NIGERIA - KEY INGREDIENTS TO ECONOMIC SUCCESS by Pita Ogaba Agbese - Ph.D.


Pita Ogaba Agbese



Abstract

Introduction

Goodluck Jonathan who was the then president of Nigeria used the 2014 May Day celebrations to reject World Bank’s ranking of Nigeria as one of the five poorest countries in the world. Jonathan, noted as follows:

Nigeria is not a poor country. Nigerians are the most travelled people. There is no country you go that you will not see Nigerians. The GDP of Nigeria is over half a trillion dollars and the economy is growing at close to 7 percent. Aliko Dangote was recently classified among the 25 richest people in the world. I visited Kenya recently on a state visit and there was a program for Nigerian and Kenyan businessmen to interact and the number of private jets that landed in Nairobi that day was the subject of discussion in Kenyan media for over a week. If you talk about ownership of private jets, Nigeria will be among the first 10 countries, yet they are saying that Nigeria is among the five poorest countries. Some of you would have observed that there is an amount of money you will give to a Nigerian who needs help and he will not even regard it and thank you. But if you travel to other countries and give the same amount, the person will celebrate.1