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Atedo Peterside analyst Nigeria Economic

         Date: 2012-03-06

           Tag: Nigeria, Nigeria Economic

Summary: Leading market analysts and industry regulators have described Nigeria's economic growth rate as exceptional, in spite of its huge infrastructure deficit, at a time of slow growth across developing …

Leading market analysts and industry regulators have described Nigeria's economic growth rate as exceptional, in spite of its huge infrastructure deficit, at a time of slow growth across developing economies.

Atedo Peterside analyst Nigeria  Economic

Atedo Peterside analyst Nigeria  Economic

Speaking at the 2012 Standard Bank West Africa Investors’ Conference in Lagos stakeholders in the financial services industry said the prospects of the Nigerian economy as an investment haven have become brighter given the economic transformative agenda of the present government, especially its commitment to infrastructure development.

In his opening address, Atedo Peterside, Chairman, Stanbic IBTC Bank Plc, noted that Nigeria has entered a critical phase during which it will accelerate the realisation of its vast economic growth potential due to the firm mandate of President Goodluck Jonathan, as well as the sound pedigree of his economic management team.

“If we can achieve a 7.9 percent growth in 2011 with the existing low level infrastructure in an election year, you can imagine the growth level that will be achieved with the conclusion of the ambitious power sector reforms by the end of 2012.

I am optimistic about Nigeria’s economic growth because emerging markets and frontier investors are increasingly looking at the growth stories in African economies with interest, and Nigeria is at the epicentre of this growth story,” he said.

Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange, who delivered the key note address at the conference, urged international fund managers to invest in Nigeria because of its market size, high growth rate, ongoing economic reforms and exceptional risk adjusted returns on investment.

According to him, the cyclical market downturn experienced by the Nigerian Stock Exchange provides an incredible opportunity for investors who desire a vehicle for long-term savings and access to capital, as well as efficient use of financial resources. He expressed confidence that the equities market will recover its vibrancy and pave the way for Nigeria to become “the gateway to African markets”.

Arunma Oteh, Director General, Securities and Exchange Commission, reiterated optimism about Nigeria’s economic growth, saying the inherent challenges in the economy should be seen as opportunities to invest in the country.

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