Wow, such repetitive arguments

- According to prevailing statistics, agriculture contributes more to the economy of Nigeria than oil. For those who disagree POST YOUR SOURCES, because you haven't yet.

However,

- Oil contributes more to development since it is the major source of resource for the government (see the CIA factbook). Yes, even the miniscule development we get from our corrupt, incompetent government. So YOU ARE ALL essentially correct. We do depend on oil, as well as agriculture and retail. If the latter two were to disappear tomorrow, we would be in trouble as well. Oil won't be coming to our rescue. But, why are we arguing over the improbable? None of these commodities are going to disappear suddenly - except if there is a nuclear holocaust or something - but then, we would be screwed anyway.

So stop with the circular arguments. Let me summarize both sides in one cohesive statement "oil, though less than 20 %? of the GDP is important because it's essentially the major source of income for our lazy-ass government officials." And government, no matter how inept, is essential to any country in this day and age. In other words, if the government, by some miracle, gets it's corrupt head out of its corrupt *ss, and manages to diversify, oil will become less relevant.

Ok?

all4naija: CIA fact file is a good source stating 90% revenue. While Africa news journal put it 40% contribution to GDP. Looking at the prevailing rate of exchange in international market, the nominal GDP contribution of oil to Nigerian economy is as high as 70%.

Stop lying! The CIA fact file does not say that.

http://photos.state.gov/libraries/nigeria/231771/Public/December-EconomicFactSheet.pdf

https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html

http://overons.rabobank.com/content/images/Nigeriaupdate-201201_tcm64-156975.pdf

And if you looked closely, you would realize at this point that the information printed on the CIA Fact file comes DIRECTLY from what is produced by the Nigerian Bureau of Statistics.

ezicat: Wow, such repetitive arguments

- According to prevailing statistics, agriculture contributes more to the economy of Nigeria than oil. For those who disagree POST YOUR SOURCES, because you haven't yet.

However,

- Oil contributes more to development since it is the major source of resource for the government (see the CIA factbook). Yes, even the miniscule development we get from our corrupt, incompetent government. So YOU ARE ALL essentially correct. We do depend on oil, as well as agriculture and retail. If the latter two were to disappear tomorrow, we would be in trouble as well. Oil won't be coming to our rescue. But, why are we arguing over the improbable? None of these commodities are going to disappear suddenly - except if there is a nuclear holocaust or something - but then, we would be screwed anyway.

So stop with the circular arguments. Let me summarize both sides in one cohesive statement "oil, though less than 20 %? of the GDP is important because it's essentially the major source of income for our lazy-ass government officials." And government, no matter how inept, is essential to any country in this day and age. In other words, if the government, by some miracle, gets it's corrupt head out of its corrupt *ss, and manages to diversify, oil will become less relevant.

Ok?

^^^+100

ballabriggs: This is erroneous.

Crude oil contributes over 70% of Nigeria's foreign exchange. For an import dependent economy, Oil is the life wire of the economy.

Secondly, it is the earnings from oil which drives other activities that form the component of GDP.

Don't be deceived, take away the oil and your economy is doomed.

You can't get the true picture by mere viewing such data without an analysis.

yeah, if i wasn't sane enough to undstnd dt before the oil bloom Nigeria was doing fine in Agriculture, i would have believed you. What fuckin things has the oil been driving except enriching the corrupts' pockets? Did it actually provide d baskets used in farm, legs the villagers used in trekking, did it provide the loans the farmers collected wit interest or d ones that was jes news and was never seen, did it provide d bad roads and difficulties entailed in getting their goods to town?
Guy, shut your fucck up!

shymmex:

Abuja and looting takes the highest chunk of the oil revenue, most states don't really need to depend on oil to survive, if they stop being lazy..

That's more reason why we need to reduce our dependence on oil..

States like Lagos, Sokoto, Anambra, Imo, Ogun, Oyo etc. can survive without oil if they look inwards.

Lagos can, and have been surviving without oil money. Take Lagos out of that list.

U no no b4??

Sky Blue:

Wrong! Even Anambra that claims to have the lowest unemployment rate is dependent on oil derivation. Most states ARE dependent on oil derivation. You are talking of how you will like things to be, not what partains now. Only at the very most 2 or 3 states can survive without oil derivation as things currently stand (lagos being one because they actually collect tax). No need to beat around the bush with this issue and don't be mistaken. As things currently stand, Nigeria is very heavily dependent on oil (and this is not hyperbole). We have a state welfare oil gravy train the way things stand. Does it have to be that way? No. Is it that way? YES.

my broda,oil haz bred enof bad blood and hatred in our country.wel,2 add 2 what u said,I tink edo state gov. is also doing well in revenue and tax drive.I tink I can tank edo and lagos states for dia 4sitedness.

This wacko argeument is chasing the 9th page? What is so hard to understand? That within an economy, the amount of reveneu generated from agriculture is big? You guys dont know that in most economies, agriculture is the most lucrative part? Why are the Brits all over Mugabe since he got rid of their proxy farmers in Zim? Why is land re-distribution a no-no in South Africa? Its simple: Agriculture makes much money than lots of people know. Agriculture is EXTREMELY lucrative!

So i wouldnt be surprised if the original data suppied is correct. What surprises however is the way resident pseudo-intellectuals have gone to work brazenly trying to juggle facts to burnish their base positions. The problem here is not with the data supplied. The confusion here seems self-inflicted maybe to spite those 'noisy' Niger Deltans.

A farmer from Kano sends 1000 cows to Onitsha every month and sells each at roughly a thousand dollar. His earnings are part of the GDP insofar as it will be calculated as part of the total amount of goods and services that exchanged hands within this economy this year! But then how much did he pay as tax? ?

Thats where the rub is. When you want to talk about what runs Nigeria, you talk of the income generated by the government. Government generates income mainly through 'tax'! Here we use taxed reveneu from oil companies to build dams and other irrigation projects for farmers who then turn back to monopolise the market, fix prices and sell say cows at highly exhorbitant rates while paying NOTHING into government coffers!

Its just like Niger Delta states collecting ALL reveneus from oil, paying nothing to the federation account while using allocations from taxed farmers earnings from other states to run their states. So yes, in terms of the volume of consumed goods withn the country, agric products should rank high. We all eat! That said, the resource that provides you with the infastructure that helps run the society, pay workers, biuld airports, roads, universities, bridges, help politicians maintain touts n thugs who will buy cars , cows etc. Na oyel pay.

No...CORRUPTION is our major source of income...

By the way the politicians are running the country today, if there is no more oil or oil price reduce to like $10 (ten dollar) per barrel, an instant very big war would begin.

nigeria is a country going towards doom, bad leaders.

In addition to all the points already noted, GDP is not just computed based on volume of income. Other indices such as employment generation comes into play. Agriculture generates over 40% employment in Nigeria. The oil industry generates only about 10%. Trade comes next. That's self explanatory. Hope this helps

shymex: ^^^^We can definitely survive without the oil from Niger/Delta - and I hope this will shut certain people up about other regions being parasitic..

We make more money from Agriculture than oil...

smtimes i wondr hw d lykes of u escapd frm d psychiatric hospital.so u kant difrentiate d difrence betwen gdp nd gnp.na wa o,4ur info if d total numb of voters in d last electn frm d north contribute 500 hundrd each as sales from dia yam or beans farms 4 50ys,wil nt gve u up ac wat oil gves nija in 3months.olodo,mugu

Oh yea, we all hear thee.

Meanwhile, Green economy is the future.

Imo is leading the way. Join us in the revolution.

Shalom.

torkaka:
before you run around like a mad dog naming states,it will do you well to attach the statistic/info of each of the state's IGR!

. . . U are an ediot. Y wud u call him a mad dog? How does it personally concern u? Big fool. Instead of coming out to counter his arguement quantitatively, u want to show ur moronic features. Bastard child of a drunkard kleptomaniac father and nyphomaniac slowpoke mother. Bagga

Maybe this will explain better

www.opec.org/opec_web/en/about_us/167.htm

"Nigeria’s six-year average real GDP growth of 6.7% is higher than the global average of 4.9% and the African average of 5.5%. The Monetary Policy Committee (MPC) increased the Monetary Policy Rate (MPR) to 12% in October 2011. The MPR now exceeds inflation for the first time since the devaluation of mid-2009. Year-on-year inflation averaged 12.63% between 2008 and 2011"


December 2011 Economic Section, United States Embassy in Nigeria


2015 !!!CARRY GO JOHNNY BOY!!!

so if agric bring in so much income to nigerians GDP, why is it dat hausa people are panickin and using boko to toment jonathan govt cus hausa runs agric not niger delta.The answer is the oil wells in ND is what hausa want cus no SS person care abt northern farming so why is it dat hausa and yoruba are fightin us for our oil?

Ibime: This is an old and silly debate we used to have on Nairaland years back.

Nigerian Government cannot survive without oil.

Large majority of Nigerians do survive without oil.

Can large majority of Nigerians survive without the services Government provides ie roads, hospitals etc etc? No!

Only an undeveloped country sees agriculture contribute 30-40% of GDP.

That basically means a lot of people are surviving for themselves. There is no Western country with more than 5% Agriculture contribution to GDP.

Most of the best schools and hospitals built in the real estate known as Nigeria were erected before the stup.id crude oil was struck. Nigeria would have been better off without crude oil than with crude oil. Other than Abuja, there is no new city erected in Nigeria since crude oil was struck in commercial quantity in 1956. The discovery of crude oil in Nigeria has germinated absurd social decadence in our society. The worst of all, it made so many goons think crude oil is the start and end of Nigeria. I really wish the crude oil will suddenly dry up in Nigeria.

There is nothing about government and crude oil in my community. The revenue derived from levy on stalls in the market square runs the community. How many people in your household work for government at any level? In some communities in Igbo, the majority of people are traders or farmers or self-employed.

And for moronic dimwits who has cast aspersion on the northern Nigerian farmers, they should remember that when Shell D’arcy wanted to fold its crude oil exploration in southern protectorate due to series of dry wells and lack of fund, money donated by the farmers in eastern and northern region helped sustain the exploration efforts.

In USA, agricultural sector is a sacred cow and treated with care because it the root of all economic activities. It is really unfortunate you address agricultural sector with spiteful disdain in your post.

Nigeria's GDP is estimated at $413Bn but adding informal sector may push it to $520Bn
http://en.wikipedia.org/wiki/Economy_of_Nigeria

It produces 2.2 million barrels daily. In 365 days that is 803 million barrels annually

Assuming average prices of $100 per barrel total oil sales is $80.3 Bn Neglecting cost of production and profits taken away by oil majors
80.3/413 x 100 = 19.44 %

If the above listed factors were considered the contribution of oil to GDP will drop to about 16%. Hope this helps to reduce arguments

Ovamboland: Nigeria's GDP is estimated at $413Bn but adding informal sector may push it to $520Bn
http://en.wikipedia.org/wiki/Economy_of_Nigeria

It produces 2.2 million barrels daily. In 365 days that is 803 million barrels annually

Assuming average prices of $100 per barrel total oil sales is $80.3 Bn Neglecting cost of production and profits taken away by oil majors
80.3/413 x 100 = 19.44 %

If the above listed factors were considered the contribution of oil to GDP will drop to about 16%. Hope this helps to reduce arguments

Even to further help the statistics you supplied and based on the alleged production of 2.2 million barrels daily, Nigeria only takes 60% of 2.2 barrels because of contractual agreement between Nigeria and extracting corporations.

Dede1:

Even to further help the statistics you supplied and based on the alleged production of 2.2 million barrels daily, Nigeria only takes 60% of 2.2 barrels because of contractual agreement between Nigeria and extracting corporations.

Mehn this is stvpidity of the highest order!!! Imagine the oil companies taking forty percent?? mehn this country is sick. Death to nigerian Oil industry!!
fall from a mango tree

seanet02:
Mehn this is stvpidity of the highest order!!! Imagine the oil companies taking forty percent?? mehn this country is sick. Death to nigerian Oil industry!!
fall from a mango tree

What a joke.
fall from a Mango Tree.

shymex: ^^^^We can definitely survive without the oil from Niger/Delta - and I hope this will shut certain people up about other regions being parasitic..

We make more money from Agriculture than oil...

I see u are been fooled by Nigerian data...Forget paper analysis, in reality, oil is more harnessed in 9ja than any other resource...

Diversification- is the answer.

ezicat: Wow, such repetitive arguments

- According to prevailing statistics, agriculture contributes more to the economy of Nigeria than oil. For those who disagree POST YOUR SOURCES, because you haven't yet.

However,

- Oil contributes more to development since it is the major source of resource for the government (see the CIA factbook). Yes, even the miniscule development we get from our corrupt, incompetent government. So YOU ARE ALL essentially correct. We do depend on oil, as well as agriculture and retail. If the latter two were to disappear tomorrow, we would be in trouble as well. Oil won't be coming to our rescue. But, why are we arguing over the improbable? None of these commodities are going to disappear suddenly - except if there is a nuclear holocaust or something - but then, we would be screwed anyway.

So stop with the circular arguments. Let me summarize both sides in one cohesive statement "oil, though less than 20 %? of the GDP is important because it's essentially the major source of income for our lazy-ass government officials." And government, no matter how inept, is essential to any country in this day and age. In other words, if the government, by some miracle, gets it's corrupt head out of its corrupt *ss, and manages to diversify, oil will become less relevant.

Ok?

The reason why Africans are looked down on is because of such petty mindset. If you cannot see the importance of diversifying the economy and depending on a single commodity that is limited then you simply can't figure out the importance of this argument.

It surprises me to see how much Nigeria has produced and export in the oil/gas sector without nothing to show for it. There is no diversity in the Nigerian economy. I think people are over-exaggerating the percentage of contribution of Agriculture to the GDP of Nigeria in relationship to oil and gas.

Kobojunkie:

Stop lying! The CIA fact file does not say that.

http://photos.state.gov/libraries/nigeria/231771/Public/December-EconomicFactSheet.pdf

https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html

http://overons.rabobank.com/content/images/Nigeriaupdate-201201_tcm64-156975.pdf

And if you looked closely, you would realize at this point that the information printed on the CIA Fact file comes DIRECTLY from what is produced by the Nigerian Bureau of Statistics.

Sorry, Kobojunkie. I would refer you back to your links to check them properly. In the current reviews on Nigerian economy CIA fact file says oil contributes 80% to the federal revenue, and in the past it's higher(I said revenue in my previous comment dude).

Ovamboland: Nigeria's GDP is estimated at $413Bn but adding informal sector may push it to $520Bn
http://en.wikipedia.org/wiki/Economy_of_Nigeria

It produces 2.2 million barrels daily. In 365 days that is 803 million barrels annually

Assuming average prices of $100 per barrel total oil sales is $80.3 Bn Neglecting cost of production and profits taken away by oil majors
80.3/413 x 100 = 19.44 %

If the above listed factors were considered the contribution of oil to GDP will drop to about 16%. Hope this helps to reduce arguments

Dude, that is funny. The revenue from oil is at prevailing international exchange rate which is different from the GDP(ppp) calculated on purchasing power parity - usually in some conditions pertaining to US dollar. And, it is only in comparison not in reality.Can't you guys get it?! Keep quoting $520 billions dollar in the wind and don't think about diversifying of the economy!

KINGwax: yeah, if i wasn't sane enough to undstnd dt before the oil bloom Nigeria was doing fine in Agriculture, i would have believed you. What fuckin things has the oil been driving except enriching the corrupts' pockets? Did it actually provide d baskets used in farm, legs the villagers used in trekking, did it provide the loans the farmers collected wit interest or d ones that was jes news and was never seen, did it provide d bad roads and difficulties entailed in getting their goods to town?
Guy, shut your fucck up!

I'm sure the farmers climb over tree's and rocks to get their produce to market places. No?
Do they use roads provided with oil money? Wonders!!

ishmael: Lagos can, and have been surviving without oil money. Take Lagos out of that list.

Lets deal with facts only. No state has survived without oil money since 1970, neither can any state survive without oil money today.

all4naija: Sorry, Kobojunkie. I would refer you back to your links to check them properly. In the current reviews on Nigerian economy CIA fact file says oil contributes 80% to the federal revenue, and in the past it's higher(I said revenue in my previous comment dude).

Don't sorry me. You know the lies you tried to tell and I see many have already told you of it. Stop trying to make CIA facts say what they do not. And stop suggesting you have reputable sources that print information different from what the National Bureau of investigation has been printing all these years. the CIA reports prints what our Bureau serves up.

Kobojunkie:

Don't sorry me. You know the lies you tried to tell and I see many have already told you of it. Stop trying to make CIA facts say what they do not. And stop suggesting you have reputable sources that print information different from what the National Bureau of investigation has been printing all these years. the CIA reports prints what our Bureau serves up.

Then, buzz off! Get off my comment!

Please, don't quote any of my comments again!

all4naija: The reason why Africans are looked down on is because of such petty mindset. If you cannot see the importance of diversifying the economy and depending on a single commodity that is limited then you simply can't figure out the importance of this argument.

It surprises me to see how much Nigeria has produced and export in the oil/gas sector without nothing to show for it. There is no diversity in the Nigerian economy. I think people are over-exaggerating the percentage of contribution of Agriculture to the GDP of Nigeria in relationship to oil and gas.

Perhaps the reason is simple comprehension. You should review the part of my statement in bold:

So stop with the circular arguments. Let me summarize both sides in one cohesive statement "oil, though less than 20 %? of the GDP is important because it's essentially the major source of income for our lazy-Bottom government officials." And government, no matter how inept, is essential to any country in this day and age. In other words, if the government, by some miracle, gets it's corrupt head out of its corrupt *ss, and manages to diversify, oil will become less relevant.

Capisce?