Economy

As one of the fastest-growing economies in the world, according to the Federal Ministry of Finance (FMF), Nigeria is certainly appealing to foreign investors. Growth has averaged 6.7% since 2006 and has been relatively uninterrupted by the global financial crisis. An emerging middle class is beginning to fuel growth in domestic consumption. Income per capita has increased almost four-fold since 2001, from $357 to $1541 in 2011. Foreign investment surged in 2011, with the country attracting $8.7bn in FDI, up from $6.1bn in 2010. Investment broadened beyond the oil and gas sector, with deals in industry, agro-processing, retail and telecommunications. To achieve its vision of becoming a top 20-economy with a GDP of $900bn by 2020, the country must sustain annual growth rates of around 13.5%. This chapter contains interviews with Ngozi Okonjo-Iweala, Coordinating Minister for the Economy and Minister of Finance; Frank Nweke Jr, Director-General, Nigerian Economic Summit Group; and Mustafa Bello, Executive Secretary and CEO, Nigerian Investment Promotion Commission (NIPC). It also includes a viewpoint from Elizabeth Littlefield, President and CEO, Overseas Private Investment Corporation (OPIC).