It has been said that “Brazil has a future and always will”. The quip cannot be made about Nigeria. It has a future and it is working towards it without the mind-boggling mistakes that have been made in recent years in Brazil.
Nigeria’s economy, the largest in Africa, has grown eleven fold since 2000, according to Goldman Sachs. Since democracy was restored in 2010 the national income has almost trebled. According to a Citigroup report published in 2010 Nigeria will have the highest GDP growth in the world between 2010 and 2050. Already its GDP per capita is 3,900 US dollars per person.
Nigeria goes to the polls on Saturday to vote in what is going to be a closely fought election. It’s probably fair to say that right now poorer voters don’t feel they are on the lift going up. Growth has not trickled down to them as much as it should, at least in terms of incomes although their access to clean water, medical help and education may have improved. Economists say they won’t get a real leg up until Nigeria approaches double digit growth.Read More »