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Nigeria to benefit from global economic trends - Institute

29 May 2014, 15:24

Abuja - The McKinsey Global Institute (MGI), an international economic and business concern, said that Nigeria was endowed and strategically positioned to benefit from global economic trends.

The institute made the disclosure in its report titled “Nigeria’s Renewal: Delivering Inclusive Growth in Africa’s Largest Economy” released on Wednesday in Abuja.

The report said Nigeria had an estimated 17 million citizens living overseas, whose remittances back home accounted for about 10 per cent of its Gross Domestic Product (GDP).

It said that the country, with an ocean port, had a strategic location which allowed it access other developing economies of the world.

According to the institute, Nigeria has a global megacity, a young and growing population and a tradition of entrepreneurism and a much stronger fiscal position than many other economies in Africa.

It stated that about 21 per cent of individuals in the country run their own businesses, adding that 81 per cent of the people had embraced entrepreneurship as desirable career choice.

“Nigeria’s size provides a domestic market that is large enough to draw international attention and investment,” the institute added.

It noted that Lagos was one of the only two coastal megacities in Africa with favourable location for trade, tourism and industry.

Nigeria could derive greater benefits from the coastal location of Lagos by reforming port operations and streamlining customs processes, it suggested.

It stated that the country had the ninth largest workforce in the world, adding that by 2030, the number of its citizens of working age would be 50 per cent higher than it currently was.

-    NAN

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