Praise from all quarters spells good news for Nigerian future

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A new global survey based around the economic prospects of several nations has found that Nigerians are particular optimistic about the year ahead.

The Gallup survey, which surveyed the views of inhabitants from 51 separate countries, suggested that more than eight out of 10 Nigerians were anticipating “a year of economic prosperity” in 2012.

Adding to the growing optimism within the country, economists Morgan Stanley have suggested that Nigeria’s gross domestic product (DGP) is likely to overtake South Africa’s by approximately 2025. This would see the Nigerian economy become the most powerful in Africa.

In a report on the country’s prospects, Morgan Stanley suggested the Nigerian economy is “on a growth charge.” They also stated; “The sources of output growth are broadening and accelerating, retail trade is vibrant and its financial markets are deepening.”

Richard Sandock, a World Bank official, echoed the positivity surrounding Nigeria’s future prospects. “Nigeria has slowly been coming up and has finally taken over from Russia and South Africa,” he stated.

Another major reason why the country’s growth prospects are high is due to the rate at which the population is growing. Nigeria is expected to become the fourth most populous nation in the world by 2015.

Christine Lagarde, Managing Director of the International Monetary Fund (IMF), also feels the country is moving in the right direction. “Promoting a more diversified economy will help Nigeria better withstand shocks. It will also provide for more broad-based growth, with opportunities and jobs for the entire population,” stated Lagarde.

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Are you looking to send money to Nigeria? If so, think carefully about how you will be transferring money to Nigeria. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to Nigeria – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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Praise from all quarters spells good news for Nigerian future

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