Nigeria’s former Labour Party presidential candidate, Mr. Peter Obi, has restated that Nigeria remains Africa’s top investment destination, saying the country can record massive economic growth if it embraces competent and accountable leadership. Obi made the comments in Monaco while speaking as a guest at the 4th Africa Day event organised by the Club des Entrepreneurs Monégasques en Afrique (CEMA). His presentation focused on Africa’s long-term economic prospects and Nigeria’s expected economic position by the year 2050.
Obi described Africa as “the continent of tomorrow,” stressing that the greatest strength of the continent is its youthful population. About 60 per cent of Africa’s population is made up of young people, a demographic group he believes will drive innovation, productivity and future development. He explained that Nigeria’s population is expected to reach about 320 million people by 2050, with almost 200 million citizens falling within the productive age group.
According to him, if Nigeria is able to put the right leadership in place—leadership defined by competence, compassion, character and commitment—the country can use its young population as a major engine for economic transformation. Obi stressed that a focused government must work to reduce corruption, block waste and implement strong developmental policies across board.
He said Nigeria has the potential to achieve remarkable economic progress with the proper investment strategy. In his projection, the country can build a strong economic foundation between 2030 and 2050 and grow into a $2 trillion economy with an estimated $7,000 per capita income. Obi pointed out that this growth path would also place Nigeria in a good position to meet the Goldman Sachs projection that the country could reach a GDP of $13 trillion by 2075 with a per capita income of around $30,000.
Obi listed some critical sectors that Nigeria must focus on if it hopes to achieve long-term growth. These include security, healthcare, education and poverty reduction. He explained that investment in these areas will improve human capital, strengthen productivity and stabilise the economic environment. According to him, no country can attract long-lasting investment when its citizens are struggling with insecurity, poor education and weak social services.
He encouraged global investors present at the Monaco event to pay special attention to Africa, especially Nigeria, describing it as the best entry point for tapping into the continent’s future opportunities. Obi told the participants that Africa offers untapped potential and that Nigeria’s expanding population, growing market and strategic position make it a key destination for international capital.
Obi expressed confidence that with the right political direction and economic policies, the country can experience a major turnaround. He concluded by saying that “a new Nigeria is possible and indeed a new Africa is also possible,” adding that the continent is ready to rise if leaders and investors take the right steps.
