How "rich" is Nigeria compared to Angola if the former with a population of 160m people produces 2.3m bpd of Oil while Angola with a population of less than 20m produces 1.9m bpd? And how rich are both Nations compared to UAE that produces 3m bpd with a population of 7.9m?

I have often debated that "the wealth of Nigeria" is over-dramatized; and this seems to be an error committed by both Civil Society as well as the Politicians. So how really wealthy is Nigeria vis-a-vis providing for the needs of the Nation and considering the way everyone loves to say "they are chopping our money?"

The story of Nigeria is like that of a father who has 36 children. He takes the income of his wealthy children to a central port and distributes it among his 36 children. A good father will encourage all his children to be creative and hardworking so that they can make the money to sustain themselves. A bad father will ignore the larger picture of every child being self-sustaining and insist on redistributing his children’s wealth. The ultimate danger is that you will have children who are extremely lazy and unwilling make good use of their talents and gifts. Every month, they will go to “papa” to give them their own share of the other children’s wealth. It will now reach a stage that they will start complaining that the money is not enough to buy the limousine of their dream.

I understand a bit of the logic of natural resources. The oil in the Niger Delta is a gift of nature, many will argue, since the people played no role in putting it under the ground. So let’s share it—it belongs to all. But so also can we say of human beings—we are not gifted the same way! Michael Jackson could sing better than his brothers and sisters. But it would be wrong to compel Michael to bring his income to the table so that his father could share it among all the Jacksons. If that were the case, Janet or Jermaine or LaToya would have no reason to do any work at all. They would all be waiting for the month to end to collect their own FAAC. But Janet honed her skills and became a success in her own right as an artiste. She may not be anywhere near the success of Michael, but she is certainly a success. The Jacksons can have a common purse where they can contribute resources for the common cause of the family. There is nothing wrong with that. But to make a policy of taking from one Jackson to sustain another Jackson is illogical.

There is no state in Nigeria that cannot sustain itself if the governors understand the art and science of development. If it is natural resources, every state has them. If it is value-added agriculture, every state can become an industrial host. These are the things that can generate employment, generate economic activities, generate tax revenue and shore up the incomes of the states. The real challenge for the governors is: how can they use what they’ve got to get what they need? How can they put the right policies in place to attract the needed investment? How do they spend wisely to make state economies viable? These are the questions they should be asking. But because of the ease of travelling to Abuja for federal allocation cheques every month, forward planning and critical thinking are no longer part of governance.

The eternal reliance on oil revenue has done a lot of damage to the federation. Every day now, we hear the Niger Delta people say “our oil, our oil”. During the petrol price hike crisis last year January, some Niger Delta person, trying to suggest that the protests were unjustly aimed at President Goodluck Jonathan, said something like: “If our son is not good enough to be president of Nigeria, then our oil is not good enough for Nigeria.” This warped logic—which tends to paint oil as the solution to all human problems—defies the fact that the most advanced countries in the world do not rely on oil revenue. Even Norway, the poster boy of successful management of oil revenue, survives on tax. Their oil money is saved largely for the rainy day.

But do you blame us? Why do we need to stretch our brain to dream of building our own Microsoft and Apple when we can look up to Abuja for the flow of petrodollars every month? Why should Bauchi bother to tap its tourism potential? Why should Bayelsa dream of feeding Africa with its FADAMA rice when there is a fat FAAC cheque to be collected in Abuja monthly? Why should we quicken Ajaokuta so that the fourth biggest steel company in the world can begin to operate fully and spice up the economy? Why should Aba be developed into our own Taiwan or Japan? There is no such incentive. The only incentive I can see in Nigeria is federation account.

It wouldn’t even matter if we are utilising federal allocations to develop the most important resource at our disposal: the human capital. Oil is not the real deal, no matter how dominant it has become in our lives. It was human beings that designed cars and made petrol as important as it is today. Human beings are now designing cars that run on bio-fuels, electricity and solar energy. By the time the cars become popularly accepted, the demand for oil could drop. It may not happen in the next 50 years but it would happen someday. So the wise person does not keep emphasising on oil and ignoring human capital. The wise person thinks about a future where our lives will no longer depend on oil but on the quality of the brain. It was human beings that invented aeroplanes, computers and phones, etc. If we are wise now, our energies should be devoted to getting out of this oil trap.

I wish we could discuss these issues honestly without trading insult and threat. The quality of public debate is very poor in Nigeria. We have a real problem in our hands but instead of engaging in fruitful debates to chart the way forward, we specialise in name-calling and blackmail as if that would solve our problem. Those of us who have no interest in politics or politicking will continue to make our point.

Former president Olusegun Obasanjo yesterday said the current level of corruption in Nigeria is assuming an unimaginable proportion and mind-boggling.

In another development, the inspector-general of police, Mohammed Abubakar, has blamed the craze for the nation’s oil wealth for the current insecurity in the country.

Nigeria is actually very poor. We need to review d current tax system. Gov Fashola and an unknown gov from d SS are currently frustrating d effort of d joint tax system currently been developed.

Hmmm... Isn't it funny how scanty threads like this are, while threads about Tonto Dikeh hit 10 pages?

NL is a reflection of Nigeria: We (most of us) chase after frivolities, we are easily distracted, we lack the ability to think deeply about issues, we have pitifully short memories, and worst of all, we are cowardly. We love our immediate comfort too much to make sacrifices for a better tomorrow.

That's why we keep sharing Abuja money every month: it's simply too convenient, and we're too lazy to think of alternatives.

Nigeria is poor, because Nigerians are mentally poor.

Yes shame to you nigerians! Your government is only a reflection of your people!

HNosegbe: Hmmm... Isn't it funny how scanty threads like this are, while threads about Tonto Dikeh hit 10 pages?

NL is a reflection of Nigeria: We (most of us) chase after frivolities, we are easily distracted, we lack the ability to think deeply about issues, we have pitifully short memories, and worst of all, we are cowardly. We love our immediate comfort too much to make sacrifices for a better tomorrow.

That's why we keep sharing Abuja money every month: it's simply too convenient, and we're too lazy to think of alternatives.

Nigeria is poor, because Nigerians are mentally poor.

I believe that the change we need apart from the total overhaul of our political system, is that we individually need to change. Every Nigeria mindset is on eating from the national cake. Ask a fresh graduate his dream for the future and what you'll hear is money, how he's going to be a millionaire in no time. Thats an interesting dream you'd say? But ask how he intends to do that, he totally doesn't have a clue. No one is thinking of starting small or creating something. The developed world didn't just get there because they had a Fantastic system of government. Methinks its more of the individual's attitude and willingness to make the change. Be yourself and be creative. Think positively. We'll get there.
God bless Nigeria.

While we complain so much about why our government, (at practically all levels) is not working, we may also need to look at ourselves in the mirror. No matter how much noise we make, the change that we seek in our nation must begin with individuals. If a society is not compassionate, it is futile to expect the government to be. If a society takes corruption lightly, as we do in Nigeria, (especially where our friends or kinsmen are concerned) then it stands to reason that it would be reflected in government. If a society is indifferent to the plights of the poor, as it is also evident in Nigeria, that is the way government will be. If the society has degenerated to the level of everyman for himself, as our nation clearly is today, then we delude ourselves to expect anything different from our government.

YOU MUST HAVE NOT THOUGHT THIS THROUGH WHEN YOU MADE THIS THREAD .

OUR WEALTH IS FUUUCKING UNDERRATED.

IS OIL THE ONLY THING WE PRODUCE.NO,WE PRODUCE GOLD,COAL,GAS,COPPER,AND OF COURSE SOLID MINERALS.


NIGERIA FOR ME SHOULD HAVE MORE MONEY THEN THE WHOLE ENTIRE OF EASTERN EUROPE IF ONLY THEY INVEST INFRASTRUCTURE AND REDUCE THE HIGH CORRUPTION.

anulaxad: YOU MUST HAVE NOT THOUGHT THIS THROUGH WHEN YOU MADE THIS THREAD .

OUR WEALTH IS FUUUCKING UNDERRATED.

IS OIL THE ONLY THING WE PRODUCE.NO,WE PRODUCE GOLD,COAL,GAS,COPPER,AND OF COURSE SOLID MINERALS.


NIGERIA FOR ME SHOULD HAVE MORE MONEY THEN THE WHOLE ENTIRE OF EASTERN EUROPE IF ONLY THEY INVEST INFRASTRUCTURE AND REDUCE THE HIGH CORRUPTION.

Oil is the mainstay of Nigeria's economy.It accounts for over 90% of the nation's source of income.

@ topic

i agree.

Corruption has nothing to do with infrastructure development in the country. China is corrupt, India is corrupt, and also brazil. However, these countries are thriving. Our own problem is innovative and intelligent leaders with business sense to drive our economy.

MAYOWAAK: The story of Nigeria is like that of a father who has 36 children. He takes the income of his wealthy children to a central port and distributes it among his 36 children. A good father will encourage all his children to be creative and hardworking so that they can make the money to sustain themselves. A bad father will ignore the larger picture of every child being self-sustaining and insist on redistributing his children’s wealth. The ultimate danger is that you will have children who are extremely lazy and unwilling make good use of their talents and gifts. Every month, they will go to “papa” to give them their own share of the other children’s wealth. It will now reach a stage that they will start complaining that the money is not enough to buy the limousine of their dream.

I understand a bit of the logic of natural resources. The oil in the Niger Delta is a gift of nature, many will argue, since the people played no role in putting it under the ground. So let’s share it—it belongs to all. But so also can we say of human beings—we are not gifted the same way! Michael Jackson could sing better than his brothers and sisters. But it would be wrong to compel Michael to bring his income to the table so that his father could share it among all the Jacksons. If that were the case, Janet or Jermaine or LaToya would have no reason to do any work at all. They would all be waiting for the month to end to collect their own FAAC. But Janet honed her skills and became a success in her own right as an artiste. She may not be anywhere near the success of Michael, but she is certainly a success. The Jacksons can have a common purse where they can contribute resources for the common cause of the family. There is nothing wrong with that. But to make a policy of taking from one Jackson to sustain another Jackson is illogical.

There is no state in Nigeria that cannot sustain itself if the governors understand the art and science of development. If it is natural resources, every state has them. If it is value-added agriculture, every state can become an industrial host. These are the things that can generate employment, generate economic activities, generate tax revenue and shore up the incomes of the states. The real challenge for the governors is: how can they use what they’ve got to get what they need? How can they put the right policies in place to attract the needed investment? How do they spend wisely to make state economies viable? These are the questions they should be asking. But because of the ease of travelling to Abuja for federal allocation cheques every month, forward planning and critical thinking are no longer part of governance.

The eternal reliance on oil revenue has done a lot of damage to the federation. Every day now, we hear the Niger Delta people say “our oil, our oil”. During the petrol price hike crisis last year January, some Niger Delta person, trying to suggest that the protests were unjustly aimed at President Goodluck Jonathan, said something like: “If our son is not good enough to be president of Nigeria, then our oil is not good enough for Nigeria.” This warped logic—which tends to paint oil as the solution to all human problems—defies the fact that the most advanced countries in the world do not rely on oil revenue. Even Norway, the poster boy of successful management of oil revenue, survives on tax. Their oil money is saved largely for the rainy day.

But do you blame us? Why do we need to stretch our brain to dream of building our own Microsoft and Apple when we can look up to Abuja for the flow of petrodollars every month? Why should Bauchi bother to tap its tourism potential? Why should Bayelsa dream of feeding Africa with its FADAMA rice when there is a fat FAAC cheque to be collected in Abuja monthly? Why should we quicken Ajaokuta so that the fourth biggest steel company in the world can begin to operate fully and spice up the economy? Why should Aba be developed into our own Taiwan or Japan? There is no such incentive. The only incentive I can see in Nigeria is federation account.

It wouldn’t even matter if we are utilising federal allocations to develop the most important resource at our disposal: the human capital. Oil is not the real deal, no matter how dominant it has become in our lives. It was human beings that designed cars and made petrol as important as it is today. Human beings are now designing cars that run on bio-fuels, electricity and solar energy. By the time the cars become popularly accepted, the demand for oil could drop. It may not happen in the next 50 years but it would happen someday. So the wise person does not keep emphasising on oil and ignoring human capital. The wise person thinks about a future where our lives will no longer depend on oil but on the quality of the brain. It was human beings that invented aeroplanes, computers and phones, etc. If we are wise now, our energies should be devoted to getting out of this oil trap.

I wish we could discuss these issues honestly without trading insult and threat. The quality of public debate is very poor in Nigeria. We have a real problem in our hands but instead of engaging in fruitful debates to chart the way forward, we specialise in name-calling and blackmail as if that would solve our problem. Those of us who have no interest in politics or politicking will continue to make our point.

Wish i could paste this on the front page!

@MAYOWAAK..,you just said my mind.

The problem with Nigeria is structural. Over-centralization of power in Abuja is at the centre of ALL the problems in Nigeria.

We need to devolve powers to the states, and let every state harness its people and resources and pay taxes to the centre.

This re-structuring will make everyone and every state to put on their thinking cap on how to create wealth. Because taxes will be paid from the wealth of every person, there will be more revenue at the state and central govt level.

Also because the wealth is coming from bottom-up, corruption will automatically minimise, inflation will reduce, industries and other creative ventures will multiply in geometric proportion.

Compare and contrast with the present arrangement where Abuja is trying to feed every state and every citizen? It is simply an unworkable arrangement.

Until we make the structural changes that are needed to put Nigeria on the fast lane of development, we'll continue to crawl as a nation.

Unfortunately, structural changes in Nigeria is unlikely except the oil dries up. It will be opposed by the far-north. Worst still, this sort of debate, is completely missing in the media.

modicum:

Oil is the mainstay of Nigeria's economy.It accounts for over 90% of the nation's source of income.

Who told you that the same corrupt government.

NIGERIANS ARE THE ONLY PEOPLE I KNOW THAT DO NOT KNOW FOR SURE HOW EXTREMELY RICH THERE COUNTRY IS.

THIS IS A COUNTRY THAT CAN MAKE UP TO 4 BILLION POUNDS IN A WEEK IF THE CORRUPTION WAS LOWERED BY JUST 30 PERCENT.

A COUNTRY THAT MAKES NEARLY 150 BILLION POUNDS A YEAR(EXCLUDING THE AMOUNT THAT IS BEING STOLEN BY THE GOVERNMENT).

OVERRATED .I DON'T BLAME YOU,IT IS THAT STUUUUPID NIGERIAN GOVERNMENT THAT DOES NOT GIVE A DAMN ABOUT IT'S PEOPLE THAT IS NOW ACTUALLY MAKE SO MANY PEOPLE LIKE YOURSELF THINK MAYBE NIGERIA IS NOT AS WEALTHY AS THE CORRUPT GOVERNMENT CLAIM.


NO BUT SERIOUSLY,YOU ARE TALKING ABOUT THE WEST AFRICAN STATE,THAT IMPACTED EUROPE THE MOST WHEN IT WAS GIVEN INDEPENDENCE.

I MEAN HOW LONG HAS THIS COUNTRY HAD IT'S WEALTH.OVER FIFTY YEARS.BY THE TIME I EVEN HIT FIFTY THEY WILL PROBABLY STILL BE OIL.

SHUFFERING AND SMILING.SANG BY FELA KUTI. I HAVE SO MUCH TO SAY ON THIS ISSUE BUT LET ME KEEP MY DIGNITY BEFORE I EXPLODE WITH ANGER.

anulaxad:


Who told you that the same corrupt government.

NIGERIANS ARE THE ONLY PEOPLE I KNOW THAT DO NOT KNOW FOR SURE HOW EXTREMELY RICH THERE COUNTRY IS.

THIS IS A COUNTRY THAT CAN MAKE UP TO 4 BILLION POUNDS IN A WEEK IF THE CORRUPTION WAS LOWERED BY JUST 30 PERCENT.

A COUNTRY THAT MAKES NEARLY 150 BILLION POUNDS A YEAR(EXCLUDING THE AMOUNT THAT IS BEING STOLEN BY THE GOVERNMENT).

OVERRATED .I DON'T BLAME YOU,IT IS THAT STUUUUPID NIGERIAN GOVERNMENT THAT DOES NOT GIVE A DAMN ABOUT IT'S PEOPLE THAT IS NOW ACTUALLY MAKE SO MANY PEOPLE LIKE YOURSELF THINK MAYBE NIGERIA IS NOT AS WEALTHY AS THE CORRUPT GOVERNMENT CLAIM.


NO BUT SERIOUSLY,YOU ARE TALKING ABOUT THE WEST AFRICAN STATE,THAT IMPACTED EUROPE THE MOST WHEN IT WAS GIVEN INDEPENDENCE.

I MEAN HOW LONG HAS THIS COUNTRY HAD IT'S WEALTH.OVER FIFTY YEARS.BY THE TIME I EVEN HIT FIFTY THEY WILL PROBABLY STILL BE OIL.

SHUFFERING AND SMILING.SANG BY FELA KUTI. I HAVE SO MUCH TO SAY ON THIS ISSUE BUT LET ME KEEP MY DIGNITY BEFORE I EXPLODE WITH ANGER.

I don't see how your comment on corruption is reflected on wealth generation for the country. Corruption does not stop the country from generating revenue. However, corruption can impede development. Especially when the money, supposed to be used for infrastructural development are diverted to personal coffers.

anulaxad:


Who told you that the same corrupt government.

NIGERIANS ARE THE ONLY PEOPLE I KNOW THAT DO NOT KNOW FOR SURE HOW EXTREMELY RICH THERE COUNTRY IS.

THIS IS A COUNTRY THAT CAN MAKE UP TO 4 BILLION POUNDS IN A WEEK IF THE CORRUPTION WAS LOWERED BY JUST 30 PERCENT.

A COUNTRY THAT MAKES NEARLY 150 BILLION POUNDS A YEAR(EXCLUDING THE AMOUNT THAT IS BEING STOLEN BY THE GOVERNMENT).

OVERRATED .I DON'T BLAME YOU,IT IS THAT STUUUUPID NIGERIAN GOVERNMENT THAT DOES NOT GIVE A DAMN ABOUT IT'S PEOPLE THAT IS NOW ACTUALLY MAKE SO MANY PEOPLE LIKE YOURSELF THINK MAYBE NIGERIA IS NOT AS WEALTHY AS THE CORRUPT GOVERNMENT CLAIM.


NO BUT SERIOUSLY,YOU ARE TALKING ABOUT THE WEST AFRICAN STATE,THAT IMPACTED EUROPE THE MOST WHEN IT WAS GIVEN INDEPENDENCE.

I MEAN HOW LONG HAS THIS COUNTRY HAD IT'S WEALTH.OVER FIFTY YEARS.BY THE TIME I EVEN HIT FIFTY THEY WILL PROBABLY STILL BE OIL.

SHUFFERING AND SMILING.SANG BY FELA KUTI. I HAVE SO MUCH TO SAY ON THIS ISSUE BUT LET ME KEEP MY DIGNITY BEFORE I EXPLODE WITH ANGER.

“Nigeria's national budget is 5 trillion Naira? Nigeria is not a poor country then, Nigeria is a miserable country. Five trillion Naira would be something like 33 billion USD or some 25 billion Euros. And this is the national budget of a 52 year old nation of some 160 million people! Now, factor in the endemic corruption and you'll have a nation screwed forever…Taiwan, precisely earned 25 billion USD in 2011 from the sales of only Notebook Computers. South Korea in 2010 joined the clubs of nations earning more than 300 billion USD per year exporting value added finished high tech products. And these are little nations in terms of population and geographical space. On our side, we are drunk and drowning in a freely produced natural product, oil. And this oil is extracted by foreigners. Pathetic!”

MAYOWAAK: The story of Nigeria is like that of a father who has 36 children. He takes the income of his wealthy children to a central port and distributes it among his 36 children. A good father will encourage all his children to be creative and hardworking so that they can make the money to sustain themselves. A bad father will ignore the larger picture of every child being self-sustaining and insist on redistributing his children’s wealth. The ultimate danger is that you will have children who are extremely lazy and unwilling make good use of their talents and gifts. Every month, they will go to “papa” to give them their own share of the other children’s wealth. It will now reach a stage that they will start complaining that the money is not enough to buy the limousine of their dream.

I understand a bit of the logic of natural resources. The oil in the Niger Delta is a gift of nature, many will argue, since the people played no role in putting it under the ground. So let’s share it—it belongs to all. But so also can we say of human beings—we are not gifted the same way! Michael Jackson could sing better than his brothers and sisters. But it would be wrong to compel Michael to bring his income to the table so that his father could share it among all the Jacksons. If that were the case, Janet or Jermaine or LaToya would have no reason to do any work at all. They would all be waiting for the month to end to collect their own FAAC. But Janet honed her skills and became a success in her own right as an artiste. She may not be anywhere near the success of Michael, but she is certainly a success. The Jacksons can have a common purse where they can contribute resources for the common cause of the family. There is nothing wrong with that. But to make a policy of taking from one Jackson to sustain another Jackson is illogical.

There is no state in Nigeria that cannot sustain itself if the governors understand the art and science of development. If it is natural resources, every state has them. If it is value-added agriculture, every state can become an industrial host. These are the things that can generate employment, generate economic activities, generate tax revenue and shore up the incomes of the states. The real challenge for the governors is: how can they use what they’ve got to get what they need? How can they put the right policies in place to attract the needed investment? How do they spend wisely to make state economies viable? These are the questions they should be asking. But because of the ease of travelling to Abuja for federal allocation cheques every month, forward planning and critical thinking are no longer part of governance.

The eternal reliance on oil revenue has done a lot of damage to the federation. Every day now, we hear the Niger Delta people say “our oil, our oil”. During the petrol price hike crisis last year January, some Niger Delta person, trying to suggest that the protests were unjustly aimed at President Goodluck Jonathan, said something like: “If our son is not good enough to be president of Nigeria, then our oil is not good enough for Nigeria.” This warped logic—which tends to paint oil as the solution to all human problems—defies the fact that the most advanced countries in the world do not rely on oil revenue. Even Norway, the poster boy of successful management of oil revenue, survives on tax. Their oil money is saved largely for the rainy day.

But do you blame us? Why do we need to stretch our brain to dream of building our own Microsoft and Apple when we can look up to Abuja for the flow of petrodollars every month? Why should Bauchi bother to tap its tourism potential? Why should Bayelsa dream of feeding Africa with its FADAMA rice when there is a fat FAAC cheque to be collected in Abuja monthly? Why should we quicken Ajaokuta so that the fourth biggest steel company in the world can begin to operate fully and spice up the economy? Why should Aba be developed into our own Taiwan or Japan? There is no such incentive. The only incentive I can see in Nigeria is federation account.

It wouldn’t even matter if we are utilising federal allocations to develop the most important resource at our disposal: the human capital. Oil is not the real deal, no matter how dominant it has become in our lives. It was human beings that designed cars and made petrol as important as it is today. Human beings are now designing cars that run on bio-fuels, electricity and solar energy. By the time the cars become popularly accepted, the demand for oil could drop. It may not happen in the next 50 years but it would happen someday. So the wise person does not keep emphasising on oil and ignoring human capital. The wise person thinks about a future where our lives will no longer depend on oil but on the quality of the brain. It was human beings that invented aeroplanes, computers and phones, etc. If we are wise now, our energies should be devoted to getting out of this oil trap.

I wish we could discuss these issues honestly without trading insult and threat. The quality of public debate is very poor in Nigeria. We have a real problem in our hands but instead of engaging in fruitful debates to chart the way forward, we specialise in name-calling and blackmail as if that would solve our problem. Those of us who have no interest in politics or politicking will continue to make our point.

This is nice

@@@@

citizenisb: 9:00pm On Jan 10

Former president Olusegun Obasanjo yesterday said the current level of corruption in Nigeria is assuming an unimaginable proportion and mind-boggling.

In another development, the inspector-general of police, Mohammed Abubakar, has blamed the craze for the nation’s oil wealth for the current insecurity in the country.

this must be a joke

obj has a big time chance to fix things but he mismanaged things and its a surprise he carries on like nothing happened

Sincere 9gerian: @MAYOWAAK..,you just said my mind.

The problem with Nigeria is structural. Over-centralization of power in Abuja is at the centre of ALL the problems in Nigeria.

We need to devolve powers to the states, and let every state harness its people and resources and pay taxes to the centre.

This re-structuring will make everyone and every state to put on their thinking cap on how to create wealth. Because taxes will be paid from the wealth of every person, there will be more revenue at the state and central govt level.

Also because the wealth is coming from bottom-up, corruption will automatically minimise, inflation will reduce, industries and other creative ventures will multiply in geometric proportion.

Compare and contrast with the present arrangement where Abuja is trying to feed every state and every citizen? It is simply an unworkable arrangement.

Until we make the structural changes that are needed to put Nigeria on the fast lane of development, we'll continue to crawl as a nation.

Unfortunately, structural changes in Nigeria is unlikely except the oil dries up. It will be opposed by the far-north. Worst still, this sort of debate, is completely missing in the media.

I quite agree with you, i had to check your moniker twice though to be sure it was coming from you.

@OP, the current wealth of Nigeria is overrated and worse still mismanaged by the "rulers". You are on point.

@ Mods, i think this should make the front page.

In as much as I hate military rule sometimes I think what we need now is a corrupt free and focused dictator that will make things work right, for things to work right some luxuries must be forgone and as such the constitution itself is an obstruction to that.

An example is making it illegal to directly use oil money to solve a need unless it is recycled through other resources like agriculture or mines

One can also insist that recurrent expenditure can never be more than capital expenditure and you can only get same percentage of capital implentation as recurrent, with that bureucrats will ensure implementation

There will be minimum and maximum wage and. Maximum wage cannot be more than ten times the minimum with this the gap between the poor and rich will not be much.

All political and corrupt public office holders will be jailed .

There will be a data of all Nigerians

There will be only twelve ministers

Ministries and parastatals will be merged

There will be only 19 state as. Before IBB

Efcc, icpc, nscdc,frsc and vio will all be part of police

There will be sanitary inspection officer. Everywhere to ensure cleaniness

All and sundry must pay tax

Firing squads will be re introduced

Drug trafficking is a capital offence

There will be price control boards

There will be commodity marketing board to faciltate export and pricing of farm product

When is time for election it will be open ballot

No indicted politician will be allowed in politics

National assembly will be a part time job

There will only be house of representative no senate,

THAT IS MY WISH

omosexy1:

I don't see how your comment on corruption is reflected on wealth generation for the country. Corruption does not stop the country from generating revenue. However, corruption can impede development. Especially when the money, supposed to be used for infrastructural development are diverted to personal coffers.

THAT IS WHAT I AM TRYING TO SAY.


NIGERIA IS EXTREMELY RICH.AND THEN SOMEONE IS SAYING OVERRATED. IF YOUR'E OWN CORRUPT NIGERIAN GOVERNMENT IS SAYING NIGERIA IS RICH.
HOW MUCH RICHER DO YOU ACTUALLY THINK NIGERIA CAN BE IF ACTUALLY RECESSED THE RIGHT WAY.

''Saudi Arabia made $31 billion from religious tourism last year , that was the entire Nigerian budget . Saudi has a population of about 28 million , while Nigeria has a population of 200 million , do the maths . We cannot afford to ignore the revenue generated from having a unique culture.''

modicum:

Oil is the mainstay of Nigeria's economy.It accounts for over 90% of the nation's source of income.

The way you guys throw around your lies is just disturbing, did u say 90%? Are you quoting 2002 figures or 2012 figures? You guys should QUIT speaking about these lies.

manny4life:

The way you guys throw around your lies is just disturbing, did u say 90%? Are you quoting 2002 figures or 2012 figures? You guys should QUIT speaking about these lies.

Abi o. The non-oil sector now contributes a substantial part to the nation's foreign export earnings.

CFCfan:

Abi o. The non-oil sector now contributes a substantial part to the nation's foreign export earnings.

I've been vindicated once more by this thread

https://www.nairaland.com/1270875/nigeria-saves-4.2trn-manufactured-goods

When I tell folks that Nigeria is gradually improving, though it's improvement is not explosive yet, but we're making strides despite our corruptible level, I have this argument day in, day out. These kinds of lies purported is the bad media being talked about.

The non-oil sector is improving daily, oil now accounts for about 55% or less of our earnings while non-oil revenues account for other 45%. As we keep improving, and the economy continues to diversify, the number will continue to dwindle. Madam NOI wants that number reduced to the nearest minimum, whereas we save what we get on it.

MAYOWAAK: The story of Nigeria is like that of a father who has 36 children. He takes the income of his wealthy children to a central port and distributes it among his 36 children. A good father will encourage all his children to be creative and hardworking so that they can make the money to sustain themselves. A bad father will ignore the larger picture of every child being self-sustaining and insist on redistributing his children’s wealth. The ultimate danger is that you will have children who are extremely lazy and unwilling make good use of their talents and gifts. Every month, they will go to “papa” to give them their own share of the other children’s wealth. It will now reach a stage that they will start complaining that the money is not enough to buy the limousine of their dream.

I understand a bit of the logic of natural resources. The oil in the Niger Delta is a gift of nature, many will argue, since the people played no role in putting it under the ground. So let’s share it—it belongs to all. But so also can we say of human beings—we are not gifted the same way! Michael Jackson could sing better than his brothers and sisters. But it would be wrong to compel Michael to bring his income to the table so that his father could share it among all the Jacksons. If that were the case, Janet or Jermaine or LaToya would have no reason to do any work at all. They would all be waiting for the month to end to collect their own FAAC. But Janet honed her skills and became a success in her own right as an artiste. She may not be anywhere near the success of Michael, but she is certainly a success. The Jacksons can have a common purse where they can contribute resources for the common cause of the family. There is nothing wrong with that. But to make a policy of taking from one Jackson to sustain another Jackson is illogical.

There is no state in Nigeria that cannot sustain itself if the governors understand the art and science of development. If it is natural resources, every state has them. If it is value-added agriculture, every state can become an industrial host. These are the things that can generate employment, generate economic activities, generate tax revenue and shore up the incomes of the states. The real challenge for the governors is: how can they use what they’ve got to get what they need? How can they put the right policies in place to attract the needed investment? How do they spend wisely to make state economies viable? These are the questions they should be asking. But because of the ease of travelling to Abuja for federal allocation cheques every month, forward planning and critical thinking are no longer part of governance.

The eternal reliance on oil revenue has done a lot of damage to the federation. Every day now, we hear the Niger Delta people say “our oil, our oil”. During the petrol price hike crisis last year January, some Niger Delta person, trying to suggest that the protests were unjustly aimed at President Goodluck Jonathan, said something like: “If our son is not good enough to be president of Nigeria, then our oil is not good enough for Nigeria.” This warped logic—which tends to paint oil as the solution to all human problems—defies the fact that the most advanced countries in the world do not rely on oil revenue. Even Norway, the poster boy of successful management of oil revenue, survives on tax. Their oil money is saved largely for the rainy day.

But do you blame us? Why do we need to stretch our brain to dream of building our own Microsoft and Apple when we can look up to Abuja for the flow of petrodollars every month? Why should Bauchi bother to tap its tourism potential? Why should Bayelsa dream of feeding Africa with its FADAMA rice when there is a fat FAAC cheque to be collected in Abuja monthly? Why should we quicken Ajaokuta so that the fourth biggest steel company in the world can begin to operate fully and spice up the economy? Why should Aba be developed into our own Taiwan or Japan? There is no such incentive. The only incentive I can see in Nigeria is federation account.

It wouldn’t even matter if we are utilising federal allocations to develop the most important resource at our disposal: the human capital. Oil is not the real deal, no matter how dominant it has become in our lives. It was human beings that designed cars and made petrol as important as it is today. Human beings are now designing cars that run on bio-fuels, electricity and solar energy. By the time the cars become popularly accepted, the demand for oil could drop. It may not happen in the next 50 years but it would happen someday. So the wise person does not keep emphasising on oil and ignoring human capital. The wise person thinks about a future where our lives will no longer depend on oil but on the quality of the brain. It was human beings that invented aeroplanes, computers and phones, etc. If we are wise now, our energies should be devoted to getting out of this oil trap.

I wish we could discuss these issues honestly without trading insult and threat. The quality of public debate is very poor in Nigeria. We have a real problem in our hands but instead of engaging in fruitful debates to chart the way forward, we specialise in name-calling and blackmail as if that would solve our problem. Those of us who have no interest in politics or politicking will continue to make our point.

Bros, May God bless you

why is this thread low on traffic, and why has this not hit the frontpage MODS.

If it was senseless topics now, it would have hit 10 pages by now. smh for Nigerians who say they want change.

Perfect front page topic, where are the yeye MODS.

@topic;

One of the many reasons why I love obj was how he dealth with this particular issue during an interview with the BBC hardtalk. This are the misconception;

1.Nigeria is populous,and the number contn to soar.

2.Relatively to our number, oil production is low. If you compare this with other opec countries we will indeed deduced dat our oil wealth is overrated.

3.Lack of planning and subsequent govt sustainability of policies.

4. Too much power at the center,making states and other units appearing like beggars.

MAYOWAAK: The story of Nigeria is like that of a father who has 36 children. He takes the income of his wealthy children to a central port and distributes it among his 36 children. A good father will encourage all his children to be creative and hardworking so that they can make the money to sustain themselves. A bad father will ignore the larger picture of every child being self-sustaining and insist on redistributing his children’s wealth. The ultimate danger is that you will have children who are extremely lazy and unwilling make good use of their talents and gifts. Every month, they will go to “papa” to give them their own share of the other children’s wealth. It will now reach a stage that they will start complaining that the money is not enough to buy the limousine of their dream.

I understand a bit of the logic of natural resources. The oil in the Niger Delta is a gift of nature, many will argue, since the people played no role in putting it under the ground. So let’s share it—it belongs to all. But so also can we say of human beings—we are not gifted the same way! Michael Jackson could sing better than his brothers and sisters. But it would be wrong to compel Michael to bring his income to the table so that his father could share it among all the Jacksons. If that were the case, Janet or Jermaine or LaToya would have no reason to do any work at all. They would all be waiting for the month to end to collect their own FAAC. But Janet honed her skills and became a success in her own right as an artiste. She may not be anywhere near the success of Michael, but she is certainly a success. The Jacksons can have a common purse where they can contribute resources for the common cause of the family. There is nothing wrong with that. But to make a policy of taking from one Jackson to sustain another Jackson is illogical.

There is no state in Nigeria that cannot sustain itself if the governors understand the art and science of development. If it is natural resources, every state has them. If it is value-added agriculture, every state can become an industrial host. These are the things that can generate employment, generate economic activities, generate tax revenue and shore up the incomes of the states. The real challenge for the governors is: how can they use what they’ve got to get what they need? How can they put the right policies in place to attract the needed investment? How do they spend wisely to make state economies viable? These are the questions they should be asking. But because of the ease of travelling to Abuja for federal allocation cheques every month, forward planning and critical thinking are no longer part of governance.

The eternal reliance on oil revenue has done a lot of damage to the federation. Every day now, we hear the Niger Delta people say “our oil, our oil”. During the petrol price hike crisis last year January, some Niger Delta person, trying to suggest that the protests were unjustly aimed at President Goodluck Jonathan, said something like: “If our son is not good enough to be president of Nigeria, then our oil is not good enough for Nigeria.” This warped logic—which tends to paint oil as the solution to all human problems—defies the fact that the most advanced countries in the world do not rely on oil revenue. Even Norway, the poster boy of successful management of oil revenue, survives on tax. Their oil money is saved largely for the rainy day.

But do you blame us? Why do we need to stretch our brain to dream of building our own Microsoft and Apple when we can look up to Abuja for the flow of petrodollars every month? Why should Bauchi bother to tap its tourism potential? Why should Bayelsa dream of feeding Africa with its FADAMA rice when there is a fat FAAC cheque to be collected in Abuja monthly? Why should we quicken Ajaokuta so that the fourth biggest steel company in the world can begin to operate fully and spice up the economy? Why should Aba be developed into our own Taiwan or Japan? There is no such incentive. The only incentive I can see in Nigeria is federation account.

It wouldn’t even matter if we are utilising federal allocations to develop the most important resource at our disposal: the human capital. Oil is not the real deal, no matter how dominant it has become in our lives. It was human beings that designed cars and made petrol as important as it is today. Human beings are now designing cars that run on bio-fuels, electricity and solar energy. By the time the cars become popularly accepted, the demand for oil could drop. It may not happen in the next 50 years but it would happen someday. So the wise person does not keep emphasising on oil and ignoring human capital. The wise person thinks about a future where our lives will no longer depend on oil but on the quality of the brain. It was human beings that invented aeroplanes, computers and phones, etc. If we are wise now, our energies should be devoted to getting out of this oil trap.

I wish we could discuss these issues honestly without trading insult and threat. The quality of public debate is very poor in Nigeria. We have a real problem in our hands but instead of engaging in fruitful debates to chart the way forward, we specialise in name-calling and blackmail as if that would solve our problem. Those of us who have no interest in politics or politicking will continue to make our point.

I am impressed by your intelligent post. Is it possible we exchange contact details for more intelligent political discussions? Who knows what will come out of our brainstorming. A political party, perhaps?

Sincere 9gerian: @MAYOWAAK..,you just said my mind.

The problem with Nigeria is structural. Over-centralization of power in Abuja is at the centre of ALL the problems in Nigeria.

We need to devolve powers to the states, and let every state harness its people and resources and pay taxes to the centre.

This re-structuring will make everyone and every state to put on their thinking cap on how to create wealth. Because taxes will be paid from the wealth of every person, there will be more revenue at the state and central govt level.

Also because the wealth is coming from bottom-up, corruption will automatically minimise, inflation will reduce, industries and other creative ventures will multiply in geometric proportion.

Compare and contrast with the present arrangement where Abuja is trying to feed every state and every citizen? It is simply an unworkable arrangement.

Until we make the structural changes that are needed to put Nigeria on the fast lane of development, we'll continue to crawl as a nation.

Unfortunately, structural changes in Nigeria is unlikely except the oil dries up. It will be opposed by the far-north. Worst still, this sort of debate, is completely missing in the media.

For once I agree with you.

I disagree with the topic. I actually feel Nigeria's wealth is under rated. Why? because of our potential. You are measuring per capita income (if I get your point correctly) however I am more interested in measuring productivity and creativity.
Lets take Chief Raymond Dokpesi as an example, his foray into broadcasting became a platform (raypower and AIT) for younger men who had talent Dayo Adeneye and Kenny Ogungbe to become entrepreneurs and these guys success inturn raised other younger men like Eedris, Tuface, Tetuila; this spurred the industry and its become a better projection of what Nigeria can offer. Though piracy is still in issue in this industry, yet progress is being made gradually.
In terms of our development Nigeria was set backwards the most by IBB. We are still struggling with the structures of institutionalized corruption of his regime. How ever Nigeria still is better than Angola because as someone commented above, we have more mineral resources which are being exploited (though not as widely as oil) but still enough to generate employment and foreign currency.
The issue with Nigeria's wealth is its distribution. The problem is those that amass great amounts of public funds rarely invest such funds to make the nation and their communities better instead they go on amassing property and storing the money for unborn generations.
This leads me to conclude that the spate of armed robbery and kidnapping in the country is proportional to the perceived lopsided distribution of resources and the attitude of the wealthy class, which is why sleek vehicles and high brow residential areas are now under the surveillance of men using ammunition to seek a livelihood while women without claims to nobility use their bodies to hustle for a means of livelihood. You can argue that this miscreants are not being creative enough,but it is not possible for everyone to act and think the same way.