Home » Business » GDP REBASING UPDATE; TONY ELUMELU CALLS FOR DIVERSIFICATION OF ECONOMY
GDP REBASING UPDATE; TONY ELUMELU CALLS FOR DIVERSIFICATION OF ECONOMY

GDP REBASING UPDATE; TONY ELUMELU CALLS FOR DIVERSIFICATION OF ECONOMY

Chairman of Heirs Holding, Mr Tony Elumelu has applauded the Federal government on the recent report concerning the rebasing of the GDP but he noted that to truly benefit from this goodnews, the  Nigerian economy needed to be further diversified.
In his words “April 7, 2014, marked a historic day for Nigeria, with the rebasing of our GDP to nearly $500 billion. This new figure makes us the largest economy in Africa and the 26th largest in the world. Not only has Nigeria overtaken South Africa as Africa’s largest economy, but we are now at par with Poland and Belgium, and ahead of Austria ($394 billion), Thailand ($401 billion), Iran ($389 billion), UAE ($395 billion) and Argentina ($474 billion). This is a significant milestone and merits reflection.
This rebasing means that globally, people will pay more attention to Nigeria, but it also means that to compete effectively we need to focus on further diversifying our economy, improving our business climate and reducing income inequality. I believe we can only be truly proud of having Africa’s largest economy when we can ensure that every Nigerian is able to live a dignified life and has the opportunity to pursue their goals free of want. As a committed pan-African, and in keeping with our Africapitalist philosophy, I believe, by definition, these sentiments apply to all Africans.
Addressing the infrastructure deficit – specifically, improving access to affordable, reliable power – is at the heart of this imperative and this is why we are committed to boosting generation capacity at Ughelli and making further investments to ensure more people can access the power they need to live healthy, productive lives.
These issues are part of a wider conversation about living standards and equality of opportunity across the world – principles which lie at the heart of the Millennium Development Goals, launched in 2000 and which expire next year in 2015.
As we approach the end of the initiative, the focus is shifting to the post-MDG development framework, to ensure that the next system we put in place will address current challenges and successfully eradicate global poverty for the next generation. Unlike the initial set of metrics, this one is being developed through broad consultation, including with the African private sector as we cannot realistically tackle Africa’s social problems without private sector leadership and involvement.

Leave a Reply

Your email address will not be published.

%d bloggers like this: