Sunday, April 13, 2014

Social Media Goes Crazy Over Nigeria's Status As Africa's Largest Economy


The declaration of Nigeria's new position as Africa's number one largest economy, following it's increased Gross Domestic Product (GDP), took the media world by storm and caused a lot of traffic on social media last week.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, made this declaration following the country's economic increase in GDP from $31 billion it was in 1990 when it was last done, to $510 billion this year.
This increase in GDP did not only set Nigeria's economy as the largest in Africa, but also sets it as the 26th largest in the world at large.
“This feat is a collective achievement of all Nigerians, particularly when you take into account the fact that our per capita income had increased by over 60% from $1091 in 2009 to $1700 in 2013, prior to the rebasing.”
There has however been mixed reactions to this growth in GDP, and title as Africa's largest economy; right from when Okonjo-Iweala made the announcement, several people have come out to say it wasn't a cause for celebration as it only good on paper, considering the state of the country as a whole.
According to several Nigerians, it isn't good enough to hold that title amidst the poor power supply, high rate of unemployment, mass poverty, ailing infrastructures and a ton of other issue plaguing the country.
To make it all worse, a World Bank report published last Friday, ranked Nigeria as the third poorest country in the world; a development which further made nonsense of the minister’s pride of the country’s leading economic status on the continent. It can’t be all negative reactions, of course. To some Nigerians, the piece of news was a welcome, refreshing development.  
Here are a few comments on social media regarding the increased GDP:
Umar Omar Sheidu: If it is true our GDP has increased, what impact does it have on Nigerians? Does it make our welfare better as ordinary Nigerians?
Tijani Eniola: How has that translated to better life for Nigerians? We are yet to see the impact in the life of common Nigerians.
Luther Gbg: The impact wouldn’t be felt too much because of our population, but that does not mean we aren’t making progress.                                                                                                                                                                                   
Iheanacho Daniel: Mr President, how can this be translated to total poverty eradication in the country?
Nlewedim Obinna: Nigeria is moving forward. Growth is a gradual process. More so, sustainable growth happens gradually for it to be enduring.

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