oyb:

thank God nations like singapore, china, korea and malaysia do not have empty headed noisemakers like you, who would have held them back indefinetely by celebrating mediocrity and harping on the 'successes' of a shrouded and long forgotten past.

they would probably be cheering and spamming internet forums about a 5% decrease in child mortality.

If they had the internet back then they would have definitely kept a record of decreasing infant mortality rates, among other social indicators, during their rise to the top, as a way of measuring their rate of progress. Unlike you, they're neither allergic to record-keeping, nor economically reta.rded and illiterate. Neither would they consider the noting of incremental social improvements as ''celebration'' of same.

Exotic cars owned by a very very select few equals booming economy.

....Brought to you by the same brilliant mind who believes P Squared and Tu Face are Nigeria's greatest achievement which is why other countries are jealous of her.

ROSSIKE:

If they had the internet back then they would have definitely kept a record of decreasing infant mortality rates, among other social indicators, during their rise to the top, as a way of measuring their rate of progress. Unlike you, they're neither allergic to record-keeping, nor economically reta.rded and illiterate. Neither would they consider the noting of incremental social improvements as ''celebration'' of same.

mr 'scholar' are you so slow that you don't realise i referenced those nations because 50 years ago they were not much better than nigeria? or you forgotten that malaysia used to import palm kernel from nigeria? my post went com[pletely over your head - all you could do is continue to mke your pathetic excuses for mediocrity. if any of those nations had 'thinkers' and 'scholars' like you, like nigeri, they would have regressed and their scholars would b jumping up for joy as the elite imported products from other nations.

someone, maybe even you posted that nissan might set up a plant in nigeria. that WOULD be something to celebrate, and the success would lead to several other car plants in nigeria, a spike in industrialization - a real boom - nigeria making cars in demand by the general populace.

I merely - in the midst of widespread condemnation of the police - called to attention the fact that thousands of them have died trying to protect us -including VI oil workers like yourself - from men of the underworld, something for which you remain singularly ungrateful, as though you could ever spend a minute of your life putting yourself in harm's way for others.

as always, you continue to show you are clueless and removed from the reality of nigeria - perhaps you should read about the heroics of the police in the ALLU 4 case, or how the robberies on mile 2 are out of their jurisdiction. you see, we are here living it. we aren't empty barrel, air headed 'scholars' who hold some meaningless statistics they bandy around at pan africanist tea parties as the holy grail.

*sigh* a complete slowpoke will see this and then go on to say 'there are millions of rich people in Nigeria'. . . . . *sigh* Working in finance back home must be hell, you will probably only ever be presented with assumptions, soo much for risk assessments.

as for the statement about the economy, erm is the economy dependant on one persons compound? Because it looks like all those cars are in the same place 'im jussayin' if booming economy means a fleet of cars in a shop, then London is falling, there is no food on my table

queensmith: *sigh* a complete slowpoke will see this and then go on to say 'there are millions of rich people in Nigeria'. . . . . *sigh* Working in finance back home must be hell, you will probably only ever be presented with assumptions, soo much for risk assessments.

as for the statement about the economy, erm is the economy dependant on one persons compound? Because it looks like all those cars are in the same place 'im jussayin' if booming economy means a fleet of cars in a shop, then London is falling, there is no food on my table

rossik probably thinks like other africans. apparently nollywood has convinced most of the rest of Afica that nigerians are all living large

oyb:

mr 'scholar' are you so slow that you don't realise i referenced those nations because 50 years ago they were not much better than nigeria? or you forgotten that malaysia used to import palm kernel from nigeria? my post went com[pletely over your head - all you could do is continue to mke your pathetic excuses for mediocrity. if any of those nations had 'thinkers' and 'scholars' like you, like nigeri, they would have regressed and their scholars would b jumping up for joy as the elite imported products from other nations.

someone, maybe even you posted that nissan might set up a plant in nigeria. that WOULD be something to celebrate, and the success would lead to several other car plants in nigeria, a spike in industrialization - a real boom - nigeria making cars in demand by the general populace.

as always, you continue to show you are clueless and removed from the reality of nigeria - perhaps you should read about the heroics of the police in the ALLU 4 case, or how the robberies on mile 2 are out of their jurisdiction. you see, we are here living it. we aren't empty barrel, air headed 'scholars' who hold some meaningless statistics they bandy around at pan africanist tea parties as the holy grail.

Please go and get an education. You're flailing about like the A3 secondary school economics you are. When you're sufficiently educated beyond A3 in economics secondary, then come back and debate development economics. For now... naah. You're a waste of time.

NB: Have you actually every heard the term Development Economics?

Need I ask?

We need to shun anti-intellectualism on this site.

nigeria vs malaysia

for the shameless 'scholar'

do you really think our former contemporaries dont have records?

development economist who sees purchases of scarce luxury items by the privileged few as signs of economic boom

i can only imagine if there were 'thinkers' like this in the great depression - he would just have looked at the rich and told roosevelt - there's no problem sales of luxury goods are way up there.
you can also imagine what would have happened in the downturn if we had thinkers like rossik - no problem george - kanye west just bought a lamboghini - the economy is safe

but then, thats why nigeria is the way it is - because dolts like this or even dumber ones are the ones in the corridors of power - 'the telephone is not for the poor gang' or 'the nigerians have not started eating from dustbins'

oyb: nigeria vs malaysia

for the shameless 'scholar'

do you really think our former contemporaries dont have records?

development economist who sees purchases of scarce luxury items by the privileged few as signs of economic boom

Economic Illiterate: A rise in consumer spending BOTH in basic consumerables (which we have) AND on luxury goods, are valid indicators of economic growth.

As earlier shown, Nigeria and Ghana are recording 9% growth in annual consumer spending, primarily of course by the 'masses'. So the rise in spending is not just among the super rich, even though the rise in their spending is also a valid indicator of economic growth. You were earlier shown information on how the decrease in purchases of luxury items in China by their ''1%'' is being attributed to a stalling economy. When the economy is on the up, people spend more on luxury items which they would not have done in a poorer economy.

In economics we call this Consumer Confidence:


THE CONSUMER CONFIDENCE INDEX.

The Consumer Confidence Index is an index that attempts to measure the level of consumer confidence. This index is based on a survey of consumers regarding their outlook. An increase in the consumer confidence index implies that consumers feel more confident about the economy and their own economic well-being. A rise in the consumer confidence index is most likely to lead to an increase in consumer spending, increasing the level of aggregate demand. This, in turn, implies that output and employment will increase in the near future. By contrast, decline in the consumer confidence index will most likely lead to a decline in output and employment.

http://www.referenceforbusiness.com/encyclopedia/Eco-Ent/Economic-Conditions.html#b#ixzz29rrTw18o

With regard to the highlighted, emerging African nations like Nigeria are witnessing an unprecedented rise in Consumer Confidence across the board.

Here's a projection by the African Development Bank based on current trends:


Table 1: Africa’s emerging consumer markets Projections:

Nigeria: Consumer Spending 2010 $115bn

Nigeria: Consumer Spending 2020 $167bn

Source: Euromonitor Africa Consumer Spending 2010

More from the African Development Bank (ADB)


The African Consumer Market

Mar 5 2012

''Following a decade of average increases in real GDP exceeding 5%, African economies are expected to sustain high levels of economic growth over the next decade boosted in part by domestic demand due to a steady increase in private and public investment. In turn, rising real incomes will lead to higher consumer spending which is projected to almost double in the next decade. A growth of 4.5% in per capita GDP compounded annually through 2015 would result in an increase of more than 35% in consumer spending in Africa. Although the expansion in consumer spending will be led by South Africa and Nigeria, the two largest economies in Africa, which account for 51 percent of Sub Saharan Africa expenditure, emerging markets across the continent are also making their mark.''

THE REASONS GIVEN FOR THIS GROWTH?


In addition to economic growth, other factors likely to play an important role in the evolution of the African consumer market include: population growth, urbanization rates, falling poverty levels coupled with an emerging middle-class, improvements in the business environment, increased levels of trade openness, and technological innovation.

http://www.afdb.org/en/blogs/afdb-championing-inclusive-growth-across-africa/post/the-african-consumer-market-8901/

Biko, for you educated ones, how is this report from ADB any different from what I've been saying here?

As far as credibility in African economics, they don't come any more credible than the ADB.

So for our resident A3 WAEC bobs to come in here arguing against findings by seasoned ADB economists, not to mention the likes of Morgan Stanley:

"The Nigerian economy is on a growth charge," the US bank's Johannesburg-based economists, Andrea Masia and Michael Kafe, wrote in a report that was released yesterday.

http://www.bdlive.co.za/articles/2011/06/29/nigerian-economy-may-overtake-sa-by-2025---morgan-stanley


... get as e be. These are firms which spend hundreds of millions of dollars a year researching what direction each country on earth is headed. When they talk, all you can do is listen.

THE NEXT 11



The Next Eleven (N-11) are the eleven countries — Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, Turkey, South Korea, and Vietnam — identified by Goldman Sachs investment bank and economist Jim O'Neill in a research paper as having a high potential of becoming, along with the BRICs, the world's largest economies in the 21st century. The bank chose these states, all with promising outlooks for investment and future growth, on December 12, 2005...The criteria that Goldman Sachs used were macroeconomic stability, political maturity, openness of trade and investment policies, and the quality of education.

http://en.wikipedia.org/wiki/Next_Eleven

This from Ernst & Young, shows a doubling of Nigeria's GDP per capita between 2010 and 2015 - just 5 years!!



http://emergingmarkets.ey.com/worldmap/nigeria-2/

the owners of these exotic machines account for about 0.1% of the population

Omo_Tier1:
What Ds like you do not know is that those in money do not talk much, why? their money speaks... so go back to your plate of garri with kano groundnut

Poor man theory. I was once like you bro but now i am way high and play by a different set of rules.hope one day ,you will make it and see that we dont see talking about money as boasting.it just comes out naturally

M I B :
the owners of these exotic machines account for about 0.1% of the population

Same applies in just about every country on earth. In the US for instance, only a very tiny percentage of people can even think of purchasing a Rolls. But when the spending of that small group increases, it normally follows from a wider-based upswing in consumer spending and confidence across the board. Across the rest of the economy.

Which is the point of this thread. In any economy, an increase in spending on luxury goods normally occurs alongside a corresponding rise in consumer spending across all income groups, meaning an economic boom. Conversely, a decrease in spending on luxury items usually points to an economic downturn characterised by belt-tightening, and will be reflected in statistics such as falling GDP figures and slower growth rates etc.

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You ain't seen nothing yet, thought I was gonna see a Rolls-Royce Ghost 2012 or a BMW M6 2012 model. When my cars start coming in, make naija artist no beef me wo ! Toh .

ARES: I know a man in texas that owns an oil well, he drives a 2004 bmw, he drives himself. NigerianS should go ask mc hammer the effect of buying unnecessary expensive automobile on ur pocket. Because when the hammer hits, niggas will be writing a memior named "how To go broke real fast"

what den is his money for, if u have it spend it if u don't have then join the wish gang maybe one day God will grant your wishes.

rotimiakpeji: what den is his money for, if u have it spend it if u don't have then join the wish gang maybe one day God will grant your wishes.

There something called conservative living. If in doubt, ask warren buffett.

Here's my 50 cents,

while on the one hand, an increase in luxury items purchase as reflective of an improving economy might not be intuitive especially given what we observe on the ground...on the other hand NO ONE can deny that this is the case with some economic models. That's Fact. Enough proof has been given.

Having said that, my concern is in how these numbers are calculated. How accurate are they? When informal trading and subsistence farming are still so high, how can you get accurate numbers on productivity? Is every birth documented in Nigeria including those by women living in slums and rural areas? So how can we get accurate numbers on childhood mortalities?

To a large extent, I think these figures are guesstimates. And if that's the case, then I'll much rather see tangible change on the ground than theoretical summations by foreign associations. The tangible improvements I have seen include those in the banking and telecommunications section. I've also seen them in the upswing of private industries. Infrastructural development, security (and overall government performance) are still abysmal though.

oyb:

thank you. next thing rossik defender and advocate of the nigerian police, will post pictures of the fleets of cars owned by the presidency and house of reps as more evidence that the economy is booming

lol

Saw a Bentley GT today driven fast past my church.....Wicked lookin. I'v seen a couple around...gettin a lil comon.

@ sconsults, I will really appreciate ur mentoring. I believe we could be partners in some way. U know what they say: "Great minds think alike"

@ all, progressives in the house with sure-fire business ideas should kindly drop me a line.
drnik4real@gmail.com

Pls keep scams away ! Thanks