6 January 2013

Nigeria: Okonjo-Iweala - We Need More Work to Attain U.S.' Forecast

Coordinating Minister for the Economy and MInister of Finance, Dr. Ngozi Okonjo-Iweala says More hard work was needed to enable Nigeria join global economic powers in 2030 as predicted by a report just released by the United States National Intelligence Council (NIC).

According to the NIC report,which projected an idea of what the world would look like in the future, Nigeria could join a handful of countries including China that would be pivotal in shaping the world's economy by the year 2030.

The prediction is however short of the current drive of the Federal Government to make Nigeria join the league the global top 20 economies by the year 2020, otherwise known as Vision 20:2020

Reacting to the report, Okonjo-Iweala in a text message sent to THISDAY, said: "We are of course happy at such a forecast and we need to work harder as a nation to ensure we get there."

The report is an articulation of expert opinions from the US intelligence community.

Earlier expert opinion by the United States army had predicted that Nigeria may implode by 2015.

In the forecast on Global Trends 2030, the NIC report posited that the United States and Europe would be overwhelmed by the economic powers of Asian countries such as China while Brazil takes a leading role in dictating the pace of the world economy.

China, the NIC report said, would overtake the US before 2030 as the world's biggest economy while Nigeria and others would also jump to the top in global economic ranking.

"In addition to China, India, and Brazil, regional players such as Colombia , Indonesia , Nigeria , South Africa and Turkey will become especially important to the global economy," the report says.

"The diffusion of power among countries will have a dramatic impact by 2030. Asia will have surpassed North America and Europe combined in terms of global power, based upon GDP, population size, military spending, and technological investment.

China alone will probably have the largest economy, surpassing that of the United States a few years before 2030.

"Meanwhile, the economies of Europe, Japan, and Russia are likely to continue their slow relative declines."

The NIC was established in 1979,and has served as a bridge between the intelligence and policy communities.

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