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.