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Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by taharqa: 9:09am On Dec 02, 2013 |
[size=17]Experts Hail Nigeria's Soaring NonOil Exports, as Nigeria's Economy Finally Begins to Diversify[/size]
http://www.thisdaylive.com/articles/experts-hail-nigerias-soaring-non-oil-export-growth/165465/ 3 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by taharqa: 9:09am On Dec 02, 2013 |
In very Simple terms: Nigeria's Non-Oil Exports for a Whole Year in 2011 and 2012 was on average about $3billion Each and these figures are some of the HIGHEST since the 1970s when Nigeria Started to evolve an Oil-based Monocultural Economy- infact, just about 7 years or so ago, the fact that Nigeria exported over a mere $1billion NonOil Products, made a lot of headlines; WHILST today, Nigeria's NonOil Exports for 3rd Quarter alone (ie 3 months) is $2.64billion (nearly the figure for the Whole of last year!!!). Slightly lower but similar figures were also obtained in the 1st and 2nd Quarters respectively. [size=14]Meaning that if the trend continue into the last and 4th Quarter of the year, Nigeria would have Exported between $8-$10billion NonOil Export Products IN A SINGLE YEAR Compared to about $1billion only a few years ago and $3billion in the last 2 years!![/size]. And according to most Experts, this is expected to continue next year and hopefully continuously. Similarly, there have been a corresponding and very significant Decrease in Imports in Nigeria- over #800billion decrease in Agric-based products for instance last year alone. Before our very eyes Ladies and Gentlemen, THE NIGERIA'S ECONOMY HAS FINALLY STARTED TO DIVERSIFY (a point also argued by a Financial Times article I read over a week ago). Clearly, the FG's (and some State Govt's) Industry-targeted Tariffs/Incentives, Financial Interventions, as well as some Ongoing Infrastructural improvements, are yielding very positive Results. Nigeria NonOil Sector is certainly on the Right Path, and gathering Pace as well. And the Great thing is that these SIGNS of Growth (both Increase in NonOil Exports and Decrease in Imports) can be seen in virtually Every Sectors/Subsector of the Nigerian Economy (except for a few like the Oil Sector): Cement, Cocoa, Hides and Skin, Rubber, Rice, Sugar, Textiles, Cashew, Wheat, Cassava, Vegetable Oil/Oil palm, Fertilizer, Plastics (very important), Steel/Fabrication, Telecommunications, Services, and even to some extent Solid Minerals, etc etc etc. All these sectors are expected to continue to improve over time, esp as the Sector-specific policies deepens and as Investments/Reforms ongoing in such critical Infrastructure as Power, Rails, Roads, River ports, Seaports, Airports, Broadband, Finance, etc also deepens. Plz, read these Links below for further Exposition on this very important issue: http://businessdayonline.com/2013/07/nigeria-earns-n305bn-from-non-oil-export-nbs-2/ (Nigeria NonOil Exports for Q1 2013). http://www.vanguardngr.com/2012/09/nigeria-exports-1-35bn-worth-of-non-oil-products-in-6-months/ (Value of NonOil Exports for 1st half of last year). http://nationalmirroronline.net/new/nigerias-import-bill-dropped-by-n4-26trn-in-2012/ (Value of Import Bill drop last year). http://businessdayonline.com/NG/index.php/news/76-hot-topic/51901-olam-armajaro-saro-agro-earn-n556bn-from-non-oil-exports (some of the Companies that drove this huge NonOil Exports last year). UPDATES: http://blog.ngcareers.com/2726/nigeria-earns-n117-97bn-from-cocoa-exports-in-six-months/ (#117billion worth of Cocoa alreday Exported in just 6 months this year!!!) .... would post others soon, Esp that Financial Times article that argued that Nigerian Economy was beginning to diversify about a week ago. I am coming... 4 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by iterator25: 9:28am On Dec 02, 2013 |
This is good.. other African countries may now discover oil for all we care 3 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Nobody: 9:55am On Dec 02, 2013 |
One step at a time, we shall get there. FRESH AIR unlimited! 1 Like |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by iterator25: 11:04am On Dec 02, 2013 |
Patiently waiting for the steel sector 2 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by jmaine: 11:11am On Dec 02, 2013 |
Thread deserted as ever . . . , Good and impressive news from the FG is a fumigant unto the souls of . . . . . . 13 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Nobody: 11:21am On Dec 02, 2013 |
taharqa: In very Simple terms:Thanks for breaking it down. I was struggling to understand the OP. The whole thing sounds TOO GOOD to be true. I've also noticed a massive propaganda by Vanguard (probably sponsored by big time rice importers) to force govt to reverse the high tarrif placed on imported rice. I hope there are no plans to reduce the tarrif because that will be a serious set back.. 4 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Nobody: 11:37am On Dec 02, 2013 |
What is most positive about this news is that Nigeria's spasmodic foray into the world of manufacturing is finally yielding dividends. Great development! Nigeria’s non-oil export grows 281.9% driven by manufactured goods Source 4 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by solomon111(m): 11:46am On Dec 02, 2013 |
Nigeria should've been a global manufacturing giant by now. The resources are there,the skilled Nigerian personells can be sourced both in Nigeria and the diaspora,the only thing we've been lacking is decent governance to put all these factors together,and invest in critical infrastructure. It's nice to know that we may have begun to get it right. 2 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Nobody: 12:08pm On Dec 02, 2013 |
This progress is in spite of the faulty structure of this country. If only we can have the UNITY of purpose take the more radical step of re-structuring this country we shall see far more greater progress. We must re-structure this country in such a way that states/regions will have control of both human and material resources in their domain and pay tax to the central govt. This will automatically solve more than 50% of the problems we'r currently grappling with, including curbing the almighty corruption. In addition, we must remove the wasteful fuel subsidy and de-regulate the downstream sector. Hopefully the PIB currently in the NASS will take care of this |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Pukkah: 12:21pm On Dec 02, 2013 |
This result is commendable. The future of the economy depends on manufacturing and agriculture. It is pleasing that the country is trying to move away from being a mono-product country. As good as the result is, Nigeria is still scratching the surface in terms of the amazing potentials that abound in the country. Nigeria is a resource-rich country with millions of hectares of farmland. The Ministers of Trade and Agriculture should keep at it while the government must also look for ways to save money aggressively and cut down on waste. It cannot be business as usual if we want results. The President should bring out the Oronsaye Committee report on the scrapping or merger of parastatals/ministries. Also, the anti-graft agencies should be emboldened while clear and decisive efforts should be made to reform the Police and the judicial system. Ultimately, the common people need to see the effects of results like this in terms of rates of poverty and unemployment. 3 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Pukkah: 12:27pm On Dec 02, 2013 |
Sincere 9gerian: This progress is in spite of the faulty structure of this country. If only we can have the UNITY of purpose take the more radical step of re-structuring this country we shall see far more greater progress. We must re-structure this country in such a way that states/regions will have control of both human and material resources in their domain and pay tax to the central govt. This will automatically solve more than 50% of the problems we'r currently grappling with, including curbing the almighty corruption. What's stopping this now? I don't think we need a Conference before we change the revenue allocation formular (for crude oil, federal taxes etc) or cede most federal resources to the host states (e.g. roads) or start state police. Why can't the gradual journey towards true fiscal federalism start now? |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Nobody: 12:30pm On Dec 02, 2013 |
Good one,fresh air from a fresh leader with fresh policies 1 Like |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by taharqa: 12:32pm On Dec 02, 2013 |
[size=16]Nigeria earns N117.97bn from cocoa exports in six months[/size]
I read through this Report which am just seeing now and am simply ASTONISHED! Completely Dazed!! Certain things are just Striking here: 1st, Cocoa Exports in 6months of this year is already #117billion (ie about $700million), compared to about $900million for the Whole of last year and a 'mere' $216million in 2006 ie over 300% increase. But more Striking is the FACT that whilst Nigeria's NonOil Exports a few years ago was about $1billion, at least three (3) Products would EACH surpass this figure this year alone: -- Cocoa- both Crude and Processed- would Certainly fetch above $1billion this year (esp as it has already done #117billion in 6months); -- Rubber- both Crude and Processed- has already fetched above $2billion this year (OMG!!! ); -- Hides, Skins and Leather- both Crude and Processed- would also cross the line this year. And these are excluding other traditional Exports, which are also rapidly growing like: Sesame Seeds, Sorghum, Cashew Nut, Ginger, Soya beans, Plastics, Cement, Ginger, and even Textiles/Cotton (a Sector where at least 57 Companies have been Resuscitated in the last 2 years). One can only imagine what would be happening once Nigeria starts Exporting the Big products in a few years if ongoing Investments in there yields expected Results- Steel, Plastics (more), Cement (more), Fertilizer, Sugar, Aluminum Products, Solid Minerals, PetroChemicals, Petroleum Products (Dangote and Co), and some other light/medium weight Manufactured Products. BOTTOMLINE: The Nigerian Economy has Started DIVERSIFYING Finallly... How the helll didn't I see the Trend before Now http://businessdayonline.com/NG/index.php/news/76-hot-topic/52826-nigeria-earns-900m-from-export-of-cocoa-products-in-2012 3 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by docsholz(m): 12:42pm On Dec 02, 2013 |
I would have cared if all this translated into a better life 4 the common man, it's good news anyway |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Nobody: 12:46pm On Dec 02, 2013 |
iterator25: Patiently waiting for the steel sector Absolutely. It's actually kicked off, but once it gathers momentum, we're on our way to industrialized status. 1 Like |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Nobody: 12:48pm On Dec 02, 2013 |
doc sholz: I would have cared if all this translated into a better life 4 the common man, it's good news anyway IT DOES translate into a better life for the common man. If the non-oil sector is seeing expansion it means more ordinary Nigerians are having their talents put to use and getting paid for it, from farmers to bankers, and from retailers to labourers and architects. 6 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Tintinix: 12:48pm On Dec 02, 2013 |
The figures being quoted are they the total sum of transactions for each sector, if so what revenue accrues to the federal government, and at what point will the national budget begin to be based on the the revenue agccrued by non-oil revenues, rather than just the sales oil crude at a All the same, this is indeed cheering news. |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by drnoel: 12:50pm On Dec 02, 2013 |
iterator25: Patiently waiting for the steel sectorthats where my eyes has been for ages now. That steel sector will make the difference cos it could comfortable displace oil as the main source of revenue but didn´t they have something with an australian company as I heard |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by taharqa: 3:21pm On Dec 02, 2013 |
Just about 6 days ago: [size=18]Nigeria’s cement production surpasses South Africa[/size] A report conducted by the financial advisory company Renaissance Capital (RenCap) has revealed that Nigeria is now the largest cement manufacturer in Sub-Saharan Africa and the third largest in the Middle and East Africa regions (behind Egypt and Saudi Arabia) due to an increase in production capacity in the country. As at 2002/2003, Nigeria could only produce 2million tons per annum and was the largest Importer of Cement in Africa (by far) as well as one of largest importers in the world (I think at one time, the 2nd or 3rd largest). TODAY ( less than 8 years later), Nigeria has not only STOPPED the importation of Cement but has even started Exporting some quantity. This it has done by rapping up Domestic Production from 2million tons per annum to over 28million tons per annum (almost HALF of the entire Africa's 62million tons per annum Production volume) and has now significantly surpassed the 18million SA figures (a country that previously had Production Volumes about 5times more than that of Nigeria's), just as there are still huge rooms for further growth. All these in less than 8years (from OBJ to Yar'adua to GEJ)!!! Some Sectors where this same Backward Integration Policy are been applied include Sugar, Cassava, Rice, Palm Oil, and even the recent introduction Automotive Policy. If we keep doing what we are currently doing, we very likely going to encounter similar Successes in these Sectors/subSectors as well.... http://www.ventures-africa.com/2013/05/nigeria-saves-1-8m-through-local-cement-production-trade-minister/ (last year production's volume) 1 Like |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Abagworo(m): 3:54pm On Dec 02, 2013 |
I've read about a lot of economic goodies on paper. An example is India where to the best of my knowledge is the only stable country worse than Nigeria in living conditions. Ordinary people like myself will only believe this if cocoa farmers become wealthier than oil merchants and communication giants. Maybe when shoe makers in Aba become wealthier than oil dealers in Port-Harcourt. |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by iterator25: 3:55pm On Dec 02, 2013 |
drnoel:I hate hearing the word 'oil' |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by iterator25: 3:56pm On Dec 02, 2013 |
ROSSIKE:what are they doing at that site(ajaokuta )? Heard the Russians are around.. |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by fabulous4u: 4:33pm On Dec 02, 2013 |
the thread would definitely be dry because it doesn't favour APC power ambition whether they like it or not they will use their mouth to confess fresh air 2 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by iterator25: 4:54pm On Dec 02, 2013 |
solomon111: Nigeria should've been a global manufacturing giant by now.true |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by SLIDEwaxie(m): 5:08pm On Dec 02, 2013 |
Idonbilivit!!!! In ibo's voice: 'oil makes 90% of naija's GDP. Na we dey feed the nation' Your eyes go clear...siddon dey look |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by ichidodo: 5:09pm On Dec 02, 2013 |
Fresh Air!! All we need now to do is consolidate on this promising developments,The Power,Trade,Agriculture and Finance Ministers should work in tandem.I d' love to see Nigeria accrue revenue from heavy Cocoa,Iron and Palm oil exports. 3 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Nobody: 6:00pm On Dec 02, 2013 |
Abagworo: I've read about a lot of economic goodies on paper. An example is India where to the best of my knowledge is the only stable country worse than Nigeria in living conditions.Obviously the best of your knowledge is nothing to write home about. Ordinary people like myself will only believe this if cocoa farmers become wealthier than oil merchants and communication giants. Maybe when shoe makers in Aba become wealthier than oil dealers in Port-Harcourt.What absolute garbage. The Nigerian govt does not control international commodity prices, including oil prices, so saying you will only accept diversification is occurring under the circumstances you outlined is truly thoughtless. 2 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Ozonna(m): 7:33pm On Dec 02, 2013 |
SLIDE waxie: Idonbilivit!!!! Kindly ignore this man. He's trying to derail this thread. This thread is about the transformation ongoing in Nigeria and not about Tribal bashing. Kudos to Pres Goodluck and his fresh air team 6 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by taharqa: 7:42pm On Dec 02, 2013 |
Abagworo: I've read about a lot of economic goodies on paper. An example is India where to the best of my knowledge is the only stable country worse than Nigeria in living conditions. Ordinary people like myself will only believe this if cocoa farmers become wealthier than oil merchants and communication giants. Maybe when shoe makers in Aba become wealthier than oil dealers in Port-Harcourt.STOP penning stuffs that are Ridiculously Nonsensical, guy... Can we all put aside Smallmindedness, Pettiness and whateva perceived Political cleavages we may hold for a few good seconds, and discuss very important issues that affect OUR country and Our country's future with d Seriousness it deserves? Can we be Serious for once??... 2 Likes |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Abagworo(m): 8:17pm On Dec 02, 2013 |
ROSSIKE: Obviously the best of your knowledge is nothing to write home about. ROSSIKE I do respect you as someone who loves and believes in Nigeria like I do but I'm only being real here. There is no evidence to back these claims except of course the experts that made the claim. Try and go to the streets of Ajegunle or any other densely populated area and claim things are better, I swear you won't come out alive. I referred to India because the media and the so-called experts think India has advanced technology and economy. http://news.oneindia.in/international/india-leads-world-in-suffering-gallup-poll-1348542.html |
Re: Experts Hail Nigeria's Soaring Nonoil Exports, As Economy Diversifies by Abagworo(m): 8:30pm On Dec 02, 2013 |
Or better still read this. There's no real increase in standard of living for majority but rather a decrease for majority. Maybe the new private jet owners that made money by being accomplice to the politicians in stealing are the yardstick for these insinuations. http://www.gallup.com/poll/165761/despite-nigeria-economic-growth-few-good-jobs.aspx?utm_source=tagrss&utm_medium=rss&utm_campaign=syndication So why are there still no jobs even with the so-called economic growth? |
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