Thought i just post this here, because when you ask the average
Nigerian or even a degree holder what is the size of the Nigeria Economy
in terms of GDP they do not even know.

85% of the Economic output is produced by the oil & Gas industry
which is now running at under-capacity due to Geo-Political issues (ie Niger-Delta, Bunkering etc) and also a degraded refineries.

The Agricultural sector does not even add 10% tot the Economic Output.

Power Generation gives 5% (electricity sold to other west African countries)

and then their is Miscellaneous imputs,

My estimation for the real GDP is about $750 Billion Dollars if the
refineries were working at 50% capacity and the Geo-Political and Bunkering
issues were not present.

Power infrastructure would also contribute to this $750 billion dollar figure
if infrastructure was maintained at it current assest levels with no
additional investment.

If we did not import Rice, Sugar etc and produced these at home these
would factor in the $750 Billion figure.

So on just Oil & Gas, Power Genrationa and Basic Agriculture the GDP
yearly would be $750 billion all things being equal!!! Phewwwww!!!!

That would put Nigerian in 20th Position!!!

And if the country now concentrated on its other Mineral wealth, IT, Health,Telecomms,Real estate, Education etc then your Guess is as good as mine,

Political Corruption & Economic Mis-mangement is really messing the potential
of this country !!!

See top 50 List Below and source,


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https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html?countryName=Nigeria&countryCode=ni&regionCode=af&rank=32#ni

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                                 1European Union - $             14,510,000,000,0002009 est.

                                2 United States - $ 14,260,000,000,0002009 est.

                                3 China - $ 8,789,000,000,0002009 est.

                                4 Japan - $ 4,137,000,000,0002009 est.

                                5 India - $ 3,560,000,000,0002009 est.

                                6 Germany - $ 2,811,000,000,0002009 est.

                                7 United Kingdom - $ 2,149,000,000,0002009 est.

                                8 Russia - $ 2,116,000,000,0002009 est.

                                9 France - $ 2,110,000,000,0002009 est.

                                10 Brazil - $ 2,025,000,000,0002009 est.

                                11 Italy - $ 1,760,000,000,0002009 est.

                                12 Mexico - $ 1,482,000,000,0002009 est.

                                13 Spain - $ 1,368,000,000,0002009 est.

                                14 Korea, South - $ 1,356,000,000,0002009 est.

                                15 Canada - $ 1,285,000,000,0002009 est.

                                16 Indonesia - $ 969,200,000,0002009 est.

                                17 Iran - $ 876,000,000,0002009 est.

                                18 Turkey - $ 863,300,000,0002009 est.

                                19 Australia - $ 824,300,000,0002009 est.

                                20 Taiwan - $ 717,700,000,0002009 est.

                                21 Poland - $ 690,100,000,0002009 est.

                                22 Netherlands - $ 654,900,000,0002009 est.

                                23 Saudi Arabia - $ 585,800,000,0002009 est.

                                24 Argentina - $ 558,000,000,0002009 est.

                                25 Thailand - $ 538,600,000,0002009 est.

                                26 South Africa - $ 495,100,000,0002009 est.

                                27 Egypt - $ 471,200,000,0002009 est.

                                28 Pakistan - $ 449,300,000,0002009 est.

                                29 Colombia - $ 401,000,000,0002009 est.

                                30 Malaysia - $ 381,100,000,0002009 est.

                                31 Belgium - $ 381,000,000,0002009 est.

                                32 Nigeria - $ 357,200,000,0002009 est.

                                33 Venezuela - $ 350,100,000,0002009 est.

                                34 Greece - $ 341,000,000,0002009 est.

                                35 Sweden - $ 333,500,000,0002009 est.

                                36 Philippines - $ 324,800,000,0002009 est.

                                37 Austria - $ 323,100,000,0002009 est.

                                38 Switzerland - $ 317,000,000,0002009 est.

                                39 Hong Kong - $ 301,600,000,0002009 est.

                                40 Ukraine - $ 294,300,000,0002009 est.

                                41 Norway - $ 273,100,000,0002009 est.

                                42 Vietnam - $ 258,100,000,0002009 est.

                                43 Czech Republic - $ 256,600,000,0002009 est.

                                44 Romania - $ 255,400,000,0002009 est.

                                45 Peru - $ 253,000,000,0002009 est.

                                46 Chile - $ 243,700,000,0002009 est.

                                47 Bangladesh - $ 242,400,000,0002009 est.

                                48 Algeria - $ 239,600,000,0002009 est.

                                49 Singapore - $ 235,700,000,0002009 est.

                                50 Portugal$ 233,400,000,0002009 est.

Nigeria should focus on overtaking Egypt, really. Nigeria used to be 2nd, now they are third.

And what do we have to show for it?

We still have thieving politicians and underdevelopment.

Nigerians think too highly of themselves and we need to get over ourselves.

This is a terrible indicator.

The correct way to measure the health of a national economy, and its citizens economical well being is to look at the GDP per capita, with regards to its Gini co-efficient.

The GDP per capita on its own can be misleading, if too few people have the wealth concentrated (especially in Nigeria). For example, a way this can be eschewed is; 5% of the population earns 50,000USD per year, while 95% of the population earns $500 USD per year. The GDP per capita will be misleading.

The Gini coefficient will take this into account, the lower it is, the more equitably wealth is spread across the nation.

Nigeria has both a high Gini, and a low GDP per capita, therefore it's actually a lot worse than indicated.

Nigeria's economy is in a failed state, where a very small percentage of people, benefit greatly from resource rent  while adding little value to the overall economy, while the majority of the population wallows in poverty and has no way of generating income for themselves due to a lack of proper economical framework and civil planning.

We have no major domestic industry and our primary growth driver is oil, which has erratic price fluctuations. Nigeria has no control over its own ability to export due to non existent infrastructure and weak distribution networks.

All in all, Nigeria is in a terrible state.

Numbers, just bleeping numbers. Whatz there to physically prove those numbers?

FL Gators:

Numbers, just bleeping numbers. Whatz there to physically prove those numbers?

abeg help me ask them o.wether na number abi position common man go chop

Nigeria is so blessed and has all it takes to move way up on that list, but . . . . .

Paddy Lo, good lookout,

but (you know there has to be),

Agricultural output does not constitute a solid export base, and is most probably below 10%, it is mostly domestically consumed, and there is still a shortfall of food (we still import staple crops). The export numbers are small and are at the mercy of European regulatory bodies, and since intra African transport networks are weak, the sector is suffering.

Nigeria's major export, and revenue generator is still oil, as it is our only (major) source of foreign capital investment.

Nigeria's priority should be infrastructure. I would say that building an ECOWAS highway system should be our primary priority. A deep sea port in the South East, with a major 6 lane highway connecting it to the far North would increase our trade capacity, and significantly lower the cost doing business (transport costs in W.Africa are the highest anywhere in the world). It would also open up the interior to development and investment.

With a major highway spanning the nation, we would have the capacity to transport large capital projects safely across the region. We could also kill two birds with one stone, the security situation in the North would significantly increase with the ability of the military to reach troubled hot spots immediately.

paddy_lo:

Correction. . .Agric is 42%,oil is 18%
see the break down of Nigerias GDP below. . .

Yeah. The 85% would be the share of oil in government revenues.

Nothin is stoppin us from being on the top 5 we have more than that but everythin is just effed up God help us if things were the way they are suppose to be we should never be compared to african countries not even south africa. We belong to the list of powerful countries like UK n' US nd others because we have what it takes but lai lai our politicians don't think in dat way. Lord help Naija is great bliv! But my bliv is fadin. 32nd is far back akordin to wat we have.