Nigeria may become world’s 14th fastest growing economy – Buhari

President Muhammadu Buhari has announced that Nigeria is on course to take its rightful place in the global economy.

He said a report by PriceWaterhouseCoopers shows that Nigeria could become World’s 14th fastest growing economy in the next 28 years.

He added that Nigeria with a population of 200 million, already has the largest economy in Africa with over $400 billion in Gross Domestic Product (GDP).

The President spoke at the Nigeria International Economic Partnership Forum, one of the sidelines of the United Nations General Assembly (UNGA) in New York, the United States yesterday.

His words: “According to PriceWaterhouseCoopers, Nigeria could be the fastest growing African economy by 2050, and could move up the global GDP ratings to 14th in the same year, provided we succeed in our efforts to diversify Nigeria’s economy away from oil and strengthen its institutions and infrastructure.

“The International Monetary Fund (IMF) projects global growth to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023.

“For our economy, we recorded quarterly GDP growth in Q1 2022. The growth has been mostly driven by the non-oil sector, giving credence to the revenue source diversification agenda of the government.

“The agricultural sector, our most important, has remained resilient despite security concerns, low irrigation, limited inputs, and legacy infrastructure challenges, with strong food demand bolstering growth.

“Growth in manufacturing reflected stronger household and business consumption on account of the reopening of economic activities and improvement in supply chains.”

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