Are there still people that unironically refer to Nigeria as the Giant of Africa?
Ok, Nigeria has the largest economy in Africa. And we know that one in four Africans is Nigerian. No one would even dare to challenge Nigeria’s cultural footprint and soft power.
But, Giant of Africa?
Not going by the numbers.
If transaction data is the truth, then the rest of the world has candidly told us that they do not rate Nigeria. For all its GDP, population, and cultural currency, Nigeria receives very little foreign investment. When it is time to vote with their wallets, few people outside the country (or even within it) really believe in Nigeria’s economic story.
This harsh reality is not immediately obvious. Looking at World Bank data for 2019, Nigeria received the third-highest foreign direct investment (FDI) amongst its main African rivals.
Do not be deceived by this comparison, though; it