News
World Bank Ranks Nigeria Africa’s Largest Economy
- Nigeria Ranked Africa’s Biggest Economy by World Bank
- The Ranking Was Arrived at &sing NIgeria’s Current GDP
- Diop said Nigeria is not receiving as much foreign investment as it should,
The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria is still the largest economy in Africa based on Gross Domestic Product (GDP), despite challenges in its private sector.
- EDITOR’S PICK
- 2025: A Glimmer of Hope Nigeria?
- Trapped in Fear Nigerians Cry Out Over Deportation Policy
- Opeifa: The Railway Man
Speaking at an event in Abuja on Thursday, Dr. Diop said Nigeria is not receiving as much foreign investment as it should, especially when compared to countries like Indonesia and South Africa. However, he emphasized that Nigeria still holds its position as Africa’s biggest economy.
He mentioned that a new report, set to be released soon, will explain how private sector challenges affect economic growth. He believes that if these challenges are addressed, Nigeria’s economy will grow even more.
Dr. Diop praised Nigeria’s recent economic reforms, such as exchange rate adjustments and better access to foreign currency, saying they have improved conditions for investment.
He identified four key sectors that could attract large investments and create many jobs if proper reforms are made:
1. Information and Communication Technology (ICT): With the right changes, this sector could attract $4 billion in investment and create over 200,000 jobs. However, high and unpredictable fees for broadband expansion are a major problem. Fixing these issues would help improve internet access.
World Bank
2. Agribusiness: Changes in this sector could bring in $6 billion in investment and create over 275,000 jobs.
3. Solar Energy: The solar industry has the potential for $8.5 billion in investment and could create more than 129,000 jobs.
4. Pharmaceutical Industry: This sector could attract $1.6 billion and create between 30,000 and 40,000 jobs.
- FURTHER READING
- Albinism Community Urges Action as Skin Cancer Cases Surge
- FG Extends palliative programme to Support Students, DCT Residents
- Adiyan Water Works Project 80% Completion Excites Sanwo-Olu
Dr. Diop noted that the Nigerian government is aware of these challenges and is making progress with the help of the World Bank.
Click Here For Video of The Week
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
