Very little actually happens in life without precedence, which is why we do not need to reinvent the wheel. Maybe the way forward for Nigeria is just for the federal government to replicate what has been done in Lagos State

Ayo Akinfe

[1] Nigeria is currently the world's seventh most populated nation with an estimated population of 200m people. By 2050, this is predicted to grow to 400m, making Nigeria the third most populous nation after India and China

[2] With an annual gross domestic product of just $500bn and budget of a meagre $30bn, Nigeria simply lacks the resources to cater for such a large population. A few years ago, the Bill and Melinda Gates Foundation warned that Nigeria and the Democratic Republic of Congo will account for 40% of the world's poor people by 2050 due to the lack of economic growth in both nations

[3] Nigeria currently accounts for 2.57% of the global population and has a population density of 215 per km or 557 people per square mile. About 51% of the populace live in urban centres and with an average age of just 18, Nigeria has a very young population but with the economy wholly dependent on crude oil exports, this potential has not been tapped into

[4] I have been wracking my brains about this and each time I come to a standstill. We have an annual infrastructural deficit of $100bn, our population is growing at a rate of 6.2% a year while our economy is only growing at a rate of around 2% and our national gross domestic product (GDP) is a pitiful $500bn when we need at least $2trn. We simply need dramatic economic growth to get out of this rut

[5] Only Lagos State is attracting investment into Nigeria at a reasonable rate at the moment. Aliko Dangote for instance invested $$20bn in his new Lekki refinery. I honestly do not see him or anyone else investing that much in any other state of the federation

[6] It is no surprise that Lagos State not only attracts 95% of all the foreign direct investment (FDI) into Nigeria but also accounts for one quarter of our gross domestic product (GDP) and one third of non-oil GDP

[7] Simply put, if we can replicate the kind of investment we have seen in Lagos across all the other 35 states, Nigeria is home and dry but alas, there is no sign of this even being considered

[8] Upon assuming office in 2007, President Yar’Adua lamented about the fact that there were no think tanks in Aso Rock. He found it unfathomable that the government worked without policy units. Until we sort that out, we are going nowhere. No one has come up with ideas about how to attract $1bn worth of investment into say Kebbi, Gombe, Kwara, Ondo, Abia or Delta states

[9] Neither of our two main parties have think tanks like say the Fabian Society whereby their sharp young minds sit down and brainstorm. Until they create such bodies, neither of them are going to produce thinking governors, ministers or presidents

[10] Nothing short of 10% growth rates will resolve Nigeria’s economic woes. Between 1999 and 2015, Nigeria enjoyed an average GDP growth rate of 6% and it did not take us to the Promised Land, so nothing short of double digit economic growth will suffice going forward. When you actually do the arithmetic and add the 6.2% population growth, migration from neighbouring African nations and inflation, you will realise that we need to enjoy 10% growth just to make slight progress. With say 15% growth, yes, then we will start to prosper

ayoakinfe@gmail.com