Reclaiming Our Stature: Economic Leadership Starts with Fixing the Basics
~~ Dr, Aiyeku Olufemi Samuel
Are We Really the Giant of Africa?
For decades, Nigeria has proudly worn the mantle of "The Giant of Africa" – a title earned through its large population, significant natural resources, and once-promising economic potential. Yet, for many Nigerians today, this title rings hollow. With pervasive poverty, infrastructure deficits, and widespread insecurity, the perception of a giant struggling to stand casts a long shadow. Can we continue to claim this esteemed name when our fundamentals are so fragile, or is it time for us to acknowledge our challenges and embark on a deliberate path to truly earn the name again, starting with fixing the basics?
Challenges:
Nigeria's claim to "Giant of Africa" status is increasingly questioned by glaring internal challenges:
• Economic Underperformance: Despite being Africa's largest economy by GDP (driven largely by population size), Nigeria's per capita income is low, and poverty is widespread. Our economic growth rates often lag behind our population growth.
• Infrastructure Deficit: Chronic power shortages, dilapidated roads, and inadequate public transportation systems cripple productivity and quality of life. Access to reliable electricity is still a major challenge for businesses and households.
• Insecurity & Instability: The persistent threats of banditry, insurgency (Boko Haram), and communal clashes deter investment, disrupt economic activities, and displace communities. This undermines confidence and stability.
• Corruption & Governance Issues: Grand corruption, lack of transparency, and weak institutions impede development, divert resources, and erode public trust. Transparency International's Corruption Perception Index consistently ranks Nigeria poorly.
• Human Capital Deficit: Despite a large youth population, underinvestment in quality education, healthcare, and skills development means much of this potential remains untapped, contributing to brain drain.
• Over-reliance on Oil: A mono-economy heavily dependent on volatile oil prices makes the nation vulnerable to global shocks, hindering sustainable diversification. Oil revenue accounts for a significant portion of government earnings.
• Declining Foreign Direct Investment (FDI): Economic instability, policy inconsistency, and insecurity have made Nigeria a less attractive destination for long-term foreign investment compared to some of its African peers.
Rhetorical Questions and Answers:
• "Is being the most populous nation enough to be a giant if your people are struggling?" No, true giant status is defined by the well-being of its citizens, not just sheer numbers.
• "Can we lead Africa when our own house is not in order?" Effective leadership begins with demonstrating internal strength, stability, and progress.
• "Are we aspiring to be a giant in name, or a giant in deed?" We must strive for giant status in deed – through tangible development, equity, and stability.
Solutions and Recommendations:
● To truly earn the title "Giant of Africa" again, Nigeria must embark on a comprehensive reform agenda focused on strengthening its foundations:
Prioritize Security & Stability:
o Recommendation: Implement robust security strategies to combat all forms of insecurity, ensuring the safety of lives, property, and economic activities across the nation.
● Aggressive Economic Diversification:
Recommendation: Shift away from oil dependence by aggressively promoting and incentivizing growth in non-oil sectors like agriculture (value-added processing), manufacturing, technology, and the creative industries for export.
● Massive Infrastructure Development & Modernization:
Recommendation: Invest significantly in reliable electricity, modern transport networks (roads, rail, ports), and robust digital infrastructure to boost productivity and attract investment.
● Fight Corruption & Strengthen Governance:
Recommendation: Implement decisive anti-corruption measures, promote transparency and accountability in all government dealings, and strengthen independent institutions. "Good governance is not an option; it's the bedrock for any nation's progress," remarks World Bank Vice President for Africa, Ousmane Diagana.
● Invest Heavily in Human Capital:
Recommendation: Revamp the education system to be relevant to 21st-century skills. Provide universal access to quality healthcare. Empower youth through skills acquisition and entrepreneurship support.
● Fiscal Prudence & Revenue Generation:
Recommendation: Improve non-oil tax collection, plug leakages, and ensure responsible borrowing. Channel resources towards productive investments that benefit citizens.
● Improve Ease of Doing Business:
Recommendation: Streamline regulatory processes, reduce bureaucracy, and ensure policy consistency to create a more attractive environment for both local and foreign investors.
● Foster National Unity & Social Cohesion:
Recommendation: Promote dialogue, understanding, and justice to bridge ethnic and religious divides, creating a more cohesive and stable society essential for development.
Conclusion:
The moniker "Giant of Africa" is not an inherited right; it is a status that must be continually earned through tangible progress and positive impact on its citizens and the continent. While Nigeria possesses immense potential, fulfilling that promise requires confronting our fundamental challenges with unwavering commitment. By fixing the basics – security, infrastructure, governance, and human capital – we can indeed reclaim our stature, not just in name, but as a beacon of true economic leadership and prosperity for all. Let's earn the name again.
By, Dr. Aiyeku Olufemi Samuel
Co-Founder & Lead Consultant, Global Human Capital & Energy Management Limited Governance Analyst| Development Economist| Policy Consultant| Strategic Development Advocate| Climate Action Enthusiast | Sustainability & Impact Investing Specialist| Girl-child Advocacy| PPP & CRM Specialist /Sales Innovation & Transformational Results-Driven Business Analyst.
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