• Tuesday, May 28, 2024
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Nigerian economy to hit $1trn in 2025, says expert

Dr Martyn Davie, Chief Executive Officer (CEO) of Frontier Advisory Ltd., on Tuesday predicted that Nigerian economy would hit One trillion Dollar benchmark by 2025.

Davies gave the prediction at the opening of the 2014 Africa Hotel Investment Forum in Addis Ababa, Ethiopia.

Frontier Advisory is a leading research, strategy and advisory firm that specialised in Global emerging markets.

He noted that the Nigeria’s economy being the largest on the African continent in terms of size was currently leading South Africa by 20 per cent.

Davies, however, advised Nigeria to take advantage of her demography and invest to diversify its economy, which was largely dependent on oil export.

“The political economy of Africa is increasingly becoming complex, making the Africa rising narrative no longer applicable as development needs, when viewed through multiple lenses,’’ he said.

According to him, GDP was no longer a measure for growth, saying growth had become complex comprising of diversification and quality not just quantity.

Davies insisted that both government and the private sector must invest heavily in basic infrastructure and manufacturing to hasten industrialisation, and sustain its growth among emerging economies.

The expert also canvassed for economic friendly legislation to attract investments given the advantage of population of young persons and markets.

Besides, he urged African countries to address the security challenges that would attract Direct Foreign Investments (DFI) and speed up growth.

Davies also expressed concern over the slow pace of the continent’s economy growth saddled by fragmented markets due to cultural and language barriers among nations.

He said Ethiopia and Kenya would also hit 100 billion dollar benchmark between2025 and 2027, given their pace of growth in the East African region.

No fewer than 500 hotel operators, managers and developers as well as government officials from 24 countries, including Nigeria, are attending the conference.