How Nigeria Can Escape the Natural-Resource Curse
Investing in health and education is the key to breaking its unhealthy dependence on oil.
An unhealthy reliance.
Photographer: Jacob Silberberg/Getty Images EuropeNigeria’s population is growing rapidly. It now stands at 182 million, and is projected to exceed 300 million by midcentury, surpassing the U.S. to become the world’s third-largest country. And thanks to a high fertility rate -- more than five children per women, higher than the average for sub-Saharan Africa and more than double the global rate -- that growth can be expected to continue for quite some time.
That enormous population -- by far the largest in Africa -- means that Nigeria’s economic future is especially important. Unfortunately, Nigeria’s economy is dependent on natural resources, particularly oil. That poses all kinds of political and economic challenges that will be difficult, though not impossible, to overcome.