From This Day Live

A renowned economist and former Chairman of the asset-management division of the Goldman Sachs Group, Mr. Jim O’Neill has said that the Nigerian economy has the potential to grow between 10 and 12 per cent if the perennial power outage suffered in the country is sorted out. This, he insisted would double the size of the Nigerian economy in six or seven years.

Speaking on a BBC programme titled: “The MINT Countries: Next Economic Giants?” monitored in Lagos on Monday, O’Neill revealed that about 170 million Nigerians share the same amount of power that is used by about 1.5 million people in the United Kingdom.

O’Neill, who coined BRIC, an acronym that stands for Brazil, Russia, India and China, recently identified new potential investment destination which he had also classified as the MINT economies. This comprises of Mexico, Indonesia, Nigeria and Turkey (MINT).

“Almost every business has to generate its own power. The costs are enormous. Sorting out energy policy was seen in both Mexico and Nigeria as a top priority and each country has launched major initiatives this year, which if implemented, will accelerate growth rates significantly,” he added.

On his part, the founder of the Dangote Group, Alhaji Aliko Dangote who was one of the interviewees on the programme said: “Can you imagine, can you believe, that this country has been growing at seven per cent with no power, with zero power? It’s a joke.”

According to O’Neil, the creation of the MINT acronym could also spur pressure for Nigeria to become a member of the G20, just like its other peers in the MINT category.

Written by Obinna Chima | From This Day Live