Same start, different finish: Economic outcomes for Egypt and Nigeria
Adopting the Egyptian model. Source: Stears Business

2016 was a bad year for most Nigerians. A new government had just come into power a year before, and high hopes were dashed. 

There were promises of more jobs for the youth, reduced inflation rates, and higher growth, but the country was in disarray as the president was “slow” and trying to grapple with the nation’s many issues. 

31% of youths (aged 35 years and below) which made up over 50% of the total population were unemployed, about one in four people were living below the poverty line, and inflation was at 15%. 

Sounds familiar right? 

But this wasn’t the story for Nigeria alone. Egypt suffered a similar plight at a similar time.  

Egypt was barely recovering from a regional uprising which reduced foreign investment and tourism. Coupled with low oil prices, government revenue was in the red. 

Both countries took different routes to solve the problem, though. 

Nigeria

This story is free to read Register for free or sign in to finish reading

Gbemisola Alonge

Gbemisola Alonge

Read Latest

Why are regulators struggling to approve the Seplat-Mobil deal?

PREMIUM - 12 AUG 2022

25/24: What do Nigerian governors see as the way forward for the country?

PREMIUM - 11 AUG 2022

Are Nigerians better off with a pension plan?

PREMIUM - 10 AUG 2022

Will higher interest rates encourage Nigerians to save more?

PREMIUM - 09 AUG 2022

Download our mobile app for a more immersive reading experience

Scan QR code
mobile download