The Federal Executive Council (FEC) has expressed optimism that Nigeria will be inching closer to being among the 20 largest economies in the world by GDP by the year 2020.
This comes after the Ministry Of National Planning presented a report on Nigeria’s progress in the global economy to the council during its Wednesday weekly meeting in Abuja, Nigeria’s capital.
Much of the review was aimed at identifying the progress made so far in pursuit of the transformation agenda and vision 20:2020.
The council said that the private sector alone had injected over 28 trillion Naira investments into the economy between 2010 and 2013, the period covered by the report.
This is above the initial Federal Government’s target of 13 trillion Naira as contained in the vision 2020 projection.
Nigeria’s economy is growing in spite of the insurgency reports in the northeast.
At the end of the meeting, the Minister of Information, Mr Labaran Maku, told reporters that Nigeria had moved from the 30th position on the global economy to the 26th position.
The FEC also approved the ground breaking for the Centenary City in the Federal Capital Territory which will be performed by President Goodluck Jonathan on June 24.
Showcasing Nigeria’s Fashion
The Centenary City is to commemorate the country’s 100 years. The project, which is along the airport road, is a modern city and a national monument and which would be financed majorly by the private sector.
The council also approved the hosting of a summit of the African Fashion Industry from 3 to 5 July and would be held in Abuja.
The Minister for Culture and Tourism, Mr Edem Duke, said Nigeria’s fashion industry had grown over the years and that it was time to showcase what it had, using the African Fashion Week.
Nigeria is said to have ranked first among the five countries that bided for the fashion summit organised by the World Fashion Organisation.
Nigerians in the fashion industry all over the world are making giant strides, a development believed to have given the county an upper hand in the bid.