Tag: Nigerian economy

  • Democracy Day: Weak economy a threat to democracy, says Saraki

    Senate President, Dr. Abubakar Bukola Saraki, has called for concerted and united effort by all Nigerians to build a strong economy as a means of sustaining the nation’s democracy.

    ImageFile: Democracy Day: Weak economy a threat to democracy, says Saraki
    Senate President, Dr. Abubakar Bukola Saraki

    Saraki in a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, in Abuja, to commemorate the 2017 Democracy Day celebration, said the real challenge to the sustenance of the democracy which the country has experienced in the last 18 years was the need for a solid economy that will ensure that the citizens enjoy high standard of living and that there was even development across the country.

    He therefore urged Nigerians to support the policies of government aimed at involving the private sector in key sectors of the economy, focussing on locally manufactured goods, encouraging small and medium scale entrepreneurs, developing alternative sources of foreign exchange other than oil, directing attention to commercial agriculture and mining of mineral resources, eliminating smuggling and other activities which can sabotage the economy.

    Saraki stated that if the people could rally behind government policies to develop the economy and create a vibrant private sector by eschewing all activities which threaten the stability of the country, then “many of the problems which bedevil the nation’s politics will be eliminated and our democracy will grow from strength to strength”.

    He also canvassed that Nigerians should consciously nurture the various institutions which make the country a democracy worth the name and said it is by building the institutions and respecting the values they represent that the nation can guarantee stability, development and consistency.

    The Senate President however thanked Nigerians for their perseverance, patience, understanding and resilience in the face of the current economic challenges, even as he assured that better days are near.

    He commended the policies and programmes of the present administration aimed at repositioning the country and called for more support for President Muhammadu Buhari to achieve his lofty economic plan.

    “I want to congratulate all Nigerians for the successes we have recorded so far in our democratic journey. We cannot afford to remove our legs from the gas pedal. Government definitely is determined to make life more abundant for our people.

    “All Nigerians deserve commendation. We have done well so far. We must strive more to make democracy a way of life. The successes recorded so far, demonstrate the unwavering commitment of Nigerians to sustain and grow our democracy.

    “Let us celebrate with hope that the present economic challenges will soon give way to a prosperous country that we can all be proud of. Our democratic institutions need to be strengthened to perform their duties in the service of all Nigerians irrespective of the government in power,” he said.

    The Senate President said that the present administration is endowed with the necessary political will to initiate changes that would lead to the overall development of the country, with the support of all.

  • Nigeria listed among World’s Most Powerful economies

    Nigeria has been listed among thirty two countries that will be world’s most powerful economies by the by 2030.

    The release by PricewaterhouseCoopers, one of the world’s largest professional-services firms, in its predictions for the most powerful economies in the world by 2030.

    The report, titled “The long view: how will the global economic order change by 2050?” ranked 32 countries by their projected global gross domestic product by purchasing power parity.

    PPP is used by macroeconomists to determine the economic productivity and standards of living among countries across a certain time period.

    While PwC’s findings show some of the same countries right near the top of the list in 13 years, they also have numerous economies slipping or rising massively by 2030.

    Check out which countries made the list. All numbers cited in the slides are in US dollars and at constant values (for reference, the US’s current PPP is $18.562 trillion):

    Netherlands — $1.08 trillion

    Colombia — $1.111 trillion

    South Africa — $1.148 trillion

    Vietnam — $1.303 trillion

    Bangladesh — $1.324 trillion

    Argentina — $1.342 trillion

    Poland — $1.505 trillion

    Malaysia — $1.506 trillion

    Philippines — $1.615 trillion

    Australia — $1.663 trillion

    Thailand — $1.732 trillion

    Nigeria — $1.794 trillion

    Pakistan — $1.868 trillion

    Egypt — $2.049 trillion

    Canada — $2.141 trillion

    Spain — $2.159 trillion

    Iran — $2.354 trillion

    Italy — $2.541 trillion

    South Korea — $2.651 trillion

    Saudi Arabia — $2.755 trillion

    Turkey — $2.996 trillion

    France — $3.377 trillion

    United Kingdom — $3.638 trillion

    Mexico — $3.661 trillion

    Brazil — $4.439 trillion

    Germany — $4.707 trillion

    Russia — $4.736 trillion

    Indonesia — $5.424 trillion

    Japan — $5.606 trillion

    India — $19.511 trillion

    United States — $23.475 trillion

    China — $38.008 trillion