The largest economy in Africa elects a new President. The is faced with enormous tasks: The population of Nigeria is growing rapidly and the economy can’t keep pace.
It is relatively easy to define Nigeria’s biggest economic Problem. Tope Toogun, economic researcher at the think-tank “Nigerian Economic Summit Group”, formulated the challenge in a nutshell: “Between 1990 and now, Nigeria’s population has doubled from 95 million to nearly 200 million.”
A doubling of the population within only three decades, Nigeria’s economic growth not as simple. As the then four years ago, crude oil prices fell to the basement, got Nigeria in the recession. In the meantime, the economy is growing again, but on much too low a level.
Too few jobs for young people
Because all the young people, the annual flows for a year on the job market to find no Jobs. The official unemployment rate is currently at 23 percent.
Doyin Salami, an Economics Professor at the Business School in Nigeria’s economic capital Lagos, is one of the most distinguished analysts of the Situation. Salami tries again and again to make public on the basic problems of the country’s attention. He stressed: “We need to grow! If Nigeria achieves rates very quickly are two digit growth, over at least a decade, then the social consequences are unimaginable.”
The port of city of Lagos is the most important economic metropolis of the country.
economic growth alone is not enough
Salami also know that just growth is not going to help. “Nigeria needs inclusive growth,” he says, referring to All social strata must be involved in the fruits of the economic success of the poor. Still, about half of the population of less than two US dollars per day lives.
For the current year of approximately two percentage points of economic growth previously. For the giant Nigeria that is too little. Add to this: The country is very attractive for investors. This is due to the rampant corruption and legal uncertainty, but also to a low level of education and low-skilled workers.
over-dependence on Oil and Gas
The result of all these factors, The industry is growing only moderately and the productivity in the landscape of the economy is decreasing instead of increasing. Actually, so far, so strong of Oil and Gas-dependent economy desperately needs growth in other sectors – in which hardly anything happens.
Toogun, the researchers of the “Nigerian Economic Summit Group”, also called for: Without investment in the future of Nigeria will continue to run in the crisis: “It goes to three areas: education, health, employment. In all three areas, we fall.”
posters for the presidential election on 16.02.2019.
an election issue of the economy
In the election campaign of the incumbent President Muhammadu Buhari a “More as promised”. Buhari wants to diversify Nigeria’s oil-dominated economy, the rate of progress is at best slow.
His opponent, Atiku Abubakar promises economic success through privatization. The thickest chunks of the state-owned oil company NNPC (Nigerian National Petroleum Company). Abubakar wants a withdrawal of the state from the organization – at least partially. What would be the objective of privatization, and what they would mean for the revenue situation of the state, the candidate of the people’s party, the PDP does not reveal.
economic paralysis and the election campaign – Nigeria seeks new President
Jens Borchers, ARD Rabat
15.02.2019 10:47 PM
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Nigeria: “Because of the Fake News people are dying”, 16.11.2018 Atlas |Nigeria |Lagos
