Tag Archives: Nigerian Economy

Growth, Growing and Rebasing the Economy

GWhenever the crowd are singing a chorus of any initiative I know it’s time to put on my thinking cap.

The problem of numbers in our world is that it attempts to cloud out reality in the guise of clearing doubts.

People who have issues grasping reality hide under the assurance of numeric bamboozling for understanding.

Thus, I wasn’t in the least surprised when news came about the World Bank lumping Nigeria with other “extreme poor nations”—and the people were trying to make a head or tail of the words “extreme” and “poor”. That’s a symptom of the evils numeric intelligence can cause to a society. If the same information has been passed in statistical pills it would have been digestible for majority of the citizens.

As a Development Knowledge Facilitator, I know the perils portend in any statistical portioning of 0.05% of any population sampling. But to an average reader, the knowledge of arithmetic and the insignificance of such percentage is burn on his mind and he carries on.

The recent economy rebasing of Nigeria as the largest in Africa, on GDP amounting to $509 billion, needs a cautionary note. Like everything Nigerian, the drums are bursting in the rooftops and liquors carpet our streets in celebrations of this feat. By the virtue of that calculation, Nigeria crests as the 26th economy of the world but we still rusts away as the 121st on the scale of per capital GDP.

Upon happening on the news—or the figures if you like, words rushed up to my head. One of which is, so? What is the economic reality of the new categorisation? What’s the significance of taking such assessment in 2014, having done the last in 1990? Is there a pattern, logic or sheer whim to all this? What in black and white, grammar and phrases does it mean to worth $3,500 as a Nigerian on per capital expectation?

Not all growths are growth.

Protruding belle maybe a sign of good living in this clime, it is also a telltale of obesity in others. Tumour is also a kind of growth, lest we forget. In fact, weeds exhibit this growing potential too. Remember, if a man jumps up he goes up instantly but immediately gravity exerts control over him, but if he grows up he stays there.

We know more people would rather do business in Ghana than in Nigeria; our youth will take the southward plunge the way of Prince Henry the Navigator, rather than stay back home. That is, what it means to be a great economy—desirability by both natives and foreigners. Are we anywhere close?

Meanwhile, can someone put this to me in subjects and predicate?


This is a contribution to #AtoZChallenge at @AprilA2Z. You can find me on Twitter: @SeeWilhelms