Nigeria as Africa’s economic hub

Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th largest economy in the world in terms of nominal GDP, and 22nd largest in terms of purchasing power parity.  It is the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the West African subcontinent.

Previously hindered by years of mismanagement, economic reforms of the past decade have put Nigeria back on track towards achieving its full economic potential.

Ruga: South East Govs strike deal with herdsmen

President Muhammadu Buhari’s midas touch certainly knows no bounds. Think about it. From May 29, 2015 to the end of his first four years in office on May 29 2019, the country witnessed unprecedented development in all sectors. It is very visible in security, agriculture, in industry, in commerce, in infrastructure, in education, in health, in power and in fact, in all our spheres of national development.

Considering the place of Nigeria in the comity of nations, Nigeria is indeed the darling of future thinking investors across the globe. This is largely because of firstly, the numerous investment opportunities we have in the petroleum and gas sectors, mining among others and secondly due to our population advantage.

It is, however, not in doubt that Nigeria is definitely a challenging place for investors to deal with.  Given Nigeria’s unique place, it is not unlikely that investors can run away from investing wisely.

Statistics have shown that Nigeria has since overtaken South Africa as Africa’s largest economy in the continent; with more than 200 million people, it is the largest market in the continent. Nigeria’s population is nearly twice the size of Ethiopia with 110 million and Egypt’s 102 million.

It can be authoritatively reported that the commercial and investment dialogue with the Nigerian government originally recommended by former President Barrack Obama’s Presidential advisory Council on doing business in Africa is now in full force in Nigeria because of its likely high potential and good returns on investment.

The African continent is becoming a big beneficiary of China’s large-scale investment in renewable energy, which is vastly cheaper than it was a decade ago. In Nigeria, solar, wind and mini hydro are rapidly filling in the gaps where grid power is unavailable. Local micro or mini grids can as well deliver power to light homes, charge phones, refrigerator medicines, preserve harvested farm produce and bring internet to schools. In Nigeria, demand exceeds supply because of the country’s population strength.

In summary, one can confidently and without any fear of contradiction, say that the country has witnessed its current economic and financial fortunes largely due to the friendly policies put in place by the Buhari administration in the country. PMB has for good moved Nigeria to the next level as the economic hub of Africa.

PMB will forever be remembered as the leader who has transformed the country from a state of dormancy into one with great social, economic, and political fortunes. Nigeria is now on the path of continuous growth and development. Nigeria is as of today the fifth largest economy in Africa.

Musa Ilallah,

Abuja