“Nigeria’s Economy May Be Worth Around $600b, Not $400b” – Bolaji Balogun

Contrary to conventional estimates which put the value of the Nigerian economy at almost $400 billion the Chief Executive Officer (CEO) of Chapel Hill Denham, Mr. Bolaji Balogun has disclosed that in actuality, the Nigerian economy is worth around $600 to $650 billion.

Mr Balogun made this disclosure while delivering the keynote address themed Economic Reset: Rethinking the Role of Nigeria’s Private Sector at the Annual Enterprise table and the 5th-anniversary celebration of Deal HQ Partners.

“If you believe my thesis that population drives economic activity and economic growth and if you also believe my thesis today that this is not a $400 billion economy.

This is probably today already a $600 or $650 billion economy because quite a lot of what happens in the real economy, in the Instagram economy, in the illicit economy- and not everything illicit is drugs and weapons. All of that is not measured today when you measure Nigeria’s economic activities.”

He also spoke about Africa’s unique demographic advantages in terms of the young populace and how it will spur growth in the continent, especially Nigeria.

Speaking further, the Investment veteran enumerated industries that will catalyse Nigeria’s economic growth. For him, agriculture, solid minerals and the creative economy.

On what Nigeria has to do to ensure it takes advantage of these resources, Mr Bolaji explained that investment in infrastructure is key.

He said, “If you are going to deliver that potential, we are going to have to build the infrastructure to process, preserve and be able to transport and deliver value out of our agriculture.

We need power and transportation infrastructure to bring value out of our mineral resources”

He alluded to the rapid acceleration of the SDGs as critical in realizing not just the potential of Nigeria but Africa in general.