The IMF just announced that Nigeria is now the 26th largest economy in the world. Recall that in 2007, the late President Yar’Ardua talked about his dream that Nigeria should become the 20th largest economy in the world by the year 2020. Now Nigeria got to number 26 under President Buhari in 2020, despite debilitating coronavirus, alarming insecurity and other major problems.
But the truth remains that if you are a large economy and most of the citizens are not seeing the benefits, it won’t stop hunger and poverty in the land. So, the Federal Government needs to redouble its efforts to attract economic development.
Ultimately, economic development is what matters. China has consciously used its massive economic development to build pull in about 19 million people out of poverty each year. For Nigeria’s economic growth to matter, it should start paying more attention to development.