[SPECIAL REPORT]
I
n words of Binyavanga Wainaina, one of Africa’s most
celebrated writers, there is no country in the world with
the diversity, confi dence, talent, and black pride like
Nigeria.
The word giant is in general used to depict anything that
is legendary, powerful, signifi cant, reputed, and of great size.
With this defi nition in mind, it becomes much easier to un-
derstand why Nigeria is referred to as the Giant of Africa. It is
because of its population, military strength, abundant human
and natural resources, and for having Africa’s largest economy.
In terms of its geographical size, population and economy,
Nigeria is a force to be reckoned. Now the continent’s biggest
economy, Nigeria has undergone many changes in recent times.
Nigeria is the most fl ourishing economy in Africa with a
remarkable GDP growth rate. With a population that could
become the third largest in the world by 2050, Nigeria
presents a large market of consumers. It has a mixed economy
and an emerging market with expanding fi nancial, service,
communications, technology, and entertainment sectors.
Special Adviser to the President on Media and Publicity,
Mr. Femi Adesina, in a statement in Abuja, said that though
the opposition elements might not see the positive growth
in the economy, the latest report of the National Bureau of
Statistics( NBS) underlines that the economy is in safe hands
of President Muhammadu Buhari and government. He said,
“Some people have made it a pastime to talk as if there is
no silver lining in the sky as far as the Nigerian economy
is concerned. They carry on as if it is doom and gloom all
the way, a thoroughfare of woes. This they do, to hoodwink
the public and peradventure, gain political advantage for
themselves or their principals.”
But facts are stubborn things. Those arrayed against
facts may abhor and deride them, but there they are, staring
them starkly in the face. Here are some current facts about
the Nigerian economy, which naysayers may not be able to
do anything about: “According to the National Bureau of
Statistics, the economy has recovered from the slow-down
and eventual recession, which started in 2014. There has been
an improvement with stronger growth for three successive
quarters. From contracting by 0.91 percent in Q1 2017, the
economy has grown by 0.72 percent in Q2 2017, to 1.17
percent in Q3 2017, and 2.11 percent in Q4 2017. The Q1 2018
GDP shows that the economy has recorded a GDP growth of
1.95 percent, compared to a contraction of 0.91 percent in Q1
2017. The growth is driven by agriculture and industry, which
shows that at last, after more than 50 years of lip service, the
Nigerian economy is on the road to diversifi cation. The oil
sector’s contribution to GDP is 9.61 percent, while the non-
oil sector’s share is 90.39 percent.
“One of the factors responsible for the positive performance
of the economy in Q1 2018 was the spending of about N1.5
trillion on infrastructure projects in 2017. For the past 15
months, infl ation has declined consistently from 18.72 percent
to 12.48 percent. The country is steadily on the road to single-
digit infl ation rate. The fi rst quarter of 2018 saw a continuous
growth in the total capital importation into the country, the
fourth consecutive quarterly increase since Q2 2017. The
total value of capital imported is $6,303.63 million — a
17.11 percent growth over the fi gure reported in the previous
quarter. Foreign reserves stand at $47.79 billion, compared
to $29.6 billion inherited in May 2015, after about six years
boom in oil prices in the international market. The increase
came at a time of modest oil prices, showing transparency
and accountability by government.
“Nigeria’s Stock Market ended 2017 as one of the best-
performing in the world, with returns of about 40 percent.
Tax revenue increased to N1.17 trillion, in Q1 2018 — a 51
percent increase on the Q1 2017 fi gure. Milled rice production
has increased from 2.5 metric tonne to 4 metric tonne, and
rice imports have dropped from 580,000 metric tonne in
2015 to 58,000 metric tonne in 2016. Millions of dollars
have been saved.”
According to him, those are just a few good things among
all others happening to the Nigerian economy. He said that
only the willfully blind would not see it, noting that it would
not stop the good work. On exiting recession last year, he said
President Muhammadu Buhari had said he would not consider
the job done until the ordinary man feels the impact of the
rebounding economy on his life and pocket, he said “We are
inexorably on that road, no matter what scoff ers may say.”
References:
https://www.vanguardngr.com/2018/05/nigerias-
economy-right-track-presidency/
Nigeria-India• 2018 • 7