7. Nigeria: A growth and development case study Flashcards
Nigeria’s economic growth
Nigeria has overtaken South Africa as the continent’s largest economy after it overhauled its gross domestic product data for the first time in more than two decades. Official figures for 2013, released by Nigeria’s statistics bureau, put the country’s GDP at $503bn (£307bn) – nearly double previous estimates and well ahead of South Africa at around $350bn.
Why has Nigeria not developed?
The truth is that whilethere has been no real change in Nigerians’ lives for the past decades, it’s theliving standards worldwide that have been increasing, thus including goods that are vital for social inclusion (access to radio, TV, telecommunications).A Nigerian study points out that considering its income per capita only, nothing has changed since 1970. And it should have because since then prices have increased due to inflation and technology has changed our lives profoundly too.
