Nigeria to Contribute Over 25% to Africa’s Economic Growth By 2020 – Report

By Ndubuisi Francis in Abuja

Nigeria is projected to contribute over 25 per cent to Africa’s economic growth in the next four years with an average rate contribution of 4.8 per cent annually.

The Institute of Chartered Accountants (ICAEW) in England and Wales made the forecast in a new report, which reviewed the African Economy in the first quarter of 2016.

The report also projected a GDP growth between 2015 and 2020 at 4.3per cent.

Although the institute made a forecast indicating a bright outlook for African economies, it, however observed that manufacturing still accounts for a low share of output.

The old model of exporting raw materials, ICAEW said, was fast becoming unsustainable, adding that the continent needed to create a conducive environment for companies in the manufacturing and services sectors to drive growth.