The shape of things: Nigeria’s economic recovery
The path to Nigeria's economic recovery. Source: Stears Business

At 14:28 on May 12 2008, an earthquake rocked the Sichuan province in China. 

Two minutes later, the shaking stopped. The earthquake was over by 14:30, but enough damage had already been done. There were thousands of casualties, and the wreckage was to the tune of $130 billion as bridges collapsed and buildings fell over. 

No doubt, this was a devastating event for the region—its people suffered, and the economy tanked. In the weeks that followed, though, the Chinese government began a massive rebuild. 

In fact, the government claimed that the amount of money spent would “far outweigh” the economic losses from the disaster. They invested $150 billion in 41,310 projects, which were all completed within two years. 

Schools, hospitals, roads and other facilities were rebuilt. 

According to the government, the rehabilitation increased China’s economic growth by 0.3% in 2008. 

The key thing to note here is that as far

This story is only available to Premium subscribers Subscribe or sign in to finish reading

Not ready to subscribe? Register to read a selection of free stories

Tokunbo Afikuyomi, Jr.

Tokunbo Afikuyomi, Jr.

Read Latest

How can African payment licences drive more innovation?

PREMIUM - 07 OCT 2022

What is causing Nigeria's dollar shortage?

PREMIUM - 06 OCT 2022

What is Nigeria’s best chance at high economic growth?

PREMIUM - 05 OCT 2022

How do mini-grids provide electricity in cities?

PREMIUM - 04 OCT 2022

Download our mobile app for a more immersive reading experience

Scan QR code
mobile download