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Osinbajo forecasts economic development growth

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[FILES] Vice President, Prof. Yemi Osinbajo

Vice President Prof. Yemi Osinbajo, has disclosed that Nigeria stands a chance to smile in 2020, as economic outlook and indices portray hope of a brighter future.

Speaking at Inspiration Conference 2020, organised by Redeemer’s Men Fellowship, Lagos Region, last weekend, Osinbajo quoting a Newsweek Magazine article, tilted: “Africa’s first Super Power is coming sooner than you think,” identified Nigeria as that Super Power.

“The essential points made in that write up was despite Nigeria’s challenges, Nigeria is the last major open market on earth. We are at a point in our history where everything is working in our favour,” he said.

With the theme, ‘Galvanized for Geometric Growth,’ he noted that Microsoft for instance is setting up its Africa Centre in Nigeria, and other investors are going in the direction of incredible prospects that the country offers.

According to him, the insufficient 2.5 percent growth rate that is predicted by IMF for Nigeria economy in 2020, comes to about $10billion, just about the size of some of the economies which Nigeria is often compared with in Africa.

He said further that the Finance Act, the first of its kind since 1999, addresses the issue of domestic revenue mobilisation, which is taxation, and will also encourage ease of doing business and foster private sector growth.

Ösinbajo listed many sectors of the economy that are experiencing growth like the SMEs, manufacturing sector, the Creative industry, and Aviation.


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