NIGERIA has been rated by the African Development Bank (AfDb), as one of the fastest growing economies in the world as well as the best investment friendly in Africa.Senior officials of three organisations - African Development Bank (AfDB), Citigroup Global Markets Limited and Renaissance Capital disclosed this at the launch of Project 50 (50 Years of Capital Market Regulation in Nigeria) in Abuja.According to AfDB Country Representative in Nigeria, Dr. Ousmane Dore: "Our growth outlook showed that Nigeria is one of the fastest growing economies in the world. AfDB has been particularly impressed by the resilience, which the economy has shown in the face of the global economic slow-down, especially in developed economies. Nigeria is the best investment destination in Africa given its population, and abundant human and natural resources. He called on Nigerians to support plans by the Federal'Government in deregulating the downstream sector of the petroleum industry.He said the deregulation of the sector and diversification of Nigeria's economy will encourage more investors into the country and by extension create numerous jobs.The Africa Economist Director, Economic & Market Analysis, Citigroup Global Markets Limited,' Mr. David Cowan, said given the inertia in the global economy and the debt crisis 'rocking Europe, Citigroup's Research had indicated that'Nigeria was one of the top emerging global economies and best investment destination in Africa due to its abundant human and natural resources." Our recent research shows that Nigeria has the right potential as the best investment destination for Africa given the inertia in the global economy and the debt crises ravaging' Europe.'Also, the Chief Economist, Renaissance Capital, Mr Charles Robertson, said Nigeria's increasing population,' fast-growing middle class and abundant human and natural resources have strategically positioned the country as the best investment destination in Africa. President Goodluck Jonathan said returns on investment in Nigeria are still among the highest worldwide.The President, who was represented by the Niger State Governor Babangida Aliyu, assured of the Federal Government's commitment to protecting investors in the capital market."The administration is determined to foster an environment rich in opportunities for investment with the highest returns, while bringing inclusive growth to ordinary Nigerians."We are set to deregulate the power sector. Government, at various levels, is increasingly looking to the capital market to finance infrastructure projects. We have also rolled out a master plan to convert the millions of acres of arable land in Nigeria to achieve sustainable food production for consumption and export," Jonathan added.Earlier, the Director-General, Securities and Exchange Commission (SEC), Arunma Oteh said as part of strategies to reposition the capital market, SEC has updated its rules for the market and strengthened the code of corporate governance."We are working on migrating to the International Financial Reporting Standard (IFRS)' for banks and quoted companies. I can proudly say that we have built a market that is equipped to support the investment destination that Nigeria is".
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