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Nigeria: Transcorp Boss Gives Recipe for Country's Growth
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This Day (Lagos)
27 March 2008
Posted to the web 27 March 2008
Patrick Ugeh
Abuja
Group Managing Director, Transcorp Plc, Mr Tom Iseghohi, said yesterday in Abuja, that Nigeria's economy could grow up to $1.4 trillion in 10 to 14 years.
In his paper titled, "Road Map to The Dream: Industry Perspective," Iseghohi said the country could actually be among the 20 leading economies in the world by 2020.
Speaking at the Nigerian Bar Association's Business Law Conference held in Abuja, he said the "noteworthy and ambitious" goal of becoming one of the 20 top economies in the world was achieveable, if the right effort is put forth.
One of the steps, he posited, is to discover in what areas Nigeria has comparative advantage besides oil, and concentrate on it. He gave India as an example of countries which settled for low-priced but high quality products, an area where the country is doing so well that it now has a wide margin of trade surplus against the United States.
"I wonder which is the Third World nation - India or the US?" he said, adding that "Brazil, which is largely viewed as having done remarkably well during the last 20 years, is not on the 2008 list. Brazil was on the list in 2006 with a GDP of 1 trillion dollars. It is interesting to note that in 1983, Brazil's GDP was only $147 billion. It is also interesting to note that neither India nor Brazil made the list in 2008. As you all know, India has done remarkably well during the last 20 years."
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"So, it is clear that beyond GDP growth, there are other variables that are important in making the list. Number 20 Belgium made the list with a GDP of $400 billion, about four times Nigeria's GDP.
Where will they be 15 years from now? It is our present view that for Nigeria to make this list by 2020, it will have to achieve a GDP range of between 500 and 800
billion dollars. The range is achievable if we engage in the right dialogue and begin to implement the right plans," Iseghohi said.
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