By Evans Woherem, Ph.D
Africa, and in particular Nigeria, holds a lot of promise for development. Nigeria’s promise lies in its rapidly growing population of over 220 million people. Nigerians have what many refer to as an “unstoppable nature”. Nigeria has tremendous potential for growth and development, especially in sectors such as technology and agriculture. In recent years, the country has seen the emergence of successful startups and entrepreneurs, such as Paystack, Flutterwave, and FarmCrowdy, who are making significant contributions to the economy.
However, a report by the National Bureau of Statistics reveals that Nigeria’s Gross Domestic Product (GDP) experienced a significant decline of 1.92% in 2020, reflecting a drop of 4.20% points compared to the growth rate of 2.27% in 2019. The economic impact of the pandemic, which began in early 2020, had a profound effect on the global economy, and Nigeria was not immune. Despite this, in the third quarter of 2022, Nigeria’s GDP grew by 2.25% (year-on-year), although this growth rate was lower than the 4.03% recorded in the same quarter of 2021.
This decline can be attributed mainly to the recession’s base effects and the challenging economic conditions that hinder productive activities. Nevertheless, the country’s potential for growth and development remains intact, and innovative entrepreneurs and startups may contribute to overcoming these challenges and sustaining economic growth in the future.
One industry that holds significant promise for Nigeria’s growth is technology. Nigeria’s tech sector has been growing rapidly in recent years, with Lagos, the country’s commercial capital, being dubbed the “Silicon Valley of Africa.” Nigerian startups like Andela, Paga, and Kobo360 have attracted significant investment and global attention. The incoming administration should prioritize policies that will support the growth of the tech sector, such as improving the business environment, providing access to funding, and investing in infrastructure.
The agricultural sector is another area where Nigeria has the potential to excel. The country has vast arable land and a large population that depends on agriculture for its livelihood. Successful Nigerian agricultural startups, such as FarmCrowdy and Thrive Agric, have demonstrated the potential of the sector to create jobs and drive economic growth. The government should prioritize policies that will support small-scale farmers, improve access to finance and technology, and promote value addition.
To drive economic growth and development in Nigeria, the incoming administration should prioritize policies that will promote a conducive business environment, improve infrastructure, and support innovation and entrepreneurship. The government should also invest in education and skills development to equip Nigerians with the necessary skills to compete on a global scale.
Nigerians have a reputation for resilience and innovation, and there are many inspiring stories of individuals who have overcome challenges and made significant contributions to their communities. One such example is Temitope Ogunsemo, the founder of Krystal Digital Solutions, who started his company in 2010 with just $100 and now employs over 200 people.
Jason Njoku is a young entrepreneur who started a video streaming service that provides Nollywood movies and TV shows worldwide. He got $3 million from Tiger Global to launch iROKOtv in 2011 and later received $22 million from international venture capitalists. This enabled iROKO Partners to improve their technology, expand their film collection, and operate in Lagos, London, and New York. Onyeka Akumah is another inspiring entrepreneur who co-founded Farmcrowdy, creating a network of 420,000 farmers providing food sustainability solutions across Africa. He’s a talented young entrepreneur driving positive change in Africa’s business world.
Nigeria has enormous potential for growth and development. With the right policies and investments, Nigerian businesses and industries can compete on a global scale and contribute to the country’s economic growth and development. The incoming administration must prioritize policies that support key sectors such as technology and agriculture to unlock this potential.
However, to realize Nigeria’s full potential, the country needs to focus on unity and peace. It requires a leader who can inspire citizens to recognize that they are all Nigerians, and it is in their best interest to work together for the greater development of their country.
In 1914, Nigeria witnessed a significant event that united people from different regions of the territory, an occurrence now referred to as the “accident of history.” This unity has lasted through the years, and Nigerians need to recognize and appreciate their diversity while striving to maximize their collective existence, just like England’s diverse population mix contributed to its unique culture.
It is undeniable that Nigeria is a nation with a rich diversity of cultures, and its people, despite their varying ethnicities and backgrounds, are united by the shared goal of creating a cohesive country that was made possible by British colonization. Therefore, it is vital for all Nigerians to embrace and value their diversity as they work towards maximizing the advantages of their collective coexistence.
Unity, diversity, and constructive engagement are fundamental themes in Nigeria’s existence. By recognizing and appreciating its diversity, while maximizing its collective existence, Nigerians can achieve great feats, much like England’s diverse population, which contributed to its rich cultural heritage. Nigeria can leverage its size and resources to achieve better outcomes through constructive engagement and adopt new approaches that optimize its capabilities.
With over 250 ethnic groups and being the most populous country in Africa, Nigeria’s diversity presents immense potential. However, to become a global force, Nigeria must appreciate and maximize its collective existence, and leveraging its resources and size to achieve better constructive engagement outcomes would be a positive step.
The dynamics of the current Nigerian system are holding the country back from realizing its true potential. Personal gains and nepotism have created a culture that rewards connections over qualifications, and this has prevented Nigeria from achieving the success it deserves. But there is a solution: Nigeria must adopt universalist principles and objective recruitment practices to overcome tribalism, religious animosities, and corruption. By embracing the best and most widely accepted practices, regardless of tribal or religious affiliations, Nigeria can pave the way for a positive change that would be far-reaching.
Imagine a Nigeria that consistently follows universalist principles. This would make it a leader in Africa and a key player on the world stage. The benefits of such progress would be felt not only by Nigerians but also by other African nations, leading to dramatic growth and development across the continent. This progress is essential, given the many challenges facing the world today. Also, imagine a Nigeria where our economy is thriving, and our people are proud to be Nigerian. By working together, we can turn this vision into a reality.
To achieve this vision, we must first acknowledge the negative impact of personal gains and nepotism on Nigeria’s potential. But instead of focusing on the problems, we should frame the argument in a positive light. By embracing universalist principles, we can create a Nigeria that is fair, merit-based and focused on achieving its full potential. This will lead to increased economic growth, improved quality of life, and a better future for future generations.
Nigeria has enormous potential to become a source of pride and envy for black people, Africa, and the world. With the right actions, we can turn this vision into a reality. To make it happen, we need to focus on developing key sectors of our economy, such as agriculture, manufacturing, and technology. By doing so, we can create a future that will garner respect from different governments, regardless of who is in power.
We must embrace meritocracy and reject particularism. We need the right people in the right positions, regardless of their background or connections. By prioritizing merit, we can ensure that our country is led by the best and brightest minds, capable of achieving our long-term vision for Nigeria.
Let us take the first step towards a brighter future for Nigeria and Africa by embracing universalist principles and rejecting tribalism, religious animosities, and corruption. Focus on our shared goal of building a better Nigeria, one that will inspire and uplift not only our nation but the entire African continent. Together, we can drive progress and create a better future for all.
*Dr. Evans Woherem is the Chairman, Digital Africa and an alumnus of Harvard Business School
