I was happy when I heard about our
economic growth rate as a nation; this
is some improvement, I thought; not
until it came to my consciousness that
our economic growth does not equate
to our economic development; people
tend to mistake their differences.


Economic growth, simply put is an
increase in national income and
national output i.e.: an increase in
Gross Domestic Output. According to
the central bank of Nigeria, the Gross
Domestic Product (GDP) expanded by
6.18% in the second quarter of this
year. Nigeria inflation rate dropped to
8% in September 2013 due to the ‘lower
food price.’ Agricultural sector is the
largest sector of the economy, it makes
up of about 42% of the GDP… the
figures and statistical data are endless.
It seems the nation’s economy is only
growing on paper, Poverty rate is
increasing; our social amenities are
still crawling compared to the
country’s population; our educational
system is nothing to write home
about… we are not seeing much effect
of the supposed growth.


Economic growth is just an indication;
it tells us that the government has the
resources and can therefore take care of
its citizens. i.e. The country is able to
develop its economy and make life easy
for citizens. Some of the benefits of
economic growth are improved public
services such as health, education,
reduced unemployment and poverty.
The released figures of the economic
growth simply mean the government
has the capacity to make changes to
‘whatever problem’ we are facing.


Economy is growing, good but the
question is: are the people growing
with it? Is the standard and cost of
living improving? Economic growth
here is as a result of our natural
resources, policies and the hardworking
Nigerian citizen. We are growing the
economy but ‘Government’ is not
developing it in return.


So, I ask, if our economy is growing at
this beautiful rate, what then is
‘government’ doing with the money and
other form of useful resource being
generated? I will tell you: over 70% of
our annual budget is spent on recurrent
expenditure (Salaries, maintenance,
welfare etc.). Recurrent expenditure
simply means we will keep spending
that money on yearly basis while the
capital expenditure that is meant to be
the foundation for a better Nigeria is
going down yearly. Nigeria will not
generate employment for the youths if
government is not providing structures
and industries where youths will work.
Have you ever asked yourself why
unemployment rate is high in Nigeria?
The reason why it is high is because
there are not enough industries for
youths to work; no jobs; and why are
there are no jobs? Government is
spending so much on salaries and
earnings of government workers rather
than using the money on creating jobs,
social amenities, subsidizing
production, improving our educational
sector and so on.


With all these, one should not be
surprised at the rate at which poverty is
growing; the platform we need for
human survival at little or no costs are
almost absent thereby rendering
whatever it is the government is doing
more or less useless. The foundation
needs to be checked upon; Education is
one of those foundations; An economy
with a large amount of educated citizen
is a liberated economy with minimal
dependence on the government; Proper
education diversifies skills and literacy;
it reduces dependency on the
government; it reduces poverty; our
educational system is decayed so that
is not possible. Most students go to
school to get a degree instead of
getting educated… I won’t really blame
them for that.


We have complained about our poor
state of manufacturing industries in
Nigeria; and the manufacturing
industries continues to remain poor
because there are inadequate social
infrastructures to support production;
and that is why we remain on of the
largest importers in Africa; importing
what we have the capacity to produce
in our country.


As far as an average Nigerian is
concerned, the economy is only
growing when life is getting better and
the cost of living is reduced; not when
figures and data are being released
almost every quarter without anything
to show for it. The government is
building on a shaky foundation;
whatever it is that is being built is
coming down. If due attention is not
given to the foundation; on which the
nation is being built on, then I’m sorry
to say “the labor of heroes past might
have been in vain then.”
Written by @yemiolutoye