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Nigeria: GDP - Country Ranks 49 Out of 190 Nations
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Leadership (Abuja)
26 June 2008
Posted to the web 26 June 2008
Justus Nduwugwe
The Minister of State for Finance, Mr. Remi Babalola has revealed that Nigerian ranks 49 out of 190 countries in the world with regard to the level of nominal Gross Domestic Product (GDP). She is also ranked No. 35 at 6.1 per cent in terms of growth rate.
The Minister made this known recently while presenting a keynote address at the Cardexpo Africa 2008 conference held in Abuja .
The Minister emphasised that in order to achieve Vision 2020, "we need to ask ourselves, what drives global change; what have our fellow countries done differently and in what ways?"
He identified the main focal points for global change as: "People because demographics drive the rapid expansion of telecommunications and Information network technology; Geopolitics because there are agreements among nations and regions; Economics because GDP growth in nations like Nigeria is expected to double; Environment, because issues such as pollution and waste disposal continue to change how we live; Technology, because technology improves the quality of life, the speed of information flow, and more importantly, technology fosters creativity".
The Minister also stated that the inclination, in developed countries is to move more towards electronic payment than any other form of payment for convenient, fast and easy business transactions, adding that for Nigeria to join this league of developed economies by 2020, e-payment must form the bedrock of all financial transactions.
Speaking on "e-payments powering NV2020", the Minister further said, "In the past 25years, we have seen what people have termed "miraculous" advancements in some economies. Especially our Asian 'tigers' - China , Malaysia , India as well as our fellow Africans - Angola , South Africa. Indeed, the immense benefits associated with the use of electronic payments both to the individuals and the country are not in doubt. But while tremendous progress is being made on card system in developed countries, the African continent appears to have been left significantly behind".
He said it was in recognition of the above development which has implications on the growth of business on the African continent that the need for urgent action became imperative.
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He challenged all the participants to reflect and "ask ourselves whether some time ago we would have thought to be here right now. About 8 years ago, MTN predicted that there would be 40 million subscribers by the end of 2010. Today there are 43 million active subscribers".
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