Countries of the world have their varying most valuable assets. Among the league of countries with the highest Gross Domestic Product (GDP), the United States of America leads the pack with $19.485 trillion (about $60,000 per person in the US) – a share of world GDP of 24.08%.
This is followed by China and Japan with $12.238 trillion (about $38,000 per person in the US) and $4.872 trillion (about $15,000 per person in the US) – a share of 15.12% and 6.02% respectively. In the rank, Nigeria – in the 30th position has a record of $376 billion (about $1,200 per person in the US) GDP – a 0.46% share of World GDP.
From this, Nigeria’s GDP per capital potential should be $1880 (NGN 781,140.00). These countries share similar most valuable assets but are experiencing different realities.
The Lancet Commissions report published in March describes Nigeria as ‘both a wealthy country and a very poor one’ with over 40% of her population in poverty and more – five to six people falling into poverty every minute at a current escape rate of minus 2.9 people per minute.
Available data shows that Nigeria is on the verge of becoming a global force. It has significant intellectual, cultural, and social capital, as well as substantial financial resources. It is the most populous country in West Africa, with more than half of the region’s population, and the continent’s largest gross domestic product. Now, you may ask – why are all these assets not working for Nigeria’s country’s overall development?
Indeed, like the United States of America, China, and Japan, which thrive on their most valuable asset – human capital – to prosper, Nigeria has the same. Yet, the country is facing development challenges that will encourage and keep the country’s natural abilities.
It is worth noting that Nigerian immigrants in the United States of America contribute significantly to the country’s GDP, allowing the country to thrive and its currency to gain international value.
According to the Migration Policy Institute in Washington, about 54 percent of Nigerians are employed in high-skilled capacities in various sectors of the US economy, including science, business, management, and the arts, excluding 39 percent of Nigerians born in the United States.
According to a report published in 2018 by the New American Economy Research Fund, Nigerian immigrants earn over $14 billion and pay over $4 billion in taxes. We can only imagine the impact that the same monetary value would have on Nigeria’s economy when such highly skilled Nigerians were employed and retained in the country.
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