If the current rate of the nation’s economic growth is sustained, it could rival the much respected economies like Hong Kong, Singapore, South Korea and Taiwan, that are referred to as Asia’s Tigers.

Nigeria grew its Gross Domestic Product (GDP) from 6 per cent last year to 7.4 per cent this year. Latest IMF report says the level would be sustained till next year.

Minister of Finance, Olusegun Aganga, who made the projection at the World Bank/IMF Annual General Meeting in Washington DC challenged the global community to draw encouragement from the flexibility and resourcefulness of developing countries like Nigeria during the turbulence of recent years.



Aganga, the chairman, Board of the World Bank and International Monetary Fund, said during the plenary session that the international finance institutions can further support members with financing, particularly in the areas of infrastructure, and knowledge as they develop as new growth centres.

He said the Bretton Woods Institutes which first came together in 1946 had in recent years responded effectively to cushion the impacts of the global crisis.

Specifically, he said since the global crisis began, the IMF had committed an unprecedented $223 billion to its members, including funding under precautionary arrangements, adding that $72 billion had so far been disbursed.

He said that the World Bank group had, within the same time frame, committed $138 billion to its members and disbursed a record $88 billion, including $22 billion to the world’s poorest countries.