Nigeria will be a part of top 20 economies in the world — Expert

By Joshua Elekwachi, Abuja

A financial expert, Salisu Na’inna Dambatta has said Nigeria’s drive of becoming a part of the 20 biggest economies in the world is gradually becoming a reality.

In a chat with Nigerian NewsDirect, he explained that the Nigeria’s economy reportedly grew in size from a GDP worth $404 billion in 2016 to a hefty $505 billion in 2020 under the watch of the President Muhammadu Buhari-led administration,

He said this has made the country’s march to join the rank of the biggest 20 economies in the world tilt towards reality, stressing that the country is currently rated as the 26th in global ranking.

He said the optimism external analysts expressed was borne out of the impact of the several actions taken and decisions implemented by the Buhari-led administration to return the economy to its familiar terrain of growth that improves the wellbeing of more Nigerians.

According to him, “For instance, the country implemented reforms that eased the process of registering and doing business in the country, the consequence of which moved Nigeria from the 62nd position to 30th in the global ease of doing business ranking.

“After making it easier for local and foreign investors to get approvals for business activities, investors rushed in to cash on the country’s large market and vast tradable commodities and services. The Nigerian market is dynamic that seems even bottomless in its rapaciousness to absorb goods and services.

“All legitimate foreign investments in the country enjoy layers of protection, unmatchable high returns on the African continent and other incentives.

“These factors have engendered confidence and heightened appetite in investing in the country, even in the face of the resurging COVID-19 pandemic in most of the world.”