Come 6th
April 2014, National Bureau of Statistics is expected to release gross domestic product figures based on 2010 production
patterns in Africa’s most populous country, the first time Nigeria has
overhauled the data in two decades. The report will counter the report of World
Bank in 2012 that put Nigeria’s GDP at $263 billion and that of South Africa at
$384 billion.
According to London-based Renaissance Capital Ltd, the revision may boost the size of the economy by as much as 60 percent to between $384 billion and $424 billion; which means that Nigeria is set to lead Africa as the largest economy surpassing that of South Africa.
Most populous country in Africa with more
than 170 million citizens of which 80 million are youths and 60 percent of the
youths unemployed is set to become the largest economy in Africa. This is what
I call the ‘Irony of figures’ (A situation where growth is only limited at the
realm of figures).
Practically, Nigeria economy growth rate
and living standard of the people are negatively correlated. What we are
experiencing is a situation where the more figures of Nigeria economy continue
to rise, the more living standard of the people continue to reduce. Suggesting
that growth of economy completely means nothing to common Nigerians.
The National Bureau of Statistics survey
on poverty published in 2012 shows that 61 percent of Nigerians were living on
less than a dollar a day in 2010, up from 52 percent in 2004. Just early this
week World Bank released report that classified Nigeria into countries with
extreme poverty; yet the economy is on the rise. A recruitment exercise
conducted by Nigerian Immigration Service nationwide for less than 5,000
positions attracted more than 700,000 applicants and leaving about 20
applicants dead and thousands injured due to overcrowding of the poor organised
exercise.
The above is to show that it is time
Nigeria government declare unemployment as a matter on national emergency. A
political analyst on Channel Television yesterday (3rd April 2014) advocated
that though government cannot employ everybody, government can employ majority
of the people since she is yet to provide the conditions that will enable
private sector to thrive. The pressure of high recurrent expenditure on the
economy is less than the multiplier effect of unemployment on the economy. It
is time government rise up to her duty and transforms this growth to
development on living standard of citizens.
This country is owned by all and not exclusive property of few money bags. In a country billions disappear from government
account without trace yet the president was quoted by Punch Newspaper on his
trip to Namibia that corruption in the country is over rated. This is clearly
showing that the president is either ill advised or unaware of the level or
impact of corruption on Nigeria economy.
Let us watch and see what comes out of the
ongoing National Conference. However, it is high time Nigerians take their
destiny into their hands as obtainable in other countries such as Egypt.
ENOUGH
IS ENOUGH…THE TIME FOR CHANGE IS NOW.
