Nigeria’s Economy Set to Grow by 10%

At a time when most economic news tends to be doom and gloom about jobs (or lack thereof!), unemployment, poor housing and stock markets….some good economic news from west Africa – Nigeria precisely.

Nigeria’s economy is predicted to record 10% (yes TEN PERCENT) growth by the end of 2011 or early 2012 – at a time when the world is still reeling from the worst recession in living memory. The Nigerian economy grew by more than 7% in the first half of 2010.

Nigeria’s Finance Minister Olusegun Aganga (a former Managing Director at Goldman Sachs) claims that he is being contacted by investors across the world. He said:

“There’s no week that I don’t see two, three, four major investors from other parts of the world. Brazil, Germany even China, all these other countries. All of them bringing or wanting to come and invest in the country”.

Nice to hear some good news from Africa. This is the sort of coverage I want to see – and less about civil wars, diseased kids and poverty.


4 responses

  1. How can the the minister say such without credible analysis,:power/energy supply is a failure,roads are in worst shape,poverty ravage the masses in the mist of abundant resources
    as for the foreign investors,china etc,they are only interested in exploiting our opportunity without regard to our well
    being.It is high time we stop deceiving ourself in this country of ours.

  2. Anybody who doesn’t know how government works would easily believe what the minister said. I am sure he doesn’t know the pains Nigerians feel daily. Imagine the president of Nigeria moving with about 50 cars – Road Safety, VIO, Civil Defence, Police, Army, etc, as escort. Do you know how much would be put in to maintain this crowd? The same goes for other top government officials. The economy will grow, no doubt, but who benefits is another thing entirely. It is pathetic that we suffer and yet smile, saying all is well or there is hope.

  3. Does this 10% rise pertain to oil in the Niger Delta? What is the basis of this prediction? I mean, it is not like everywhere you look in Nigeria there is oil. Hope everyone agrees with me.

  4. economy this, economy that…. well, I do believe I’ve discovered the solution (the problem).

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