Wednesday, January 01, 2014

Nigeria in 2014: Concluding Remarks

Although there are numerous challenges facing Nigeria, there are equally huge opportunities to tap into to accelerate growth and development in the country. It is obvious that the greatest opportunity is in the technology industry being the next frontier. IBM is seen to be leading the way followed by Microsoft, Google, Baidu (China’s response to google) and their affiliate partners (Orange, Hauwei, etc) as they explore investments opportunities in Africa. Like many African countries, Nigeria’s demographic prospects are promising, too. As America, Europe and China age, Africa can expect a bulge of workers in their productive prime. Though skills are in short supply, they are becoming more abundant. According to the McKinsey Global Institute, in 2002 only 32% of Africans had secondary or tertiary education, but by 2020, 48% will have. The continent can call on degree-laden expatriates such as Uyi Stewart, the Nigerian chief scientist of IBM’s Nairobi lab. The ability of government, businesses, financial service providers and the Nigerian people in general to positively respond to rising issues and convert challenges to opportunities will go a long way in shaping the Nigerian economy in 2014. Maintaining peace and security is extremely crucial to reap these benefits as this will create a climate friendly for international partnership, investment and sustainable economic growth. As Adam Smith, David Ricardo, and Heckscher-Ohlin identified in their economic postulations, every country should explore in competitive advantage to foster economic growth. Nigeria is blessed with natural resources, competitive distribution system (cutting across Africa and the world in road, airways and seaways network), a cheap workforce (fueled by abundant labour supply), a cultural revolution (with an expanding middle class) and a youth bulginess condition that continue to stimulate domestic demand. 2014 truly holds a lot and it can spell both dividends or doom depending on how we respond to opportunities and challenges as a people.

Read the full article here: 10 Economic Highlights to look out for in Nigeria in 2014. Want to share you thoughts on the Nigerian Economy in 2014? You can drop your comment below or continue the discussion with on twitter 

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