Trade and Investments, a way out of Nigeria’s economic troubles by Fola Fagbule

Fola Fagbule, Senior VP and Head Advisory at Africa Finance Corporation said this amazing opportunity for Nigerians and what he said is this “investment and legitimate export trade is a feasible way out of Nigeria’s economic burdens which could move Nigeria as a country away from crude oil dependence”.

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Fagbule further said 42% of Nigeria’s GDP is trade, telecoms, I.T, Service economy and others, and boosting this sectors is a viable way to improve Nigeria’s economy as the country experiences a GDP decline due to the corona virus pandemic.

He added that Nigeria is below her peers in Africa in investment as a percentage of GDP. “Gabon’s investment as a percentage of GDP is 30%, Nigeria is less than 14%,” he said, citing the performance of Africa Finance Corporation’s investments in Gabon.

He further discloses that if Nigeria could double its investment as a percentage of GDP, it could reach $60 billion annually, adding that the investment focus should be on drivers of trade.