Stop condeming Nigeria, we are doing better than most countries (5), By Sunday Adelaja

Nigeria’s economy is the 24th largest in the world (GDP by PPP)

Wait a while you have heard that the Nigerian economy is one of the top economies in the world. If you listen to Nigerians too much, you might come to the conclusion that Nigeria is the worst place with the worst economy in the world.

Yes, our per capital income is still nothing to write home about but you have to build the economy before the economy can generate a higher GDP per capita for you. Currently Nigeria’s GDP per purchasing power parity is number 24 in the world. By nominal GDP, we are the 27th economy in the world. Yes, some platforms will place Nigeria only as GDP position 27 (PPP), and nominal GDP position 31. Whatever the actual figure, I maintain that Nigeria should be credited for the progress she has made as a nation.

I strongly believe that in the next 10 years we will be among the top 20 economies in the world. Remember that there are almost 200 countries in the world and Nigeria is at number 24, in my opinion it is not the worst place. We also have a good chance of becoming one of the top 10 economies in the world within 20 years. This means that when we are 100 years after independence we as a country will be one of the 10 richest countries in the world. Friends, believe me this is not bad when we talk about the age of the country. The next few paragraphs that you will read next are copied directly from Wikipedia with the caption “Economy of Nigeria”

“Nigeria’s economy is a middle-income, mixed economy and emerging market with growing manufacturing, financial, services, communications, technology, and entertainment sectors. and is the 24th largest in terms of purchasing power parity and the largest in Sub-Saharan Africa.

economy. Nigeria has the largest economy in Africa. The country’s resurgent manufacturing sector became the continent’s largest in 2013, and produces a large share of goods and services for the West African region. In addition, the debt-to-GDP ratio.

Nigeria’s GDP at purchasing power parity (PPP) has nearly tripled from $170 billion in 2000 to $451 billion in 2012, although estimates of the size of the informal sector (which is not included in official figures) put the actual figure closer to $630 billion. Furthermore, GDP per capita doubled from $1400 per person in 2000 to about $2,800 per person in 2012. Again, including the informal sector, the estimated GDP per capita hovers around $3,900 per person. The country’s population increased from 120 million in 2000 to 160 million in 2010. The GDP figure had to be revised up to 80% when the metric had to be recalculated after the economic rebasing in April 2014.

Although oil revenues account for two-thirds of the country’s revenue, oil only contributes about 9% to GDP. Nigeria produces only about 2.7% of the world’s oil supply. Although the petroleum sector is important, as government revenue is still heavily dependent on this sector, it remains a small part of the country’s overall economy.

The largely subsistence agriculture sector has not kept pace with the country’s rapid population growth. Nigeria used to be a big exporter of food, but now imports some food products. Mechanization has led to a renaissance in the manufacturing and exporting of food products, and therefore a step towards food sufficiency. In 2006, Nigeria reached an agreement with the Paris Club to buy back most of its debt from them, in exchange for a cash payment of about US$12 billion.

According to a Citigroup report published in February 2011, “Nigeria will have the highest average GDP growth in the world between 2010 and 2050. Nigeria is one of two countries from Africa among the 11 Global Growth Generators countries.”

Nigeria is the youngest most successful country in the world

---

Nigeria is the youngest Most Successful Country in the world. What this means is that out of the 23 countries leading the GDP economic growth none is younger than Nigeria. In fact, Nigeria is doing better than many of the long-independent countries before her. Nigeria’s economy is bigger than: Ireland, Israel, Norway, UAE, Denmark, Malaysia, Singapore, Hong Kong, Finland, Romania, Ukraine, New Zealand, Greece, Hungary, Austria, Argentina etc.

Check this, the age of the most successful country in our world. I bring these statistics here so that Nigerians will not judge their country harshly. Nations are never built overnight. Years, decades and centuries are needed to build a great country. Compared to most nations in our world our country does not do badly. In fact we are the youngest most successful country in the world. Please compare the age of the countries below with Nigeria.

The largest economy in the world and its age.

1. United States: 246 years
2. China: more than 5,000 years.
3. Japan: 30,000 years
4. Germany: from 962 AD.
5. India: 30,000 years
6. English: 9,000 years
7. France: 1,035 years
8. Italy: 3,000 years
9. Brazil: 200 years
10. Canada: 161 years
11. Russia: 1160 years
12. South Korea: 78 years
13. Australia: 120 years
14. Spain: 555 years
15. Mexico: more than 200 years
16. Indonesia: more than 50,000 years
17. Netherlands: 37,000 years
18. Saudi Arabia: 89 years
19. Turkey: more than 4,000 years
20. Switzerland: 173 years
21. Poland: 994 years
22. Thailand: 20,000 years
23. Sweden: 1000 years
24. Belgium: 191 years
25. Nigeria: 62 casesRs

Sunday Adelaja is a Nigerian born leader, transformational strategist, pastor and innovator. He is based in Kiev, Ukraine.