It felt like the celebrations on Nigeria’s 60th Independence anniversary were rather muted. We had the 60,000 cupcakes that secured a spot in the Guinness Book of World Records for the largest anniversary logo made of cupcakes, but that feat was met mostly with bemusement.
To celebrate our way, Stears Business decided to analyse how the Nigerian economy has changed since 1960. Unfortunately, we were stumped by unreliable and incomplete data, so we opted for a narrower scope: tracing how the economy has changed over the last forty or so years.
We looked at how people’s incomes have changed, which sectors have grown in importance and whether we really have squandered all our oil wealth. To do so, we decided to adjust all the figures for inflation (except indicated otherwise), meaning that the figures presented in this article are real figures. Our rationale is simple: Nigeria has averaged 12% annual