By Joseph Erunke
ABUJA– FOREMOST economist, Bismarck Rewane, has said for Nigeria to attain $1.5trn Gross Domestic Product, GDP, by 2030,it needs to attract both domestic and international capital to achieve a gross domestic product level.
Rewane, who is the Chief Executive Officer of Financial Derivatives Company Limited, said achieving this level will lead to an accelerated, sustainable and inclusive growth for the country.
Speaking Monday, in Abuja, at a public lecture to mark the 64th birthday of Vice President Yemi Osinbajo, Rewane noted that “Nigeria has the largest GDP in Africa with $446.543bn growth.”
The lecture, tagged:”Building the Future of Nigeria through Enterprise and Innovation,” was organised by a Pan-Nigerian coalition under the aegis of Building the Future Forum,BTFF,in honour of the vice president.
He said: “We have our work cut out for us and if we are going to achieve accelerated, sustainable and inclusive growth, we need to attract domestic and international capital with its attendant investment multiplier to achieve a GDP level of $1.5trn by 2030 when our population could be 250mn or more.
“We need to grow the economy at least at 7-8 per cent a year for 5-10 years based on an investment-led strategy. If we fail to do this very soon, the problems of multidimensional poverty, debt, and insecurity may consume us in the next decade.”
According to him, much work needed to be done despite Nigeria making remarkable achievements in the ease of doing business matrix.
Speaking on stolen assets, he said it was necessary to recover stolen assets but it is not sufficient to solve Nigeria’s management problems.
“Nigeria today has made remarkable achievements in the ease of doing business matrix. Nigeria is the leading country according to the Economist Pocket Book of Figures with 39.9% of its citizens either as nascent or direct entrepreneurs.
“The issue however is not whether Nigeria has made some achievements and successes, but compared to its potential, Nigeria is still a laggard in many respects,” he said.
Rewane said the nation needs the intellectual depth of academics like Prof Osinbajo and people in public life who have candour like him who can make the private sector feel at ease in the policy-making community.
“We need the intellectual depth of academics like Prof Yemi. We need Godfearing clerics like Professor Oluleke. We need people in public life who have candor like Prof Osinbajo and more than anything else, we need people like him who can make the private sector feel at ease in the policy-making community,” he added.
Personalities in attendance include:Aregbesola, Fashola, UAE Ambassador to Nigeria, a representative of d Dantata family, Saad Dantata, Gov Sule of Nassarawa, Xhaurman of Nigerian Governors’ Forum, Gov k Fayemi, former Minister of State for Trade & Investment, Hajia Aisha Abubakar, ex- Sports Minister Dalung.