Nigeria’s ambition to become a $1 trillion economy by 2030 faces a harder test than better corporate governance. The country must grow much faster, attract productive investment and expand its capacity to produce goods and services.
Kashim Shettima, Vice-President, was right to argue this month that Nigeria cannot build a $1 trillion economy on weak corporate governance. Investors do not commit long-term capital where contracts are uncertain, institutions are weak and corporate abuses go unpunished. Stronger governance can reduce risk and improve investor confidence.
But governance is a foundation, not the engine of growth. It can help attract capital, but it cannot by itself generate the additional $700 billion in output needed to reach the target. The more difficult question is whether Nigeria can realistically become a $1 trillion economy by 2030 on its current trajectory. The answer depends on uncomfortable arithmetic.
The numbers are tougher than the politics
Nigeria’s
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