optimus-prime1:
Nigeria needs to change Bank joor... Mtchew

Gbawe:


It is official. Tinubu, Buhari, Ribadu, El Rufai, Wole Soyinka et al now work for the World bank. In fact, I work for the world bank also and you do too.

Sincere 9gerian: It is the JOINT responsibility of the states, federal and local govt to create jobs and eradicate poverty.

The national purse is shared 50-50 by the federal govt on one hand and the states and local govt on the other (via state-local govt joint account).

So, while we ask how many jobs the federal govt has created in the last few years and what percentage of Nigerians have been lifted out of poverty through policies and programmes at the federal level, we should NOT forget the states.

How are the states and local govts creating jobs and eradicating poverty with their share of the national purse? How many jobs has Fashola or Sullivan Chime created in the last few years? These are critical questions that demand answers.

The problem of lack of jobs and increasing poverty cannot be solved without looking at the issue of exponential increase in population. But how can we tackle the problem of population if Buhari and other northern leaders see population as a tool for winning elections, wrecking havoc and earning more funds from the national purse?

In the long run, if we TRUELY want to drastically cut down unemployment rate and poverty, we MUST re-structure this country. Power must be de-centralised down to the states. The present arrangement where Abuja tries to feed 160million people can only breed more poverty and unemployment. It should be the other way round. It is the 160million people that should feed Abuja. In other words, the states must be allowed to harness their human and material resources for development and pay taxes to the centre. This is the only way forward.

But unfortunately, the northern politicians, with eyes fixated on oil money, will resist any attempt to re-structure this country. Currently, even passage of PIB is witnessing major resistance from the north.

Until the much needed re-structuring happens, we have to make do with what can be achieved under the present arrangement. Also the Boko Haram madness must have impacted negatively in the poverty and unemployment rates in the northern states in the last 2yrs (usually the bulk of these negative data emanates from the north and weighs down on the rest of the country)

jp philips:


if the FG has sincerely created jobs, with its 50% stake, we would have an unemployment rate of 12% against the 24% recorded by world bank, the states and LGA, can take the blame from 12%.
it is an affront to common sense to wish the states to draw it down to 12% while the FG, (the biggest stake holder by right and custody) goes to sleep.
i dont expect you to figure it out though because of the volume of water in your skull.

eGuerrilla: This interesting revelation by the world bank is one that is far removed from the make-belief figures regularly published by government apparatchiks here on NL.

In fairness, as the report highlights the good, the bad and the downright unconscionable within our economy sector, I fully expect those touting ridiculous stats to take a break for a few weeks

On an altogether different note, the FGN really needs to redouble its efforts to ensure that poverty alleviation schemes are implemented with the seriousness they deserve, right across our various regions. I see no reason why Lagos state alone should buck the trend in a nation of 36 states.



Source: Nigeria Economic Report (World Bank). No. 1 May, 2013

OMO IBO: So who are these new and expanding companies hiring?

Ghosts?

jp philips:

How can you implement any poverty alleviation programme at this present level of corruption? isn't that a fantasy?
haven't you heard that the flood victims from a region allocated 560m naira went home with two packs of sardine?

with our oga zoology swimming in corruption, i doubt if any policy can be fully implemented, its a chop chop govt.

thelastPope:

You lot are just funny. Poverty rates are increasing the world over. The world is on the verge of another major recession. Italy, France, Spain, Greece are already in the mud. Now the ever strong Germany and the UK are on the edge, yet you open a thread claiming poverty is increasing in Nigeria and that it is an indictment on GEJ?


Comedy central!

Pukkah:

You made a mistake here bro. There is a policy which has been successfully implemented.

The policy to stifle anti-corruption fight...see the speed with which Mr Diepreye Alamieyeseigha was successfully pardoned against all public outcry and common sense.

With that decision, Mr President demonstrated passion, single-mindedness and rare focus which have eluded many previous occupiers of that seat. Please hail him for this.

jp philips:

How can you implement any poverty alleviation programme at this present level of corruption? isn't that a fantasy?
haven't you heard that the flood victims from a region allocated 560m naira went home with two packs of sardine?

with our oga zoology swimming in corruption, i doubt if any policy can be fully implemented, its a chop chop govt.

‘SMEs part of Germany’s success secret’
on JUNE 17, 2013 · in FINANCE

By EBELE ORAKPO

…provides about 70% of jobs
Small and Medium Enterprises (SMEs) have been put forward as part of the secrets of Germany’s success. The German Ambassador to Nigeria, Her Excellency, Frau Dorothee Janetze-Wenzel, made this known while delivering a lecture at the recent international colloquium organised by the Faculty of Arts, University of Nigeria Nsukka.

She said although Germany is not endowed with remarkable natural resources, it is the largest economy in the European Union and the fourth largest in the world with a Gross Domestic Product of US$3,342 billion due mostly to education/research.

“German research institutions and private enterprises are investing billions of Euro into research (almost three billion euros).

As a result, Germany is the leading European country when it comes to patent registration. “Important sectors in the German economy are automobile construction, mechanical and electrical engineering, chemicals, environmental technology and nano technology.

“One of the secrets of the German success is the fact that alongside international companies, small and medium-sized enterprises (SMEs) are the backbone of the economy and provide roughly 70 per cent of the jobs,” she said.

Quoting German’s Federal Foreign Minister, Guido Westerwelle, the Ambassador said that Germany’s resources “do not lie underneath our feet but between our ears. The most important resources in times of globalisation are education and research.

“We have the chance and the responsibility to promote and to employ education and research well,” she said even as she noted that another thing Germany has going for her is the fact that the average German loves his/her job and so is able to put in his/her best.

thelastPope:

Do you people even understand these world bank reports? Let me help you a little

1. A poverty appraisal report is not measured on a one year statistics. It is determined by statistics spanning at least 5 years and above.

2. There are 2 types of government policies. Those that affect the short term and those that affect the long term. Even a CNN report indicated some of the policies that led to the last recession where policies dating back to Jimmy Carter. Poverty or prosperity in a nation, doesnt happen overnight. So when you say a poverty report is an indictment on GEJ, you know absolutely nothing.

3. When it comes to issues rise poverty eradication, the issues you must discourse are the immediate and long term efforts and policies the present government has in place to improve it. Not how a poverty report is an indictment on a present government, except that government has been in place for up to 10 years, like some few countries

4. There are many factors involved when you talk about poverty. Population is the biggest factor. Even if people are getting richer, this will always be dwarfed by the fact that the population is exploding. For example, if you say people are not getting richer, who are those buying all the new and used cars in Lagos daily? Are they all politicians too? lol. Lagos has been expanding tremendously in the last 5 years and now Mowe and environs have become part of Lagos. Ikorodu is expanding crazily and so are all the other satellite locations around Lagos. People are building new houses and buying new cars daily in the thousands. But then, that is dwarfed by a population explosion. The implication of that is that the economic growth reports are very correct but other factors must come together to make it an overall transformation for the vast majority of the population

5. This is why I will continue to say that, what you lot are doing is throwing headlines around and trying to score cheap political points off it.

jp philips:

because an OMO head like you will gladly skip the BRICS nations who made tremendous progress in the last three years,
Amidst the so called recession.

The Great Recession[1] (also referred to as the Lesser Depression,[2] the Long Recession,[3] or the global recession of 2009[4][5]) is a marked global economic decline that began in December 2007 and took a particularly sharp downward turn in September 2008. The initial phase of the ongoing crisis, which manifested as a liquidity crisis, can be dated from August 7, 2007, when BNP Paribas, citing a "complete evaporation of liquidity," terminated withdrawals from three hedge funds.[6] The bursting of the U.S. housing bubble, which peaked in 2006,[7] caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally.[8][9]
The global recession has affected the entire world economy, with greater detriment to some countries than others. It is a major global recession characterized by various systemic imbalances and was sparked by the outbreak of the U.S. subprime mortgage crisis and financial crisis of 2007–08. The economic side effects of the European sovereign debt crisis,[10] austerity, high levels of household debt, trade imbalances, high unemployment and limited prospects for global growth in 2013 and 2014[11][12] continue to provide obstacles to full recovery from the Great Recession.[13][14][15]


Countries that avoided recession[edit]
Poland is the only member of the European Union to have avoided a decline in GDP, meaning that in 2009 Poland has created the most GDP growth in the EU. As of December 2009 the Polish economy had not entered recession nor even contracted, while its IMF 2010 GDP growth forecast of 1.9 per cent is expected to be upgraded.[111][112][113]
Analysts have identified several causes: Extremely low levels of bank lending and a relatively very small mortgage market; the relatively recent dismantling of EU trade barriers and the resulting surge in demand for Polish goods since 2004; the receipt of direct EU funding since 2004; lack of over-dependence on a single export sector; a tradition of government fiscal responsibility; a relatively large internal market; the free-floating Polish zloty; low labour costs attracting continued foreign direct investment; economic difficulties at the start of the decade which prompted austerity measures in advance of the world crisis.[citation needed]
While China, India, and Iran have experienced slowing growth, they have not entered recession.
South Korea narrowly avoided technical recession in the first quarter of 2009.[114] The International Energy Agency stated in mid September that South Korea could be the only large OECD country to avoid recession for the whole of 2009.[115] It was the only developed economy to expand in the first half of 2009.
Australia avoided a technical recession after experiencing only one quarter of negative growth in the fourth quarter of 2008, with GDP returning to positive in the first quarter of 2009.[116][117]
The financial crisis did not affect developing countries to a great extent. Experts see several reasons: Africa was not affected because it is not integrated in the world market. Latin America and Asia seemed better prepared, since they experienced crisis before. In Latin America for example banking laws and regulations are very stringent. Bruno Wenn of the German DEG even suggests that Western countries could learn from these countries when it comes to regulations of financial markets.[118]

Gbawe:

You're correct about corruption ruining the broth - plus lack of focus and ideas. The SME sector in Germany accounts for 70% of total number of Germans employed. Till today, there is no cohesive plan to grow the sector in Nigeria and shape it into a veritable tool of economic emancipation . This is largely because corruption, profligacy, lack of incentives and lack of sincerity means the considerable initial investment required to create a vibrant SME sector will not materialise. Tragic really. This is why educated and exposed Nigerians can only laugh at the deceptive antics of GEJ that Insincere9gerian and others package as "efficient economic management" for the gullible and uninformed.


http://www.vanguardngr.com/2013/06/smes-part-of-germanys-success-secret/

jp philips:

because an OMO head like you will gladly skip the BRICS nations who made tremendous progress in the last three years,
Amidst the so called recession.

jp philips:


corruption if eradicated will build confidence in institutions that will trigger the growth of the SME's, in an economy where the bank executives can dish out loans to who ever they please with impunity, how would the money get to the SME's?
isn't that corruption?

banks prefer to lend to the govt because every Nigerian is a ghost, thanks to corruption. before you talk about a National database, did you follow the furore between Capital oil and Access bank?

those are the pertinent issues. there is so much corruption in the land, Nigeria has bank of industry, Nigeria has bank of Agriculture and so on, what do you think they are meant for? releasing ATM like some one joked above?

go and peruse their books, there are allocations, directly or indirectly through either the ministries over seeing them or boards. what happens to those money? now, if you argue there are no SME's which i will be S!lly not to agree with you anyways,
how many board chairmen are in prison? if we have more corrupt people in prison, we will worry less about unemployment and other social vices, if the judiciary is fighting corruption, there will be a lot of reparations to the poor from the rich that will narrow the gap.

I read in a Chinese law journal where a judge mandated a construction company to subsidize transportation for a particular district due to the poor quality of road they did. with such judgements people will be careful, the beneficiaries of the SME's will invest wisely because there is a punitive caveat attached to the fund, unlike our system, where we fund SME's to create over night individual billionaires.

In terms of incentives, if you give 100 people incentives, if 30 succeed, you have not failed because by the time you quantify the multiplier effect of the 30 that have succeeded, you will see that you have not failed. In Nigeria, people in public service see incentives as waste of money, they will always say; we wasted so- so amount of money; when elsewhere, they talk about baskets of incentives. Government does not treat the SMEs very well, everyone says they are the engine room for economic growth and yet we are not doing anything serious about developing them.

In the last conference I attended, which was on agricultural products and export in South Africa, you find out that micro finance is working in Tanzania and those countries but it is about the mentality. You see, when we started micro finance banks in Nigeria, they were set up by the big banks and they started behaving like those who set them up because these banks in Tanzania and the rest of them are there in the villages. Nigerian farmers are not getting anything funding unless it is intervention fund, it will never get to them. But if a micro finance bank, which deals with farmers in the villages on a daily basis, it will be much better in terms of accessing the necessary funds. But bankers do not understand their transactions; they believe they are so risky to do business with.

So the issue of funding is critical and so many businesses have died still birth because of the problem of funding. In this country, you have a bright idea, you cannot think of getting money to fund it, it is not possible. So the funding situation is very critical to the survival of the SMEs in Nigeria.

kutchs:
Do you know that the growth of the Chinese economy has slowed of late? No nation is immune from the global economic recession as all economies are somewhat interrelated. The economy may grow or remain static for awhile but ultimately it‘s going to start slowing, that‘s the case with China one of the BRICS nation. Brazil, India, Russia and SA are no different, everyone is feeling the pain though to different degrees.