Nigeria and Ghana Among Three Fastest Growing Global Markets – Ernst and Young

According to a report just released by Ernst and Young, Nigeria and Ghana have been assessed to be among the three fastest growing markets in the world. The two countries appeared in a list of the 25 leading rapid-growth markets.

Ernst and Young in its quarterly Rapid-Growth Market Forecast (RGMF), economic expansion in the 25 leading Rapid Growth Markets (RGMs) has started to slow sharply since the beginning of this year but this will only be a temporary hitch. The global body also believes that the power sector, specifically, holds the key to Nigeria’s economic growth and development.

According to the report, “There is a mixed picture emerging across the world. Although Asia is likely to lead the way, Africa remains resilient overall, with Ghana and Nigeria among the three fastest growing of the RGMs this year.

Bisi Sanda, a Senior Partner at Ernst & Young, Nigeria, believes that the power sector holds the key to the Nigeria’s economic growth and development. In his words, “If the government of Nigeria completes its privatisation of the power sector assets in 2012, it will provide much required fresh breath to the much delayed reactivation of stimulus of the manufacturing sector, including the reactivation of over 100 textile mills that closed down or relocated from Nigeria between 2000 and 2007. Power is an enabler in Nigeria.”