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
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
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
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.’’ -
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