by Comrade Abdulbaqi Aliyu Jari,
Just recently Nigeria updated its economic data base and proclaimed itself as the largest economy in Africa. Nigeria aspire to become among the top 20 economies in the world by the year 2020. Currently, Nigeria is the 26 largest economy in the world. Will vision 2020 be realized in 5 years?
The recent Fitch rating of Nigeria’s economy shows the economy is stable and remain in the BB (negative). Fitch also showed that inflation and exchange rates are stable with the development of the economy. Fitch forecast 0.4 percent of about 325 billion naira was realized as predicted.
Nigeria’s economic growth of 7 percent per annum remains of the highest economic growth of Nations around the world. With oil, ICT, telecommunications etc, the robust untapped market in Nigeria is valued about 35-40 billion dollars annually.
What kept on surprising and confusing me is the counterproductive nature of economic development in Nigeria. As the economy is developing, more people are becoming unemployed. Poverty is beating harder on the masses. Economic policies are de activating the economy. Etc. What all been said about ,Nigerias economy, is it really true that the economy is developing? Why is it that the economy is not impacting well on the lives of Nigerias? These and many other questions kept on crossing into my mind. Later after remembering the missing 20 billion dollars as reported by the then CBN governor, I then see who the economic development is impacting – The looters. Those government officials that are bankrupting Nigeria, those people with over 20 different accounts in Nigeria and abroad, those useless compatriot.
We the masses are not aware of any significant economic development since 1970s. Education is not free. We pay our house rent. Good health care is expensive. Etc. The over 500 thousand graduates coming from tertiary institutions in Nigeria and abroad are very much aware and perhaps in agreement with me. Not up to 1/5 get out of the labor market that years or even the year following. Then where the hell is that economic development.
Comrade Abdulbaqi Aliyu Jari