Nigeria Will Rise Again: Lessons From Bangladesh, Other Nations That Overcame Economic Challenges, by Isaac Asabor

In the annals of global history, there are countries that have faced economic catastrophes so severe that their survival seemed uncertain. Yet, against all odds, these nations have managed to rebuild, reclaim their place in the world, and even emerge stronger than before. As Nigeria grapples with its current economic challenges, these stories offer hope and a blueprint for revival.

For instance, Germany is perhaps the most famous example. After the devastation of World War II, the country lay in ruins. The economy was shattered, the infrastructure was decimated, and the population was demoralized. However, through a combination of the Marshall Plan, economic reforms, and a resilient spirit, Germany rose from the ashes to become one of the world’s leading economies, a model of innovation, productivity, and social welfare.

In a similar vein, another testament to the power of resilience is that of South Korea. Following the Korean War, the country was one of the poorest in the world, with little to no natural resources. Yet, through a focus on education, industrialization, and technology, South Korea transformed into a global powerhouse, now leading in industries such as electronics, automobiles, and entertainment.

Still in a similar vein, is Rwanda, which is a more recent example of nations that rose from the ashes like the proverbial phoenix. After the horrors of the 1994 genocide, Rwanda was left in economic ruin. But through strong leadership, good governance, and a focus on reconciliation and development, the country has become one of Africa’s most inspiring success stories, with impressive gains in healthcare, education, and economic growth.

Still in the same nexus, Vietnam also offers a remarkable story of transformation. After decades of war, the country was impoverished and heavily bombed. Yet, through gradual economic reforms Vietnam opened up its economy, attracted foreign investment, and today is one of the fastest-growing economies in Asia.

Without a doubt, these nations show that economic revival is possible, even from the direst circumstances. Their success was not instantaneous, nor was it easy. It required strong leadership, clear vision, and a commitment to long-term planning and development.

Nigeria, too, has the potential to rise from its current economic challenges. With its abundant natural resources, youthful population, and entrepreneurial spirit, the foundation for a robust recovery is already in place. What is needed now is a commitment to good governance, economic reforms, and the empowerment of the people.

Just as Germany, South Korea, Rwanda, and Vietnam once stood on the brink and chose the path of recovery, so too can Nigeria. The road ahead may be long and difficult, but the examples of these nations that at different times rose from the ashes like the proverbial phoenix prove that it is possible.

At this juncture, permit me to opine that the story of nations that rose from the ashes like the proverbial phoenix, and which unarguably inspired me to write this piece is that of the defunct East Pakistan. In fact, when East Pakistan seceded to become Bangladesh in 1971, the world held little hope for its survival. Faced with an overwhelming population density, scarce natural resources, and a crumbling infrastructure, Bangladesh was written off as an “International basket case” by then-U.S. Secretary of State Henry Kissinger. Yet, against all odds, Bangladesh has not only survived but has emerged as one of the most compelling success stories of the developing world. Without a doubt, this journey offers valuable lessons for Nigeria as it navigates its own economic challenges.

Over the past five decades, Bangladesh has defied predictions of doom and gloom. Today, the country boasts of a robust economy, with an average annual GDP growth rate of 6.4% between 2016 and 2021, surpassing regional giants like India and Indonesia. Bangladesh’s success is even more impressive when considering its humble beginnings, marked by mass starvation in 1974 and a near-complete lack of infrastructure. As at 2023, Bangladesh has achieved near self-sufficiency in food production, with per capita income rising nearly threefold since 2009 to $1,750. The poverty rate has also seen a dramatic reduction, with the percentage of people living in extreme poverty dropping from 19% to less than 9% in just over a decade.

These achievements were not accidental but the result of deliberate and sound macroeconomic planning. Key factors include trade liberalization, which began in the late 1980s, a focus on private sector growth, micro-financing for small enterprises, and a balanced labor regulatory environment. These policies have propelled Bangladesh from being a least developed country to a proud member of the developing world, with a $330 billion economy and a projection to become a $700 billion economy by 2030.

Beyond economic growth, Bangladesh has made significant strides in social development, particularly in education and gender equality. The government’s commitment to education has resulted in near-universal primary school enrollment and gender parity, with 98% of children enrolled. Initiatives such as constructing primary schools in all regions, distributing free textbooks, and providing mid-day meals have played crucial roles in this achievement.

Besides, Bangladesh has also been proactive in empowering women through education and entrepreneurship. The literacy rate, especially among females, has increased substantially, contributing to a more educated and skilled workforce. These efforts have not only improved the quality of life for millions of women but have also contributed to the country’s economic resilience.

Bangladesh’s stories, and that of other countries cited in this context, no doubt, hold important lessons for Nigeria. Like the countries, Nigeria faces significant challenges, including a large population, economic instability, and a dependence on natural resources. However, the different experiences of these countries demonstrate that with sound policies, strategic investments in education and infrastructure, and a focus on empowering marginalized groups, that a nation can turn its fortunes around.

In fact, Nigeria can draw inspiration from these countries’ respective political will that was instrumental in driving economic progress. Additionally, Nigeria can learn from their respective commitment which has had a profound impact on their overall developments, in a different ways.

While the respective rise of these nations is commendable, the countries acknowledge that much work remains to be done, particularly in promoting democracy, good governance, and strengthening institutions that safeguard citizens’ rights. For Nigeria, this underscores the importance of not only focusing on economic growth but also ensuring that such growth is inclusive and sustainable.

Given the foregoing salient examples of nations that rose from economic challenges like the proverbial phoenix, it is germane to opine that as Nigeria charts its path forward, the story of Bangladesh serves as a powerful reminder that even the most seemingly insurmountable challenges can be overcome with the right policies, investments, and a commitment to inclusive development. These countries’ rise from the ashes is not just a testament to their resiliencies but a lesson for nations like Nigeria that are striving to carve out their own success stories.