Well pie1ect great response to this topic and the same goes for others. Generally Merrill is right but like someone said Nigerian's generally don't believe.
Very little Foreign Debt . Reformed Banking Industry , Industrialists on the rise beyond the Oil and Gas Sector. Agri Business starting to get organized.
A Telecom industry that is one of the fastest growing in the World with plenty of room to grow further. Nigerian Businesses are spreading their influence across Africa and beyond. Nigerian Businesses have learned the art of Branding . Oando , Glo , Dangote the Nigerian Banks.

People have pointed out the debt situation Westerners have in regards to Homes and Fancy lifestyles. Nigerian's actually pay as they can afford and thus don't have the trap of foreclosure. In America People try to speculate on Real Estate Values and Banks give them equity loans for that . The same in Britain. How many times does one have to move from one house to another in a lifetime just to up the square footage ? People in America are now getting into reverse mortgages . you are 65 and you take an equity loan on the home you have paid for over 30 years , You die having a loan you never pay on and the Creditor gets your home not your Kids . People in North America and other places used to live generations in the same home.
As a Canadian I have studied the recent history of Nigeria and people I talk to in Nigeria are shocked to find out there are actually some pieces of Technology in Nigeria that are not in my G8 nation of Canada. I know my limited experience in Abuja is the best of Nigeria so the view can be distorted but I also see via the web what is going on in the rest of the Nigeria and it is all very impressive.

How Nigeria is leap frogging land lines for Telephones their will be a leap in power generation. America we continue to maintain 20th century systems. Nigeria is having to built 21 th century infrastructure by passing the band aids. Banks and financial houses are the key to growth partnered with people who actually make products. America and Western Europe are declining on both accounts Nigeria is growing on both counts.
A flash Drier for Cassava costs 65,000 dollars from Brazil to import into Nigeria. A Team of Nigerian Engineers developed and are about to market a Nigerian Cassava Flash Drier that uses one third the fuel and Cost 24,000 dollars. This type of thing prevents capital flight and makes Nigerian Agriculture more productive. If Nigeria Gains food security and has the most efficient use of energy resources in the future and you will see a country that will grow hugely. I don't think world Economic Forums would put Nigeria in the "next 13 " hot economies in the world without some basis.

Nigeria today is at the point America was at the turn of the 20th century. Bold entreoprenuers , businessmen and people who will work with good wisdom to create products and wealth. America that is very much dead with the try to catch the Asian Mentality or rather they give up to China that now makes the Goods America Once did. I came to Abuja and witnessed Capitalism in it best at the Wuse Market where you don't have shopping carts to carry goods , you have wheelbarrows . A simple but effective way that shows the utility of Nigerian though process. Why buy two different items when one will do the same job. Ironically I learned afterward of a young Entrepreneur in Abuja who actually has a shop with Molded plastic Wheelbarrows that he claims "are just as good as the Chinese ones" In Canada no one makes a Wheelbarrow we buy them all from the Chinese with credit cards and money we don't have. Our Senior Citizens take out reverse Mortgages that eventually Cede homes they have spent their lives paying for so they can buy a 50 inch Tv made in China and take a couple of trips to the Caribbean not passing on the wealth to their children .

Nice piece,well said.
Wat u said is true but you forgot to mention corruption which is the bane of all these.
I still don't believe nigeria is the safest cos how can one person just misappropriate billions of naira meant for millions of ppl.
Look at the poverty in the land,I fear for the next generation o!

so my people, is Naija still the safest economy and what is the official rate of a naira to a pound now?

If u buy a car and park it in your house, the chances of u have any fender benders is like 1 in 1million

However if u take the car out for a spin everyday and try to see what the real speed limits are, ur chances of crashing increase exponentially.

So the drivers of the Nigerian economy have decided to park it at home and take rides in other economies (swiss, cayman islands, etc)

@ Fyneguy, tell me how e no go safe.

Omo, diggler you are toooooooooooooo much abeg, don't mind your detractors jare. Una dey listen to Merrill of all people. In order for one to grow you have to be willing to take risks after all this is what capitalism is all about, risks and reward. Besides, small businesses are the life blood of the economy over here and not the big businesses, that's why naija can't grow because it is run by huge conglomerates and monopolists. Yar'adua should call upon the justice department to set up anti-trust laws (laws against monopoly) so that at least the economy can grow, we can't continue to put all our eggs on one basket and hope that oil price volatility work in our favor.

A wise man once said "An object at rest, cannot be stopped!"

Ofcourse Nigeria may well be the safest economy . A poor man without food doesn't have to fear for the safety of his food supplies . He is probably gonna die off soon, so in a sense he's safe from any failures. Just like a man with aids is safe from safe(duh he already has Aids). Buhahahhaha