In the study, sixteen EU countries are included in the quantitative analysis, representing 95% of the GDP of the EU-27.96% of the non-cash transaction volume, and 99% of the corresponding value. 2  Bolt and Humphrey (2007). The sample used includes processors of FR, UK, NL, DE, PT, BE, GR, LU. 3  Beijnen and Bolt (2007).
Compared with the emerging Asian countries, notably, Thailand, Malaysia, China, India and Indonesia that were far behind Nigeria in terms of GDP per capita in 1970, these countries have transformed their economies and are not only miles ahead of Nigeria, but are also major players on the global economic arena.