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Nigeria’s Trade Minister projects $2,300 GDP per capita by December 2021

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Nigeria's Trade Minister
Minister of Industry, Trade and Investments, Niyi Adebayo,

Minister of Industry, Trade and Investments, Niyi Adebayo, has projected $2,300n Nigeria’s Gross Domestic Product per capita by December 2021.

Adebayo explained that the country’s GDP which currently hovers around $500bn is experiencing steady growth, hence the projection.

The minister who disclosed this at the United States-Nigeria Investment Summit held in New York said that Nigeria was ready and open for business and investments.

According to him, foreign investment announcements in the first half of the year grew to $10.1bn, representing an increase of 100 per cent compared to the corresponding period in 2020.

The government was working to ensure that those announcements were converted to actual investments.

He said: “As the majority of you are aware, Nigeria is the largest economy in Africa, with a steadily growing GDP of over $500bn. GDP per capita is expected to reach $2,300 by the end of 2021, this is over 84% higher than the African average.

 “Despite the view that Nigeria’s economy has historically been driven by oil, recent growth has been driven primarily by the non-oil sectors, such as financial services, telecommunications, and entertainment.

“This shows that our diversification agenda is working, the oil sector now only contributes to approximate 14 per cent of GDP

“Nigeria is open for business and the investment climate is improving. Last year was a difficult one for all economies but Nigeria is coming back strong.”

 

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