Is Nigeria's economy growing at all?? Still see thousands of graduates outside. God help us.

Hmmmm PONDER

Nigeria has been growing not developing.

Some sectors are growing, while some are collapsing.
e.g. Power, Education, Health, Security, Transport, Infrastructures are collapsing.
e.g. Banking, Communication, Politics are growing.

Generally, the country is growing very very very slowly, maybe in the next 100 years we can catch-up with South Africa, 200 for UAE, 400 for UK, 500 for USA.  

if all Nigerians can go into skilled Jobs and works then our Economy will grow Vitally.
Our economy rounded up with the mass sacking of many people in the banking sector

We did not and are not improving. That's why africapchome is giving out laptops at a cheap rate to Nigerians tgo empower great minds in the Ict age we r in. don't be left out visit the website below for details and also be a registered member. Invite every one as well

U go fear improve instead its getin worst

Maybe we'll grow someday

But sincere, everyone knows what the answer to that question is, we don't need to be beating about the bush

^^^^but sincerely,

yea 6% this yr, . .average of 6%- 8% since 2002. .

for him who said it will take 100yrs to catch south africa. . please go get educated. .south africa shrank by 2% this yr

and we will get larger than them sometime in the next 5yrs. . .

i think the economy is growing but a very slow pace.we still have a long way to go

paddy_lo:

yea 6% this yr, . .average of 6%- 8% since 2002. .

for him who said it will take 100yrs to catch south africa. . please go get educated. .south africa shrank by 2% this yr

and we will get larger than them sometime in the next 5yrs. . .

Are you sure about this sir? Have u put into consideration other economic indicators which shows that the Nigeria is headed for a likely decline in the next decade? The unemployment rate has risen in recent months along with soaring population growth, credit intermediation has suffered a backward trend which is not likely to improve anytime soon, the consequences of this of course will be a drop in investment rates, a nose dive drop in consumer confidence levels, constant poor results from investment in equity markets and generally a lagging economy {which has always been the case anyway}
And to add to the burden, the political system is higly fragile, having been ridiculed with elements of God fatherism, the president isn't even around to monitor the state of the economy {my apologies, he does so from a sick bed hundreds of miles away}, the educational sector keeps producing highly unemployable graduates { which of course will have a terrible detrimental effect in the nearest decade}, and the power sector? {let's not even go there}

Along with all these do you really believe that we are set to catch up with South Africa in the next 5 years? i will rather believe that the temperature in Finland in 45 degree cent.

Nigeria's Economy is growing. The growth is largely unutilised, so there is no development.
The Economy needs to be fuelled by the collaborative effort of the government and the private sector.
Government needs to create an enabling environment for the private sector to run the economy, with a regulatory input from them.
For example, Nigeria has a demographic advantage over other African countries, yet we have not been able to make good use of the domestic consumption ability of our nation to stimulate investments, jobs, increase in tax rate etc. like the USA does.
With the high rate of unemployment, Entrepreneurial development is seriously needed to enable more Nigerians to be able to create jobs through investment.

It will take only the provision of basic infrastructures, creation of an enabling environment and encouragement of entrepreneurship for the Nigerian Economy to explode.
I believe these things will be done as soon as God finishes the operation he is currently doing on our motherland. I just hope we will still be one after that.

violent:

Are you sure about this sir? Have u put into consideration other economic indicators which shows that the Nigeria is headed for a likely decline in the next decade? The unemployment rate has risen in recent months along with soaring population growth, credit intermediation has suffered a backward trend which is not likely to improve anytime soon, the consequences of this of course will be a drop in investment rates, a nose dive drop in consumer confidence levels, constant poor results from investment in equity markets and generally a lagging economy {which has always been the case anyway}
And to add to the burden, the political system is higly fragile, having been ridiculed with elements of God fatherism, the president isn't even around to monitor the state of the economy {my apologies, he does so from a sick bed hundreds of miles away}, the educational sector keeps producing highly unemployable graduates { which of course will have a terrible detrimental effect in the nearest decade}, and the power sector? {let's not even go there}

Along with all these do you really believe that we are set to catch up with South Africa in the next 5 years? i will rather believe that the temperature in Finland in 45 degree cent.

Sad, but true.

Along with all these do you really believe that we are set to catch up with South Africa in the next 5 years? i will rather believe that the temperature in Finland in 45 degree cent.

lol. . i didnt say nigeria is perfect. . but if we are talking size of economy and economic growth,then it will overtake south africa in some 5yrs or thereabouts

for example south african growth is negative 2% thats(-2%) for this yr 2009
while nigeria is 6%+

heres a link to both countrys GDP below. . .and i threw in ghana for good measure lol
http://www.google.com/publicdata?ds=wb-wdi&met=ny_gdp_mktp_cd&idim=country:NGA:ZAF:GHA&tstart=-315619200000&tunit=Y&tlen=48

note that if nigeria grows at 7% compounded for the next 5yrs
and south africa grows at 2% we overtake them as the largest economy in africa in 5yrs or so. . .if not then by 2020 for sure

The only thing that is holding back from developing is lack of human capital development, even the one that are developed(educated) are under utilized, we need people with visions and great ideas to take this country from developing to developed, look at coruption everywhere, even in the air that we breath.

Least i forget, development is measure in various ways, but the one im concern about is the amount of goods & services produce in a country, people who are able and willing to work but unable to work, until we take advantage of the resources available and used them judiciously for the betterment of all then forget abt development, people need to be busy doing something that will contribution to the national income of the nation.

The Nigerian economy is growing. But there still needs to be further development of human capital through scientific education and technical training schemes for the growth to translate into sustainable development. Such schemes would bear fruit in the medium and long-term.

That notwithstanding, the government should free up the economy through further privatisation and not even think about propping up inefficient local businesses.
If there is any additional area they should spend money on, it should be on law and order and national security.

paddy_lo:

lol. . i didnt say nigeria is perfect. . but if we are talking size of economy and economic growth,then it will overtake south africa in some 5yrs or thereabouts

for example south african growth is negative 2% thats(-2%) for this yr 2009
while nigeria is 6%+

heres a link to both countrys GDP below. . .and i threw in ghana for good measure lol
http://www.google.com/publicdata?ds=wb-wdi&met=ny_gdp_mktp_cd&idim=country:NGA:ZAF:GHA&tstart=-315619200000&tunit=Y&tlen=48

note that if nigeria grows at 7% compounded for the next 5yrs
and south africa grows at 2% we overtake them as the largest economy in africa in 5yrs or so. . .if not then by 2020 for sure

Well, the question is can we guarantee a continuous growth of 7 percent in the economy over the next five years?
The economy can't be described as an expansionary one, coupled with the recent huge losses reported by the banks and subsequent mass loss of jobs. If banks refuse to give out loans in order to shore up capital, and they decide to pay low interest on savings and deposits, companies don't have enough funds to expand, shareholder's trust is diminished, and many would rather lock up their funds in a fixed deposit account than investing in either bonds or equities, how then are we set to achieve a continuous 7 percent growth over the next 5 years?
South Africa on the other hand with its recent BBB+ fitch rating, prudent fiscal and monetary policy, reduction of interest rates to about 450 basis point and smooth transmission of political process have weathered the crisis very well and although with a 2 percent drop in GDP are projected to perform better than Nigeria and Egypt by 2011
P.S : I am not trying to be pessimistic, i only write based on my understanding of recent economic events

South Africa on the other hand with its recent BBB+ fitch rating, prudent fiscal and monetary policy, reduction of interest rates to about 450 basis point and smooth transmission of political process have weathered the crisis very well and although with a 2 percent drop in GDP are projected to perform better than Nigeria and Egypt by 2011
P.S : I am not trying to be pessimistic, i only write based on my understanding of recent economic events

well nigerian growth is expected to be anchored on increased oil output,increased agricultural output,and increased infrastructure spending not only by the federal govt but by states,especiall states like lagos that contribute up to 20% of nigerias GDP. . .
as for country ratings am sure u know nigeria is in a better position than south africa,with more dollar reserves and less debt. . .matter of fact nigerian foriegn debt is negligible
i admit there are political risks,but everything else is coming into place. . .
nigerian fiscal and monetary policy is also sound as we have a stable exchange rate,
while govt spending is not out of control

Justcash:

Nigeria's Economy is growing. The growth is largely unutilised, so there is no development.
The Economy needs to be fuelled by the collaborative effort of the government and the private sector.
Government needs to create an enabling environment for the private sector to run the economy, with a regulatory input from them.
For example, Nigeria has a demographic advantage over other African countries, yet we have not been able to make good use of the domestic consumption ability of our nation to stimulate investments, jobs, increase in tax rate etc. like the USA does.
With the high rate of unemployment, Entrepreneurial development is seriously needed to enable more Nigerians to be able to create jobs through investment.

It will take only the provision of basic infrastructures, creation of an enabling environment and encouragement of entrepreneurship for the Nigerian Economy to explode.
I believe these things will be done as soon as God finishes the operation he is currently doing on our motherland. I just hope we will still be one after that.

U've said my mind.

Justcash:

Nigeria's Economy is growing. The growth is largely unutilised, so there is no development.

Spot on. . .

Justcash:

The Economy needs to be fuelled by the collaborative effort of the government and the private sector.

In most cases, the government is systematically and blatantly frustrating the efforts of the private sector. . .
Support levels has been poor and willingless to work together has not been convincing

slimes:

[size=14pt]Nigeria has been growing not developing.[/size]

Simple!!

What is growth when most Nigerians can't put food on the table. Electricity is abysmal, roads are death traps, water is a luxury and an army of unemployed youths. So much for growth

Nija4Life:

What is growth when most Nigerians can't put food on the table. Electricity is abysmal, roads are death traps, water is a luxury and an army of unemployed youths. So much for growth

well at least the nigerian church ecomomy is growing

the steering of these nation is been done by blind fools until that is done reversed,we are heading toward self destruction.

leav matta jaree, growing or not growing, we are the happiest people on earth.

on the other hand, if all the intelligent ITKs on n/l cant make our economy grow who else will.

Actually Nigeria is growing but with inconsistency. According to WB/IMF reports, Nigeria is growing at a rate of 7 to 9% annually less 1% inflation and is expected to maintain that growth over a long period of time. However like someone said, Nigeria is growing but is not developing.

@ poster, if you mean developing, I don't see any at all instead we are moving backwards.

It was before Sanusi became CBN governor
Now,the foool has put the economy in reverse gear

Nigeria's economy isn't growing.

ericdesto:

Is Nigeria's economy growing at all?? Still see thousands of graduates outside. God help us.

How can the economy grow when Nigeria is in comatose. The idiot we call a president is fighting for his life an won't hand over 'cause he wants to die office. The thick-lipped Speaker of the house is busy cruising all over the world and chasing after young girls and the Fat-headed Senate president is busy lining his bank account with public funds. The youth that can really save the country are busy waiting to see how many goals Messi will score when Chelsea plays Manchester united or when Inter milan plays Ac milan. IS THE NIGERIAN ECONOMY GROWING? NOPE, IT'S DEAD!!!