Top economy not achievable by 2020

Top economy not achievable by 2020

ambitious target to be among the top 20 economies by the year 2020 may
be farfetched after all, as Nigeria’s current growth trajectory does
not support such climb. World Bank country director for Nigeria, Onno
Ruhl, said Nigeria’s current gross domestic product growth of around
seven percent is not enough to achieve that feat.

2020 is not about if it can be achieved by 2020, because any economist
will tell you at this point that would take you about 15 percent growth
every year and that has not happened in the history of mankind anyway.”

Do things differently

said instead of striving to be among the top 20 economies within the
time frame, the country should begin to do things differently in order
to grow the economy. “The point is, Nigeria should be among the 20
largest economies. Whether it is 2023 or 2024, it doesn’t matter. What
matters is that Nigeria should be ambitious and not accept second best.
Nigeria should aspire to be the best in everything it does on the
continent. That is the destiny of the largest country on the continent
as far as I can see.”

federal government in 2008, launched the Vision 2020 with a mandate
that “by 2020, Nigeria will be one of the 20 largest economies in the
world, able to consolidate its leadership role in Africa and establish
itself as a significant player in the global economic and political

Implementing plans and visions

Ruhl said rather than discussing why Nigeria has not succeeded, the
emphasis should be on what the country needs to do in order to be where
it belongs.

best example is China which achieved ten percent growth consistently
for 30 years. There is no reason Nigeria cannot achieve that and if it
does, it would be a different country very quickly and a much better
country by the year 2020.”

said the major challenge facing the country was implementing the plans
and visions that have been drawn over the years. “There is nobody that
does not know how to solve the power problems in Nigeria. It is not
rocket science. The issue is how we are going to do what needs to be

major focus of implementation of the vision include agriculture and
food security, business environment and competitiveness, corporate
governance, culture, tourism and national re-orientation, education,
employment, energy, health, housing, human development, information and
communications technology, judiciary and the rule of law and
manufacturing, among other.

Mr Ruhl said within the next few years, Nigeria will grow to be the
largest economy in Africa and must begin to position for that role.

Click to Read more Financial Stories

Leave a Reply

Your email address will not be published. Required fields are marked *