Despite Huge Land, Labour Capacity, Nigeria’s Growth Rate is still about 2%, Says Panaritis
Fadekemi Ajakaiye
Former World Bank economist, Ms. Elena Panaritis, has stated that despite Nigeria’s huge capacity of land and labour, the nation’s growth rate was still about 2%.
She stated this at the 5th edition of FIABCI Business Forum and Dinner 2020, held in Victoria Island Lagos, recently.
Panaritis said land and labour were two important tools for economic development, as real estate was a key indicator for growth in the economy.
“When a country has a successful labour trade, this brings about evolution of the economy, then it can be referred to as a developed economy. The establishment of these two tools, land and labour, will bring about economic evolution,” she said.
She expressed concern on the population growth of Nigeria at about 206 million, and a disturbing 2% growth, which is not sustainable. “With this huge number, Nigeria should be an engine for growth and as a result, a leading economy in Africa,” she said.
Panaritis, the founder, Thought for Action stated that the lack of secured property right, lack of data as a result of poor secured registration system will hinder the growth of such economy. Technology and innovation can only work on the existence of the two key factors of production.
Real estate is therefore paramount to a nation’s growth and development as it focus on land and labour, she said.
She stated that Nigeria has already moved 39 places on the advancement in the ease of doing business, but this needs to shrink in order to attract huge investment.
Panaritis advised the authorities in charge of reforms to generate adequate development trust which will attract major investors and boost the Nigerian economy. This is the only way to sustain the robustness of economic growth, she said.
The FIABCI World President, Mr Walid Moussa stated that Nigerians accommodate foreigners in their country to share in their wealth.
What impress me about Nigeria is their ability to accept foreigners to come to their country, make money and share wealth with them, not what you find everywhere, he said.
Moussa stated that an event like this helps to provide access and opportunities for members to gain knowledge, share information and conduct business internationally among themselves - hub for investors both local and international.
The President FIABCI-Nigeria, Mr Adeniji Adele stated that their vision for converging government, major players of various industries and International Guests annually is to create a platform for addressing the issues and challenges affecting the Real Estate space in Nigeria with the sole aim of providing viable solutions that will improve the Real Estate Sector and attract International investors for a mutually beneficial business relationship for International and Institutional Private Investors.
“This we have carried out not just in our annual events for the past four years but also in our activities as a chapter,” he said.
He stated that “the 5th edition is a continuation of our theme for 2019, which is a deliberate intent for us a chapter to measure the progress of our journey in our pursuit to make a significant impact in the built industry and in Nigeria.”
The event has been put together having all the key players in all sectors in mind and we believe that it will be as instructive and insightful as possible, he said.
The Special Adviser to President Muhammadu Buhari on Ease of Doing Business, Dr. Jumoke Oduwole, stated that one of the government measures of providing ease to doing business is to rectify the issue of double taxation.