“If you talk about ownership of private jets, Nigeria will be among the first 10 countries, yet they are saying that Nigeria is among the five poorest countries." President Goodluck Jonathan

Daron Acemoglu and James Robinson in their masterpiece, Why Nations Fail, made a distinction between extractive and inclusive economies. An extractive economy puts economic and political power in the hands of few people thus ensuring their prosperity at the expense of many others. While an inclusive economy creates political and economic structures that strengthen the capacities of every individual to participate, innovate and bring about personal and collective well- being, an extractive economy is designed to support a few opportune persons who hold political power and their associates to convert commonwealth to personal possessions whilst majority flounder in the valley of want, poverty and hopelessness.

Nigeria since its return to democracy has been posting some remarkable economic results. The average economy growth rate, for more than a decade, is seven percent. Recently, the country rebased its economy and came out with a whooping 510 billion Naira!, making it the largest economy in Africa and 26th in the world. Bloomberg, in a new survey, projected Nigeria as one of the fastest growing economies in the world. PWC, in its own estimates, projected that Nigeria could attain top 10 status by 2050. By these estimates, for both present and future, Nigeria is a rich country, well endowed in natural and human resources. And consequently, we have seen an upsurge in the number of rich Nigerians. We, today, have Nigerians ranked amongst the richest in the world. The likes of Dangote, Otedola, Alakija, Adenuga, Ovia are few examples. In 2013, the Kenyans witnessed an unprecedented display of wealth and luxury when the Nigerian President led an entourage of corporate executives and government functionaries to the east African country in a fleet of private jets. By all means, we are a rich country.

The flip reality of the Nigerian story shows a country with growing unemployment and extreme poverty. 23 percent are unemployed and 33 percent live in abject poverty. Over 60 percent of Nigerian youth roam the street in search for Jobs. The recent FRSC recruitment scandal depicted the true picture of unemployment situation in the country. Worse is the level of underemployment, a situation where many Nigerians are forced to engage in employment with wages not enough to take care of their basic needs. The country still ranks 153 out of 186 countries in UN's Human Development Index. Basic amenities like constant electricity, effective transportation system, robust public education, basic health facilities remain elusive in a country with vast resources.

We cannot talk about the impressive growth of Nigeria's economy without talking about its failures to translate this into an economy for all. We cannot talk about the number of Nigerians who own private jets without talking about the number of Nigerians who find it difficult to feed their children daily. We may talk about the number of custom made i-phones distributed to guests during our president's daughter's wedding as long as we talk about Iya Muri's untimely death caused by her inability to pay her medical bills. We have succeeded in creating two economies in one country. One for the rich and powerful and the other for the masses, a twisted Pareto principle where only a few enjoy the wealth of the nation. Inequality has reached an all time high. What is good for the goose, in our country, is only for the goose. The gander must be high to think he deserves the good too.

We must, as General Buhari rightly said, address the issue of unemployment, poverty and inequality. We must create an inclusive economy that encourages healthy competition, provides incentives for innovation and investment, and offers equal opportunity for all. These are achieved by robust political participation and deepened democracy, where the people- rich and poor- ultimately hold the power. They can if not satisfy with an administration change it to another through the only power they have-their votes.

The present administration and the ones before it have all failed to address the disproportionate distribution of wealth in the country. While we keep churning out paper growth, our people are still held down in the bondage of hopelessness and perpetual misery. The forth coming election is an opportunity for the country to either set a new direction for bridging the gap between the 'over-haves' and have-nots, or maintain the status quo. The destiny of this great nation lies with our votes and the choice we make come March 28, 2015. Nigeria's economy will keep growing irrespective of who is in power. The question is, what will be your place in it?

Me n my entire family have decided to vote GEJ for second term! GEJ till 2019!!!

This is a beautiful writeup.

Boss13:
This is a beautiful writeup.

Thank you

Nigerians need to be educated in the difference between "economic growth" and "economic development"