Nigeria is hyped, it’s not a giant of Africa maybe only population-wise. Nigeria is far less developed in terms of infrastructure than SA, Egypt, Zimbabwe, Algeria, and Namibia. Show me any city in Nigeria that looks like Capetown, Johannesburg, and Harare??
Don’t tell me about GDP, no one eats it, that is what Nigeria always base on. GDP per capita is the most accurate and that of Nigeria is very small compared to SA considering its huge population of 200 million+. Basically what it means is that Nigeria is mostly unproductive due to failed infrastructure or no infrastructure at all or both. Let’s talk about infrastructure, manufacturing, banking, industrialization, and electrical generation. SA has a nuclear power station in CapeTown and Nigeria is many many years away of putting a nuclear power station, Nigeria has electrical generation problems, no technology. Nigeria may be the largest oil producer of oil but to say it’s an African giant it’s a lie and is misinforming the world at large.
Nigeria fights for supremacy on two fronts. These are the economy and the population. I will go into detail about each one. However, it's not an easy fight and victory will be at best only partial under the current conditions.
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The population. Nigeria’s population today stands at about 202 million people. No other African country even comes close and by 2050 Nigeria’s population is expected to double and reach 402 million. Currently, Nigeria's population is growing by 3.2% per year and this population growth is far ahead of development making Nigeria and that is why Nigeria has the highest number of poor people. Nigeria will continue to have the largest population in Africa and one of the highest growth rates but poverty will also increase. A large population alone without advancements in society and in the economy is not sustainable.
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The economy. Nigeria’s economy is struggling. Nigeria entered its first recession in 25 years in 2016, The economy contracted by 1.6% and in 2019 the growth was about 2%, the oil price volatility is the biggest problem, insurgencies in the north, falling manufacturing, poor agricultural output, unemployment, inflation and lack of structural development are all major problems. Economic growth is expected to be around 2% in the medium term. There are positives such as massive public investment, Nigeria is the largest oil exporter in Africa, a construction boom, and an increase in food and beverage output but these alone are not enough.
