The World Bank has predicted that the Nigerian economy will grow at a double digit rate this year and beyond with the country’s new focus on investment.

The World Bank Country Director for Nigeria, Mr Onno Ruhl, stated this during a courtesy visit to the Minister of Trade and Investment, Mr Olusegun Aganga, in Abuja.

Nigeria had recorded a Gross Domestic Growth (GDP) growth of 10.3 per cent, 10.6 per cent, 5.4 per cent, 6.2 per cent, 7 per cent, six per cent, seven per cent and 7.4 per cent in 2003, 2004, 2005, 2006, 2007, 2008, 2009 and 2010. The country’s economy is also expected to grow by 7.8 per cent this year.

Ruhl said: “In spite of the lull in economic growth triggered by the  global economic crisis, the Nigerian economy had the potential to grow at a double digit rate.

“With the creation of a new ministry to take charge of trade and investment, the country is on the right track towards achieving its objective of becoming one of the 20 leading economies by 2020.

“The ongoing global economic crisis essentially means that not many economies are growing fast. But the economy is still growing fast.We all know that the investment climate in Nigeria can be significantly improved by improvement in infrastructure and access to credit thereby making it possible for more people in Nigeria  to do business.

“Economic growth in Nigeria is expected to be faster this year, which will allow the country the real, good opportunity to realise its objective of catching up with other economies of the world in line with its Vision 20:2020 programme.

“The growth potential in Nigeria is very high. Already, the country is growing at seven per cent. And with the creation of the new ministry for investment, the country achieves double-digit growth rate. We are going to support the Ministry of Trade and Investment with that agenda.”

Speaking during the visit, the Minister of Trade and Investment, Mr Olusegun Aganga, commended the World Bank for its assistance to Nigeria. He pledged that the ministry would partner with the institution in its drive towards increasing the country’s inflow of Foreign Direct Investment, job creation and wealth generation.

“The World Bank has been supportive of the reform programmes of the current administration, especially in the power sector. We want to capitalise on having power by having Independent Power Producers work with us and having the bulk traders in between. We would not have been able to do this without the partial risk guarantee from the World Bank.

“However, there are other areas where we need to work together with the World Bank to increase the per Capita Income of the average Nigerian and positively impact the lives of the common people. This is critical in our resolve to tackle the problem of poverty and unemployment in Nigeria.

“The Ministry of Trade and Investment is ready to work together with the World Bank to achieve this objective. We are working out the modalities to unveil a new plan for Small and Medium Scale Enterprises for the next four years.

Source: Nation/ Franca Ochigbo