By: Hanaan Marwah

Hanaan Marwah explores the puzzling low returns on investment in post-independence sub-Saharan Africa, particularly focusing on Nigeria during its oil boom era (1976–85). Marwah challenges the accuracy of national accounting data traditionally used to assess investment productivity in the region. Through meticulous fieldwork, a new investment series is proposed, revealing that a significant portion of what was recorded as investment in Nigeria’s national accounts may have been “ghost construction” projects—paid for but never completed. This revelation suggests that actual investment was far more productive than previously recognized, casting new light on the debate over African economic stagnation and highlighting the potential for misinterpretation of economic data in the absence of thorough local investigation