Is Nigeria prepared to lead Africa?

About six months ago, Nigeria declared itself as Africa’s largest economy, after a rebasing of its economy saw its economy nearly double to half a trillion dollars. The rebasing of the economy saw previously unaccounted for aspects such as Nollywood, and the booming telecommunications industry included in the compilation. But in so doing, Nigeria put itself at the front row seat, and it must now take the leadership reigns of the continent, aside from South Africa.

Due to the large population of the country- at more than 170 million, Nigerian citizens’ lives haven’t changed much since the country was declared the largest economy in Africa. Even then, the rebasing placed the country at position 26 in the world, and near its goal of becoming among the 20 largest economies in

the world by 2020. Already, Nigeria is among the MINT group of countries- Mexico, Indonesia, Nigeria, and Turkey, termed as the new group of frontier countries that investors will increasingly look towards.

However, even then, is Nigeria ready to lead Africa? The country has so far managed to have a standing army that has been helpful in keeping peace in parts of the volatile regions in West Africa. However, it has been unable to contain the instability within its own borders in the northern parts of the country, putting a dent on the country’s image to the outside world. In May, the country’s insecurities in the north, and the kidnappings of school girls overshadowed a world economic forum summit that was supposed to showcase Nigeria’s possibilities to the world. Still, Nigeria is at a vantage position to borrow loans from the international markets, thanks to its renewed growth prospects, and hopefully, the country will be able to take its rightful place in Africa and the world.