Promoters of Lagos Free Zone have announced that they are looking at attracting $5 billion investments into the economic Zone.
“In line with its vision to be the preferred industrial hub and investment destination in West Africa with world-class infrastructure, the Lagos Free Zone (LFZ) which already has a committed investment of $2 billion is poised to attract an additional $5 billion over the next 4 years”…
It is no more news that Nigeria has unexpectedly bounced out of recession. There are hopes that this recently detected economic growth leads to substantial socio-economic development. Top business site Nairametrics provides an analysis of how this bounce out of recession occured.
The IMF just announced that Nigeria is now the 26th largest economy in the world. Recall that in 2007, the late President Yar’Ardua talked about his dream that Nigeria should become the 20th largest economy in the world by the year 2020. Now Nigeria got to number 26 under President Buhari in 2020, despite debilitating coronavirus, alarming insecurity and other major problems.
But the truth remains that if you are a large economy and most of the citizens are not seeing the benefits, it won’t stop hunger and poverty in the land. So, the Federal Government needs to redouble its efforts to attract economic development.
Ultimately, economic development is what matters. China has consciously used its massive economic development to build pull in about 19 million people out of poverty each year. For Nigeria’s economic growth to matter, it should start paying more attention to development.
“If we don’t want days with 50,000 new infections, as was the case in France a few weeks ago, we must see through this and not constantly speculate about which measures can be relaxed again.”
Those were the words of Germany’s Economy Minister Peter Altmaier as he warned that the European economic giant is clearly “not out of the woods” following a worrying recent spike in Covid-19 infections.
According to the Robert Koch Institute (RKI) for infectious diseases, the number of confirmed cases in Germany rose by 16,947 to 790,503 on Sunday.
But the constant speculation on locking down is taking its toll on many citizens as they long for the kind of normality they used to have before.
There have been fierce protests on the streets. But for Minister Altmaier and many German policy makers, longer lockdowns might be the bitter pill Germans need to swallow if their economy and society is to return to normal.
I read this analysis about what the collapse of the crude oil might mean to Nigeria. And I must tell you; it is scary. Read it because to be forewarned is to be forearmed.