How Nigeria & India can tap into mutual strengths
A report by PricewaterhouseCoopers says that India’s population size will hit 1.7 billion by 2050, and remains one of the fastest-growing economies in the world. Also, the report shows that Nigeria’s core strength is being an emerging market. How can both countries benefit from similar opportunities and strengths for economic growth? Andrew Nevin, the Chief Economist at PWC Nigeria, joins CNBC Africa for more.
Tue, 28 Jun 2022 15:07:53 GMT
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AI Generated Summary
- India serves as a valuable case study for Nigeria due to its population size and economic growth trajectory
- Nigeria can learn from India's success in exporting high-value services as a strategy for economic growth
- Investing in human capital and upskilling the workforce are critical components for Nigeria to participate in global value chains and boost economic competitiveness
A recent report by PricewaterhouseCoopers has highlighted the potential for mutual cooperation between India and Nigeria, two countries with significant economic growth prospects. The report emphasizes the need for Nigeria to chart its own developmental path and leverage its unique strengths, rather than simply emulating other successful models. Andrew Nevin, the Chief Economist at PWC Nigeria, discussed the motivation behind the report in a recent interview on CNBC Africa. He pointed out that India's vast population size and complex society make it a compelling case study for Nigeria. With India projected to become the world's most populous democracy by 2050, there is an opportunity for both countries to collaborate and advance democratic ideals on a global scale. Nevin highlighted the importance of leveraging high-value services as a key area for economic growth, citing India's success in export services as a model for Nigeria to follow. He emphasized the need for Nigeria to invest in human capital and upskill its workforce to participate in global value chains effectively. Nevin also underscored the ease of exporting services compared to physical goods, pointing out the challenges in Nigeria's business environment that make it difficult to compete internationally. He advocated for a shift towards services as a more viable export option for Nigeria in the near future. When it comes to government policies and support for industries, Nevin noted that India had implemented deliberate policies to address infrastructure challenges and promote education and skills development. He urged Nigeria to focus on upskilling its youth as a solution to the economic challenges it faces, emphasizing the potential for millions of young Nigerians to enter global value chains and contribute to economic growth. Nevin stressed the need for strategic investments in human capital as a key driver of economic development, echoing recent calls by Nigerian policymakers to prioritize youth development over short-term consumption. By taking lessons from India's development trajectory, Nigeria has the opportunity to unlock its economic potential and address critical issues such as foreign exchange reserves and balance of payment deficits. Through increased collaboration with India and a focus on services-driven growth, Nigeria can position itself for sustainable and inclusive economic growth in the years to come.
