A new way to think about Nigeria’s growth
New growth thinking. Source: Stears Business

What is the "economy" anyway? 

Is it another synonym for "country"? Or is it just the stuff that involves money like the buying and selling of goods and services?

Maybe you think of the economy in terms of sectors: manufacturing, oil, telecommunications, and so on. Or if you are Buhari, when you hear "economy", you immediately think agriculture or farming. 

Let me give you a popular framework that is less myopic: 

GDP = Consumption + Investment + Government spending + (Exports - Imports).

It is a very well-known equation in economics, and at the very least, it captures what the economy is from a spending or expenditure perspective. The equation is a broad way of thinking about the economy—it's how we calculate GDP. And almost any transaction you can think of will fall under one of these categories. 

Now, anytime someone asks "how can Nigeria grow its economy" or "why

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Tokunbo Afikuyomi, Jr.

Tokunbo Afikuyomi, Jr.

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