“Development beyond oil and flexible exchange rate will be decisive for Nigeria’s growth” – UBS CIO

  • Africa’s largest economy offers significant potential but it must widen its tax base and broaden its activities away from oil, according to the latest report by UBS Wealth Management’s Chief Investment Office.
  • Liberalization of naira exchange rates will be crucial in attracting foreign investment, report finds.

UBS Wealth Management’s Chief Investment Office (CIO) has launched Africa – Cradle of Diversity, a new report on the continent’s economic prospects and challenges.

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The report highlights that of the 64 nations the IMF projects to have average real GDP growth of more than 4% in the next five years, more than half are in Africa.

As Africa’s largest country both in terms of GDP and population, Nigeria offers enormous potential for the nation’s domestic market, according to the report’s findings. The UN expects Nigeria’s population to reach up to 1 billion people by 2100, offering unusual potential for growth. At the same time, population growth presents a significant challenge in terms of job creation for new labor market entrants and the nation’s geographic limitations, considering Nigeria’s territory is approximately the size of Texas.

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In addition, UBS CIO research shows that indicators relating to governance and ease of doing business are clearly weaker than for peers, thus underpinning the …read more

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Source:: MediaCraft