Most explanations of economic growth focus on conditions or incentives at the global or national level. They correlate prosperity with factors such as geography, demography, natural resources, political development, national culture, or official policy choices.
Innovation drives economic growth. This logic has risen to dominate the discourse in development circles, with government leaders, policy influencers, and development-minded business leaders fully embracing innovation as a panacea for unemployment and economic underperformance.
When I flew into Lagos last month – only a few days after Nigeria had confirmed its first case of the Ebola Virus Disease – the city was clearly deep in risk management mode.
Trade between Africa and China surpassed $200 billion this year, strengthening China’s position as Africa’s biggest trade partner, a position it has now held since 2009.
Earlier this week, Nigeria ascended to the position of Africa’s largest economy following a recalculation of its GDP by the country’s National Bureau of Statistics.
In the week before Apple’s release of its latest generation of iPhones, a lesser-known Chinese upstart, Xiaomi, had a launch party for its new Mi3 phones.
“Grow my business to a million dollars? No thank you, I’d rather stick to the two stores I’ve got!”
