9. So distinguished ladies and gentlemen, Nigeria is certainly an economic powerhouse and deserves to be a member of clubs of its peers like the G-20. But more often than not, Nigeria is underrated with its sore points magnified beyond belief particularly in the Western media. My country receives little or no praise even when things are done right, but is left battling with the prejudice of a country where nothing works.
10. Take as an example the recent fight to contain the deadly Ebola virus. The efforts of Nigerian medical personnel that prevented the early spread of this deadly disease to the United States are rarely acknowledged. The individual, now known as the index case, who brought the disease into Nigeria from his own country Liberia was actually on his way to the US when he took ill and was quarantined in an hospital in Lagos after he was found to have been infected by the deadly virus. Sadly, members of the medical team that looked after him also died. They are the true heroes of this global war against Ebola.
11. A total of 19 confirmed cases were found in Nigeria – most of them primary contacts of this index case. Seven of these people died, while 12 recovered, thanks to the work of our medical personnel. Hundreds of people were quarantined for periods of time in an effort to curb the spread. For about a month now, no new cases of the Ebola virus have been found – which for a country of Nigeria’s size, is truly remarkable and I believe this is due to the measures put in place by our government. Had the Nigerian government been slow to act or ineffective to tackle the spread of the virus, the reality would be much worse. Nigeria has also supported other West African countries who are struggling to contain the disease with a US$3.5 million grant. Yet, until the past week, Nigeria did not received much credit for these efforts.
Nigeria’s Bright Future and Challenges.
12. So there is real contradiction here which needs to be redressed. Whereas the echoes of optimism in an Africa rising reverberates across the globe, the narrative on Nigeria – a key driver of the continent’s transformation – is often filled with tales of pessimism. Yet the country’s future is very bright and its key economic indicators are sound. This year, we are expecting the economy to grow by 6.5 percent, even though the IMF expects us to grow by about 7 percent – which is one of the fastest rates in the World. And our fiscal deficit is low, expected at 1.03 percent of GDP in 2014, inflation is in single digits, reserves are relatively strong at almost $40 billion including $4 billion in savings in our Excess Crude Account and $1.55 billion in our Sovereign Wealth Fund. Our Pension Fund has $27 billion in savings. Our stock market has been one of the better performing on the continent, even though profit taking by investors has slowed the market down this year. The study by the McKinsey Global Institute shows that Nigeria has the potential to expand its economy by 7.1 percent per annum through 2030, raising GDP to more than US$1.6 trillion, thus bringing the country to a top-20 economy with the potential to lift 70 million of its people out of poverty.
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