The Federal Government has expressed optimism that the country would very soon overtake South Africa to retain its position as the largest economy in Africa.
Recall that report of the Gross Domestic Product, GDP, for the year 2015 published by the International Monetary Fund, IMF, had indicated that the size of South Africa’s economy has risen $301bn, while Nigeria trails behind it with a GDP $296bn.
This was attributed to the appreciation of South Africa’s currency and the devaluation of the Nigerian naira owing to the introduction of a flexible foreign exchange regime by the Central Bank of Nigeria, CBN.
But reacting on Thursday evening, the Minister of Budget and National Planning, Senator Udo Udoma stressed that the country would bounce back to its position as Africa’s largest economy very soon.
He stated this on Thursday evening after receiving the report of the three-day pre-summit workshop from the Infrastructure Public Private Partnership Summit Group.
He called on all Nigerians to put their hands on deck to support the government in achieving its economic goal instead of lamenting the country’s lost glory.
Udoma said, “We are determined to turn this economy around and stimulate private sector investments. Losing our position as the biggest economy in Africa should in some way inspire us to work even harder.
“Sometimes when you are number two, you are actually more motivated to work hard and we should see it as something that should motivate all of us to work harder.”
