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Business > Economy
IDB rates Nigeria as 3rd fastest economy
By Victor Iluyemi
April 11, 2012 17:48:44pm GMT
Nigeria oil and gas facility

Abuja (WorldStage Newsonline)-- The Islamic Development Bank has rated the Nigeria as the third fastest economy in the world with the GDP of 7.68 per cent. The two countries ahead of Nigeria according to IDB rating are Mongolia (14.9 per cent) and China (8.4 per cent)

Minister of state, finance, Yerima Ngama disclosed this on Wednesday at the weekly Federal Executive Council (FEC) meeting during his presentation on the outcome of the last (37th) meeting of the Islamic Development Bank (IDB).

According to Ngama, IDB places Nigeria among the middle income countries.

He told newsmen that the rating was a significant development as it shows growing investors' confidence in Nigeria, and indicative of Nigeria being on track to achieving Vision 2020 in the next eight years, with Nigeria among the top 20 economy in the world by then.

“This is even more so as, according to projections of the IDB which has 56 member countries, Nigeria's competitors are not moving at a faster rate, meaning that Nigeria is soon to become the fastest growing economy in the world,” he said.

“Today in council, I presented a report on the presentation made at the 37th annual general meeting of the Islamic Development Bank, IDB. The bank has 56 member countries and at annual general meeting, each country is expected to present a report on the economic development in the country. The aim is to educate ourselves about what is happening in our countries. In the case of Nigeria, our report was actually the best. For the year, for the quarter which ended on 31stDecember, 2011, only about 46 countries have actually submitted their data and Nigeria was 3rd in terms of GDP growth. We recorded a GDP growth of 7.68 percent in real terms and this is largely due to growth in the none oil sector.

“The previous year, 2010, the GDP growth was 8.4 percent but last year, it dropped to 7.68 percent because we had a negative growth in the oil sector. So, it means that the none oil sector is actually resilient and strong enough to carry the economy forward with or without the oil sector.

“This actually placed us as the 3rd fastest growing economy in the world, the first being Mongolia with 14. 9 percent real growth rate, then China with 8.4 Percent real GDP growth rate followed by Nigeria with 7.68 percent.

“ But the more important story out of it is that as a nation, we have our vision 202020 we have the objective of having one of the world strongest economy by the year 202020. All the other countries apart from China that are ahead of Nigeria are growing at a slower rate than Nigeria. When those ahead of you are growing slower, it means that in the next 8 years, we will achieve our objective of being one of the strongest economies in the world. As at last December, our total GDP was more that N10 trillion and that is a growth that is unprecedented despite our challenges,” he said.

He further added, “We are lucky to get a board seat in the Islamic Corporation for the Development of the private sector which is like the private sector arm of the IDB and Nigeria will be representing Africa on that board. This mean most of our private sector will benefit from their finances.”

On the impact of the rating on the Nigerian masses, he said “actually standard of living has improved in Nigeria as a result of this growth, as at December, 2011, our income per capita grew from 1200 Dollars to 1400 U.S. DOLLARS and this actually moved us from low income countries to Middle Lower income countries per world bank classification.”

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