By Crusoe Osagie, 05.02.2006
Economy

Nigeria's economic profile among the world's emerging markets has recorded phenomenal growth in the past seven years, according to statistics released by the Chief Executive Officer of Economic Associates, Mr Ayo Teriba.

Speaking at the post-Annual General Meeting business luncheon of the Franco-Nigeria Chambers of Commerce and Industry (FNCCI) Teriba said the figures showed remarkable increases in Nigeria's economic prospects with respect to economic growth indices such as Gross Domestic Product (GDP), foreign reserve as well as commodity, crude oil and non-oil export growth indices.

Teriba, who spoke at the FNCCI luncheon in Lagos on the topic, "Nigeria Economic Outlook 2006: Roles of Cycles and Policies", stated that in terms of foreign reserves, Nigeria ranked after its debt payment 15th among the world's emerging markets with about $36 billion, ahead of countries like Israel, which has $27.9 billion, South Africa $18.6 billion, Egypt $20.9 billion and Philippines $15.8 billion, among others.

Nigeria was also ranked number nine by the Economic Associates statistics with a GDP growth rate of 6 percent, towering over strong developing economies like Brazil, which occupied the 26th position with GDP growth rate of one percent, Mexico occupying the 25th position with 3.3 percent growth rate and South Africa, which took the 19th position with a 4.9 percent growth rate.

Nigeria however trailed behind most of these countries when other economic growth indices were considered. For example, it has the highest interest rate regime among all these countries with an average interest rate of about 19.1 percent against an interest rate of 1.65 percent in Taiwan, 1.92 percent in Czech Republic, 2.25 percent in China, Malaysia 3.28 percent and Singapore 3.38 percent.

South Africa had its average interest rate standing at about 7.2 percent, Israel 5.22 percent, India 6.67 percent and Brazil 17.29 percent, among others.

In a another development, the new president of the Manufacturers Association of Nigeria (MAN), Alhaji Bashir Borodo, has pledged the support of the association to the President Olusegun Obasanjo administration, stating that its economic reforms have yielded tangible results evident in the rising foreign reserve.

The new MAN president who was elected last week after the association's Extra Ordinary General Meeting (EGM), which took place in their Lagos office, said that the association is in full support of the reforms of the present administration, which have yielded positive results.

"I wish to emphasise that the new leadership will remain partners with government at all levels," he said. "In this regard, the new leadership will continue to cooperate with the present administration under the leadership of president Olusegun Obasanjo and the economic team to ensure that the vision and mission of a better Nigeria project is realised, " he said.

if it's no trouble, we'd love to have the link to the web page you got this informative article from!

Nwoke, no problem . I got it from Thisday which is one of the few serious newspapers in Nigeria.

Here we go: http://www.thisdayonline.com/nview.php?id=47034

This is good news for Nigeria. I hope that Nigeria will continue to have good leaders and also president.

Jeez, am I pround of Nigeria,
I always knew we could spare Obj some trust. My fear now is that if Obj leaves, will this growth continue? Or will the new administration take advantage of the growing economy to satisfy their pockets? Or will they rather want to use some other inefficient way that will take us back to level Zero? These are the questions that all Nigerians should ask themselves. As we all know the saying that goes thus: Better off with the known devil than with the unknown (simingly) angel. For these reasons, I am convinced that there is absolutely nothing wrong with Obj's 3rd term because it is for a good course and not for self interest.

Thats my country!