I am taking this comparison to show how big Nigeria to highlight the disappointment it created when it failed to meet the aspirations of its people.
A comparison with The East African economic community will give an idea to the kind of country we have.
The East African sub-regional economic bloc comprises Kenya, Uganda, Tanzania, Burundi and Rwanda. Together they have a population of 143m and combined GDP of $110bn dollars. By contrast Nigeria alone has a GDP of $657bn with growth forecast of 4.6% and a population of 180m people. So What is wrong with Nigeria?
The country seems hopelessly divided along regional, ethnic and religious lines, which is a creation of the ruling elite. Nigeria also lacks two key elements that are holding it down; good leadership and a power sector that is commensurate with its potential and size.
World Bank estimate put Nigeria’s electricity needs at 60,000mw, while it’s largest commercial city Lagos needs 19,000mw to sustain growth according to World Bank Vice President and Chief Operating Officer, Mr Michel Wormser.
But as at today Nigeria generates 5000mw of electricity with a distribution infrastructure capable of carrying 2800mw at any given time.
Another disturbing profile is Nigeria’s population which is supposed to be a source of economic power, that is if it is an educated, high earning middle class that can provide cheap labor and a domestic market for manufacturers of goods and services.
Literacy rate in Nigeria according to Federal Bureau of Statistics for people between age of 15-70 is 49.18% while global literacy rate for same category is 88.75%. Illiteracy is endemic in the North while South East leads the rest in literacy rate.
Yesterday (October 17) was World Poverty Day
On poverty, Nigeria has 100million people living on $1(£0.63) per day. World bank said Nigeria has overtaken India in term of people living in poverty. According to the National Bureau for Statistics, about 60.9% of Nigerians live in absolute poverty.
By the term ‘absolute poverty’ I am referring to people that could barely afford life’s basic essentials like food, clothing and shelter.
Meanwhile the nation parades the richest elite in the continent in one of the most bizarre wealth distribution system in the world.
Nigeria is the most unequal society in the distribution of wealth and provides zero support for the poor population. In fact Nigeria is one nation where the elite conspire to rob even pensioners of their savings.
The glaring case of inequality is underscored by the nation’s number of about 28 commercial planes for the entire 180m population while the rich elite that are no more than a thousand have 130 private jets.
In the last 5 years, according to aviation sources, wealthy Nigerians spent $6.5bn on private jets, a demand that rose by 650%.
In Naira terms, private jets cost Nigerian rich 1.18tn, using $50m as benchmark for the cheapest brand new jet as seen in the catalog of major manufacturers like bombardier, Gulfstream and Hawker Sidley of US and Embraer of Brazil. The common brands are Gulfstream 450,550 and 650; Global challenger 604,605, and Express from Bombardier.
There are also Falcons, Hawker Sidley 225-800 and 900x.
In contrast, the teaming Nigerians are left to use old commercial jets that are as old as 25 years. The average age of commercial plane in Nigeria is 15 years old.
Meanwhile Nigeria is the second largest importer of private jets after China. In 2016, Bombardier Group, led by its Sales Director, Mr Robert Habjanic displayed their latest jet Global 6000 for Nigeria’s rich.
The sad story is that Nigeria has three of the worst international airports in Africa, Murtala Mohammed (10th) Nnamdi Azikiwe (7th) and Port Harcourt (6th) ranked slightly ahead of Khartoum, Kinshasa, Ndijili, Tripoli and Ndajemenna Airports, according to International airport survey 2016.
By Aliyu Nuhu