to put the economy on the right path so that the GDP can impact better on the standard of living of the citizens.

Adegoke advised the government to stimulate the real sector to ensure sustainable growth of the Gross Domestic Product (GDP).

“The ability of the government to reactivate the real sector and diversify the economy will impact positively on the Nigerian economic growth rate,” he said.

General Manager, Regency Assets Management Ltd., Mr Adewale Adeniyi,said that the economy would not grow when unemployment rate was on the increase.

He said that that many companies had folded up because of inconsistency in government policies, resulting in downsizing of workers. Adeniyi said that Nigeria had a lot of potential, but the poor state of the infrastructure would not allow the economy to grow at the optimal level.

“Provision of infrastructure and stable power are major catalysts than can develop the economy,” he said.

The General Manager, Cash Craft Assets Management Ltd, Mr Ayodeji Fagbenle, commended the growth rate, but said that the nation could be better.

“Once there is growth in the agricultural sector, there will also be growth in the GDP. “Government needs to galvanise the agricultural sector so that the GDP can improve and impact positively on the standard of living of citizens”, he said.

A senior lecturer in the Department of Economics University of Lagos, Dr. Tunde Adeoye, advised the government to address the issue of corruption in the country. He also advised that all monies recovered from fraudulent Nigerians should be used to improve the economy.

Adeoye said that better economic growth could be achieved through reforms.