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.

Get ready to dive into the latest edition of Diaspora Watch, your trusted source for news, trends, and analysis from across the globe. Our 20th edition is packed with captivating stories, in-depth analysis, and breaking news that shape the world we live in.

Stay informed with the latest compelling stories, in-depth analysis, and perspectives that matter to Africans across the world. This edition covers a range of important topics, including
Grenada’s interest in Nigeria’s Dangote Refinery model, Emefiele’s upcoming forfeiture case, the heated U.S. election race between Harris and Trump, and concerns raised by a diaspora investor about a $250 million state demolition in Lagos.

Additional reports include the manipulation of young African women into Russia’s drone manufacturing industry, a hearing loss epidemic across Africa, media censorship in Cameroon concerning President Biya’s health, and international outrage following a brutal crime in India.

Other notable headlines feature Onyema’s legal troubles, Nigeria’s latest world record in catwalking, Tinubu’s trip to France amidst domestic crises, and Cole Palmer’s EPL Player of the Month award for September 2024.

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Get ready to dive into the latest edition of Diaspora Watch, your trusted source for news, trends, and analysis from across the globe. Our 19th edition is packed with captivating stories, in-depth analysis, and breaking news that shape the world we live in.

From the electrifying energy of Elon Musk’s appearance at Trump’s Pennsylvania rally, attended by 60,000 people, to Nigeria’s anti-graft agency’s remarkable recovery of N13 billion in misappropriated public funds, we bring you the most significant developments making headlines.

Discover how the Lobitor Corridor is revolutionizing trans-African connectivity, bridging the gap between Angola, DRC, and Zambia, and fostering economic growth. We also shed light on the fraudulent agencies exploiting Nigerians seeking care jobs in the UK and highlight Grenada’s compassionate tax relief efforts for Hurricane Beryl survivors. Stay abreast of critical health concerns, including the alarming rise in kidney disease rates among Nigerians and Black communities in the UK. Plus, get the latest updates on global protests, economic trends, and inspiring stories of resilience and triumph. Immerse yourself in our special features, including an exploration of the sacred tradition of placenta burial in Yoruba culture and the remarkable story of an 81-year-old model stealing the spotlight at Miss Universe Korea.

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