Nigeria may miss Vision 20: 2020 target, says NESG
• Jonathan seeks transparency in oil sector
Nigeria may miss the primary target of being one of the world’s top 20 economies by 2020 unless it significantly accelerated reforms and pace of economic growth to cover a whooping gap of about $730 billion.
This was one of the highpoints of the Nigerian Economic Score Card presented yesterday at the ongoing Nigeria Economic Summit (NES) in Abuja by the Director-General, Nigerian Economic Summit Group (NESG), Mr Frank Nweke Jr.
Minister of National Planning, Dr. Shamsuddeen Usman, however, said the Vision 20: 2020 was not a prediction but an inspirational roadmap towards attaining improvement in Nigerian economy.
According to him, irrespective of Nigeria’s position by 2020, substantial progress would have been made by 2020 given ongoing reforms.
After extensive review of the economic achievements, reports, goals and global and domestic scenarios, Nweke said Saudi Arabia would likely beat Nigeria to become the 20th largest economy in the world by 2020, with a GDP of US$1.2 trillion in purchasing power parity (PPP).
Also, President Goodluck Jonathan yesterday vowed to ensure transparency and accountability in the oil sector and prosecute those involve in the oil theft.
Deregulation, he said, must be followed with views of Nigerians.
Jonathan, who was represented by the Vice-President Namadi Sambo at the 18th Nigerian Economic Summit in Abuja, said: “We must deregulate totally. This is the best answer. We believe that Nigerians will come to realise what we mean by deregulation. We are not in the right economic position. And the best way is to open up and deregulate the oil and gas sector. The blueprint and the transformation agenda of Vision 20: 2020 are living testimony of this collaboration.
“The cost of governance and the Nigerian economic prospect capture the essence of our transformation agenda. The goal is to work on the critical sector of the economy that will accelerate job and wealth creation in our country. This same captures our commitment to good governance and efforts to full realise our huge economic potential.
“In keeping with my promise two years ago. The recommendation of the last economic summit were received and considered by the Federal Executive Council (FEC) as potential imputes into government’s policy framework.
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