Renaissance Capital (RenCap), a leading investment bank that focuses on the emerging markets of sub-Saharan Africa, Russia, Ukraine, and Kazakhstan, estimates that Nigeria’s GDP will be greater than South Africa’s in 2011 and rise in excess of $500 billion by 2014 and $1 trillion by 2020. Renaissance Capital (RenCap) also marked up Nigeria’s 2009 growth expectation to 6%.
Matthew Pearson, Head of EPG and Research, Renaissance Group Africa, said that Nigeria’s economy has regained some ground following the decisiveness of the Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, on the banking sector loan and credit crisis. Matthew Pearson expects to see the banking sector recover significantly by the fourth quarter of this year. Read the rest of this entry »
