Emmanuel OchayiThe Chairman of the Bank Directors Association of Nigeria (BDAN), Mustafa Chike-Obi, dismissed the possibility of Nigeria achieving a $1 trillion economy by 2030.
This came after Vice President Kashim Shettima spoke on Tuesday in Abuja during the opening session of the 2023 National Engineering Conference, Exhibition and Annual General Meeting of the Nigerian Society of Engineers (NSE) that leveraging the nation’s population and resources, with main focus on unleashing Nigeria’s full economic potential, his government’s Renewed Hope Agenda can build a trillion-dollar economy within the next decade.
Chike-Obi conveyed his convictions in an interview with ARISE NEWS, stating, “The $1tn economy is a good target but unachievable within seven years for us to aim at. We will not get there. I can say that with a hundred percent confidence.”
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Asserting the improbability of a 15% annual GDP growth required to hit the $1 trillion mark in seven years, Chike-Obi emphasized a more pragmatic approach: “If I am advising the government, I would say, let us do it in 10 years which requires a 7% growth. 7% for 10 years will double your GDP. So, that’s more achievable and more sustainable.”
Addressing the exchange rate concerns, Chike-Obi advocated for stability over a fixed amount, highlighting, “The exchange rate is the result of economic policies and not an economic policy. So, the focus on the exchange rate must be underpinned by what you want your economy to do.” He emphasized that a stable and predictable exchange rate would attract significant investments.
Chike-Obi’s pragmatic approach to economic growth and exchange rate stability echoes a need for realistic planning, steering away from overly ambitious goals in favor of sustainable progress.
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