16 November 2012

Nigeria to Join Top 10 Economies in 2050, Says Envoy

With an estimate of 500 million people, making her the fifth most populous country by 2050, Nigeria will become one of the 10 largest economies by that year, according the Indian High Commissioner to Nigeria, Mr Mahesh Sachdev.

Sachdev affirmed that Nigeria could actually meet the target of being among the 20 leading economies by 2020.

He said by 2050, his country would have become the most populous, overtaking China, and the second or third largest economy in the world.

Sachdev, who spoke at the 10th award ceremony for winners of the National Food and Drug Administration and Control (NAFDAC)-organised annual secondary school competition for members of the NAFDAC Consumer Safety Club in Abuja yesterday, said India buys N7 billion worth of goods from Nigeria daily, amounting to N689 billion a quarter.

He disclosed that India's investment in Nigeria in 2010 was $5 billion, with more medicines coming from India into the country than any other nation.

The envoy however lamented that the absence of direct air and sea transport between Nigeria and India as well as a weak enabling framework had adversely affected the trade relations leading to the high cost of goods imported from the Asian country.

Noting that the economy of 2050 would be knowledge- based, not natural resources-based, Sachdev however said for the anticipated development to take place, tribalism and religion-based considerations must be eliminated, the right targets must be set and attained while there must be correct orientation that seeks to build rather than destroy.

Director-General of NAFDAC, Dr. Paul Orhii, restated his organisation's resolve to vigorously sustain the fight against counterfeit and adulterated drugs, unwholesome food and other substandard regulated products.

"The agency would continue to resist the activities of unscrupulous elements in the society who wish to acquire wealth at the expense of the lives of our citizens with every legal, technological and social instrument in her arsenals," he said.

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