Nigeria’s growth rate may see it replace SA in G20

September 11 2013


If Nigeria and South Africa keep growing at their current paces, Nigeria could replace South Africa in the Group of 20 (G20) countries within nine years, according to Stanlib chief economist Kevin Lings. In a recent note he says: “It is entirely feasible that, by then, Nigeria’s economy will have overtaken South Africa’s, making it eligible for G20 membership, possibly at the expense of South Africa. “

The G20 is a group of 19 advanced and developing countries plus the EU, set up in 1999. South Africa is the only African country to be represented.

Lings points out that 20 years ago, the domestic economy was 7.5 times the size of the Nigerian economy, in dollar terms. But by the end of 2012 it was only 1.4 times the size of Nigeria’s.

“This narrowing of the gap is mainly because Nigeria’s economic growth rate has accelerated meaningfully in recent years, though off an extremely low base, while South Africa’s growth rate has moderated.”

According to Nigeria’s central bank, growth in gross domestic product (GDP) averaged 6.8 percent between 2005 and 2013. From 2005 until the global recession of 2008/09, South Africa’s growth rate averaged a little over 5 percent. Since then it has not topped 3.5 percent.

Nigeria’s central bank said the fastest growing segments were wholesale and retail trade, and telecommunications. Nigeria’s 170 million people make it the most populous country in Africa and the seventh-biggest in the world.

This creates a massive market, attracting investment from across its borders, including from South Africa, which is becoming increasingly aware of the opportunities in servicing this population.

In contrast, South Africa’s population is estimated at 51.1 million (5.7 percent of the population in sub-Saharan Africa), making it the fifth most populated country in Africa, Lings says.


http://www.iol.co.za/business/opinion/business-watch/nigeria-s-growth-rate-may-see-it-replace-sa-in-g20-1.1575846#.UjBcPtKsg6Y

I believe everything will get better and better and better once there is LIGHT
If there is light, many extensive and modernized system of agriculture would be practised.
Local investors will invest here in Nigeria, this will automatically make foreign ones to join them.
Yes, things are going pretty bad now but the key to Nigeria's economic haven are LIGHT, ROADS and SECURITY!!!

If Nigeria joins the G20 Summit, it still does not guarantee food for the common man in Nigerian streets.

^^The higher the rate of GDP growth, the quicker the reduction in poverty.

Poor infrastructure responsible for Nigeria's economic situation

The question is, will there still be a Nigeria (as we know it) by the end of the nine years in question?

Fresh Air Tinz!! So Many Tinz!!

Jonathan Till 2015

HNosegbe: The question is, will there still be a Nigeria (as we know it) by the end of the nine years in question?

of course

I'ld like governors, chairmen 2 key into dis transformation. Work and leave a good legacy. Fed.govt is not d only govt.

Wow! This is good news for Nigeria! We need to regain our rightful place as the 'giant of Africa' not just based on population basic,but on tangible economic and infrastructural development.

Nigeria has all the tools to make it big in Africa and be a force to be reckoned with in the world but that will only happen when Nigerians do a total mind and behavioural overhaul/change!

Especially becouse SA is becoming an expensive destination for investors due to strikes and high wages. Like Australia and all other countries loosing investors SA is bound to loose investors to countries like Nigeria etc unless we start working on a serious labour strategy turn around.

Well, I never read that post. But I am very sure that the Nigerian economy crumbles by the day. The growth only exist in the dream of some mischievous rogues.

tpacalipse: Well, I never read that post. But I am very sure that the Nigerian economy crumbles by the day. The growth only exist in the dream of some mischievous rogues.

This thread is not for illiterates.

It would have been faster if we had leaders who led the country with interests of the people at heart and citizens who followed sensibly instead of whining about every negative thing in the country.

Let our leaders give us just constant ELECTRICITY and the young minds in Nigeria will mostly get to work, simple!!!

Adonbilivit!

Large market *check*
Growing population *check*
Investor-friendly *uncheck*
In nine years? *uncheck*
Growing economy *double-uncheck*

When i saw the thread i taught the replacement is with immediate effect. #hissse#

If our £conomy dy gro 2ru 2ru......mk dem gv ASUU money nw........mtchewwwwww....we dy G2o no change Garri price 4 here..wat time are we pls....u all knw it...fp sha.

I thought Nigeria was the Giant of Africa?

Who says we are not moving forward?

Haters can cry now

jaiykem: I'ld like governors, chairmen 2 key into dis transformation. Work and leave a good legacy. Fed.govt is not d only govt.

Bro if the head is not good the other part of the body will also rot

Ok

maxwello.yg:
I believe everything will get better and better and better once there is LIGHT
If there is light, many extensive and modernized system of agriculture would be practised.
Local investors will invest here in Nigeria, this will automatically make foreign ones to join them.
Yes, things are going pretty bad now but the key to Nigeria's economic haven are LIGHT, ROADS and SECURITY!!!

Thank god u said if their is electricity but is electricity gonna ever be stable with the RETARdeen we currently have in power:>:>

I believe the economy will still grow, but first of all,, call off the strike..

I really don't see this happening. Just like the UN security council permanent seat, the G20 is a closed club. They will not admitt or remove anyone. Especially for nigeria which exudes instability and whoes economy is'nt diversified or organised. Nigeria's economy right now is growing at a faster pace than south africa but it was invited. Rather than nigeria to join the BRICS..says alot why nigeria won't smell the G20.

I think the title should have been

Nigeria MAY replace South Africa in G20 as Economy grows.

Whether our economy continues to grow to not, we are not sure of replacing South Africa.

Also, what does replacing South Africa translate to the common man.
Does it guarantee food on the table?

I have never doubted the ingenuity of Nigerians when we are placed in the right environment with the right tools. Those who have eyes can see it and are making investments to tap into the growth, while some people are more interested in the price of garri. Once our electricity is stable, rail and roads are in good shape, we might be in the G20 in less than 5yrs.

we dont want G20 b'cause it will not reduce the prize of gari all we want is permanent member in united nation, These will allow us to not only confuse nigerians but the world entirely. G20 ko G99 ni. SMH and leg.

Theory differs from practicals.

Nigeria has more potentials to be not just an African economic power but a major economic player in the world than southafrica, our problem is that we have failed to make maximum use of the resources both human, material and intellectual available to us.
The millitary regime did more harm than good to Nigeria and yet those hypocrites are still coming back to rule us. Power drunken generals.