"Nigerian economic statistics reveal a puzzling contrast between rapid economic growth and quite minimal welfare improvements for much of the population. Annual growth rates that averaged over seven percent in official data during the last decade place Nigeria among the fastest growing economies in the world". World Bank Report.
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The World Bank, most of the civilized world and some Nigerians might, indeed, be puzzled by the fact that one of the fastest growing economies in the world, in the last ten years, has failed woefully to make a dent on the welfare of most of the people. Honest Nigerian economists are not. Perhaps the place to start this piece is at the conclusion.
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Nigeria's, so called, fast growth is mostly phony –especially its reports to the world about its agricultural output growth. This is important because the report pointed out that the growth in the last ten years is concentrated in trade and agriculture.