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Comparative Analysis of African Middle Class; The Economy Prophecy

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‘Nigeria can become the education miracle of Africa’ – Catherine Bickersteth, Co-Director (SEAS) Ltd and (USAS) Ltd.

“It is no news that Africa will shortly become the world’s central attraction, we don’t need many to believe it. However, my fear and concern is the number of Africans that will play actively in the future economy, particularly considering her energetic youth population and current developmental challenges” – GOSPEL OBELE -21st CENTURY DEVELOPMENT ECONOMIST.

Previously, we had evaluated on the aspirations of middle-class consumers in Kenya, Ghana and Nigeria, based on research results provided by standard chartered and globescan. We now take a step further beyond the research work, by examining a comparative analysis of findings, her socioeconomic implications, and what holds in the future economy.

ON THE EDUCATION TO EMPLOYMENT TRANSITION;

      KENYA GHANA NIGERIA
  NO SCHOOLING   1% 1% 2%
  PRIMARY SCHOOL COMPLETION   22% 9% 9%
EDUCATION HIGH SCHOOL COMPLETION   51% 56% 47%
  UNIVERSITY COMPLETION   18% 23% 31%
  POSTGRADUATES   1% 1% 3%
  AVERAGE EDUCATION TO BUDGET RATIO IN THREE YEARS.   10%       _ 8.73%
           
  SELF EMPLOYED   46% 42% 39%
  PUBLIC SECTOR   6% 14% 8%
EMPLOYMENT LOCAL COMPANIES   15% 8% 5%
   FAMILY OWNED BUSINESS   3% 5% 3%
  INTERNATIONAL FIRMS   2% 2% 1%
  • Result Analysis and Socioeconomic Implications: Our previous articles on each country have revealed background reasons, for the state of education and employment.

Findings show that, Nigeria records highest in percentage of children not in school, this is detrimental to her development, as this segment become vulnerable to all kinds of child abuse, peer influences and ultimately societal unrest. Leading with over double the figures of Nigeria and Ghana, Kenya has records of the highest number of children who successfully complete primary education, this is good, although improvements can be made. The perpetual question on the quality of education still remains unanswered. More harmful is the case of Nigeria and Ghana which obviously is a bigger threat to development, and calls for quick action.

On the average, all countries fare well in secondary education, though Ghana records highest with Nigeria being the lowest. I believe there is room for improvement. With respect to university education, all countries fare poorly. This greatly impedes not just growth but quality growth, development and economic prosperity

Poor education had incapacitated young persons and denied them employment opportunities. This can be the justification for the high level of self-employment as survival means in these countries.

Economically, its side effect include absence of effective management, succession and building lasting brands; a shortfall on taxable income, government revenue, and adequate finance for public expenditure. To attest to this, the Nigerian informal sector currently holds 60% of her GDP.

More so, I commend Kenya, for her the willingness of her populace to work in local companies. If this is improved, will boost the effectiveness of her real sector in contributing to growth and development, reduce capital flights, Increase employment opportunities and make her development plan benefiting to all.

  • What The Future Holds; The Way Forward: We believe Africa can become the education miracle, but this lies on how much we are ready to take responsibility, in personal development, increased budgetary allocations to education, review of our curricular, teach students to be productive and a host of others.

 

FUTURE ECONOMIC EXPECTATIONS;

                   KENYA      GHANA        NIGERIA
  COMPLETE CONFIDENCE   12% 16% 30%
CONFIDENCE IN GROWTH PROSPECTS SOME CONFIDENCE   28% 32% 36%
  HARD TO SAY   16% 21% 18%
           
PERSONAL ECONOMIC SITUATION SIGNIFICANTLY IMPROVE LAST 5 YEARS

 

NEXT 5 YEARS

4%

15%

6%

50%

20%

37%

  IMPROVE LAST 5 YEARS

 

NEXT 5 YEARS

39%

37%

41%

47%

49%

48%

 

  • Result Analysis and Socioeconomic Implications ;

Based on summarized findings above, the average Nigeria happen to be the most optimistic about the growth prospects of her economy. This is critical to the nation’s advancement, and growth, as it boosts the synergy required for transformation. On a second look, she comes second place in expecting her personal economic situation to significantly improve. The economic implication of this is a case of growth without development, because it is possible for a nation to experience growth without, her citizens themselves being testimonials of growth and development. I commend Ghanaians who are the most optimistic about experiencing growth with development.

 

  • What The Future Holds, The Way Forward ; I believe all African countries can experience growth with development, but to attain this, she must;
  • Govern with the intention to serve and improve both the state and her populace.
  • Create an atmosphere of working inclusive institutions, which supports growth and development for her populace.
  • Improve on the quality of growth.

 

WEALTH AND ANTICIPATED SPENDING.

         KENYA    GHANA    NIGERIA
           
WEALTH SAVINGS TO WEALTH RATIO          63%         55%        52%
           
ANTICIPATED SPENDING FUTURE AFFORDABILITY ON EDUCATION (IN 5YEARS)          24%        58% 60%
           
  TOTAL TOP TWO NET GROWTH SPENDING ON MATERIAL THINGS.             (IN 5 YEARS)           31%         66%         53%

 

  • Result Analysis and Socioeconomic Implications ;

Based on results above, all three countries, believe increased savings is key to feeling wealthier.We are quite unsure about the reality of this, owing to the Africans poor savings culture. This is because Africans naturally spend more than they save. Only a few, do so to reduce their cash at hand per time. More so, the lack of confidence in the financial system is a contributing factor to the savings deficiency, but since we expect growth, we believe that the confidence in the financial system will be restored. Also, it’s amazing how Kenyans would choose to save more, yet spend less on education, and would rather prefer to spend more on material things.

  • The Way Forward: We must rethink our motives for wealth creation, to become more value oriented.

 

USE OF INTERNET;                   

      KENYA     GHANA  NIGERIA
SOCIAL NETWORKING 37% 43% 51%
 

ONLINE BANKING

2% 3% 6%
KEEPING UP TO DATE WITH NEWS /CURRENT AFFAIRS 26% 29% 34%
SHOPPING 2% 3% 8%
STUDYING/EDUCATION 16% 31% 28%
OTHERS 6% 11% 0%

 

  • Result Analysis, Socioeconomic Implications and Way Forward ;

Based on the results above, Nigerians happen to be the most users of the internet. Though it’s quite unfortunate that a bulk of it falls in social networking especially with the use of Facebook and other chat media. The implication of this is, young minds, who make the largest populace, are easily polluted, distracted, and unproductive. This is a threat to productivity and focus. Though quite a good number of individuals make the best of it. In all, I encourage us to align our focus towards making the most of it for personal enhancement and economic productivity.

 

 

 

 

 

 

 

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CRO – Project Change Initiative A 21st Century Leadership, Organizational and Economic Development Strategist For comments, please visit Obele Jesuite on facebook, on twitter, gospel_obele@yahoo.com. For email: or contact 08130070991.

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