By PROVIDENCE OBUH
THE Nigerian Economic Summit Group said its forthcoming summit will be used to reinforce the need for “Attracting Foreign Direct Investment through Global Partnerships.”

In a joint statement announcing the summit, Director General of the NESG, Mr. Frank Nweke Jr and the Honorable Minister for National Planning Commission NPC, Dr Shamsuddeen Usman said “This gathering will provide a window for investors to leverage business opportunities which abound as a result of the infrastructure deficits in electric power, roads, rail, aviation, ICT and a strong commitment by the President Goodluck Jonathan administration to carry through ongoing reforms across all sectors of the national economy including financial services, solid minerals and agricultural sectors.”

The group explained that the objective of the summit is to present the abundant possibilities within Nigeria’s economic system and the opportunities that exist to forge global partnerships between local and foreign investors. Alongside, will be the private sector players, ready to encourage and or consummate deals by presenting opportunities for which partnerships will serve as the structure for execution.

Usman said the Summit will agree what policy changes will attract strong global currencies, what actions will make people leave their country to make things happen in ours, what opportunities will be too difficult to ignore, what incentives will attract the right technology and skills; what changes will work for our mutual benefit and what disincentives must be expunged from our economic system.

Reinforcing the important need for global business, Director General, NESG, Mr. Frank Nweke Jr said in 2007, Jim O’Neil and his colleagues at Goldman Sachs identified the Next 11, a group of countries including Nigeria, Mexico, turkey, Philippines, Iran, Indonesia, Vietnam, Egypt, Bangladesh and Pakistan, with large populations, fast and growing markets, rising incomes and economic activities with potential to have BRICs-like impact on the global economy.

The contribution of N-11 to incremental demand was projected to exceed the G7 in 2033 and to double it by 2050 according to the Goldman Sachs study.

Nweke said Nigeria is one of such countries and projected to become one of the 20 largest economies by 2025 and one of the 10 largest by 2050, ahead of France, Canada, Italy and Korea if like other N-11 countries it stays on the path of reforms and transforms its economic system.

“Jeffrey Sachs as recent as May 2011 expressed the view that Nigeria may join the BRICs within 10years given recent growth performance”.

Quoting the international monetary fund, he said the IMF had forecast a 5.9 percent GDP growth for Nigeria in 2011 but September figures from Nigeria’s national bureau of statistics reported an amazing 7.3 percent GDP growth rate for the third quarter of 2011.

He noted that there is evidence that in spite of the impact of the global crisis on the advanced economies, growth in the N -11 have remained strong and companies in the developed world which  managed any positive growth since the crisis are those with in-roads and presence  in emerging economies, including Nigeria.