[size=14pt]Nigerians optimistic about economic prospects[/size]
Global survey of national moods finds that eight out of 10 Nigerians say they are expecting a 'year of economic prosperity'
Rupert Neate
The Guardian, Saturday 24 December 2011

The global economy may be on the verge of meltdown, but Nigerians aren't worried. A global survey of nations' economic optimism has found Nigerians are the most optimistic for the year ahead.

Nigeria, which has been plagued by corruption and languishes in 156th place out of 187 countries in the UN's Human Development Index, topped the Gallup survey of 51 countries' economic optimism.

More than eight out of 10 Nigerians said they were expecting a "year of economic prosperity" in 2012. Just 6% of those surveyed for the annual "global barometer of hope and despair" believe the year ahead will be plagued with "economic difficulty", compared to 81% of French people.

Nigeria's economy, which is largely fulled by oil exports, is expected to climb to $400bn (£256.14bn) by 2016 from $268bn this year, according to International Monetary Fund (IMF) projections. (The UK's economy is worth £1.5tn).

Economists at Morgan Stanley believe Nigeria's gross domestic product (GDP) will probably overtake South Africa's GDP to become Africa's powerhouse by 2025. And PricewaterhouseCoopers forecasts that Nigeria will leapfrog Australia to become one of the world's 20 biggest economies by 2050.

"The sources of output growth are broadening and accelerating, retail trade is vibrant and its financial markets are deepening," Morgan Stanley's Africa economists said in a note earlier this year. "The economy is on a growth charge."

"Nigeria has slowly been coming up and has finally taken over from Russia and South Africa," Richard Sandock, a World Bank official said earlier this month.

The country's population is growing at such a rate that it is expected to become the fourth most populous nation by 2015.

Nigeria's minimum wage more than doubled to 18,000 naira (£70) a month before elections in April after remaining unchanged at about 7,500 naira since 2000.

Nigeria's president Goodluck Jonathan has pledged to reduce the country's deficit to 2.7% of GDP next year from 3.6% in 2011. In comparison the UK's deficit stands at 11.7% of GDP.

Earlier this week, Christine Lagarde, managing director of the IMF, praised Nigeria's creation of a $1bn sovereign wealth fund to manage its oil wealth. She warned that the country could face severe hardship if price of oil drops. Oil accounts for more than 80% of Nigeria state revenues and more than 95% of export income.

"Promoting a more diversified economy will help Nigeria better withstand shocks. It will also provide for more broad-based growth, with opportunities and jobs for the entire population," she said during a speech in Abuja, Nigeria's capital.

"I was extremely impressed with , the energy and pace at which he [Goodluck] wants to transform the economy, create jobs and focus on agriculture."

Olusegun Aganga, Nigeria's finance minister, has said international investors are fighting to enter the country.

"There's no week that I don't see two, three, four major investors from other parts of the world. Brazil, Germany even China, all these other countries. All of them wanting to come and invest in the country," the former managing editor at Goldman Sachs said.

Last month, Jonathan sacked the head of the country's anti-corruption agency, the Economic and Financial Crimes Commission, to "revitalise the fight against corruption". Nigeria has been plagued by allegations that its wealth has been used for corrupt purposes since the oil boom of the 1970s.

http://www.guardian.co.uk/world/2011/dec/24/nigerians-optimistic-about-economic-prospects?newsfeed=true

Where are those scumbags who don't want to hear anything positive about Nigeria? Fallout! My sympathy to those who miss 2050!