The Nigerian Economic Summit Group, NESG, has said Nigeria cannot realise its goal of becoming one of the largest 20 economies in the world by the 2020.
Director General of NESG, Mr Frank Nweke Jnr, said the achievement would go to Saudi Arabia.
Nweke made the observation while presenting the 2012 Nigerian Economic Scorecard at the 18th Nigerian Economic Summit in Abuja.
The Vision 20:2020 is aimed at making Nigeria one of the top 20 economies by year 2020.
He said:“Based on our projections, using the IMF World Economic Outlook database, our findings are that: Saudi Arabia will be the 20th largest economy in the world by 2020, with a Gross Domestic Product (GDP) of $1.2 trillion in Purchasing Power Parity (PPP).
“Nigeria, on the other hand would be the 27th largest economy in the world by 2020, with a GDP of US$864 billion in PPP; falling short of being the 20th largest economy by a GDP of US$316 billion.”
He said that Nigeria needed $730 billion to close the gap to become the 20th largest economy by 2020. According to him, this is calculated as the difference between the GDP of the 20th largest economy in 2020,which is Saudi Arabia and Nigeria’s current GDP in 2012 estimated by the IMF as $450 billion in PPP.
“Otherwise, Nigeria could become the 20th largest economy by 2035, cetetris paribus.”
He said only an accelerated pace of economic growth and reforms could shorten the time frame for the country.
Nweke noted: “For instance, there is a need for substantive reforms to ensure local oil refining capacity within the economy. Beyond the need to ensure oil refining capacity in Nigeria, we find a compelling need to diversify a way from the mono-productive oil base.”
In his comment, Dr Shamsuddeen Usman, Minister of National Planning Commission, said the vision was not a prediction but an inspirational roadmap through which Nigeria could become one of the 20 top economies by year 2020.
Usman said Nigeria was the 37th economy in the world when the Federal Government initiated the vision document in 1999 but “Nigeria is now ranked 31st economy in the world.”
He said the country’s present rank was based on the concerted efforts by the Federal Government to provide good governance, improve infrastructure and human capital development.
Mr Foluso Phillips, chairman of NESG, urged the Federal Government to come up with national projects that would engage massive population, adding that projects such as the integrated rail system and infrastructure would provide massive employment to the people.
Courtesy Vanguard
No comments:
Post a Comment