It has been recently touted within and beyond Nigeria that the country’s GDP rate has continued to increase at a rate comparable to top emerging markets, hence Nigeria is developing.
I am not not sure whether the the subsumed positive link between Growth and development in Nigeria is a joke; intended to deceive or both. The is because the the links, comparisms, and indicators have continued to exclude the impact of state corruption on the entire equation.
I am not worried about the macro-economic calculations that yield 7 to 8 percent rates/figures, but I am worried that it has not been clearly stated that most of the bulk of economic gains in Nigeria are always lost to corruption.
Nigeria is virtually the only country in the world where half of GDP produced by foreign technologies and technocrats are stolen by politicians. The EFCC recently had it on their website that a total of about 8 billion dollars worth of “high profile cases”, is being pursued against ex-governors, legislators, contractors, permanent secretaries, and ministry officials. Furthermore, you also have the 7 to 8 billion dollars linked to petroleum subsidy scandal. This means that before the GDP reaches the country’s treasury, about half of it grow legs and vanish into the private foreign and local accounts of politicians.
So, where is the GDP when Nigerians are wallowing in poverty, hunger, illiteracy, disease, unemployment and dilapidated infrastructure.
Development is the process of exploiting a country’s resources producing goods and services for the satisfaction of their needs. In Nigeria, it is the exploitation of petroleum products, converting it into dollars and pounds for the satisfaction the personal needs of politicians. It is a tragedy.
Nigeria has been brought to its knees by its thieving autocrats.