From Front-Runner To Follower: Nigeria’s Economic Decline

Published

2 years ago

October 15, 2024

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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.

Extra

Diaspora Watch – Vol. 98

Published

7 hours ago

July 2, 2026

Excel Blogger

Diaspora Watch Newspaper is pleased to announce the release of its 98th edition, presenting readers with another rich blend of impactful stories, insightful analyses and inspiring human-interest features from across the world.

Leading this edition is the heartwarming cover story, “Godchildren Honour Emmanuel and Joy Ojiribe at 40th Anniversary Celebration in US,” which chronicles the remarkable legacy of love, faith, mentorship and family built over four decades by the celebrated couple, culminating in a memorable celebration attended by loved ones and admirers.

Diaspora Watch FREE Digital View: https://diasporawatch.com/3d-flip-book/diaspora-watch-vol-98/

On Demand Print: https://www.magcloud.com/browse/issue/3359332?__r=1069759

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The edition also brings readers up to speed on major international developments, including US President Donald Trump’s announcement of an Intel-Apple chip deal, Ghana’s move towards a local takeover of Gold Fields’ Tarkwa mine, CARICOM’s renewed commitment to improving citizens’ lives under incoming Chair Pierre, the possibility of cocoa prices rising above $10,000 per tonne once again, a comprehensive 14-Point Roadmap to De-escalation and Reconstruction, Singapore’s impressive 38.4 per cent growth in non-oil exports driven by artificial intelligence, and warnings from Kew scientists that AI and digitalization could play a crucial role in preventing global plant extinction.

On the back page, readers will find the inspiring story of Adenugba, who has been honored with the African Diaspora Fashion Platform Award, recognizing excellence, creativity and outstanding contributions to fashion within the global African diaspora community.

As always, Diaspora Watch Newspaper remains committed to delivering credible journalism, promoting African excellence, strengthening diaspora engagement and providing readers with balanced perspectives on global affairs, business, innovation and development.

The 98th edition is now available to readers across print and digital platforms. We invite everyone to pick up a copy and stay informed on the stories shaping Africa, the diaspora and the wider world.

Features

Diaspora Watch Vol. 97

Published

1 week ago

June 23, 2026

Excel Blogger

Diaspora Watch Newspaper is pleased to announce the release of its 97th edition, featuring a compelling lineup of global headlines, in-depth analyses, and thought-provoking commentary that reflect the evolving dynamics of politics, business, society, and culture across continents.

Leading the edition is a powerful open letter addressed to social media activist VDM and Nigeria’s younger generation, calling for renewed civic engagement and transformative leadership in shaping the country’s future.

Diaspora Watch FREE Digital View: https://diasporawatch.com/3d-flip-book/diaspora-watch-vol-97/

On Demand Print: https://www.magcloud.com/browse/issue/3353015?__r=1069759

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It also features the historic financial milestone achieved by Elon Musk, who has reportedly become the world’s first trillionaire following the landmark pricing of the SpaceX IPO. The development underscores the accelerating power of private space innovation and global capital markets.

In international diplomacy, attention is drawn to emerging reports of a framework peace agreement between the United States and Iran, with both nations expected to formalize the accord later this week—an outcome that could significantly reshape geopolitical tensions in the Middle East.

Europe also features prominently, as Norwegian authorities sentence the son of the Crown Princess to four years in prison for rape, a case that has sparked intense national debate on accountability and privilege within royal circles.

Across the Atlantic and beyond, economic and social developments dominate the headlines. From inflationary pressures and trade disruptions threatening Caribbean growth, to South Korea’s stock market surge attracting millions of first-time investors, the global economy remains in a state of rapid transformation and uncertainty.

In Russia, new restrictions on surveillance linked to President Vladimir Putin have been introduced amid growing concerns over artificial intelligence and digital monitoring, highlighting the expanding intersection between governance and emerging technologies.

Sporting tensions at the World Cup opener have been overshadowed by xenophobia-related controversies, raising fresh questions about inclusivity and fan conduct on the global stage.

On the entertainment front, global pop star Ariana Grande makes headlines after reportedly objecting to the use of her music by the White House, adding to ongoing debates about artistic rights and political messaging.

Diaspora Watch Newspaper continues to uphold its commitment to delivering credible, balanced, and impactful journalism that connects diaspora communities with critical global developments.

Features

Diaspora Watch Vol. 96

Published

2 weeks ago

June 17, 2026

Excel Blogger

Diaspora Watch Newspaper is pleased to announce the release of its 96th Edition, a compelling and comprehensive publication that brings readers in the diaspora and beyond closer to the stories shaping nations, communities, and the global landscape.

Leading this week’s edition is an emotional and widely attended farewell to renowned medical professional and community leader, Dr. Jude Onyegbado, whose funeral drew tributes from family members, political figures, and international dignitaries.

Diaspora Watch FREE Digital View: https://diasporawatch.com/3d-flip-book/diaspora-watch-vol-96-2/

On Demand Print: https://www.magcloud.com/browse/issue/3349504?__r=1069759

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In our lead story, “Peter Obi, US County Executive, Family Pay Tributes as Dr. Jude Onyegbado Is Laid to Rest,” readers will gain insight into the life, legacy, and enduring impact of a man whose contributions transcended borders.

The edition also provides extensive coverage of significant geopolitical and policy developments across the globe. From South Africa, President Cyril Ramaphosa unveils a far-reaching migration enforcement strategy aimed at addressing growing concerns over illegal immigration and border security. The policy shift is expected to have implications across the African continent and beyond.

In the Middle East, tensions continue to escalate as Iran launches a fresh barrage of missiles against Israel while pledging a sustained campaign of attacks. The newspaper examines the implications of the latest developments on regional stability and international diplomacy. Complementing this report is coverage of renewed violence in Lebanon, where Israeli airstrikes reportedly struck Beirut, resulting in fatalities despite an already fragile ceasefire arrangement.

On the economic front, readers will find an in-depth report on the continued expansion of Dangote Refinery and its growing influence across Africa’s energy sector. The development underscores the increasing role of African-owned industrial enterprises in driving regional economic transformation and energy security.

The publication also explores ongoing diplomatic efforts in Eastern Europe, where Volodymyr Zelenskyy has called for a direct meeting with Vladimir Putin while proposing a ceasefire aimed at creating a pathway toward peace amid the prolonged conflict.

Humanitarian concerns receive significant attention as Diaspora Watch reports on the tragic deaths of 49 migrants who reportedly succumbed to thirst after their transport vehicle broke down in the Niger Desert, highlighting the persistent dangers faced by migrants undertaking perilous journeys across Africa.

In the United States, the newspaper analyzes the passage of a landmark $70 billion immigration enforcement bill by the Senate, marking a major legislative victory for President Donald Trump and signaling potential changes in America’s immigration landscape.

On the Back Page, readers will discover a groundbreaking scientific breakthrough as researchers unveil an artificial intelligence-designed vaccine that could help protect humanity against future pandemics. The report explores how emerging technologies are transforming medical research and accelerating global preparedness for future health threats.

As always, Diaspora Watch Newspaper remains committed to delivering credible journalism, insightful analysis, and impactful stories that connect the African diaspora with developments at home and around the world.

The 96th Edition is now available to readers worldwide.