‘Nigeria’ll become poorer with 2 Percent economic growth’

Nigeria needs to grow its economy by 46 per cent over the next 34 years in order to avert social crisis, the Financial Services Advisory Leader and Chief Economist, PricewaterhouseCoopers Nigeria, Andrew Nevin, has warned.

He cautioned that the country would continue to be poor if the economy grows at two per cent annually, considering that the projected annual population and working age population rates would be the highest in the world from 2016 to 2050.

Nevin, who spoke at the 2017 Fellows’ Luncheon of the Institute of Directors in Lagos on Thursday, said that Nigeria needed significant Foreign Direct Investment to bridge the infrastructure deficit estimated at over $100 billion over the next 10 years. He said that half of the $100 billion deficit would be derived from FDIs, while the other half would come from the government.