Formerly, "This is Africa/fyeahAfrica".
(Profile Photo by Mama Casset)
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A LITTLE ABOUT ME:
Based in Cape Town, South Africa
From Lagos, Nigeria
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(As an unemployed media student, all donations go into ensuring my survival in this cruel world and future projects I hope to embark on).
(since Oct. 21th 2012)
Nigeria’s commercial nerve center, Lagos is set to become the continent’s 13th biggest economy, similar to the size of West African nation, Ghana, investment research and advisory firm, Renaissance Capital has revealed. In its latest report titled, “Nigeria Unveiled: Thirty Six Shades of Nigeria,” the company stated that with a per capita income of about $2,900 which is currently double amount of the national average of $1,700, Lagos is at par with countries such as Morocco and Sri Lanka.
Lagos’ economy is significant to that of Ghana and is the heart of Nigeria’s $284 billion GDP economy.
“We base our analysis on states’ internally generated revenue, which make up 15 per cent of state government revenue, and consumption data, as proxies for state income.
“Lagos State produces about 12 per cent of Nigeria’s GDP, which is equivalent to $32 billion by 2013 ending. Post rebasing, which we now expect in early 2014, we estimate a 40 per cent upward revision in the country’s national income.
“By our estimates, the Lagos State economy will become Africa’s 13th biggest economy in 2014 at approximately $45 billion – equivalent to that of Ghana,” said RenCap.
You know it’s serious when they start comparing a city to countries. And we manage all this without stable electricity, easy access to basic resources, and the necessary infrastructure to accommodate life in a commercial urban landscape.
Just think about what Lagos would be if all the above-mentioned factors were appropriately set up and maintained.
The World Bank says, between 2013 and 2015, Sub-Saharan Africa’s economy will grow at an average of five percent while the global economy will only grow by about three percent over the same period.
However, high growth rates are no reason for euphoria, says Robert Kappel, a German Africa researcher from the GIGA Institute in Hamburg. He has been researching the development prospects of 42 sub-Saharan countries. He says international comparisons show that most of them are performing poorly.
“The growth is mainly coming from outside factors such as the demand for raw materials and agricultural products that has increased greatly in recent years and has pushed up prices. That means export has greatly contributed to this high economic growth, and that is also a great weakness,” Kappel told DW.
The International Monetary Fund (IMF) and the World Bank recently warned that Africa is becoming dependent on trade with foreign countries.
At this year’s World Economic Forum in Cape Town, former UN Secretary General Kofi Annan urged the industrialized nations to apply stricter rules for trading in natural resources with Africa. He said corruption and tax evasion are bleeding wealth from the continent.
Industrialization in Africa remains slow and agriculture cannot even meet the needs of Africa’s own populations. Job markets show zero growth. In South Africa, more than 25 percent of the population, mainly young people,are unemployed.
“Africa is doing well. We are making tremendous progress, particularly in the past two decades. But if we are to sustain this and to ensure growth that allows for employment creation for the youth and greater equitable distribution of prosperity, then we need to speed up the reforms, deepen transparency, reduce bureaucracy in getting projects approved.”