Nigeria’s Rising Economic Profile

Minister of Finance and Co-ordinating
Minister of the Nigerian Economy,
Mrs Ngozi Okonjo-Iweala last week told a bewildered country that the Nigerian economy has not only overtaken that of South Africa, but  has become the largest economy in Africa.
Of course, the confusion can be traced to the fact that only few days before then the World Bank had said that Nigeria had one of the largest numbers of poor people in the world. Even this, the Minister explained how it was arrived at and how it was nothing to worry about as even China and India were on the list.
But the declaration that Nigeria was now the largest economy in Africa was being celebrated in some quarters because the facts could not be challenged. Even the World Bank confirmed it and stated that it would attract more foreign investments.
While some Nigerians who could not hide their doubts dismissed the feat as political, the All Progressives Congress (APC) said the rebasing that revealed the current status of the economy was a mere public relations gimmick and a distraction. Till now very few persons understand the significance of the fact and  have no clue on how to leverage on it.
But the Nigerian Bureau of Statistics is very emphatic on the current performance of the Nigerian economy. They say the GDP stands at N80.3 trillion ($509.9) from the previous $285.56, this made Nigeria the 26th largest economy in the world with a per capita of $2,688 that also places Nigeria at 121 in the world.
According to reports, the re-basing which spanned two years including 2013 recorded for the country some sectors that were not reckoned with in the last re-basing like telecommunication, information technology, music, online sales, airlines and film production.
This is why we join all well meaning persons across the globe to congratulate Nigeria on this feat. In fact, it is not easy to move from 52nd position in the year 2000 to 40th in 2005 and 26th in 2013. This steady growth gives the hope that Nigeria might even surpass its target of becoming one of the 20th largest economies in the world by the year 2020.
Even so, the target cannot be achieved by wishful thinking but by hard work, clearer milestones and participation of the citizenry. This must be taken seriously even when some genuine concerns are likely to make a non-issue of this quantum leap of the economy.
Some persons have asked how Nigeria could overtake South Africa when in power generation alone South Africa stands at 35,000 Megawatts for a fewer population, while Nigeria with its huge number manages to output only 3000 megawatts. Some persons even ask about what the feat translates to for the ordinary Nigerian.
While the indices that made the growth possible may not have all come from the current Federal Government, the fact is clear that the average Nigerian is happy with the current management of the economy and the discipline that had never been so visible.
We expect that for Nigeria to arrive at the future of her dreams, the citizens as well as, Local and State Governments must join the Federal Government in fighting corruption and deploying resources in sectors, programmes and projects that would build the economy.
Although, the World Bank had said that the size of the economy would attract more investments, the managers of the Nigerian economy should interpret the essence of the new GDP and how the ordinary Nigerian can take advantage of the growth of the economy.
We are happy that in spite of the many issues that had tended to give Nigeria negative image and stressed the confidence level of many citizens, something this great could happen to Nigeria in our time. Indeed, like some people would be quick to condemn the country, people should celebrate this feat and encourage the youth to remain focused.
We expect that the computation of the GDP would be done annually to enable Nigerians monitor the growth and take steps that would support the realization of national growth in this sector.
Finally, the statistic proves that Nigeria is not poor, but that too many persons are poor because the few that are rich have failed to redistribute wealth by way of job creation among others. This should be addressed soonest in the interest of all.