Harvard University uses Nigeria as a case study of a failed African economy

Nigeria has again come to spotlight after statement credited to US President, Donald Trump, who allegedly called President Muhammadu Buhari, LIFELESS, and UK Prime Minister, Theresa May, who says the country is the home to the poorest people in the world.

In this new development, Harvard University gave to its students assignment, using Nigeria as a case study, on the topic: Nigeria – Fates in the Balance.

Contained in the assignment is the following text:-

Africa is growing. Seven of the ten fastest growing economies in the world are in Africa, and the continent’s largest economies are becoming less dependent on extractive commodities.

The continent’s rising middle class has demonstrated a taste for consumer goods and technological innovation, and Africa’s population-currently more than a billion people- is booming and overwhelmingly young at a time when populations in other regions are shrinking and aging.

Nigeria, sub-Saharan Africa’s largest economy, epitomizes both the promise and the problems the continent faces in the 21st century.

The country had failed to thrive for its first thirty years as an independent nation, despite having a developmental head start relative to countries like China and India, as well as hundreds of billions of dollars in oil revenue.

Now, after path breaking reforms followed by signs of retrenchment, Nigeria’s new President- Muhammadu Buhari- faced both vast opportunity and grave challenges.

Would the country flourish or founder in this new era? We will analyze key reforms in Nigeria’s economy, significant political developments, and the choices facing the country’s fast-growing private sector.

1. Why did Nigeria fail to thrive between 1960 and 1999, particularly relative to China and India?

2. How would you characterize former President Obasanjo’s legacy?

3. Are you bullish or bearish on the next fifteen years for Nigeria? What would make you change your mind? What opportunities do you see? What are the challenges (and risks)

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