Benefits to all
With such growth in the economic sphere one
would think that the people of Nigeria would
be benefitting. Financial statistics of 2013 have,
however, indicated that African citizens are the
poorest in the world. Simply put, these statistics
illustrate that ‘ordinary people’ are not benefitting
from this boom.
Creating a prosperous nation – one that is
inclusive of even the poorest citizens – is what
Nigeria should focus on now. Poverty and
unemployment still remain at a high, posing
an undeniable challenge to the economy. The
benefits of economic growth have not moved
down to the poor fast enough.
T H E M OT H E R L A N D
EXPERIENCED
W H AT W A S
TERMED '
THE AFRICAN
ECONOMIC BOOM'
Fortunately, the Nigerian 2014 national budget,
which has just been passed into law by the
national assembly, focuses mainly on creating
more jobs and making economical development
more inclusive. Increased integration of the
poor into global value chains is essential for the
reduction of poverty.
Agriculture, which is largely informal, employs
about 70% of the labour force – a large portion
of which is poor. Adding value to this industry
will create more jobs through upstream and
downstream integration with other sectors of the
economy. Leading to increased export revenues
and, obviously, boosting the income of the poor.
Playing catch up
South Africa is a resource-rich country, if we
implemented stronger policies that are focused
on job creation and poverty alleviation there’ll
surely be some real, economic growth. A country
with as much potential as ours needs to have an
innovative leadership that will focus on those
who are sitting without skills. We need ideas
that will create a brighter future for our country.
Currently, the political landscape needs to gain
more sustainability, so as to attract investors.
With the great economic growth of Africa still
blossoming, could South Africa match Nigeria
anytime soon?
By Tamara Toti
37
IMBO/ ISSUE 32/ '14