London – Nigeria’s economy  in spite of its current debt to GDP ratio of 20 per cent will  grow by more than 7 per cent in 2012, Dr Dalhatu Tafida, has said.

Tafida, Nigeria’s High Commissioner to the UK, made the statement while briefing the Business Council for Africa (BCA) on doing business in Nigeria in London on Wednesday.

He said although the debt profile was still below the threshold of 60 per cent, it would not be a disincentive to domestic savings and capital expenditure.

The envoy said the government was determined to bring down the  figure in the next three years.

“If current trends continue and the lid on inflation is maintained, the economy should grow above 7  per cent in 2012.’’

Tafida said the non-oil sector of the economy remained the major growth driver in spite of the fact that  Nigeria’s current crude oil production level had  reached an all time high of 2.6 million barrels per day.

Tafidaexplained that the main focus of the transformational agenda of government was on trade and investment.

He said the focus  was based on the conviction that the  economy must consolidate its diversification from oil and gas into agric-business, services and manufacturing value-addition.

Tafidaalso said that emphasis would continue to be placed on three critical sectors of agriculture, mining, oil and gas, which were specific areas of competitive and comparative advantage for Nigeria.

“These sectors offer immense opportunities for the BCA to energise its relations with Nigeria in tandem with the new orientation and emphasis of the Federal Government.’’

Earlier, Mr Clive Carpenter, Vice-Chairman of the Council, said the objectives of the council were  to encourage better business in Africa for the benefit of members and sustainable economic development of countries concerned.

He said  others included the promotion of networking opportunities for members, drawing together offshore businessmen, their counterparts in West, Central and Southern Africa.

Established in 1956, BCAis made up of a group of more than 400 companies and entrepreneurs having interests in West and Southern Africa.  (NAN)