Nigeria’s investment rate is below Sub Saharan African Countries by 23.3% and 28.9 per cent below BRICS nations, a report by the PwC titled, ‘Boosting Investment: Nigeria’s Path to Growth’ revealed this.
The report said between 2007 and 2016, Nigeria’s investment share to total production in the economy dropped from 18.7 per cent to 12.6 per cent.
The report maintained that Nigeria needed investment to restore growth, noting that in 2016, the country’s economy slowed into a recession for the first time since 1991.
Real GDP contracted 1.5 per cent year-on-year, a reflection of the two and a half year decline in export earnings…while currency value dropped by 34%.
The report cited China and India as examples of economies that have attained investment-led growths.