Nigeria: Country, Epicentre of Africa's Economic Growth - Atedo Peterside
6 March 2012
allAfrica.com - March 5, 2012
Leading market analysts and industry regulators have described Nigeria's economic growth rate as exceptional, in spite of its huge infrastructure deficit, at a time of slow growth across developing economies. Speaking at the 2012 Standard Bank West Africa Investors' Conference in Lagos stakeholders in the financial services industry said the prospects of the Nigerian economy as an investment haven have become brighter given the economic transformative agenda of the present government, especially its commitment to infrastructure development.
In his opening address, Atedo Peterside, Chairman, Stanbic IBTC Bank Plc, noted that Nigeria has entered a critical phase during which it will accelerate the realisation of its vast economic growth potential due to the firm mandate of President Goodluck Jonathan, as well as the sound pedigree of his economic management team.
"If we can achieve a 7.9 percent growth in 2011 with the existing low level infrastructure in an election year, you can imagine the growth level that will be achieved with the conclusion of the ambitious power sector reforms by the end of 2012. I am optimistic about Nigeria's economic growth because emerging markets and frontier investors are increasingly looking at the growth stories in African economies with interest, and Nigeria is at the epicentre of this growth story," he said.