African Economic Transformation -- Lessons from the Singaporean Playbook

Exploring how visionary leadership and the Singaporean playbook are driving significant economic growth and urban renewal in Africa.

After my first visit to Addis Ababa, Ethiopia 20 years ago, last month, I spent a week at the side line of the African Business Forum, ABF, put together by UNECA in Addis Ababa. In 2005 there were many slums neighbourhood all over Addis Ababa, dirty, with rickety vehicles and many faces of poverty all round. In 2026 interviewing many market women, taxi drivers and business executives, the story has significantly changed.

Since 1985, when American singer, Micheal Jackson and others in the United Support of Artists for Africa, recorded “ We Are The World” song, to raise money to help poverty and famine stricken African countries especially Ethiopia, minimal impactful economic development occurred but in the last, less than 10 years, under a visionary leader, there have been significant economic growth, increasing middle class, huge urban renewal and data proven increasing employment generation, with lots of high-rise buildings all over, many new cars and taxis including EV ones. The world and investors have also taken notice. Same is happening in Kigali, Rwanda. From the ashes of the 1994 Rwanda genocide crisis, they have developed a respected country, with improving economic growth, increasing middles class and significant job creation. Ethiopia and Rwanda are both land locked countries and poor in natural resources, but rich in tough, firm but benevolent leaders, who ensures foundational principles of strong public institutions, rule of law and discipline. They have become transformational success stories in Africa. They seem to have copied the Singaporean playbook. The tiny island of Singapore was spewed out of mainland Malaysia in 1965 for being unproductive and a drain to the central government. Applying the critical governance principles transformed the city state from third world to first world country. Years after the first Prime Minister Lee Kuan Yew, left office and even died, the principles have remained institutionalised, and Singapore has remained a rich, well governed country.

Nigeria under the presidency of Bola Ahmed Tinubu has a good chance, in putting the country in the same success pedestal, increasing impactful economic growth, reducing poverty and increasing sustainable job creation. Our President showed boldness by removing a perennial sore thumb, fuel subsidy with its anticipated short term economic crisis. Today some national statistics are improving. Its now time for the government to prescribe the necessary governance principles and enforce full compliance. Aided with our large mainly youthful population and huge natural resources, Nigeria can witness a sustainable trajectory of success, converting our potentials to reality, putting smiles on the faces of many Nigerians and leaving great legacies.