By David Himbara
General Paul Kagame’s propaganda machine is always hunting for rankings to support their claim that Rwanda outperforms other African countries in all manner of economic activities. The latest bragging is in The New Times citing an overseas entity that ranks the Kigali International Financial Centre ahead of Nairobi and Lagos financial markets. It is claimed that Kigali is superior to Nairobi and Lagos in terms superior business environment, human capital, infrastructure, and financial sector development. This is most embarrassing. The May 2021 stock markets’ statistics indicate that the market capitalization of the Nigerian Stock Exchange is US$79 billion, versus the Nairobi Securities Exchange at US$22 billion, and the Rwandan Stock Exchange at a mere US$3.4 billion.
We, of course, know that of the ten listed companies on the Rwandan Stock Exchange, five are Kenyan. But it is the comparison between Lagos and Kigali that is insane. As reported by The Financial Times, Lagos state output in 2017 was US$136 billion, which was more than a third of Nigeria’s gross domestic product. This makes Lagos the fourth largest economy in Africa after Nigeria itself, Egypt, South Africa, and Algeria. Lagos’ economy is thirteen times larger than Rwanda’s which stands at US$10.3 billion. Crucially, Lagos is the centre of Nigeria’s manufacturing and home to a pan-African banking industry. Lagos is also home to Nollywood, a thriving film industry that dominates the continent. More recently, Lagos became a tech hub that rivals Nairobi’s Silicon Savannah. By putting Lagos and Kigali in the same league, Kagame’s propagandists are attempting the impossible – comparing the incomparable. Stay tuned.
