Ndubuisi Francis in Abuja
Nigeriaâ€™s gross domestic product (GDP) is projected to hit $595 billion in the next three years (2020), according to the latest Africa Investment Index 2016 released by Quantum Global Lab.
With a GDP of $415 billion currently, Nigeria is the biggest economy in Africa, and the GDP is projected to grow to about $595 billion by 2020 based on the latest report Africa Investment Index.
Nigeria is the 19th most attractive economy for investments flowing into the African continent,Â according to the The Cable, an online news platform, citing the latest Africa Investment Index 2016 by Quantum Global Lab.
The country attracted a net foreign direct investment of $3.1 billion in 2015, Quantum Global Lab stated.
Speaking at an investment summit, Head of Quantum Global Research Lab, Mthuli Ncube,Â said Nigeria still has prospects despite the current economic challenges.
â€œDespite the current economic challenges, we are quite confident on the medium to long term market prospects.â€
â€œNigeria has earmarked a significant amount of capital to develop critical infrastructure in the country and there are various opportunities for public-private collaboration providing investorsâ€™ return on their investments. We anticipate that investment in infrastructure will underpin the growth of the economy and meet the needs of a large Nigerian growth population,â€ he said.
Ncube advised the government on the steps to take to grow the economy.
â€œThe short to medium-term focus of the Nigerian government is to reduce imports and address primary sector blockages, such as roads, bridges, power, railway, aviation, water, housing, agriculture, education and health,â€ he said.
â€œDespite the current market volatility, Nigeria presents tremendous investment opportunities in these areas, which would not only support the local economy but
also deliver significant yields to foreign investors,â€ he said.