Jonathan Assures On GDP Growth By 2050

President Goodluck Jonathan says Nigeria has been projected to be among three countries that will experience the highest real per capital Gross Domestic Product (GDP) growth rate by 2050.

Jonathan stated this at the Investment Forum organised by the Securities and Exchange Commission (SEC) as part of activities to mark the 50th anniversary of the capital market regulation in Nigeria.

“According to a report by economists at Citigroup, Nigeria is one of the three countries expected to experience the highest real per capital GDP growth rate by 2050.

“In the medium term, Standard chartered bank has recently declared that by 2018, Nigeria will overtake South Africa as the largest economy on the continent.”

Represented by Government. Babangida Aliyu of Niger, the president said that the success story was because Nigeria was investment friendly.

He said the theme of the forum, “Nigeria, the preferred investment destination” captured the spirit of the Federal Government’s economic transformation programme geared towards attracting investments by creating incentives and providing enabling environment for capital formation.

“The present administration is determined to foster an environment rich in opportunities for investment with the highest return while bringing inclusive growth to ordinary Nigerians.

“We are set to deregulate the power sector and government at various levels is increasingly looking up to the capital market to finance projects.”

Jonathan assured that government would continue to strive to ensure that the nation remained an investor’s paradise.

Minister of Trade and Investment, Mr Olusegun Aganga, said the forum was timely because the nation was ready to harness its huge potentials.

He said that with good investment atmosphere, the nation’s economy would grow as projected.

“As you will agree with me, the sovereign wealth fund is a potent pool of investment capital.

“We also have over N2.2 trillion in pension fund. With a safe investment atmosphere assured, the potential of the pension fund is boundless.’’

The minister assured that the export and free trade zones were being activated.

Aganga noted that the cement business in the country had improved, adding that by 2012, Nigeria was expected to produce 6.8 million tonnes of cement, making it the largest producer of cement in Africa.

Also speaking, the Director-General of SEC, Ms Arunma Oteh, said the focus of the commission was to ensure that the Nigerian capital market would be rated alongside the world class market.

She said that the establishment of margin guidelines, code of corporate governance and adoption of the International Financial reporting standard, were among the efforts made to ensure that the market competed favourably with the comity of nations.

Oteh said that the Forum would avail economists and other stakeholders an opportunity to talk on how to leverage the nation’s potentials to attract investors.

“This is the beginning of our year-long programme to mark the 50th anniversary of the capital market regulation in the country,” she said