LAGOS, (CAJ News) – SOUTH Africa’s overtaking Nigeria as the continent’s biggest economy should motivate the latter to work harder to regain its status, Minister of Budget and National Planning, Udo Udoma, has said.
Udoma made the remarks while receiving the report of the three- Day Pre- Summit Workshop from the Infrastructure Public- Private Partnership Summit Group, led by Abubakar Mahmoud.
“It (falling behind South Africa) should motivate us to work harder. The country has the capacity, energy and enterprise to be number one in Africa,” said Udoma.
Figures the International Monetary Fund released recently indicate South Africa is once again the biggest economy on the continent, a thanks to a surging rand. Comparatively, the Naira has declined in a setback linked to the waning price of oil, Nigeria’s major product.
The size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s is $296 billion.
Udoma is meanwhile hopeful of increased private sector investment in the infrastructural sector of the economy following its efforts in galvanising the sector.
“We are optimistic that the level of private sector investment in the infrastructural sector of the economy will increase following our efforts in galvanising the sector to develop our economy,” said Udoma.
Udoma stressed the significance of infrastructure, describing it as capable of reviving the economy, hence the idea of the current
administration in allocating a significant percentage of the 2016 budget to the sector.
He assured of government support and determination to turn around the economy as well as remove economic bottlenecks.
– CAJ News