From Okwe Obi, Abuja
An Economist and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has said Nigeria needs to attract both domestic and international capital to achieve a gross domestic product level of $1.5 trillion by 2030 when the country’s population would be 250 million approximately.
Rewane, who is a member of the Presidential Enabling Business Environment Council (PEBEC) initiatives, noted that it will lead to an accelerated, sustainable and inclusive growth for the country.
Nigeria has the largest GDP in Africa with $446.543 billion.
He spoke at a public lecture to mark the 64th birthday of the Vice President, Prof Yemi Osinbajo, on Monday in Abuja.
The lecturer entitled: “Building the Future of Nigeria through Enterprise and Innovation” as its theme, was organised by a coalition, Building the Future Forum (BTFF) in honour of the Vice President.
He said that the country needs to grow the economy at seven to eight per cent a year for the next five to ten years based on an investment-led strategy.
Rewane warned that if we fail to do this very soon, the problems of multi-dimensional poverty, debt and insecurity may consume us in the next decade.
‘We have our work cut out for us and if we are going to achieve accelerated, sustainable and inclusive growth, we need to attract domestic and international capital with its attendant investment multiplier to achieve a GDP level of $1.5 trillion by 2030 when our population could be 250 million or more,’ he said.
‘We need to grow the economy at least at 7-8 per cent a year for 5-10 years based on an investment-led strategy. If we fail to do this very soon, the problems of multidimensional poverty, debt, and insecurity may consume us in the next
The financial analyst said that much work needed to be done despite Nigeria making remarkable achievements in the ease of doing business matrix,
According to him, Nigeria is the leading country according to the Economist Pocket Book of figures with 39.9 per cent of its citizens either as nascent or direct entrepreneurs.
On key accomplishment as a nation, Rewane said the issue was not whether Nigeria has made some achievements and successes, but compared to its potential, Nigeria is still a laggard in many respects.
Rewane, while speaking on stolen assets, said it is necessary to recover stolen assets but it is not sufficient to solve Nigeria’s management problems.
‘Nigeria today has made remarkable achievements in the ease of doing business matrix. Nigeria is the leading country according to the Economist Pocket Book of Figures with 39.9% of its citizens either as nascent or direct entrepreneurs.
‘The issue however is not whether Nigeria has made some achievements and successes, but compared to its potential, Nigeria is still a laggard in many respects.’
Rewane said the country needs the intellectual depth of academics like Prof Osinbajo and people in public life who have candour like him who can make the private sector feel at ease in the policy-making community.
‘We need the intellectual depth of academics like Prof Yemi. We need Godfearing clerics like Professor Oluleke. We need people in public life who have candour like Prof Osinbajo and more than anything else, we need people like him who can make the private sector feel at ease in the policy-making community,’ he added.
At the event, Minister of Interior and former Governor of Osun State Rauf Aregbesola noted that Nigerians are very industrious people but lack the ability to generate enough output that would boost the country’s economic fortunes.
According to the minister, Nigerians are not in any way lazy, saying that they go about their jobs with diligence and dedication.
Despite their dedication, the minister lamented that the level of productivity of Nigerians was too low to salvage the country from the grips of poverty.
He made a comparison between a farmer in Nigeria who cultivates a hectare of land and another in China who cultivates the same one hectare of land, saying while that of Nigeria gets fewer yields despite all factors being in his favour, the Chinese farmer may end up getting better yields at the end of the exercise.
‘Do not get me wrong, Nigerians are very hardworking and industrious but when you look at the output compared to the efforts they put into their work is very very low, such kind of things cannot navigate the country out of poverty,’ he stated.
Aregbesola also extolled women on the occasion of commemorating International Women’s Day, insisting that women are much more goal-oriented than men.
He said women are less prone to crime and anti-social vices in society, stressing that during his administration as Osun State governor, women appointed into sensitive offices delivered better results.
Osinbajo, who addressed the gathering virtually, commended the organisers for the honour.
The event was attended by Aregbesola, Minister of Works and Housing Babatunde Fashola, Governor Abdullahi Sule of Nasarawa State, Chairman of Nigerian Governors’ Forum and Ekiti State Governor Kayode Fayemi,
Others in attendance were the United Arab Emirates Ambassador to Nigeria, a representative of the Dantata family Saad Dantata, former Minister of State for Trade & Investment Hajia Aisha Abubakar and ex-Sports Minister Solomon Dalung.