Your Nigerian Economist

Your Nigerian Economist

Inclusive growth lies at the heart of Nigeria's development. From macroeconomic policies to energy resources; trade to development topics, Your Nigerian Economist engages the citizenry in discussing relevant economic issues and proffers solutions towards a fairer, more developed economy.

***

Achieving Inclusive Growth in Nigeria

Mma Amara Ekeruche

Mma Amara Ekeruche

Amara works as a Research Associate at the Centre for the Study of the Economies of Africa (CSEA). She holds a BA (first class) in Economics from Kwame Nkrumah University of Science and Technology, Ghana and an MSc in Economic Policy from University College London.

Large scale industrial development can help a country achieve economic growth that benefits the majority of citizens—what is termed inclusive growth.

Nigeria achieved rapid economic growth in the 2000—averaging 8%—but the fruits of this growth were not as widespread. In 1996, the national poverty rate was 64%; by 2009, it had only dropped to 54%. But perhaps the greatest example of inclusive growth is in China. Beginning from the late 1970s, China began its transformation to the world’s largest manufacturer and the leading export economy. Between 1978 and 2015, China’s growth averaged 10% while the number of people living in poverty fell from 66% to 0.7%.

 

The Federal Government’s industrialisation agenda

The Nigerian Government buys into the narrative that industrialisation can deliver shared prosperity through exports and job creation. The 2017-2020 Economic Recovery and Growth Plan (ERGP), the Buhari administration’s economic development plan for the country, states, “The promotion of industrialisation is a priority for economic recovery.”

...
Read More