The foregoing statements aptly connote two understandings of the state of Nigerian economy. These understandings show that, the economy is one among the fastest growing economies in Africa and within the world. Although Nigeria has had hash economic history, it’s undergone and still undergoing economic reforms, which are aimed toward making Nigeria the Africa’s financial hub and one among the twenty largest economies within the world by the year 2020. Needless to mention that the country has experienced political instability, corruption, and poor macroeconomic management within the past, this was liable for unpleasant and harsh economic situation. the govt relentless efforts to reposition the economy have translated into an interesting economic process and development. Several mechanisms are put in situ to sustain this growth and development, capable of balancing the interests of stakeholders. Perhaps, this view must have influenced Gordon Smith submission. He described Nigeria because the most dynamic market in Africa, which is under severe pressure from some countries in Africa to function a cushion against the consequences of worldwide turbulence. He also noted that some countries like Ghana, Malawi, Mauritius, among others were counting on her at the instant thanks to global risk exposure which the country’s economy, led by the consolidated banks, was faraway from being suffering from the worldwide credit crisis currently rocking the world’s financial giants. He stressed further that foreign investors, who are going to be patient enough to weigh the Nigerian economic system on the credit risk perspective relative to global events, will find the nation’s financial sector more interesting to take a position and lift capital from.
Faced with numerous challenges, Nigerian government is decided to strengthen, diversify and make the economy attractive and investment-friendly to both local and foreign investors. the govt has adopted total liberalization and globalization because the policy , instituted privatization and commercialization programmes of public enterprises, provided b2c phone list total security for business and other people , extended invitation to domestic and foreign investors, abolished laws inhibiting competition, embraced and fine-tuned policies to make sure quick realization of growth and development of all sectors of the economy. the trouble is already paying off as Nigeria is now the main target for foreign investment thereby increased exponentially Foreign Direct Investment (FDI). many economic missions and delegations from developed and developing countries have visited Nigeria, thus accelerating the expansion of the economy at a really fast rate.