Nigeria needs 10% growth to reduce poverty, Peterside says

Atedo Peterside, businessman and former chairman of the Nigerian Stock Exchange, said at a conference in Abuja that growth of about 4% is insufficient to generate the jobs and investment needed to reduce poverty. He urged Nigeria to target annual growth of 10% and cited declining investment, corruption, political patronage and misuse of public funds as major barriers. Kano Emir Muhammadu Sanusi II said growth of about 4.5% does not by itself show whether Nigerians are better off, pointing to the naira’s depreciation and its effects on GDP per capita and purchasing power. He said the economy should also be judged by access to education, healthcare, nutrition and employment, and by how economic opportunities are distributed.