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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.
Welcome to the 32nd edition of Diaspora Watch, your premier source of news, insights, and analysis on the global diaspora community. In this edition, we delve into the most pressing issues affecting diaspora communities worldwide, from politics and economics to social justice and culture.
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Our cover headlines are as diverse as they are impactful. We examine Nigeria’s lavish military retirement perks, which have raised eyebrows and ire among citizens. We also report on the devastating earthquake that struck Tibet, killing at least 95 people and injuring 130 others.
In the world of politics, we cover President Biden’s honoring of 19 exceptional individuals with the Presidential Medal of Freedom, as well as Austria’s precarious political situation as coalition talks collapse.
In addition, we celebrate the achievements of outstanding individuals, including Abbie Stockard, the newly crowned Miss America 2025, and Demi Moore, who won her first Golden Globe Award for her role in “The Substance.” We also report on Microsoft’s record $80 billion investment in AI infrastructure and CARICOM Chair Mia Mottley’s ambitious agenda for 2025.
Other notable stories in this edition include the massive fire that destroyed Kantamanto Market in Ghana, affecting over 30,000 traders, and Nigeria’s travel advisory for citizens traveling to Australia.
We also profile Nigeria-born Derek Obialo, who was sworn in as Associate Judge of the 240th District Court in Texas.
As always, Diaspora Watch is committed to providing you with the most comprehensive and engaging coverage of the global diaspora community. We hope you enjoy this edition and look forward to your feedback.
Diaspora Watch Unveils 31st Edition: Your Ultimate Guide to Global News and Trends
As the world bids farewell to 2024 and welcomes a new year, Diaspora Watch is proud to present its 31st edition, packed with explosive headlines, in-depth analysis, and expert insights. This latest issue is a must-read for anyone seeking to stay informed on the latest news and trends shaping the diaspora community.
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From the escalating crisis in Georgia, where a leader’s refusal to step down has triggered constitutional concerns, to the gang violence epidemic gripping Trinidad and Tobago, Diaspora Watch delivers unparalleled coverage of global hotspots. Our correspondents take you to the frontlines, providing eyewitness accounts, and expert analysis that shed light on the complexities of these unfolding crises.
But it’s not all doom and gloom. Diaspora Watch also celebrates the triumphs and milestones that define our global community. Learn how Ghana’s bold move to open its borders with visa-free travel for all Africans from 2025 is set to revolutionize intra-continental travel and commerce. Discover the secrets behind Nollywood’s remarkable success story, as Nigerian films smash box office records, raking in a staggering ₦3.24 Billion in 2024.
In this edition, we also pay tribute to the visionary leaders who have shaped our world. Read our heartfelt tribute to Ezinna Nwere Ugwu Nze Donald O. Nwosu, whose passing has left an indelible mark on his community. We also look ahead to the state funeral of Ex-US President Jimmy Carter, a statesman whose legacy continues to inspire generations.
The world of economics and finance is also under the spotlight, as we examine the latest trends and forecasts. Find out why Kenya has emerged as the top recipient of diaspora remittances in East Africa, with a whopping $4.8 Billion received in 2024. Our experts also weigh in on the challenges facing global ag economies in 2025, and what this means for food security, trade, and economic development.
Other highlights in this edition include the restart of operations at the Warri Refinery, Elon Musk’s call for reform of the H-1B visa program, and Ogun State’s celebration of boxing icon Anthony Joshua with an indoor ring and sports ambassador title.
Get your copy of Diaspora Watch’s 31st edition today and stay ahead of the curve on the latest news, trends, and analysis from around the world!
Diaspora Watch Celebrates Milestone 30th Edition with Hard-Hitting Stories and In-Depth Analysis
Get ready for the most anticipated edition yet! Diaspora Watch is proud to announce its milestone 30th edition, packed with thought-provoking stories, in-depth analysis, and expert insights on the most pressing topics affecting Africans globally.
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This special edition delves into the complexities of the African diaspora experience, tackling tough issues and sparking important conversations. From the brutal killing of a Nigerian citizen in Midrand, South Africa, to the surprising factors that put you at risk of dementia, our team of expert journalists and contributors shed light on the stories that matter most.
Discover how Nigeria’s overseas community injected $4.22bn into the economy in 2024, and Atiku’s scathing critique of Nigeria’s economic struggles. Get the inside scoop on Trump’s shocking statement on the Panama Canal, Canada’s $3 million skills fund for Caribbean development, and the alarming rise of US deportations.
Also inside, learn about NDLEA’s daring operation that intercepted 6kg of cocaine, and explore the spiritual and cultural significance of twins in ancient West Africa. Find out why Tesla is recalling nearly 700,000 vehicles and examine Russia’s limited economic and political footprint in Africa.
With its unique blend of news, analysis, and commentary, Diaspora Watch has established itself as the go-to source for Africans worldwide. This milestone 30th edition is a testament to our commitment to telling the stories that matter most.
Don’t miss out on this special edition! Get your copy now and stay informed on the issues that shape the African diaspora experience.
Diaspora Watch – Vol. 30 – Dec. 23 – 29, 2024
Diaspora Watch – Vol. 32 – January 6 to 12, 2025
Diaspora Watch – Vol. 31 – DEC 30, 2024 – JAN 5, 2025
Diaspora Watch – Vol. 30 – Dec. 23 – 29, 2024
Diaspora Watch 20th Edition (October 14-20, 2024): Your Trusted Source for Global News and Insights
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