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Nigeria May overtake South Africa in Economic development

Nigeria, Africa’s biggest oil producer, will be the next “gold rush” on the continent as investors seek to take advantage of a booming economy, according to Tito Mboweni  former South African Central Bank Governor after returning from a visit to Nigeria’s capital, Abuja and the commercial hub, Lagos, as part of a delegation from Goldman Sachs.

He posits that Nigeria ‘s gross domestic product will overtake South Africa ‘s in the next three decades “ Nigeria is going to be Africa ‘s growth story for the next 15 to 20 years,”

Being the continent’s most populous country with 140 million people, it is targeting economic growth of 10 percent in the coming years as it boosts spending on power plants and attracts more investment.’

Finance Minister Olusegun Aganga, a former Goldman Sachs executive, also said the government is preparing to sell its first Eurobond of $500 million this year.

Goldman Sachs, which doesn’t have an office in Nigeria , is bidding to advise on the sale of state-owned power-generation and distribution companies, the Bureau of Public Enterprises said on Aug. 31.