Economically speaking, Nigeria is one of Africa’s biggest success stories. It recently overtook South Africa to become the largest economy on the continent and based on current projections is predicted by some expert analysts to be one of the largest economies in the world in the next few decades. A number of factors have contributed to this, in particular several industries and individuals.
The industries
These are some of the industries that have played a leading role in this remarkable evolution.
- Energy – Nigeria is estimated to have oil reserves of approximately 35 billion barrels and is a member of the Organization of Petroleum Exporting Countries (OPEC). The country also has gas reserves of around 5 trillion cubic meters and a number of large uranium mines. Additionally, with a view to the future and sustainable technologies, the country has made significant progress in the research and development of renewable energy such as biomass and hydropower.
- Internet and telecommunications – It is believed that there are now around 120 million mobile phone users in Nigeria, which is a significant proportion of the population. As a result the country has become one of the largest mobile markets in sub-Saharan Africa.
- Nollywood – Thanks to the rise of affordable digital filming and editing technology, the country’s film industry is now the second largest in the world in terms of output, employs more than a million people and is worth over $5bn. Recent movies, such as Half of a Yellow Sun have won international attention and acclaim.
The individuals
There are several key individuals who have made significant contributions in terms of vision and ambition and who have the drive to succeed.
Tunde Folawiyo is a key player in the Nigerian petroleum industry, having founded Folawiyo Energy Ltd. The company has gone on to be responsible for around 30 percent of premium motor spirit in the country today and Tunde is a philanthropist who campaigns to ensure the sector helps facilitate widespread educational opportunities that will benefit the entire country.
It is not only all about business either. From the world of entertainment, musician Davido is just one example of many of the country’s performers who have achieved global attention. Davido himself has recently won awards in a range of categories at the BET (Black Entertainment Television) and MTV Africa Music Awards.
Will Nigeria ever be a G20 power?
Commentators are questioning whether Nigeria has the potential to build on its recent successes and grow even further, perhaps as far as achieving G20 status. This is one of the government’s stated targets over the next decade.
Whether this ambition will be achieved or not depends on a wide range of factors, including events that are impossible to predict. That said, other countries seeking to develop in a similar way can learn from Nigeria and attempt to achieve a similar success through the innovation, drive and vision that the country has already demonstrated.
