Switzerland, a diminutive nation spanning just over 41,000 square kilometres with a population of 9 million people, remarkably outperforms not only Nigeria but the entire West Africa region, comprising a staggering population of 432 million people. This stark disparity casts a disheartening shadow over West Africa, raising questions about the factors underlying Switzerland’s exceptional success. Upon closer examination, Switzerland’s diversified economy emerges as the proverbial Trojan horse that propels it to the forefront of global competition.
The crux of Switzerland’s unparalleled success lies in its diversified economy, where multiple sectors contribute to sustained growth and prosperity. From thriving financial services to robust manufacturing industries and high-value exports, Switzerland has deftly nurtured a well-rounded economic ecosystem that keeps it ahead of its global competitors. This diversification strategy shields the nation from the perils of overreliance on a single sector, ensuring resilience and long-term sustainability.
In sharp contrast, West African nations share similar characteristics marked by governance failures, inadequate infrastructure. While the rest of the world engages in cutthroat economic competition, religious institutions in West Africa, while serving as integral cultural and social pillars, have inadvertently assumed an outsized role in the societal fabric, diverting attention and resources from more pressing economic and developmental needs. Nigeria, for instance, claims the dubious honour of housing one of the largest church auditoriums globally, underscoring a misalignment of priorities and a diversion of resources away from the pressing economic development imperative.
Nigeria also grapples with challenges stemming from an overdependence on a single resource, such as oil, which exposes them to the volatility of global markets and inhibits efforts to broaden economic horizons; inadequate infrastructure, insecurity, and a low standard of living, a consequence of governance deficiencies, hamper trade, stifle investment, and undermine the country’s economic potential.
We made an in-depth comparison between Switzerland and West Africa, Especially Nigeria, in our Factually Truthful, The Truth Is Not Biased series. Below is the video:
Writer: – Chidimma ONWUOKWU and Ikechukwu Orji –
Narrator: – Ikechukwu Orji –