While the Federal Republic of Nigeria is arguably one of the African countries to reckon with regardless of its current economic downturn, a recent report by the Visualcapitalist (2024) shows South Africa with a GDP of $401B recently overtook Nigeria’s GDP. Although Nigeria used to be the biggest economy in Africa for multiple years in a row, Nigeria with a GDP of $395B is now ranked the second largest economy in Africa followed by Egypt with a GDP of $358B as of the first quarter of the year 2024.
Nigeria is the most populous black nation in the world and the most populous African country with an estimated population of well over 250 million. According to the Worldometers (2024), Nigeria is the 6th (224M) most populous country in the world. By 2050, it is projected that Nigeria’s population will rise to 377M according to Business Insider in the recent time. As of 2023, Nigeria has the largest youth population – ranking third with only India and China ahead in terms of youth population globally (The Worldcount, 2024). “Roughly 44 per cent of the population is under 15 years old and an incredible 16 per cent is under 5 years old – a higher percentage than is between 0 and 14 in Japan (12 per cent)” (The Worldcounts, 2024). Nigeria arguably has more potential than many countries in the world.
Recent assessment shows that by 2050, Nigeria is projected to be among the top 10 world’s largest economies. The reported metrics on the naira-USD exchange rate between March and April 2024 show a promising economic recovery of the trajectory remains steady. Arguably, the review and discontinuation of the inclusion of domiciliary as collateral, the decline in the pressure of the dollar on the crude, the influx of selected investors, the recent inauguration of the Nigeria-London flight operated by an airline owned by a Nigeria company, the commencement of Africa’s largest refinery in Nigeria and the implementation of some economic recovery policies just to mention a few seem to have a positive impact on the economy. No doubt, we all have a part to play as a patriotic citizen in promoting Nigeria’s economic growth. We could also maximize our diversity, manpower, technical know-how and veracity in promoting the relevance of Nigeria on a global scale.
In retrospect, it is important to believe that Nigeria as a country limits importation to strengthen our currency as consuming what we produce is one of the leading ways of improving Nigeria’s economic value. Business-friendly policies will boost the morale of manufacturing companies. The government needs to truly support small-scale business entities by providing grants, and low-interest business loans. The bad eggs in the civil service need to be reorientated or decisively reprimanded if they are stiffened.
We need to look inward: Our learned professors, researchers and seasonal entrepreneurs need to roll their sleeves in a bid to find solutions to the current economic chaos. Those living in rural areas need to be empowered. There is a need to overhaul the educational system – students should be taught what is relevant and what would benefit the nation first. Enough of the pilling up of unemployed undergraduate youths. Our youths need to be taught how to be a solution to economic crisis. Each youth needs to learn how to be at least self-employed. The youths need to be taught how to create money-making enterprises which helps in reducing the rate of unemployment. There are many unexplored natural resources across Nigeria – if well explored, we will not be regarded as one of the poorest nations around the world. We could also explore the agro-economy model. Of note, the indiscriminate hike in the price of goods and commodities needs to be checked. Nigeria has the potential to feed the Sub-Saharan African region and Africa at large. A favourable system with basic infrastructure will most likely fix commerce.
Rather than appropriating some foreign loans to service recurrent expenditures, using internally generated revenue through creativity may be more beneficial. An improvement in the well-being and socio-economic status of Nigerians through the provision of basic amenities, community development and investment in social and capital projects enhances positive outcomes. Importantly, we all need to be patriotic and think about how we could add value to our immediate society and Nigeria as a whole. Together we can develop a dream country for ourselves and our heirs.
-The Voice of the Concerned!
Dr. Taiwo O. Olubanwo writes from Regina, Canada.
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