If you ever need an evidence to show that Nigeria's economic, political and intellectual wealth started nose-diving in the mid-1980's, here is a list. Nigeria appeared on this ranked list for the top 20 choices in the 70's and 80's, and since then, disappeared (I hope not forever). Now, we know when our problem begun...

http://www.kmjn.org/notes/voting_with_feet.html

Not realy suprised,Nigeria's prosperity graph has been dwindling since my birth,so it's obvious that an extrapolation of tha graph will show that Nigeria was a good and prosperous nation at a point in time.

Well, It's f*cked up now.

Dat is nigeria FOR u

well nigeria should be behind iraq and afghanistan now

Who do we blame? Babangida?

You see, that's the reason why i'm working on "MY TIME MACHINE".. This machine can travel only to the past,and not the future.. When the machine is completed,we can go back and change back time.. When we go back,trust me,those on my wanted list go hear ween
OPERATION CATCH THEM YOUNG...

It still is economically.

Apparently the militia mallams destroyed this country.
Buhari was one of them and he is still running for president today.

Naija no dey carry last, we are coming back number one or 19

I think what we should all do is try and suggest the possible solutions to our problems maybe one way or the other, someone somewhere might read and take a step in creating a change in his own might. Nigeria should be better and not the other way.

From no. 10 to 'completely off the list', and for more than 30 years, she hasn't reappeared on that list. There's little to puff up about.

jammyng: It still is economically.

dey there dey deceive yourself. How many multinational coy or robust Industry do we even have? The amount of good coy leaving the country for safer and low risky countries like Ghana are more than the Indian and Lebanese coy making entry into naija markets. How many mega coy do we have listed on our stock exchange sef? Maybe what u meant by economical is that its very easy to make money when you can bribe government officials with 40% of the contract value and give gifts to win juicy contracts.

Precisely around when Buhari took over. go figure

The reason is clear enough. First, fresh with independence, we can quickly be scammed. So, lots of good rubbish was pushed in our way and may foreigners will wanna come.
And now, who says if u have a good product, u won't consider nigeria?

saxywale:
dey there dey deceive yourself. How many multinational coy or robust Industry do we even have? The amount of good coy leaving the country for safer and low risky countries like Ghana are more than the Indian and Lebanese coy making entry into naija markets. How many mega coy do we have listed on our stock exchange sef? Maybe what u meant by economical is that its very easy to make money when you can bribe government officials with 40% of the contract value and give gifts to win juicy contracts.

Dude you have no idea what Nigeria has become!!...Nigeria is one of the Most economically stable countries in the world.....if you dnt Know much about a subject do yourself a fovour and Shut d f**k up...you can fault Nigeria in many aspects but when it comes to the economy we doing very fine..even better than most countries in Europe...and btw most white folks i know are making serious plans of migrating to Nigeria or cape town in 2013.....its just a pity ignorance is BLISS on nairaland

Make una no warri we go still make dat list,jona go do am

before Babangida and then Abacha's stupendous loots

This shows Obasanjo's time was a good time (1976 - 1979). Buhari's truncation of the new democracy after Obasanjo handed over to Shagari may have turned the tide. Moreover that's the period when the naira started depreciating against the dollar, and pound.

thelastPope: Precisely around when Buhari took over. go figure

After they took over Buhari (1985), you are the one who needs to go figure.

Babangida, thank you for the help in destroying this country!

brummell: Naija no dey carry last, we are coming back number one or 19

abi where life dey hope dey!moral high!moral high!

donniemc:
Dude you have no idea what Nigeria has become!!...Nigeria is one of the Most economically stable countries in the world.....if you dnt Know much about a subject do yourself a fovour and Shut d f**k up...you can fault Nigeria in many aspects but when it comes to the economy we doing very fine..even better than most countries in Europe...and btw most white folks i know are making serious plans of migrating to Nigeria or cape town in 2013.....its just a pity ignorance is BLISS on nairaland

You need to go learn how to understand and interprete data. Who told you Nigeria is doing better than most countries in real terms? I wonder why we either don't know and try to feign we know more than others or we know and pretend to lie under falsehood? It is either you know the truth and you are trying to manipulate it or you don't know and you are trying to pretend you know.

even crap drc congo sef

donniemc:
Dude you have no idea what Nigeria has become!!...Nigeria is one of the Most economically stable countries in the world.....if you dnt Know much about a subject do yourself a fovour and Shut d f**k up...you can fault Nigeria in many aspects but when it comes to the economy we doing very fine..even better than most countries in Europe...and btw most white folks i know are making serious plans of migrating to Nigeria or cape town in 2013.....its just a pity ignorance is BLISS on nairaland

You are obviously sick....you are still been deceived by GDP index etc....when it comes to real growth and doing business,.....Nigeria is a no no. We are blessed and cursed at the same time.

Ease of doing business- 131/185
Getting electricity- 178/ 185

donniemc:
Dude you have no idea what Nigeria has become!!...Nigeria is one of the Most economically stable countries in the world.....if you dnt Know much about a subject do yourself a fovour and Shut d f**k up...you can fault Nigeria in many aspects but when it comes to the economy we doing very fine..even better than most countries in Europe...and btw most white folks i know are making serious plans of migrating to Nigeria or cape town in 2013.....its just a pity ignorance is BLISS on nairaland

2 likes

afam4eva: Who do we blame? Babangida?

The economy started imploding in the Shagari era due to the oil price crash which began in 1980 - http://en.wikipedia.org/wiki/1979_energy_crisis

The primary problem, which we still have, is that Govt spending was largely driven by oil revenue. Once a collapse in oil price ensued, this caused a consequent collapse in Govt revenue. The whole of the 80s was a story of economic depression. The root of the problem can be traced back to the 60s and 70s as Nigeria's new found oil wealth led to a mono-economy and the neglect of other sectors such as agriculture.

Strangely, not much has changed today as oil revenue is still the main driver of Govt expenditure. We have little room to maneuver in the event of an oil price crash, though a crash remains improbable due to growth drivers in China, India and other emerging markets.

GboyegaD:

You need to go learn how to understand and interprete data. Who told you Nigeria is doing better than most countries in real terms? I wonder why we either don't know and try to feign we know more than others or we know and pretend to lie under falsehood? It is either you know the truth and you are trying to manipulate it or you don't know and you are trying to pretend you know.

guy I tire o,I think the problem is that we tend to pretend and shy away from the truth. Probably cos of pride, stupidity or ignorance.

onila: even crap drc congo sef

I don't think Congo was so crappy then as it is now. Congo was a beehive of scientific and economic research around that period, so also was Nigeria. Somehow, things got derailed and gradually collapsed around the mid-80's and beyond. You can even see Sudan on the list. The only African country on the list that's a little consistent is South Africa. From what I've heard, many Africans were looking up to Nigeria. Also, many Africans prayed to visit Nigeria, at least, in their lifetime. Today, reverse is the case...

...and some people would still say military form of govt is evil. Was this 70s and 80s not the same era that military was in governmental power?! I know coup has its own dis-advantages. But my question is.. What have we achieved so far with democracy?! Simple: Corruption et al.. That is why we have the ExecuTHIEVES, LegisLOOTERS and JudiSHARING. They thief, loot and share.

whether na buhari,babangida,or shagari,,nigeria problems all have something in common,,,northern leaders,,ruled for the most part,and yet,their region is still the least developed,,holding other tribes to ransom by their born to rule philosophy....God save nigeria,

Tony Spike:

I don't think Congo was so crappy then as it is now. Congo was a beehive of scientific and economic research around that period, so also was Nigeria. Somehow, things got derailed and gradually collapsed around the mid-80's and beyond. You can even see Sudan on the list. The only African country on the list that's a little consistent is South Africa. From what I've heard, many Africans were looking up to Nigeria. Also, many Africans prayed to visit Nigeria, at least, in their lifetime. Today, reverse is the case...

Yes. Even a lot of black South Africans came to Nigeria to study (university education). While it is true the collapse started in the 70s, without doubt the runaway corruption of the Babangida era was the nail in the coffin. Basically what I am saying is, at the time Babangida came in we needed a government to diversify our economy. Rather what we got was a complete monkey who was only interested in becoming a billionaire by any means. Apparently the Buhari/Idiagbon regime did much better.