An opinion piece by Professor Paul Collier and Acha Leke, director of McKinsey Africa, which appeared originally in Project Syndicate, has been gaining press coverage around the world including in top news outlets in Kenya, United Arab Emirates and Canada.
In an effort to look beyond recent events such as the abduction of 200 schoolgirls by militant Islamist group Boko Haram, the article focuses on ‘The other Nigeria’: a growing economic power that has the potential to move into the global top 20 and – if efforts are made to ensure growth is inclusive - could lift an estimated 30 million people out of poverty.
“The problem is that Nigeria remains subject to outdated assumptions, which are limiting its prospects, especially among foreign companies and investors” say the authors. For example, the assumption that Nigeria’s economy is at the mercy of oil (in fact the economy is far more diverse) or that the country's growth is unstable (diversification and public spending strategy have allowed increasing stability). Other positives include a “rapidly growing consumer class”, strategic location and strong entrepreneurial spirit.
The commitment to inclusive growth and a dramatic improvement in public-service delivery are essential.
“In order to unleash this potential and ensure that the next decade of growth brings sharp reductions in poverty, Nigeria’s leaders must pursue reforms aimed at increasing productivity, raising incomes, and delivering essential services like health care and education more efficiently.”
