A former Kaduna State Governor Nasir El-Rufai has warned that Nigeria’s persistent economic underperformance stems not from a shortage of talent, capital, or ideas, but from a misallocation of the country’s best minds.
In a statement shared on Facebook by the ex-governor today, El-Rufai said, Nigeria’s growth problem is not primarily a shortage of talent, capital, or ideas. It is a problem of where our best talent goes and why. He argued that highly capable Nigerians are often drawn to activities offering the highest immediate returns, particularly where small differences in skill translate into large rewards.
He cited data showing that GDP growth was about 4.1 per cent in 2024, while GDP per capita remained at roughly US$1,084, placing Nigeria among lower-income economies. Informal employment accounts for approximately 93 percent of the labour force, and the country’s tax-to-GDP ratio stands at only 8.2 per cent.
He also described how unreliable power, delayed port operations, and limited wage employment create systemic barriers to scaling productive enterprises. He pointed to signs of potential, noting growth in non-oil exports such as cocoa, fertiliser, cashew, and processed agricultural goods.
He further outlined a reform agenda aimed at making production more rewarding than rent-seeking, including shrinking discretionary government power, making rules predictable and digital, enforcing property rights, and facilitating business scaling.
