Business
Nigeria growing faster than South Africa – more work needed from Nigeria to reach parity
But Nigeria was 143rd out of 183 places in 2011, and the sheer scale of its graft has led some analysts to ask whether government statistics on things like GDP can even be trusted.
“In Nigeria, fuel subsidy fraud of US$6.8 billion can go on without anyone really noticing or minding or it impacting official GDP,” said Antony Goldman, head of PM consulting.
“It must have had a huge impact, and yet apparently you can’t find it in any of the data.”
Nigeria is also competing with a South Africa that has put a great deal of effort into being seen as champion for Africa and developing countries in things like trade talks — its membership in the BRICS (emerging market group including Brazil, Russia, India and China) has helped boost that aim.
A bigger GDP won’t automatically help it win that contest.
Geopolitics aside, what will being Africa’s giant mean for most Nigerians? Not much. Despite one of the top economic growth rates, poverty in Nigeria has been increasing.
“In practical terms will recalculation make much difference? Possibly in diplomatic terms, showing Nigeria’s power. Will it make Nigerians feel richer? I doubt it,” Goldman said.
