Okonjo-Iweala states recipe for Nigeria’s economic growth

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okonjoThe  rebasing of the nation’s Gross Domestic Product (GDP) and fast growth are two factors needed for Nigeria to be the largest growing economy in Africa, Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala has said.

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“Nigeria is already seen as a hub. Our banks are present in almost all West African countries. We must strengthen sectorial development, but at the end, we don’t just need growth for growth sake, but we need growth to deliver,” she said.

Addressing the conference via a pre-recorded video presentation, she commended FBN Capital for providing the investor forum adding that the government’s objective was to ensure Nigeria’s growth was sustainable, with the capacity to create jobs.

Also speaking at the conference, Minister of Trade and Investment, Olusegun Aganga, said the government had started an extensive reform oriented transformation process which cut across the agricultural, power, fiscal, industrial banking, oil and gas sectors, among others.

“We need to focus on areas where we need to be competitive to attract the venture capital private sector players to acquire affordable finance for the economy to grow,” he said.

Also, the Managing Director, First Bank of Nigeria (FBN) Capital, Mr Kayode Akinkugbe said that the convention of strategic investor conferences would accelerate ongoing efforts geared towards enhancing national economic growth and development.

He stated this while welcoming participants to the company’s 3rd Annual Investor Conference with the theme: ‘Tomorrow’s Nigeria through Economic Empowerment.’

He said: “There is a need to create a conducive environment for key policy makers, foreign and local investors as well as the government, to interact and draw out plans on how we can develop and help create sustainable growth for the Nigerian economy.”

According to him, FBN Capital had over the last three years sustained the conversation on how Nigeria could attain its quest to emerge as one of the world’s leading economies through its investor conference initiative.

“Last year, the theme of our conference was Catalysts for Growth: A pragmatic Approach. The objective was to identify the enabling factors and specific practical actionable initiatives that are necessary in order to boost Nigeria’s growth,” he said.

“It is encouraging to see the signs of progress with some of the initiatives to reforms sectors considered to be key enablers, such as the power sector,” he added.

Noting that Nigeria was increasingly becoming a much more attractive destination for local and foreign investors, Akinkugbe said there was still the need for discussions around what it would take to move the nation from a frontier to a growth market.

“It is heartening to see the development in the power sector, because the power sector is the key enabler of the economy,” he said.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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