The Federal Government has stated that Nigeria must by 2030 reach a Gross Domestic Profit (GDP) of $1.5 trillion; N380 trillion to avoid a massive wave of poverty and debt in country.
This was proposed on Monday during the 64th birthday celebration for the Vice President, Prof. Yemi Osibanjo.
The charge was lead by renowned economist, Birsmarck Rewane who was present during the celebration stating that the economy of Nigeria must grow to at least investment at 7 – 8% a year for 5 – 10 years which could only be achieved through entrepreneurship and innovations based on investment – led strategy.
“Nigeria is still a laggard in many respects. Therefore, we have our work cut out for us and if we are going to achieve accelerated, sustainable and inclusive growth, we need to attract domestic and international capital with its attendant investment multiplier to achieve a GDP level of $1.5trn by 2030 when our population could be 250 million or more.
“We need to grow the economy to at least investment at 7 – 8% a year for 5 -10 years based on an investment-led strategy. If we fail to do this very soon, the problems of multidimensional poverty, debt and insecurity may consume us in the next decade.
“You will hear many people say, if we recover all the stolen assets, etc, the problems of Nigeria will be solved. It is necessary to recover stolen assets but it is not sufficient to solve Nigerians management problems.” he said.
Nigeria’s GDP is estimated to reach a total of $360 billion in 2021.