With an economic size of N80.3 trillion ($509 billion), the rebased calculation of GDP figures has taken Nigeria to the top position as Africa’s biggest economy. The National Bureau of Statistics (NBS) premised the rebasing on the need to calculate our GDP against the background of current economic realities. Prior to the rebasing, we had been calculating the GDP figures using 1990 as base year. With the change of the base year to 2010, the NBS is certain that Nigeria’s GDP figures are now more indicative of the present size and composition of the Nigerian economy.

The relative political stability which has accompanied our unbroken democratic rule has produced significant macro-economic gains. New and improved GDP growth figures from rebased calculation now reflect the true state of our economy. Having the status of the biggest economy in Africa also comes with its own positives as it will boost trade and investments, especially FDIs. Still, some people continue to question the place of impressive statistics given the myriad of challenges we still face in the country. But the nature of today’s globalised world demands that we must be in sync with other countries and standard statistical references, such as GDP growth rates and figures, are important for validating our membership in the comity of nations.

That said, it is important for us to view our latest achievement from the prism of that timeless aphorism that with leadership comes responsibility. Our potential to be Africa’s greatest country has never been in doubt and the new position assumed as Africa’s biggest economy is further testament to the efficacy of on-going economic reforms and to what we can still achieve should we further maximise our potentials. But it is even truer that growth itself comes with many responsibilities and demands. Let us take an important lesson from recent history.

Prior to the global economic meltdown, our economy witnessed a major boom, signposted by the growth in the capital market, banking sector and real estate sector. These modest gains at that time would later blind us to the reality of the incoming recession such that some analysts suggested we were immune from the impending global economic recession. Alas, we underrated the potency of globalisation and the bitter pains of recession crept on us like it did other countries across the world. The major take out from this is that success is not a destination or as it is popularly said, the result of hard work is more work. It is not enough to attain the status of the biggest economy on the continent; we must work harder to maintain that status whilst ensuring the masses of our people also feel the positive impact of this status.

A vibrant, 170 million-strong population, making us the biggest market on the continent, has remained an important factor of growth. But our reputation as a net importer is the negative flipside of this. We import clothing, cosmetics, household items, and majority of the staple food items we consume. We even employ artisans and craftsmen from neighbouring West African countries as masons, plumbers, electricians and tillers. Our importation rate is so ironic that even the majority of our foremost export, crude oil, returns to the country as refined petroleum products.

Our new status as the biggest economy in Africa thus lays a bigger burden on us: our GDP figures must be commensurate with our level of productivity and the quality of lives of our people. We must make short-to-medium term plans of moving from a net importer to a net exporter if we must sustain our new economic status. A big and strong economy is not seen in its GDP figures and growth rates alone; a great economy is seen in the growth and productivity of industry, high employment rates, efficiency of infrastructure, smooth operations of health, education and social welfare institutions and in the adequacy of its public utilities. Indeed, a strong economy is one that is largely self-sufficient.

On a positive note, we must acknowledge and commend constructive economic reforms we have started. What we need to do is to deepen these reforms and lay foundations for further economic growth. In this regard: government must ensure that private operators of power infrastructure make the right type of investments in the sector to increase output; government must strategically subsidise the agro-allied sector given the employment opportunities provided by its extensive value-chain; and government must continue to incentivise existing and potential manufacturing and agricultural businesses so we can engender a truly great economy anchored on the productive activities of the real sector.

LET US PRAY

Dear God, we thank You for the beauty of our nation and the vastness of its wealth. Our hope is for the sustenance of these blessings. It is for this reason that we seek Your guidance on how to explore and add value to the plethora of resources you have bequeathed to us; that we may glory in the splendor of our land.

Honeywell Group