Nigeria’s GDP ‘to hit $595bn’ by 2020

Nigeria is the 19th most attractive economy for investments flowing into the African continent, according to the latest Africa Investment Index 2016 by Quantum Global Lab.

According to the organisation, Nigeria attracted a net foreign direct investment of $3.1 billion in 2015.

Speaking at an investment summit, Mthuli Ncube, head of Quantum Global Research Lab, said Nigeria still has prospects despite the current economic challenges.

“Despite the current economic challenges, we are quite confident on the medium to long term market prospects,” he said.

“Nigeria has earmarked a significant amount of capital to develop critical infrastructure in the country and there are various opportunities for public-private collaboration providing investors’ return on their investments. We anticipate that investment in infrastructure will underpin the growth of the economy and meet the needs of a large Nigerian growth population.”

With a GDP of $415 billion, Nigeria is the biggest economy in Africa. The GDP is projected to grow to about $595 billion by 2020.

Ncube advised the government on the steps to take to grow the economy.

“The short to medium-term focus of the Nigerian government is to reduce imports and address primary sector blockages, such as roads, bridges, power, railway, aviation, water, housing, agriculture, education and health,” he said.

“Despite the current market volatility, Nigeria presents tremendous investment opportunities in these areas, which would not only support the local economy but also deliver significant yields to foreign investors.”