Nigeria’s population is exploding while its economy is shrinking. Which is why financial figures released this week make such scary reading. Forecasts from the International Monetary Fund predict economic growth in Nigeria to be just a third of the global figure for 2021.
International businesses and investors spent $2.8bn in Nigeria in the first half of 2021. In the first half of 2020 this figure was $7.2bn. But there is long-term systemic reason for the collapse of foreign investment in our nation. Nigeria does not appear to be safe for investment. But if that funding dries up, how are the companies of tomorrow supposed to take their businesses to the next level, growing their international sales, workforces and – yes government – tax bills, which in turn will pay for better public health, education and infrastructure.
We need to build international trust in Nigeria. And that battle begins at home. At the digital democracy campaign I lead we are looking to rebuild the relationship between government and governed using the power of social media. If you want to raise something with your local leader, you can. If you want to ask them a question, you can. If you want to put forward an idea to make your community better, you can.