[size=14pt]Nigeria, 4th fastest growing economy – UK Govt[/size]
NewsMar 30, 2011
   
London – The UK  Government on Tuesday in London described  Nigeria as  the fourth  fastest   growing economy in the world.
Mr Henry Bellingham, UK Parliamentary Under Secretary of State For Africa and Overseas Territories,  said this at a two-day investment forum tagged: “Making Nigeria Your Goal.’’ “Nigeria has averaged growth of  8.9 per cent which is really stunning.
“Nigeria is the world’s fourth fastest growing economy with solid growth in the next five years and beyond ; this is truly remarkable,’’ he said.

Bellingham said  the Nigerian economy  may outpace that of  South Africa in the next 10 years if the current  reform in the banking sector was extended to the power, oil and gas sectors. He commended  the Lagos Government for good governance, fiscal responsibility and infrastructure development, saying the state was a model.

Mr Aigboje Aig-Imoukhuede, Managing Director of Access Bank PLC,  said the event was an opportunity to consolidate on the economic gains that had characterised trans-border economic relations between the two countries.
Aig-Imoukhuede, whose presentation was entitled, “Nigeria: Your Market,’’ cited  some sectors that had contributed to the real growth of the nation’s GDP in the last five years. These, he said, include  telecommunications  accounting for 7.5 per cent;  construction 6.4 per cent; food and beverages 3 per cent, agriculture 31.9 per cent; cement 1.3 per cent as well as  oil and gas 25 per cent.

Earlier, Mr  Ben Akabueze, Lagos State Commissioner for Economic Planning and Budget, highlighted some investment opportunities in the state.
He cited the areas of  investment to include power, water  supply, real estate and road transport.
Akabueze said the Lekki Free Zone (LFZ), when fully completed, would give priority to manufacturing, warehousing and provision of  logistics for  industries in the zone.

“The LFZ is turning into a new industrial city as well as a multi-functional special economic zone of  Lagos metropolis,’’ he  added.
The second leg of  the event will continue in Manchester under the same theme.
Participants at the forum were drawn from the organised private sector in Nigeria, the Nigeria High Commission and   UK businesses. (NAN)


http://www.vanguardngr.com/2011/03/nigeria-4th-fastest-growing-economy-uk-govt/

[size=14pt]8.29% [/size] Now that is what you call a booom!!!

No wonder my business has been experiencing tremendous increase!! And some folks want me to vote for someone that will take us back 28 years!!

[size=16pt]Fresh Air!!![/size]

PapaBrowne:

[size=14pt]8.29% [/size] Now that is what you call a booom!!!

No wonder my business has been experiencing tremendous increase!! And some folks want me to vote for someone that will take us back 28 years!!

[size=16pt]Fresh Air!!![/size]

Boom indeed! How does that help the common man on the street when the wealth is in the hands of a privileged few? How does it help that ur Bayelsan cowboy has depleted the treasury to satisfy his cronies?

hor hor har hum!! i laff in Ijebu. i wonder what indices besides the stated were used, considering the fact that the country is worse -off than it was 5 years ago. Abegi!

Pornodude:

hor hor har hum!! i laff in Ijebu. i wonder what indices besides the stated were used, considering the fact that the country is worse -off than it was 5 years ago. Abegi!

The country is worse off for the lazy!!! You might be worse off, but myself and million others are better off and we are all Nigerians!

Many people are starting new businesses, opening factories despite the power problem, Etc. Jobs are being created!! Pockets are being filled!

I track business and economic growth using very basic indices and I can state categorically that there is surging growth in the Nigerian economy!!

Simple indices like Hotel Occupancy ratios, Air Traffic, Land purchases, New Business registrations, Laptop purchases, etc are all up astronomically. Nigeria doesn't yet have all the Consumer Price index, Non Farm Payroll index and the likes, so such simple indices like I've stated do just fine.

in 1985 the exchange rate between the Naira and the £ was 1:1. It was 70kobo to 1 dollar.

An economy might grow, but without the right programme and guidance in place, it is worthless. If you dont tackle corruption and the causes of corruption, we will not benefit from this so called growth.

PapaBrowne:

The country is worse off for the lazy!!!

Good news but let us put things in perspective. It would take a very incredibly incompetent and inept person to lead Nigeria and not see growth. Nigeria has always had potential for growth. The population is there, the human and mineral resources and the market are also there. 8.9% may be impressive to you but it can be so easily bettered with creating an enambling environment for investment through government showing a tougher stance on corruption among many other initiatives. Nigeria having 8.9% growth (GDP that doesn't seem to take population into account I might add) does not mean it would not do better with a new dispensation. It seems a poor pivotal argument to make for Jonathan and PDP. What is Jonathan's stance on corruption and how has it reduced (assuming its not increased) during his short time?

Doesn't appear to be true. I checked the IMF website for the 2011 projection. We aren't even 4th in Africa.

Country	Y2011
Ghana	9.947
Liberia	9.502
Republic of Congo	8.74
Ethiopia	8.5
Mozambique	7.548
Nigeria	7.444
Angola	7.084
Democratic Republic of Congo	6.994

So 6th in Sub-Saharan Africa. Hopefully this link for the query still works: http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/weorept.aspx?sy=2008&ey=2015&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=25&pr1.y=10&c=614%2C666%2C638%2C668%2C616%2C674%2C748%2C676%2C618%2C678%2C622%2C684%2C624%2C688%2C626%2C728%2C628%2C692%2C632%2C694%2C636%2C714%2C634%2C716%2C662%2C722%2C642%2C718%2C643%2C724%2C644%2C199%2C646%2C734%2C648%2C738%2C652%2C742%2C656%2C746%2C654%2C754%2C664%2C698&s=NGDP_RPCH&grp=0&a=

Otherwise you can run a fresh query yourself here: http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/weoselgr.aspx

ekt_bear:

Doesn't appear to be true. I checked the IMF website for the 2011 projection. We aren't even 4th in Africa.

Country	Y2011
Ghana	9.947
Liberia	9.502
Republic of Congo	8.74
Ethiopia	8.5
Mozambique	7.548
Nigeria	7.444
Angola	7.084
Democratic Republic of Congo	6.994

So 6th in Sub-Saharan Africa. Hopefully this link for the query still works: http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/weorept.aspx?sy=2008&ey=2015&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=25&pr1.y=10&c=614%2C666%2C638%2C668%2C616%2C674%2C748%2C676%2C618%2C678%2C622%2C684%2C624%2C688%2C626%2C728%2C628%2C692%2C632%2C694%2C636%2C714%2C634%2C716%2C662%2C722%2C642%2C718%2C643%2C724%2C644%2C199%2C646%2C734%2C648%2C738%2C652%2C742%2C656%2C746%2C654%2C754%2C664%2C698&s=NGDP_RPCH&grp=0&a=

Otherwise you can run a fresh query yourself here: http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/weoselgr.aspx

? ? ?
IMF isn't the only source of information or sole reference point on financial matters you know? Perhaps it would have been a tad more reasonable to ask where the UK government got their figures from, no?

i wonder how much this increase is accounted for by increased oil output and increased oil prices? i also wonder how much this increase affects the average nigerian man? i would hazard a guess but i think we already know the answer.

Sky Blue:

? ? ?
IMF isn't the only source of information or sole reference point on financial matters you know? Perhaps it would have been a tad more reasonable to ask where the UK government got their figures from, no?

I asked this question before, got no answers.

IMF is not the final world, you are correct. But the linked article doesn't provide a source, so isn't of much value.

ekt_bear:

I asked this question before, got no answers.

IMF is not the final world, you are correct. But the linked article doesn't provide a source, so isn't of much value.

Did you attempt some research yourself or did you just assume someone on nairaland would email the british government to obtain the figures for you?

Nigeria's economy is definitely growing, and I don't need the UK govt. to tell me that.

What folks don't realize is that the best president for Nigeria right now is the one that stays out of the way for the law to take its course. Jonathan has been doing that without making any noise.

I want to know what Buhari would do if an Emir or Sultan or some high imam is involved in some illegal stuff.
I'd be hard pressed to believe he won't intervene to save the "dignity of Islam". Nuff said.

GEJ ALL THE WAY!

Sky Blue:

Good news but let us put things in perspective. It would take a very incredibly incompetent and inept person to lead Nigeria and not see growth. Nigeria has always had potential for growth. The population is there, the human and mineral resources and the market are also there. 8.9% may be impressive to you but it can be so easily bettered with creating an enambling environment for investment through government showing a tougher stance on corruption among many other initiatives. Nigeria having 8.9% growth (GDP that doesn't seem to take population into account I might add) does not mean it would not do better with a new dispensation. It seems a poor pivotal argument to make for Jonathan. and PDP What is Jonathan's stance on corruption and how has it reduced (assuming its not increased) during his short time?

I agree with you totally!! And if you notice, I did not directly credit the growth strictly to Jonathan!! The major factor responsible for the growth is the quality of the oil price alongside the stability in the Niger Delta. Jonathan's candidacy is largely responsible for that stability. If we change Government, the possibility for stability in Niger Delta is almost certain to be nil.
Another factor is power!! Without power, we are growing at 8.29%! Just imagine the implications of stable power supply on our economy. Now Jonathan has by far the best power roadmap. The other candidates don't seem to understand the problems in the power sector.

My biggest worry with a Buhari government is that he will in his welfarist/socialist ignorance innocently destroy the potential for growth in our economy, first by instituting unneccesary bureaucracies in the name of fighting corruption and secondly by focusing all finances on welfarist institutions and ignoring key growth sectors of the economy!!!

Sky Blue:

Did you attempt some research yourself or did you just assume someone on nairaland would email the british government to obtain the figures for you?

It isn't my responsibility, ultimately. If you cite a #, it is your responsibility to provide a reference justifying it. . . not mine.

I should not be the one having to provide references for statements the British gov't makes.

Just the calm presence of Jonathan is very reassuring to investors.

Investors may be scared off by a stiff Buhari

PapaBrowne:

I agree with you totally!! And if you notice, I did not directly credit the growth strictly to Jonathan!! The major factor responsible for the growth is the quality of the oil price alongside the stability in the Niger Delta. Jonathan's candidacy is largely responsible for that stability. If we change Government, the possibility for stability in Niger Delta is almost certain to be nil.
Another factor is power!! Without power, we are growing at 8.29%! Just imagine the implications of stable power supply on our economy. Now Jonathan has by far the best power roadmap. The other candidates don't seem to understand the problems in the power sector.

My biggest worry with a Buhari government is that he will in his welfarist/socialist ignorance innocently destroy the potential for growth in our economy, first by instituting unneccesary bureaucracies in the name of fighting corruption and secondly by focusing all finances on welfarist institutions and ignoring key growth sectors of the economy!!!

Do you really understand what is happening in the Niger Delta? You think if Jonathan goes in there and does not try to solve the fundamental problems militants were drawing attention to there wouldn't be instability? Nigeria's problem has never been a dearth of plans or "roadmap", it is actually having leaders, people and institutions in place that are sincere about following through on such roadmaps that has been the issue. In essence all candidates are saying the same basic thing - we will give you light, we will give you roads, we will fight corruption - the issue is which one do you believe really intends to do this, that is the issue.

Growth without accountability, is like throwing money down the toilet. Serious investors are concerned about security, transparency, lack of corruption, stable and functioning infrastructure. Which is these do we currently have?

I keep saying that we are trying to fill a swimming pool with a sieve

PapaBrowne:

I agree with you totally!! And if you notice, I did not directly credit the growth strictly to Jonathan!! The major factor responsible for the growth is the quality of the oil price alongside the stability in the Niger Delta. Jonathan's candidacy is largely responsible for that stability. If we change Government, the possibility for stability in Niger Delta is almost certain to be nil.

What data do you have to justify this assertion?

Another factor is power!! Without power, we are growing at 8.29%! Just imagine the implications of stable power supply on our economy. Now Jonathan has by far the best power roadmap. The other candidates don't seem to understand the problems in the power sector.

Good power plans can be used by others. That GEJ's task force has come up with a good plan doesn't mean another candidate cannot borrow heavily from it.

My biggest worry with a Buhari government is that he will in his welfarist/socialist ignorance innocently destroy the potential for growth in our economy, first by instituting unneccesary bureaucracies in the name of fighting corruption and secondly by focusing all finances on welfarist institutions and ignoring key growth sectors of the economy!!!

You are calling Buhari the socialist/welfarist, when GEJ is the one starting several new universities, providing subsidies to automakers  When under GEJs watch, the fraction of the money spent by the gov't on recurrent expenditure is growing?

Honestly, you seem to be pulling sh1t out of your @ss. . .

Sky Blue:

Do you really understand what is happening in the Niger Delta? You think if Jonathan goes in there and does not try to solve the fundamental problems militants were drawing attention to there wouldn't be instability? Nigeria's problem has never been a dearth of plans or "roadmap", it is actually having leaders, people and institutions in place that are sincere about following through on such roadmaps that has been the issue. In essence all candidates are saying the same basic thing - we will give you light, we will give you roads, we will fight corruption - the issue is which one do you believe really intends to do this, that is the issue.

I understand what is going on in the Niger Delta! It would be fool hardy to assume that the fundamental problems have to do with the things the militants are drawing attention to. Truth is a culture of "state dependence and ownership" has evolved in the region amongst the youths as a result of negligence in the midst of plenty.They know the oil belongs to the land hence they believe the Government must pay them cash and nothing less. Eg. In the creeks of Warri at Escravos there is the $5 Billion Gas to Liquids project going on employing btw 5-10,000 people. These jobs are allocated to the youths of the region. But many of them sell their allocations to the highest bidders from other regions. That tells you that an attempt to tackle unemployment would probably fail in the short term!

The fundamental problems of environmental pollution, unemployment and dearth of infrastructure need long term solutions. In the short term, financial appeasement is the price we have to pay for decades of negligence! And that is what Jonathan is using to get us stability in the region which is translating to extraordinary economic growth!! This economic growth would provide the finances needed to build those Mini refineries he talked about yesterday, would help build the long awaited coastal road that would cut the Journey from Calabar to Lagos by much more than half. It would help build the modern rail line from Calabar to Lagos and a host of other projects planned for the region and for the rest of Nigeria. Its a geometric multiplier effect!!

ekt_bear:

[b]1)[/b]What data do you have to justify this assertion?

[b]2)[/b]Good power plans can be used by others. That GEJ's task force has come up with a good plan doesn't mean another candidate cannot borrow heavily from it.

[b]3)[/b]You are calling Buhari the socialist/welfarist, when GEJ is the one starting several new universities, providing subsidies to automakers  When under GEJs watch, the fraction of the money spent by the gov't on recurrent expenditure is growing?

[b]4)[/b]Honestly, you seem to be pulling sh1t out of your @ss. . .

[b]1)[/b]It is a known fact that oil production has risen from about 1 million barrels at the peak of the Niger Delta crises in mid 2009, to about 2.5 million in 2011. We didn't enjoy the previous oil boom that saw oil prices peak at $149 because our production was low. 1 million extra barrels at $80 per barrel is $80 million extra daily. That by any count is enough to swell an economy. I really don't have to provide statistics to prove this. The knowledge is everywhere. Since Jonathan took over, there has been little or no disruptions in oil production and the credit goes to his short term strategy of pacification!!

2)[/b]Ribadu and more likely Shekarau might adopt GEJ's power plans, but not Buhari. He already stated that in his debate. Buhari's approach is not in favour of privatization!! And truth is, that would not work!!

[b]3)[/b]Buhari is a socialist/ welfarist and he surely would be glad to tell you that. I don't think it is bad to be one. The only problem is that in a country of over 150 million with only a little money coming from oil, welfarism/socialism would not cut it. Haven't you heard him say he wants to bring back the glory days of a Nigerian Airways and Nigerian shipping lines?? Is it not better we have more Ariks, Aeros, Danas and the private sector likes rather than have another Government behemoth like Nigerian Airways sucking the nation dry The private sector would grow the economy, not the FG.
As per GEJ's universities, there is nothing welfarist about that. Asides, I heard him speak about private sector involvement in building hostels during yesterdays address !

[b]4) Not cool!!

PapaBrowne:

[b]1)[/b]It is a known fact that oil production has risen from about 1 million barrels at the peak of the Niger Delta crises in mid 2009, to about 2.5 million in 2011. We didn't enjoy the previous oil boom that saw oil prices peak at $149 because our production was low. 1 million extra barrels at $80 per barrel is $80 million  extra daily. That by any count is enough to swell an economy.  I really don't have to provide statistics to prove this. The knowledge is everywhere. Since Jonathan took over, there has been little or no disruptions in oil production and the credit goes to his short term strategy of pacification!!

That doesn't say anything about how the non-oil sector vs private sector grew over that time period. Or the relative growth rates of each over time. So doesn't make sense to attribute the economic growth to oil. Look at Table 1.1 on page 12 of this, for example:

http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/06/15/000333038_20100615002652/Rendered/PDF/550230PUB0Nige10Box349432B01PUBLIC1.pdf

Negative growth in oil GDP, positive growth in non-oil, overall positive gdp growth.

So your assertion that most of the growth was due to oil needs to be supported by evidence.

[b]2)[/b]Ribadu and more likely Shekarau might adopt GEJ's power plans, but not Buhari. He already stated that in his debate. Buhari's approach is not in favour of privatization!! And truth is, that would not work!!

I don't recollect him saying he was against privatization. Are you sure about this?

[b]3)[/b]Buhari is a socialist/ welfarist and he surely would be glad to tell you that. I don't think it is bad to be one. The only problem is that in a country of over 150 million with only a little money coming from oil, welfarism/socialism would not cut it. Haven't you heard him say he wants to bring back the glory days of a Nigerian Airways and Nigerian shipping lines?? Is it not better we have more Ariks, Aeros, Danas and the private sector likes rather than have another Government behemoth like Nigerian Airways sucking the nation dry The private sector would grow the economy, not the FG.

I haven't heard this. Again, are you sure that this was said 

As per GEJ's universities, there is nothing welfarist about that. Asides, I heard him speak about private sector involvement in building hostels during yesterdays address !

More government bloat in 9 new federal universities sounds socialist to me. I'd much rather hear about 9 new universities being founded by the private sector than the gov't.

4) Not cool!!

My bad, was a bit harsh. I apologize.

PapaBrowne:

1)[/b]It is a known fact that oil production has risen from about 1 million barrels at the peak of the Niger Delta crises in mid 2009, to about 2.5 million in 2011. We didn't enjoy the previous oil boom that saw oil prices peak at $149 because our production was low. 1 million extra barrels at $80 per barrel is $80 million extra daily. That by any count is enough to swell an economy. I really don't have to provide statistics to prove this. The knowledge is everywhere. Since Jonathan took over, there has been little or no disruptions in oil production [b]and the credit goes to his short term strategy of pacification!!

We've had an unwritten policy of misguided appeasement and pacification since we struck oil. I see little to no difference between;

1. Appeasing AK47 toting youth with oil money in the name of padi padi amnesty.

AND

2. Rewarding Military-Politicans with under the table oil block deals.

You cannot keep or sustain these lazy, short-term tactics and expect your country to compete well in an increasingly brutal world economy.

What about the rest of Nigeria sir? Yes we missed the last oil boom and we are growing 7-9% because of the current ones, but what about the spread? what is the % rise in standard of living, Infrastrucure, Health, Security? Civil liberties? What is the point of increased oil wealth when the oil income goes to the pockets of the same crop of looters? Replacing Shell Oil Company with Na-we-dey-dia Petroleum Company without reforming the sector, ensuring accountability, reducing corruption and enforcing due process is just a silly cyclical dance.

We need to address fundamental issues of inequality, Justice, individual rights to property and royalties, repeal Land-use-act and allow states and LGs keep their revenue while paying taxes to the FG. NNPC has to go private or at least become a publicly quoted Oil company too.  PDP clearly lacks the political will to do these things.


Modernise the NNPC and make it the national energy champion. Consider breaking it up into more efficient, commercially driven unit
and strip it of its regulatory powers and enable it tap into international capital market; -Buhari Bakare Manifesto

^^^^^
Stripping the NNPC of that beauractic power/burden so it can become a stronger company and a fair player is a good plan IMO.

[b]2)[/b]Ribadu and more likely Shekarau might adopt GEJ's power plans, but not Buhari. He already stated that in his debate. Buhari's approach is not in favour of privatization!! And truth is, that would not work!!

Just give us efficiency and accountability. I see Buhari adopting a good plan and making it work better than GEJ/PDP can.

[b]3)[/b]Buhari is a socialist/ welfarist and he surely would be glad to tell you that. I don't think it is bad to be one. The only problem is that in a country of over 150 million with only a little money coming from oil, welfarism/socialism would not cut it. Haven't you heard him say he wants to bring back the glory days of a Nigerian Airways and Nigerian shipping lines?? Is it not better we have more Ariks, Aeros, Danas and the private sector likes rather than have another Government behemoth like Nigerian Airways sucking the nation dry The private sector would grow the economy, not the FG.

Nigeria is more of a welfarist/socialist society anyway. The Nigerian state controls almost everything here. We only Privatise a few sectors while allowing massive bureacracy, unfair public company competiton and state controlled entitlement programmes to suffocate Private businesses. Leave the Ideological point for those who actually practice it.

China is a socialist country BTW and it's leading the world in so many ways.

As per GEJ's universities, there is nothing welfarist about that. Asides, I heard him speak about private sector involvement in building hostels during yesterdays address !

Yea right. Public Universities are not welfarist.

There is nothing wrong with a decent well managed welfare program BTW. The poor will always be with us.

Why are you guys troubling yourselves over nothing? Haven't you noticed the news media that released the obviously falsehood news? How many real and truthful news have the likes of Vanguard, Tribune and Thisday news papers reported lately? If they are not reporting the tales of how they got 70miilion text messages to determine that GEJ has 60% of the votes, they'll be telling us how GEJ has ordered Federal ministries to patronize Nigerian made cars or even coming out with bogus stories of how Nigeria is the 4th fastest growing economy in the world.

We thank God for the internet and economic and financial institutions such as the IMF for making their findings readily available. Otherwise GEJ will be telling us through these 'cash and carry' news media prostitutes that Nigeria is now more beautiful than Dubai!

@Kilode
Excellent response!! If most Buhari supporters respond intelligently like you do, I would probably be in the Buhari camp by now!!

Yeah, we had an unwritten policy of misguided appeasement and pacification which never worked. I think the one in place right now is guided and that probably why its working perfectly! You must recognize that in whatever you do, you must calibrate your solutions to the problems on ground and fix those problems or else they would prevent you from achieving any other goals you have. Pacification and appeasement of the youths is a strategy that is working given the circumstances. If you choose do otherwise, your economy would pay dearly for it. It is the price we must pay for decades of neglect!!

On NNPC, what Buhari is proposing isn't very different from what the GEJ Government is already doing. The difference however is that the Buhari Government would have to probe for maybe 2 years then start all over again. It is these policy reversals that scare me the most as they always serve to take a nation ten steps back before realising it was all a waste of time. Exactly what Yar Adua did with the power sector probe!

Seems like Kilode is a student of economics. That is why he is my favorite SW poster. Keep up the good work my brother.

Onlytruth:

Just the calm presence of Jonathan is very reassuring to investors.

Investors may be scared off by a stiff Buhari

Riiiiigggghht. . . . Investors will rather do business in an unstable, corruption filled climate than one where theres checks, balances and consequences for every criminal action!

Where are these investors from? Ibo land?

^^^
I told you last time that investors are flocking into Nigeria like its a gold rush!! We have some of the best rates of return on investments in the world! True, there are huge challenges, but check this: MTN made more than 4 times more profits in Nigeria than the behemoth called Facebook made worldwide in 2009!!! Now you can't beat that!!

PapaBrowne:

^^^
I told you last time that investors are flocking into Nigeria like its a gold rush!! We have some of the best rates of return on investments in the world! True, there are huge challenges, but check this: MTN made more than 4 times more profits in Nigeria than the behemoth called Facebook made worldwide in 2009!!! Now you can't beat that!!

You have started telling lies again! MTN came to 9ja over 10 years ago and you are hear peddling falsehood. Abeg list the name of investors that have been flocking into Nigeria.
You need not lie to make a point. Nigerian investors are taking their businesses to Ghana and you are here beating your chest about some imaginary investors rushing into Nigeria. Obviously you have negligible knowledge about the primary drivers of FDIs (Foreign Direct Investments) into a country. The internet is there for you to make your research if you care to learn.

PapaBrowne:

^^^
I told you last time that investors are flocking into Nigeria like its a gold rush!! We have some of the best rates of return on investments in the world! True, there are huge challenges, but check this: MTN made more than 4 times more profits in Nigeria than the behemoth called Facebook made worldwide in 2009!!! Now you can't beat that!!

First, U started off with a lie! WHEN DID I EVER ENTER A DISCUSSION WITH YOU ABOUT FOREIGN INVESTMENT IN NIGERIA?

End of discussion. Apparently, u even lied in the whole statement like someone else just pointed out. . . . . !!!

PapaBrowne:

^^^
I told you last time that investors are flocking into Nigeria like its a gold rush!! We have some of the best rates of return on investments in the world! True, there are huge challenges, but check this: MTN made more than 4 times more profits in Nigeria than the behemoth called Facebook made worldwide in 2009!!! Now you can't beat that!!

In your haste to talk up GEJ, you massaged MTN's profit. MTN's group profit for 2009 was $1.97Billion while Facebook's profit for the same reporting period was $800m. The flaws in your argument are as follows

1. 4 times of $800m is $3.2 billion
2. The $1.97 billion that MTN made was a group profit and not MTN Nigeria.
3. GEJ did not lay the foundation for the entry of MTN or any other telecomms company's entry into Nigeria; it is disingenuous to attempt to credit him for that

Also, can you tell us these investors that are rushing to Nigeria like there is a gold rush? If you refer to foreign investments in Nigeria as gold rush, what do you call foreign investment in China? If Nigeria is such a bed of opportunities, I dare you to name just 10 fortune 500 companies that made entries into the Nigerian market since 1999.

'MTN's net profit declined to 14.65 billion rand ($1.97 billion) in 2009 from ZAR15.34 billion the year before after being dented by currency translations and a ZAR3.2 billion currency loss largely on foreign denominated assets and liabilities.'

http://www.totaltele.com/view.aspx?ID=453822

'Facebook revenue in 2009 was nearly $800 million and the company turned a part of it into a solid net profit, according to Reuters, who cites two sources familiar with the situation.'

http://mashable.com/2010/06/18/facebook-800-million/

PapaBrowne:

@Kilode
Excellent response!! If most Buhari supporters respond intelligently like you do, I would probably be in the Buhari camp by now!!

Yeah, we had an unwritten policy of misguided appeasement and pacification which never worked. I think the one in place right now is guided and that probably why its working perfectly! You must recognize that in whatever you do, you must calibrate your solutions to the problems on ground and fix those problems or else they would prevent you from achieving any other goals you have. Pacification and appeasement of the youths is a strategy that is working given the circumstances. If you choose do otherwise, your economy would pay dearly for it. It is the price we must pay for decades of neglect!!

Politically, is favours PDP, but I still insist that an atmosphere of justice, accountability, equitable enforcement of law/order and True Federalism will put the Niger Delta youth agitation to rest in record time. Our people are not irrational, It is hard to keep fighting good results and fair practices.

This short-term pacification will backfire like it always does.

We cannot ignore Leprosy to fight skin rashes and expect to get good results. . .

On NNPC, what Buhari is proposing isn't very different from what the GEJ Government is already doing. The difference however is that the Buhari Government would have to probe for maybe 2 years then start all over again. It is these policy reversals that scare me the most as they always serve to take a nation ten steps back before realising it was all a waste of time. Exactly what Yar Adua did with the power sector probe!

My brother, we need to make an example of these looters and enshrine a culture that expects people to pay for their actions.

Let looters worry about probes.

But, I agree, pursuing unnecessary witch-hunting without addressing vital economic issues is also misguided. I expect Buhari to find that balance better than PDP/GEJ. If he fails, we will remove him.

I also agree with you on Nigeria's economic potentials, this Country is a gem, provided we create the right environment for businesses to thrive, Coca-Cola Hellenic last year increased their stake by basically acquiring their NBC subsidiary citing "strong volume performance”  The rate at which foreign partners are increasing investment in their Nigerian FMCG subsidiaries is an indication of the possibilities, if we can get it right.

But if we don't get ourselves together they will leave as soon as their businesses elsewhere improves, Leventis once bolted, Steyr ran away, Kingway closed shop.

We've been down this road before. We are not the only country with a large population and the global recession won't last forever, other countries are not populated with dummies.

We need to quit being short-sighted and deal with the fundamentals.

I expect Buhari to put the right people in the right places and allow the law to punish bad managers of public trusts.  PDP will at best slap their wrist and encourage more looting.

Join me bro, for the sake of our children. If you have a stake in PDP, I'll understand.