Throughout history, nations have evolved and thrived due to their abundance of human and material resources. Human resources, in particular, consistently stand out as the foremost asset of any nation.
The advancement of science and technology, especially during the Industrial Revolution, has played a pivotal role in driving economic prosperity for leading nations like the United States of America. During this period, America experienced significant advancements in technology, innovation, and industrialization, including the widespread adoption of factory production methods, the development of transportation infrastructure such as railroads and canals, and the expansion of industries like textiles, steel, and agriculture.
These developments fueled rapid economic growth, urbanization, and a shift towards a more industrialized society in America.
During a pivotal period in its history, America leveraged its resources to foster internal development, leading to sustained and practical growth. This achievement encompassed enhancements in production, agriculture, housing, and essential infrastructure, highlighting a commitment to self-sufficiency and prioritizing the well-being of its citizens.
Similarly, China’s economic prosperity was preceded by the intense hardship of the Chinese Cultural Revolution, which ultimately paved the way for China’s economic growth. China initiated internal development processes, recognizing effective methods for self-governance, and persevered. Presently, China stands as a nation known for its remarkable infrastructure and significant economic advancements.
Both economic powerhouses share a common thread: development from within, characterized by pragmatic and practical growth strategies. These nations have effectively utilized human and material resources within their means to achieve their goals.
Nigeria, with the largest economy in Africa, is projected to rise to the top 20 economies in the world by 2050. However, concerns persist that this economic growth has not translated into improved living standards for the average Nigerian. Successive governments have initiated policies to encourage macroeconomic growth, but these efforts appear to be falling short.
As Dr. Ngozi Okonjo-Iweala assessed, “Nigeria’s economic performance in the two decades prior to economic reforms was generally poor. Over the period 1992 to 2002, annual GDP growth averaged about 2.25 percent, while the population grew faster at 2.80 percent per annum, implying a contraction in per capita GDP and a deterioration of living standards for most citizens.”
In essence, before Nigeria implemented economic reforms, the country’s economic performance was poor, with slow growth, high inflation, and a decline in living standards. The economy was highly unstable, mainly due to changes in oil prices, as Nigeria relied heavily on oil exports for income.
Despite strides made, the benefits of economic growth have not been evenly distributed. A significant portion of the population still lives in poverty, and high unemployment rates, particularly among the youth, remain pressing issues. Inflation rates have been a constant concern, influenced by global oil prices, currency devaluations, and domestic policies.
Nigeria’s economic policies since independence reflect a blend of progress and persistent challenges. While the nation has seen significant economic growth and diversification efforts, issues like poverty, unemployment, inflation, and reliance on oil continue to impede development. To address these challenges, Nigeria must adopt pragmatic approaches implemented by leading global economies, such as developing strong human capital, creating a local-based economic model, and generating revenue through exports.
