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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.
Read aslo : Nigeria’s Economic Reviews Downspin: Multinationals Flee As Challenges Mount
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.
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.
Introducing the 25th edition of Diaspora Watch, your premier source of news and perspectives from around the world! This edition is packed with captivating stories and in-depth analysis that will keep you informed and engaged.
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Imagine being able to stay ahead of the curve on global developments, from the latest appointments in the White House to the impact of climate change on Caribbean nations.
Our team has curated the most pressing stories, including Trump’s historic appointment of 27-year-old Caroline Leavitt as White House Press Secretary, the youngest in U.S. history.
You’ll also gain insights into the landmark legal battle between the CIA, FBI, and DEA over secrecy on Tinubu’s past, and the expected surge in migration to Canada amidst Trump’s expanding deportation policies.
The edition delves into Africa’s capacity to address its own challenges, and how the British took control of Nigeria for less than £1 million.
But that’s not all. Our features section showcases the triumphs of individuals making a difference, including Chidinma Adetshina, the first Nigerian to win Miss Universe runner-up. And for sports enthusiasts, get the scoop on Jake Paul and Mike Tyson’s $60 million boxing payday.
Get ready to be informed, inspired, and entertained with the 25th edition of Diaspora Watch. Stay ahead of the curve and dive into the world of news and perspectives that matter.
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Diaspora Watch Vol. 24: A New Era, A Historic Victory, and the Pulse of the Global African Experience
Welcome to the highly anticipated 23rd volume of Diaspora Watch, your indispensable source connecting the vibrant African diaspora around the world! This edition is packed with captivating stories and in-depth analysis.
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In this power-packed issue, we delve into the seismic shift of the US 2024 elections, where Donald Trump defied the odds for an extraordinary, historic victory. Against all predictions—where many had their bets on Kamala Harris becoming the first female President—we dissect the issues, scrutinize the election process, and explore the growing influence of money in American politics. Over $15 billion was spent on campaigns and ads, raising urgent questions about the future of democracy itself. In the wake of this, we examine the rising anxiety among immigrants, whose fate hangs in the balance after Trump’s political resurgence.
We also take a critical look at Kemi Badenoch’s unexpected rise as the new leader of the Conservative Party in the UK—her reluctance to identify with her Nigerian roots has sparked controversy, despite efforts from the Nigerian Diaspora Commission to celebrate her achievement.
Meanwhile, Ghana’s President Akufo-Addo faces mounting backlash after unveiling a statue in his honor amidst economic turmoil, as his administration approaches its end.
This edition also highlights the inspiring stories of 10 notable African Americans who have traced their ancestry back to Africa, underscoring the profound ties between the Diaspora and the motherland.
In business, we shine a light on the role of Nigerian remittances in bolstering the country’s GDP, while also examining Ethiopia’s struggles as it adapts to the electric car revolution after banning the importation of gas-powered vehicles.
And in a deeper exploration of the African Diaspora, we reveal the remarkable story of a unique Igbo tribe in Equatorial Guinea that has shaped the country’s identity, amidst the political and social turmoil surrounding sex scandals.
This edition is brimming with stories that matter. Thought-provoking, impactful, and absolutely unmissable. Don’t miss out on Diaspora Watch #24 – the heartbeat of the African Diaspora, today!
Diaspora Watch 24: A New Era, A Historic Victory, and the Pulse of the Global African Experience
Welcome to the highly anticipated 23rd volume of Diaspora Watch, your indispensable source connecting the vibrant African diaspora around the world! This edition is packed with captivating stories and in-depth analysis.
FREE Digital View: https://www.flipsnack.com/excelglobalmedia/diaspora-watch-vol-23-nov-4-10-2024/full-view.html
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The 23rd edition of Diaspora Watch celebrates the impact of Chief Emmanuel Iwuanyanwu on the Igbo Nation and beyond, while also examining the global implications of the US election on Africa’s future.
The US election is heating up, with Kamala Harris and Donald Trump going head-to-head. Trump has been using negative campaigning tactics, labeling Harris as “far-left” and even jokingly calling her “Comrade Kamala” to link her to communism. Additionally, Trump has been mispronouncing Harris’s name, a tactic used to belittle his opponent.
In other news, the US election polls are in full swing, with Harris and Trump neck and neck in some states. The electoral college map is looking tense, with several states still up for grabs.
But it’s not all about politics. This edition of Diaspora Watch also honors the enduring legacy of Nze Donald Ogbanna Nwosu and explores NANNNA’s mission to revolutionize healthcare for Nigerians worldwide.
And for sports enthusiasts, find out why Lookman has emerged as a contender for the 2024 CAF Player of the Year.
Stay informed, stay engaged, and stay ahead of the curve with the 23rd edition of Diaspora Watch.
Hurray! It’s the 25th Edition of Diaspora Watch!
Cybersecurity and Data Protection in Africa
Diaspora Watch Vol. 24: A New Era, A Historic Victory, and the Pulse of the Global African Experience
Diaspora Watch 20th Edition (October 14-20, 2024): Your Trusted Source for Global News and Insights
Revolutionary mRNA Lung Cancer Vaccine Trial Offers New Hope To Thousands
