Is Making Nigeria Africa’s Biggest Economy, Jonathan’s Major Economic Legacy?

Jonathan

I just read a report by the respected United Kingdom Newspaper, The Economist on the Nigeria’s new Finance minister, Kemi Adeosun in which the paper alleged that the minister was ‘poorly qualified’ for the job.

That assessment however did not worry me because there is always overemphasis on experience in recruitment that tends to shut out fresh faces with innovative ideas. What however caught my attention was The Economist stating that Nigeria, “Africa’s biggest economy, relies on oil for 70% of its revenue.”

The Economist did not describe Nigeria’s economy as the so-called Africa’s biggest economy or the disputed biggest economy in Africa. The Newspaper which is an authority on anything that has to do with Economics and world economy was emphatic that Nigeria is Africa’s biggest economy.

I remember vividly that when Nigeria emerged the biggest economy in the continent following the rebase of its economy by President Goodluck Jonathan administration, the administration’s opponents dismissed it as political gimmick meant to shore up its dwindling fortune in the eye of the public. Those who kicked against the rating was quick to remind us that millions of Nigerians are living below poverty line and conveniently forgot that China, which is the second biggest economy in the world with a population of about 1.6billion has over 600million people( about 6 times the population of Nigeria) living below poverty line. They also forgot that India, the seventh biggest economy in the world, with a population of 1.2billion, has over 700 million (7 times the population of Nigeria) living below poverty line and WITHOUT ELECTRICITY.

In Mathew 26: 11, Jesus said: “The poor you will always have with you, but you will not always have me.” Similarly in Mark 14:17, Jesus said: “The poor you will always have with you, and you can help them any time you want. But you will not always have me.” The import of this is a spiritual certainty that there would always be poverty, but effort must be made to reduce its prevalence. For example increasingly Godless Europe and United States are two geographical entities that have done much to reduce poverty by creating safety nets for the poor and those who cannot work as a result of disability. What emerging world economies like China, India, Nigeria and others should learn from the developed West is how they were able to save quite a lot from the income of those working to help lift those who are not working out of poverty. That is why every right thinking Nigeria should support President Muhammadu Buhari to fulfill his campaign promise of paying N5,000 to the poor monthly in order to help reduce poverty in the country and on no account should the president be encouraged to renege from this contract with Nigeria.

Nigeria for now is the biggest economy in Africa made possible by the collective contribution of all Nigerians and foreign investors and enabled by the immediate past administration, but it is a position that is not permanent as even the world’s biggest economy, the United States, is projected to be overtaken by the Chinese in a few years time.