Nigeria’s GDP ‘Growth’ Is Anaemic; It’s Nothing To Celebrate!

 By Olu Fasan

Trust Bola Tinubu, Nigeria’s self-assured yet bumbling president. He will claw at any piece of seemingly good news. Recently, when the National Bureau of Statistics, NBS, reported that Nigeria’s Gross Domestic Product, GDP, grew to 3.19 per cent in the second quarter of this year, from 2.51 per cent at the same period last year, Tinubu was overly exultant.

*Tinubu

His newspaper, The Nation, screamed on its front page: “Tinubu hails GDP surge, assures of stronger economic performance.” Surely, describing the anaemic and shallow GDP growth rate as a “surge” shows how Tinubu grasps at straws, denying reality. Interestingly, while Tinubu gloated about the GDP figure, Dr Ngozi Okonjo-Iweala, Nigeria’s two-time Finance Minister and current Director-General of the World Trade Organisation, WTO, lamented Nigeria’s perennially sluggish GDP growth rate at this year’s annual conference of the Nigerian Bar Association, NBA. So, who is right?

Okonjo-Iweala, The WTO And A Naysayer

By Chuks Iloegbunam

If the current controversy surrounding the search for a replacement for the outgoing director-general of the World Trade Organisation (WTO), the Brazilian Roberto de Azevedo, were not global and intense, it would mean that the position was worth little more than a sinecure. Appointed in 2013, Mr. de Azevedo has served notice that he will step down this August, a year before his term concludes.

 

*Okonjo-Iweala

Up came eight candidates from all regions of the world, three of which are Africans: Nigeria’s Ngozi Okonjo-Iweala; the former Kenyan foreign minister Amina Mohamed, who previously was the chairperson of the WTO General Council; and Abdel-Hamid Mamdouhm, an Egyptian lawyer who also had a stint as a senior WTO official. Because the headship of the WTO is not geographically rotational, no region of the world can claim it is its turn to produce the organisation’s next D-G.