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The Myth Of Africa's Rise by Nobody: 3:37pm On Jan 07, 2013 |
This article is directed at those Nairalanders who wrongly perceive growth in GDP or increase in fuel prices as an indicator of development. Nigeria will not get better because GDP is growing, Nigeria will grow when attention is duly paid to the true driver of growth: MANUFACTURING. Please pay particular attention to the parts in bold. Recent high growth rates and increased foreign investment in Africa have given rise to the popular idea that the continent may well be on track to become the next global economic powerhouse. This "Africa Rising" narrative has been most prominently presented in recent cover stories by Time Magazine and The Economist. Yet both publications are wrong in their analysis of Africa's developmental prospects -- and the reasons they're wrong speak volumes about the problematic way national economic development has come to be understood in the age of globalization. Source |
Re: The Myth Of Africa's Rise by Nobody: 3:43pm On Jan 07, 2013 |
True development (the kind that lifts majority of the citizenry out of poverty) is a result of concerted and deliberate efforts to improve investment in labour-intensive sectors of the economy. The reason why most Nigerians remain poor in the face of 6.5% economic growth is the lack of investment in manufacturing and other job-creating sectors. Growth without job creation should not be celebrated. |
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