Economy

Nigeria’ll be among 3 world economies by 2050 —Britain

Avatar
Written by Maritime First
  • As NSE market indices rise by 2.21% amid CBN new forex policy

Britain has predicted that Nigeria would emerge one of the three biggest economies of the world by 2025, even as it commences same day visa.

The British High Commissioner in Nigeria, Mr. Paul Arkwright, disclosed this in Lagos,  while delivering a lecture entitled: “Nigeria-British Relations: The Next 100 Years” as part of activities to commemorate the 40th anniversary of the Nigerian British Chamber of Commerce, NBCC.

He said: “By 2050, Nigeria will be the third biggest country in the world as it will overtake the USA to join China and India as the three biggest countries. “Second, Lagos, Africa’s fifth largest economy in 2016, will become more important in the coming years as African example of how to break down barriers to doing business and bring in foreign investment.”

He also disclosed that the UK was happy with the economic outlook of Nigeria, adding that by virtue of the policies and investment habits of the current government of Nigeria, it was clear that the country would no longer be dependent on aid to develop.

Arkwright also predicted that Nigeria’s role in the world would change significantly, that in a few years, Lagos would become a major global economic centre, while Nigeria would emerge one of the three biggest countries in the world.

He also said the British Embassy had started special services, stressing that visa applicants could get their visa on the same day or within five days of application. The embassy also reduced the maximum turnaround time for all classes of visa application to 15 days.

“We have introduced a same day visa service – at a cost – for visas in Nigeria. We have also introduced a service that means you get a visa within five days, at a lower cost than the same day process.

‘’Our turnaround time for all other visas is 15 days. The key thing, however, is that all visitors to the UK, whether they are from Nigeria or anywhere else, must respect the law and the length of time their visa says they can stay in the UK,” the High Commissioner said.

He said the UK remained steadfast in its resolve to sustain the age-long relationships with Nigeria as well as provide support for Nigerians, especially by keeping its doors open to law abiding citizens.

“In 2016, around 140,000 Nigerians applied for visas to the UK. Of those that applied for student visas, 90 percent were successful. ‘’For those that applied for other visas, around 70 percent  were successful. There are as many as 250,000 Nigerian nationals or dual Nigerian-British nationals living in the UK at the moment.

‘’Some claim the total Nigerian diaspora in the UK is well over a million. We want Nigerians to come to the UK. They come to do business, to study, to see family and to invest in our economy,’’ he said.

In the meantime, activities on the Nigerian Stock Exchange  (NSE) rebounded on Monday by 2.21 per cent on the heels of the Central Bank of Nigeria (CBN) new foreign exchange policy.

It was stated that the market capitalisation rose by N193 billion or 2.21 per cent to close at N8.908 trillion against N8.715 trillion achieved on Friday.

Similarly,  the All-Share Index which opened at 25,189.37 inched 557.68 points or 2.21 per cent to close at 25,747.05.

Mr Ambrose Omordion,  the Chief Operating Officer, InvestData Ltd., attributed the growth to the new policy adopted by the apex bank allowing foreign investors to engage in foreign exchange trading at rates the buyers and sellers set.

Omordion said that the new policy would allow people or businesses, local or foreign, who need dollars to repay loans, pay dividend, repatriate capital or settle trade-related obligations.

An analysis of the gainers’ chart showed that Dangote Cement recorded the highest gain,  appreciating by N6 to close at N165 per share.

It was followed by Lafarge Africa with a gain of N4.71 to close at N50.71 and 7UP improved by N4 to close at N93.95  per share.

Nigerian Breweries advanced by N3.39 to close at N123.50, while Stanbic IBTC added N1.02 to close at N21.49 per share.

On the other hand, Nestle recorded the highest loss for the day,  declining by N36.80 to close at N713.50 per share.

Okomu Oil trailed with a loss of 90k to close at N46.60 and NASCON shed 38k to close at N7.36 per share.

NAHCO depreciated by 7k to close at N2.45, while Port Land Paint also dropped by 7 k to close at N1.82 per share.

Also, the volume of shares traded increased by 23.39 per cent with an exchange of 211.76 million shares valued at N1.41 billion transacted in 3,054 deals.

This was in contrast with a turnover of 171.61 million shares worth N1.11 billion  shares exchanged in 2,846 deals on Friday.

Diamond Bank recorded the highest volume of activities for the day, trading 49.98 million shares worth N46.71 million.

Transcorp followed with a total of 34.69 million shares valued at N36.24 million and Fidelity  Bank traded 28.47 million shares worth N23.35 million.

Zenith Bank exchanged 26.57 million shares worth N391.43 million, while FCMB Group sold 13.73 million shares valued at N13.73 million.

Additional report from Vanguard

About the author

Avatar

Maritime First