Opinion
From Front-Runner To Follower: Nigeria’s Economic Decline
In 1960, Nigeria’s GDP per capita exceeded China’s, indicating a lead in unit productivity and prosperity. However, by 1999, China’s GDP per capita had surpassed Nigeria’s, beginning a trend of increasing economic growth. Today, China is a global economic powerhouse, while Nigeria struggles to reclaim its lost lead.
Nigeria and China share a similar history, with both countries gaining independence in the mid-20th century. However, their economic trajectories have diverged significantly. China’s economic reforms, implemented in 1978, prioritized innovation, education, and controlled population growth.
In contrast, Nigeria economic growth has been hindered by lack of strategic planning and implementation. 1999 marked a turning point in the economic fortunes of both nations. China’s
GDP per capita surpassed Nigeria’s, and the gap has continued to widen. Today, China’s GDP per capita stands at $24,558, while Nigeria’s is $6,318. China’s poverty rate has declined significantly, with less than 0.1% of the population living on less than $2.15 per day.
In contrast, Nigeria’s poverty rate remains high, with 30.9% of the population living on less than $2.15 per day. China’s GDP growth rate has consistently outpaced Nigeria’s, with a growth rate of 6.1% in 2020 compared to Nigeria’s 1.9%. A key factor in China’s success has been its meritocratic system, which ensures that political leaders are well educated and experienced.
In contrast, only 42.9% of Nigerian presidents have completed a university education since 1960. China’s economic reforms have been driven by a focus on innovation, education, and controlled population growth. The country’s export led growth strategy and “Made in China 2025” initiative have positioned it as a leading global player in manufacturing. Indonesia’s success offers valuable lessons for Nigeria.
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The country’s focus on manufacturing, investments in transportation and storage, and effective implementation and monitoring teams have driven its economic growth.
The Nigerian Economic Society’s economic dialogue offers a chance for Nigeria to reclaim its lost lead. Will the country take the cue and transition from participant to convener of a Forum on Nigeria-Africa Cooperation (FONAC) or Forum of Nigeria-Asia Cooperation (FONASC)?
Nigeria’s lost lead is a cautionary tale of how a country can fall behind due to lack of strategic planning and implementation. However, it is not too late for Nigeria to reclaim its lead. By learning from China’s and Indonesia’s success, Nigeria can drive its economic growth and reclaim its position as a leading economic power in Africa.
News
How Fraudulent Agencies Exploit Nigerians Seeking Care Jobs in the UK
A disturbing trend of fraudulent recruitment agencies in Nigeria is preying on the hopes of individuals seeking caregiving jobs in the UK. This investigative piece unveils the heartbreaking stories of victims lured by false promises of Certificates of Sponsorship (CoS), leaving them financially and emotionally devastated. With rising demand for care workers in the UK, these scams are becoming more sophisticated, trapping many in a web of deceit. Discover the urgent need for regulatory action and awareness to protect vulnerable migrants.
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Opinion
How Young Female Nigerians Can Capitalize On The Nigeria-Malaysia Trade Boom
The recent announcement by Malaysia’s High Commissioner to Nigeria, Ambassador Aiyub Omar, about the burgeoning bilateral trade relationship between Nigeria and Malaysia, which reached $956 million in 2023, opens a myriad of opportunities for young female Nigerians. As the world becomes increasingly interconnected, this partnership presents unique avenues for empowerment, education, and economic participation, particularly for young women.
Education: A Gateway to Opportunity
One of the most significant aspects of this bilateral relationship is the educational exchange. Currently, over 3,386 Nigerian students are enrolled in Malaysian institutions, a number that continues to grow. For young female Nigerians, this represents not just an opportunity for academic advancement but a chance to immerse themselves in a multicultural environment that fosters personal growth and global awareness.
Studying abroad is a transformative experience, allowing young women to gain valuable skills and knowledge that are increasingly recognized on a global scale. Malaysian universities offer a range of programs that cater to diverse interests, from technology and engineering to health sciences and business. This diversity in academic offerings allows young women to pursue fields traditionally underrepresented by females, thus breaking down societal barriers and stereotypes.
Moreover, the exposure to different cultures and ideas can inspire innovative thinking and entrepreneurial spirit. Young female Nigerians returning from Malaysia will not only bring back degrees but also new perspectives that can contribute significantly to Nigeria’s development.
Economic Participation and Career Advancement
With Malaysia being Nigeria’s fourth largest trading partner in Africa, there are considerable economic opportunities that young female entrepreneurs can tap into. The existing trade relations can serve as a platform for women to engage in various sectors such as agriculture, technology, and trade. As Nigeria seeks to diversify its economy, there’s a pressing need for women to step into leadership roles within these industries.
Programs under the Malaysian Technical Cooperation Programme (MTCP) have already benefited numerous Nigerian officials by providing training in key areas like trade, cyber security, and public administration. Young women can take advantage of such initiatives to gain critical skills that are essential for navigating today’s complex job market. By engaging in these training programs, they can build a robust professional network, enhancing their employability and career prospects.
South-South Cooperation: A Framework for Growth
The framework of South-South Cooperation, which has been a cornerstone of Malaysia’s assistance to Nigeria since 1981, can be particularly advantageous for young female Nigerians. This initiative is designed to promote knowledge sharing and collaboration among developing countries. By participating in these programs, young women can learn from Malaysia’s developmental strategies, particularly in areas like manufacturing, agriculture, and technology.
Furthermore, the exchange of expertise in sectors such as environmental management and public administration can empower young women to become change agents in their communities. This knowledge transfer can lead to the development of innovative solutions tailored to Nigeria’s unique challenges, ultimately fostering sustainable growth.
Leadership and Empowerment
The importance of female leadership cannot be overstated. As Malaysia continues to achieve economic milestones and is recognized for its political stability and safety, young Nigerian women can learn valuable lessons from Malaysian women who have made significant strides in various fields. By fostering a culture of mentorship and collaboration, there is a unique opportunity to inspire the next generation of female leaders in Nigeria.
Young women should actively seek mentorship opportunities from established professionals who have experience in navigating the complexities of international trade and economic collaboration. By building these connections, they can gain insights into leadership strategies, negotiation tactics, and the importance of resilience in the face of challenges.
The Role of Technology and Innovation
As Nigeria embraces digital transformation, young female entrepreneurs can leverage technology to break into markets previously dominated by their male counterparts. The increasing trade relations with Malaysia can serve as a springboard for innovation, particularly in the tech industry. Malaysia’s advancements in areas like e-commerce and digital finance offer valuable lessons that Nigerian women can adapt and implement locally.
By establishing tech startups or engaging in digital enterprises, young women can tap into the growing global digital economy. This not only enhances their economic independence but also contributes to the broader socio-economic development of Nigeria. Programs that facilitate access to funding and resources for female entrepreneurs are crucial in ensuring that these women have the necessary support to thrive.
Building a Network of Support
To maximize the benefits of the Nigeria-Malaysia relationship, young female Nigerians must actively engage with organizations and initiatives that promote women’s empowerment. Networking platforms and associations focused on women in business can provide crucial support systems. These networks can offer access to funding opportunities, mentorship programs, and workshops that equip women with the skills needed to succeed in various sectors.
Additionally, collaboration with governmental and non-governmental organizations that promote gender equality and women’s rights will amplify their voices in policy discussions and economic planning. By advocating for their needs and rights, young women can ensure that their perspectives are included in the broader development agenda.
The growing Nigeria-Malaysia bilateral trade relationship represents a turning point for young female Nigerians. With education, economic participation, and international cooperation at the forefront, there is an unprecedented opportunity to create a future where women can thrive in all sectors. By taking advantage of these opportunities, young women can not only transform their lives but also contribute significantly to the growth and development of Nigeria as a whole.
As they embark on this journey, it is crucial for them to remain resilient, seek out mentorship, and collaborate with peers. The potential is immense, and the time to act is now. By seizing these opportunities, young female Nigerians can pave the way for future generations, ensuring that they too can benefit from the rich tapestry of international collaboration and empowerment.
Opinion
The Cost Of Corruption: How Favoritism And Abuse Of Power Stifle African Development
In a recent revelation, former Nigerian President Olusegun Obasanjo exposed a near catastrophe that could have cost Nigeria its burgeoning telecommunications potential. He recounted how the transition from landline to mobile telephony nearly fell victim to corruption and favoritism under General Abdulsalami Abubakar’s leadership.
The proposed sale of a lucrative telecommunications deal for a mere $3 million—pennies compared to the $280 million ultimately realized—serves as a stark reminder of how systemic corruption undermines the development of African nations, which are rich in resources and potential.
Obasanjo’s narrative sheds light on a critical moment in Nigeria’s economic evolution. Prior to the mobile revolution, Nigeria was plagued by a lack of infrastructure, with millions waiting in vain for phone lines.
The impending sale of a vital telecommunications deal to cronies for a fraction of its worth exemplifies the rampant corruption that has historically thwarted progress. By intervening and opting for a transparent auction process, Obasanjo’s administration not only salvaged the deal but also fostered a competitive landscape that invited global telecom giants like MTN and Airtel into the Nigerian market.
This intervention catalyzed a sector that has since generated billions in revenue, illustrating how effective leadership can unlock opportunities that benefit the broader economy.
However, the shadow of corruption looms large, suggesting that such instances of progress remain exceptions rather than the rule. Corruption, favoritism, and abuse of office are not merely individual failings but systemic issues embedded within the governance structures of many African nations.
These practices have often diverted resources from essential public services, deterred foreign investment, and perpetuated cycles of poverty.
Countries with significant potential for economic growth are held back by the very leaders who are supposed to champion development. As Obasanjo pointed out, the “money to develop Nigeria is out there,” contingent on the establishment of a conducive and transparent business environment.
Yet, the reality is that corruption breeds distrust among investors and citizens alike, leading to an exodus of talent and capital. Without a robust framework for governance that emphasizes accountability and integrity, African nations risk stagnation, despite their rich resources and youthful populations.
To harness their full potential, African countries must confront and dismantle the structures of corruption. This involves implementing stringent anti-corruption laws, promoting transparency, and fostering a culture of accountability among public officials. Leaders must prioritize the creation of environments that not only attract foreign investment but also encourage local entrepreneurship.
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Furthermore, the narrative of Nigeria’s telecom success should serve as a blueprint for other sectors. The potential for growth exists in agriculture, technology, and infrastructure, yet these opportunities will remain unrealized unless there is a commitment to ethical governance. The story of Nigeria’s telecommunications revolution is both a cautionary tale and a beacon of hope. It highlights how a single decision can pivot a nation from potential to prosperity, provided that integrity prevails over favoritism.
For African countries to truly unlock their potential, the path must be paved with transparency, accountability, and a steadfast commitment to serving the public good. Only then can the continent transform its vast resources into tangible benefits for all its citizens.