#NES26: “Nigeria’s per capita income in 1983 double of China’s; now it’s a fifth”

The chairperson of the Nigerian Economic Summit Group (NESG), Asue Ighodalo, says China has displayed audacity in its vision to improve the economic growth of the country.

Mr Ighalo said Nigeria should emulate China in its effort to improve its economy and exit the current recession.

He said this at the ongoing NESG 26th summit on Monday in Abuja with the theme ‘Building Partnership for Resilience’.

“China has shown us what a serious nation can do when it looks back on its history and resolves never to fail its citizens. It is essential to note that this comparison with China is not misplaced,” he said.

Nigeria entered into a second recession in five years, culminating months of battering by the coronavirus pandemic, a report by this newspaper explained.

According to the Nigeria Bureau of Statistics, the nation’s GDP declined 3.62 percent in the third quarter of 2020, slightly better than its 6.10 percent contraction in the second quarter.

This is the second recession since 2016, and the worst in almost four decades.

Mr Ighdalo, whose reflection centered on the importance to emulate China in its economic transformation, said Nigeria needs to have the former’s spirit.

“The Chinese economy is on track to grow by one percent with almost twice as many cases and as many deaths. The Chinese economy has not contracted since 1976 through trade wars and now a pandemic.”

In 1983, Nigeria’s per capita income was double that of China; in 2020, China’s per capita income is five times that of Nigeria, he said.

“Our reflections would be incomplete if we did not also examine many more policy recommendations that have not been acted upon over the years and acknowledge those that have been actioned.”

He said the summit is about building partnerships, which means individuals all can no longer work successfully alone.

“This summit must be different. It must emphasise the execution of endless dialogues.

“We come to the table each year with clear and defined obstacles in search of solutions. The NESG and private sector must do more to address policy.”

Not Far Enough

“As far as we may have come, we have not come far enough.

” Let this 26th summit be the one where we collectively resolve to shun off greed, nepotism, corruption. It is time that we are brave in facing our realities with strength, purpose, and integrity.

“I advise we engage with the example of China. It is time for Nigeria to put audacity in our vision.”