‘Nigeria may overtake S’Africa in 10 years’

[TGD]

 NIGERIA's economy may surpass that of South Africa within the next 10 years, a senior British official, Lord Mayor Alderman Michael Bear, has said.

South Africa is at present the continent's leading economy.

But the United Kingdom (UK) has listed Nigeria as a key partner in Africa, according to the visiting Mayor of the city of London.

In his mission statement by the British High Commission in Abuja, he said: "Nigeria's eight per cent growth has given it 25 per cent of Africa's GDP and at current rates it will overtake South African in 10 years...Some economists estimate that Nigeria - with the right reforms - could be in the top 15 of world economies by 2050 - and certainly the ingenuity of the people - and their energy - gives Nigeria this chance

"UK Prime Minister, David Cameron, has set me, the City and UK Trade & Investment the challenge of helping doubling bilateral trade by 2014 and from what I have seen this is very possible...Clearly, democracy and the rule of law are important foundations of any society and progress in these areas always safeguards economic change for all people.

"A key partnership I wish to support is that between the City of London and the Nigerian financial services sector. Oil and gas are great boon but can also become a distorting factor and the best way to ensure a fully diversified economy is a strong financial sector, unlocking assets, enabling small businesses and providing jobs.

"Although Nigeria is the world number eight in oil exports, 64 per cent of its people are in poverty and the only way to change this is to develop skills and small business. Improving access to finance and banking for the less well off is a key objective - but also cutting bureaucracy and untransparent practices. At the heart of Nigeria's challenge for the next decades are the double issues of skills and infrastructure."

Bear is visiting Nigeria with a large business delegation after recent visits by Cameron and UK Development Secretary, Andrew Mitchell.

He stressed that the visits were "clear evidence not only of the UK's commitment to Nigeria but also of Nigeria's importance in the world."

On what to do to consolidate on growth, he said: "And this week as I meet President Goodluck Jonathan, Minister of Finance, Ngozi Okonjo-Iweala and Minister for Trade and Investment, Olusegun Aganga, my delegation and I shall be pushing to build new partnerships.

"London is a meeting place for leading global practices, from engineers, project managers, advisers, fund-raising lawyers, expert accountants - to every kind of analyst. Some of the best brains from the world - including Nigerians - are based there, travelling out to global markets.  So as Nigeria seeks access to business around the world, London can be a key partner. In fact, as my delegation visit demonstrates, Nigeria is already part of the City of London. The challenge is to grow that relationship."



The Guardian

[emezico]

The Mayor of the city of London have forecast-ed, it is left for the Nigeria government to take action and make it a reality.