Africa's Growth Potential: Lessons from Nigeria
Fondly referred to as a new frontier through various times in history, Africa holds so much potential in terms of human capital and natural resources. Unfortunately, Africa has not always lived to its potential. After an initial economic burst in the decade between 2000 to 2010 which had real GDP (gross domestic product) grow at 5.1%, the continent’s growth slowed to 3.3% between 2010 to 2019, according to McKinsey Global Institute report of 2023. The African Development Bank (African Economic Outlook, 2023) also reported a further decline in the continent’s GDP to 3.8% from 4.8% in 2022 further exacerbated by the effects of the COVID-19 pandemic Several factors contribute to Africa’s slow economic growth rate, some of which include but are not limited to an overdependence on natural resources, low investment in the human capital of the continent, political instability, unstable economic policies, mismanagement of public funds, etc. Despite the plethora of challenges facing the co...