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 Africa Investors' Corner:
GROWTH IN AFRICAN ECONOMY: WHO BENEFITS
Jul 11, 2013
By: Sani Akeem








Nigeria: -

According to the Economist, Africa once hail as the hopeless continent is now picking up with the record of six out of the world's ten fastest-growing economies in Africa. Africa has increasingly become in the recent time the hub of investors excitement while economies in Europe and elsewhere, are losing their grounds.
The economic growth in Africa however, has been tagged to come with inequality.

Nigeria’s economy, as with that of many countries in Africa, is heavily dependent on the extractive industry – which drives growth but rarely creates substantial employment for local people. The official unemployment rate is nearly one in four, but many more Nigerians are under-employed, working in irregular and badly-paid jobs in the informal sector.

According to the most recent African Economic Outlook report, nearly 85 per cent of Nigerians still live on under $2 per day. Lack of reliable access to water and electricity is a daily frustration for many. Yet there has been consistent economic growth in the country for the past decade – growing, on average, by 7.4% per year. So who is benefiting from the boom?

 

 


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