By Layi Adeloye

The World Bank has predicted that the Nigerian economy will grow at a double-digit rate in 2011 and beyond with the country’s new focus on investment.

The bank’s Country Director for Nigeria, Mr. Onno Ruhl, said this during a courtesy visit to the Minister of Trade and Investment, Mr. Olusegun Aganga, in Abuja on Friday.

Ruhl, according to a statement by the ministry on Monday, said that in spite of the lull in economic growth triggered by the global economic crisis, the Nigerian economy had the potential to grow at double-digit rate. He said that with the creation of a new ministry to take charge of trade and investment, the country was on the right track towards achieving its objective of becoming one of the 20 leading economies by the year 2020.

He said, “The ongoing global economic crisis essentially means that not many economies are growing fast. But the Nigerian economy is still growing fast. However, 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 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 can achieve double-digit growth rate. We are going to support the Ministry of Trade and Investment with that agenda,” Ruhl added.

Aganga commended the bank for its assistance to Nigeria and pledged that the ministry would collaborate with it to increase the country’s inflow of Foreign Direct Investment, create jobs and generate wealth.

Aganga said, “The World Bank has been supportive of the reform programme 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.”

Source: Punch