Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


GDP rebasing to attract investors to Nigeria

14 April 2014, 14:13

Washington-The World Bank has said the rebasing of Nigerian economy would attract more investors into the country.

Francisco Ferreira, World Bank Chief Economist, African region, made the remark in Washington on the sideline of the Spring Meeting of the International Monetary Fund and the World Bank.

The World Bank chief economist noted that Nigeria’s GDP, which placed the country as Africa’s largest economy, has exposed its investment potential to the world.

He added that the rebasing had exposed sectors where Nigeria’s economy recorded dynamic growth, stressing that such areas would attract more investment inflows.

He noted that apart from attracting investors, the rebasing would also expose those areas of the economy that had not witnessed astronomical growth.

Ferreira called for aggressive regional integration drive to drastically reduce cost among African countries.

He said that "a situation whereby different countries in the region pursue immigration and trade policies that hinder trade and movement is expensive and wasteful.’’

Earlier in his presentation on ``Sustaining Growth in Africa: State of the Africa Nation’’, the World Bank official said Africa had recorded about 20 years of resilient growth with per capita rates hovering around 2.4 percent in the last decade.

According to him, growth is investment-driven rather than consumption everywhere on the continent.

He noted that fast-growing non-resource rich economies generally have solid balance of payment profiles, pointing out however, that there was no room for complacency.

He added that growth was uneven across countries, adding that what he described as “growth spurt” was not recorded in 22 countries over the 1995-2012 period.

“Among the 22 fast growers are oil producing countries, including Nigeria, Equatorial Guinea, Angola, Sudan and Chad, while non-oil resource nations in the fast growers scale are Liberia, Mozambique, Tanzania, Botswana, Ghana, Namibia, Sierra Leone and Zambia.

"In the category of non-resource rich fast growers are Mauritius, Cape Verde, Uganda, Burkina Faso, Malawi, Rwanda, Lesotho, Ethiopia and Central African Republic.’’

-    NAN

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...