According to former SA Reserve Bank governor Tito Mboweni. Nigeria will be the next “gold rush” on the continent as investors take advantage of a booming economy.
Nigeria’s gross domestic product would overtake South Africa’s in the next three decades, Mboweni, who is now an adviser for Goldman Sachs Group, said on Friday.
Its economy of $169 billion (R1.16 trillion) compares with South Africa’s $286bn, according to World Bank data.
“Nigeria is going to be Africa’s growth story for the next 15 to 20 years,” Mboweni said after returning from a visit to Nigeria’s capital, Abuja, and the commercial hub, Lagos, as part of a delegation from Goldman Sachs.
The west African nation was targeting annual economic growth of 10 percent in the coming years as it boosted spending on power plants and attracted more investment, Finance Minister Olusegun Aganga, a former Goldman Sachs executive, announced last month.