The Nigeria's Consul-General in Georgia State and its environs, Ambassador Geoffrey Teneilabe, has disclosed that the country's economy is expected to grow from its current level of about $400 Billion GDP to $900 Billion GDP with income per capital to about $4,000 by year 2020.

Making this known yesterday during the just-concluded Nigerian Conference on Investment and Health held at the Atlanta World Trade Center, Ambassador Teneilabe said that Nigeria's economic fundamentals were sound and encouraging as a result of the Transformation Agenda that the federal government had embarked on.

He pressed further that the framework known as the Vision 2020 that the Nigerian government has put in place was a futuristic plan of action by which the country is expected to transform from its current position as the 39th biggest economy in the world to the 20th biggest by the year 2020.

His words: "By this Vision, the economy is expected to grow from its level of about $400bn GDP to $900bn GDP and income per capital to $4,000. Concomitantly, the federal government has also embarked on the Transformation Agenda, while the Foreign Policy objective is Economic Diplomacy.

"The result is that Nigeria's economic fundamentals today are sound and very encouraging, explaining why Nigerian bonds are always over-subscribed on the international market due to the level of confidence. With GDP growth rate of over 6.5%, Nigeria is among the ten fastest growing economies in the world"

Ambassador Teneilabe continued that Nigeria, along with Mexico, Indonesia, Turkey of emerging economies under the new acronym of MINT, was expected to make economic impact on the global stage as the economic growth of the BRICC countries comprising Brazil, Russia, India and China starts to wane.

Speaking further, the Ambassador said: "The greatest asset of any nation is its human capital. Pursuant to this, it is noteworthy that the Nigerian Diaspora world-wide remitted a recorded sum of $21.96 Billion to Nigeria in 2012 and over $2 Billion of this sum was from the United States alone. This sum is next to oil and gas in terms of earning by the Nigerian state and contrasts sharply with the sum of $7.3 billion which Nigeria attracted as Foreign Direct Investment during the same period, although that amount is the highest FDI in-flow for any country in Africa"

Briefing participants during the gala night held at the Comfort Inn, Atlanta, Minister for the Federal capital territory (FCT), Senator Bala Mohammed, urged Nigerians in the United States to take it as a responsibility to invite their foreign counterparts to invest in Nigeria.

The Minister who was represented by his Senior Special Assistant, Chief Emmanuel Awodu, said that the federal government had made security its primary priority in order to ensure that foreign and local investors move freely in Abuja without any fear of being killed or kidnapped.
http://leadership.ng/news/020913/nigerias-economy-rise-900-billion-gdp-2020

CFCfan: According to wikipedia, Nigeria's 'true' GDP is around $600bn

manny4life:

Which wiki source abeg? Even Nigeria's Norminal GDP no reach $600 billion, even after NBS rebase our GDP, still no where that amount...