By 2020 Nigeria will be one of the 20 largest economies in the world, able to consolidate its leadership role in Africa and establish itself as a significant player in the global economic and political arena.
Concept Nigeria’s economic potential is well recognized. It is the biggest economy in the West African sub region. Given the country’s considerable resource endowment and coastal location there is potential for strong growth.
Yet, Nigeria has realized very little of this potential. Previous efforts at planning and visioning were not sustained.
The history of economic stagnation, declining welfare and social instability, has undermined development for most of the past 30 years.
But in recent years, Nigeria has been experiencing a growth turnaround and conditions seem right for launching onto a path of sustained and rapid growth, justifying its ranking amongst the N11 countries.
These are the countries identified by Goldman Sachs to have the potential for attaining global competitiveness based on their economic and demographic settings and the foundation for reforms already laid.
The previous administration had declared the intention to pursue the vision of placing Nigeria among the 20 largest economies in the world by 2020 and the current administration is committed to the attainment of this vision.