Nigeria, Sept. 2 -- In the early stages of development, economic growth is largely driven by the contribution of labour. After that, capital and eventually technology increase in relative importance. This happened with the Asian Tigers and China when they were poor, reflecting the progression in growth drivers as countries move towards prosperity.

For its 2025/26 financial year, the World Bank considers 22 African countries to be low-income, with a gross national income (GNI) per person equivalent to or below $1,145. Economic growth in these countries essentially comes from their better-educated, healthier and employed labour force.

Then, as countries develop and enter middle-income status, the availability and role of capital to boost ...