AFRICAN Institute for Applied Economics (AIAE), has identified recipes for increasing the size of the economy by N50 trillion in the next three years, and for attaining 11 per cent Gross Domestic Products (GDP) per annum.

The Institute has also commenced activities to mark the launching of its publication titled Business Environment in Nigeria States 2010.

Speaking ahead of the launch, the Institute's Executive Director, Prof. Eric Eboh, pointed out that the creation and sustenance of a conducive business environment is critical to the attainment of key economic and development targets under Vision 2020 and Medium-Term Implementation Plan (2010-2013) .

These targets among others, include to grow the economy by 11 per cent per annum from 2010-2013, up from 7 per cent annual growth recorded from 2004-2009. , to increase the size of the economy from the present N24 trillion to about N50 trillion in 2013;increase GDP per capita from the present $1,100 to about $2,000 in 2013, and to create 2 million new jobs every year from 2010-2013.

However, Eboh, asserted that to achieve these economic targets requires the right business environment to nurture competitive and dynamic private sector.

"There are three pillars of a good business environment: macroeconomic and political stability, efficient and reliable infrastructure, institutions and regulatory services; and skilled, dynamic labour force," he said.

"Over the past 6 years, Nigeria has witnessed improved macroeconomic and growth performance. But, the performance has not translated into desirable levels of employment creation and poverty reduction.

"The reason is poor business environment which has held down the growth and competitiveness of the Nigerian private sector. The harsh business environment in the country, adversely affects everyone - people, businesses, investors (domestic and foreign), managers, communities and groups.

"A good business environment entails well-functioning, efficient and effective public infrastructure, institutional systems and regulatory services. The direct impact of a bad business environment is three fold: high cost of doing business, great difficulty of doing business and high unpredictability of business prospects," he stated.

He, therefore, called on the government to embark on cogent measures to unlock the business environment, stressing:"Government has the primary responsibility for providing a good business environment, because business environment is a public good."