Nigeria could rank 12th most industrialized countries in the world if the country invest in infrastructure and diversify the economy, according to Philip Walker, Regional Manager, the Economist Intelligence Unit.
“Nigeria’s ability to diversify the economy will see regional trade spike and that is good for the economy,” said Walker. Pragmatic reforms could get Nigeria to the previous figure”
The country’s economic growth that has slowed to 2.14 percent as the third quarter of 2015 could rebound to 6.8 percent previously held in 2014 on the back of policy flexibility and positive reforms, according to most participants at the Economist Event, held in Lagos
Aside the fall in oil price by more than 60 percent to $40, a major stumbling block to industrializing the country is lack of electricity from the grid. This has forced many manufacturers to close shop and the few surviving ones have to rely on diesel oil, a more expensive source of energy.
Further analysis by Walker showed the more Africa’s largest oil producer invest in infrastructure, it will be ranked 26th by 2020, 21st by 2030, and 18th by 2040 top 50 most industrialized countries in the world.
Manufacturing contracted by 3.8 percent in the third quarter of 2015, after a 14 percent expansion a year earlier.
“There is a correlation between power and industrialization,” said Okechukwu Enelamah minster of industry trade and investment.
“Nigeria is too strategic not to bridge infrastructure deficits,” said Enelamah
Participants at the event beckoned that there are positive prognoses as the divided of democracy, improved governance, favorable demographics, rise in technology and will push Nigeria on a regional global scale.
“However, a rising population means the government will have to create a million jobs every year, said Walker.