Nigeria’s Economy Rigged In Favour Of Connected Investors, Allege Peterside

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“By definition, the well-connected investors are few and so our Investment/GDP ratio is likely to remain low until we make it possible for all other investors (Nigerian and foreign) to come back and partake in the task of baking a bigger cake on the basis of a level playing field.”

Founder of Stanbic IBTC, Atedo Peterside, has described Nigeria’s economy as ‘rigged against all’ except the very well-connected investors.

The economist gave this view during his keynote speech at the 25th Nigerian Economic Summit in Abuja, the country’s capital, on Monday.

He said, “Investors appear to have concluded that the Nigerian economy is rigged against all except the very well-connected and they are right.

“By definition, the well-connected investors are few and so our Investment/GDP ratio is likely to remain low until we make it possible for all other investors (Nigerian and foreign) to come back and partake in the task of baking a bigger cake on the basis of a level playing field.”

Speaking further, Peterside observed that the country’s investment to Gross Domestic Product ratio has been on a decline since it reached a peak of 35 per cent in 2000.

He added, “The double-digit growth of 2002 came on the back of the very high Investment/GDP ratio of 35 per cent recorded in year 2000, which was the first full year following the restoration of democracy.

“Thereafter, the long term trend for Nigeria’s Investment/GDP ratio has been a near-continuous downward slide.

“By 2012, the investment to GDP ratio had slid all the way to below 15 per cent and so GDP growth rates were bound to fall sharply after 2013.”

174 COMMENTS

  1. Well spoken analysis of our present economic stage
    Those it whole a glass of water I dont think so
    We’ve seen foreign investors in Nigeria economy that made such a great fat from us

    Promasidor, Dufil, Makers of Dano milk, Power pasta, Zartech, Ccc, Arab contractors and much more

    Even our donestic owners are finding difficult on our soil

    Its the government strict unguarded policies that needs to be checked and investor needs to embrace challenge of the market ahead

    Nigeria is a poor country, it would take years to break even

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