A Review of Nigeria’s Economy scorecard for 2013 showed that Nigeria ranked 37 out of 192 nations in the Global GDP Ranking with a GDP of $283 billion.
“To make the top 20, Nigeria’s GDP is expected to hit 900 billion dollars. Nigeria will have to overtake 17 countries in seven years, which, to me, is not possible and it’s not going to happen,” the Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane said on Wednesday while reviewing Nigeria’s Macro Economy.
Nigeria’s GDP growth rate as captured in the scorecard is 6.4 per cent while the Labour Productivity is 3.9 per cent. The Non-oil growth also stood at 7.95 per cent.
He pointed out that the country is growing in spite of its productivity.
“The scorecard shows that Nigeria is just taking oil form the ground and just selling it.
“What we need is to move towards productivity, where people actually produce rather than just sit down and share oil money.
“Stolen oil is not part of the productivity and that is inimical to the nation. It is important that something is done to stop it,” he said.
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