2 million: hw can it grow wen 1.3bn naira is nt enof for refreshment in aso rock

And $250mill set aside for the printing of a N5,000 note, a currency we dont even need now in the first place.

The 4th quarter of this year is witnessing the worst economic situation of 2012. Hoping that first quarter 2013, things will pick up.

of course it isnt...Sanusi,we only produce oil,which we then purchase by the skin of our teeth @ 120 naira that is 90 cents for 70 % of the population that lives under a dollar,where the funds of the oil go to,we dont know,probably to paying militants,probably by the gluttons in aso rock,probably to foreign countries where houses and cars are being purchased,because it sure aint in Nigeria,we only have one fuctioning industry in Nigeria an that is Dangote and people still want it to go under,so tell me how can we grow economically?i can see Goodluck scratching his head...maybe you should have just told us the lie,like madam imf does,and dazzle us with figures,numbers and powerpoint

SLS is beginning to wake up! Where have they been cooking up the figures of the past months? there is hardly any business remaining in the north. Flood has taken over farms. Telecoms companies have turned to coupon companies. Retail businesses have been closing. There is 'To LET' all over the place where you used to have thriving business....yet they were talking of growth. Even the Oil majors have been slowing shifting their prime investments to Angola and Ghana and have been watching us deliberate on PIB for the last how many years. The only growing sector seems to be COMEDY and MUSIC..FG, wake up, CBN, wake up, this slumber has been too long.

@OP: the title should have been: Nigerian Economy is growing at a declining rate.

Anyway, SLS should not expect much growth since the Government is not making much progress in budget implementation and innovation. This is coming at a time when purchasing power of SMEs were reduced through fuel scarcity.

CBN cripple the performance of SMEs by his poor management of Micro finance banks and his inability to reduce interest rate to single digit.
A nation that fails to empower SMEs and spends more on recurrent expenditure while ministers are under-implementing the budget cannot develop.


God bless Nigeria
God bless vision 202020
God bless GEJ and his economic team.
9ja dey watch!

A 6 - 7% growth rate 4 a very small economy like Nigeria is very bad. Calling it a no growth is an understatement by d reporter. We having dis type of growth rate consistently shows dat our economy has alway been depressed. D Chinese with a bigger and more advance economy experience d same type of growth rate, which is even bad 4 them. We need at least a 15% growth rate to get out of depression.

God please save nigeria from CBN

NOI n d prof onboard pls reply.

it is not growing because your hopeless N5000 notes isn't in circulation.


cheap propaganda, out of inordinate desperation to see looting skyrocket with N5000 notes. see him corrupt dry head like stock fish

Do we really have an economy!!

Do we need any prophet to tell us that..

ehie: of course it isnt...Sanusi,we only produce oil,which we then purchase by the skin of our teeth @ 120 naira that is 90 cents for 70 % of the population that lives under a dollar,where the funds of the oil go to,we dont know,probably to paying militants,probably by the gluttons in aso rock,probably to foreign countries where houses and cars are being purchased,because it sure aint in Nigeria,we only have one fuctioning industry in Nigeria an that is Dangote and people still want it to go under,so tell me how can we grow economically?i can see Goodluck scratching his head...maybe you should have just told us the lie,like madam imf does,and dazzle us with figures,numbers and powerpoint

I beg to disagree wit you! The only functioning industry in Nigeria is the oil minning sector and the only reason why its functional is because of the white expatriates who mine and the give us what accrue to us,which is plundered in record breaking figures,now how is that an economy.

ehhnnn! Let someone tell us the truth for once.

Dis Sanusi na mumu, is he not amongst the spoilers of Nigerian Economy?

Mallam Sanusi you Lied! How dare you say Nigeria economy is just growing @ 6.48% rate? Pls change it to 99.9% growth rate. We have the money.We spend N1.34Billion to feed our dear president. The Fed Executive & National Assembly gets good salaries, allowances running into billions for clothing, newspapers, security, health, car, foreign trips, furniture, housing etc for doing good jobs. Our economy is booming. No debt. We are not borrowing instead we lend.

Our reserves are all time high. No corruption. No armed robberies. Our Niger Delta militants are well paid. Boko Haram wants to dialogue. Good roads everywhere, high rate of employment, good power, good health, good education, cheap telecomms, good security network, best police and judiciary.

We are the giant of Afrika, the envy of the world, the land of the rising sun...Oops, 'wetin I dey talk sef'.

supereagle: THE Central Bank of Nigeria (CBN) has disclosed that the Nigerian economy is currently experiencing growth challenges not previously anticipated by policy makers.

Governor of the CBN, Mallam Lamido Sanusi, made the disclosure in Abuja, on Tuesday, at a press conference held shortly after the 86th edition of the Monetary Policy Committee (MPC) meeting.

The apex bank boss said because of the growth challenges the economy was going through, the National Bureau of Statistics had revised the Gross Domestic Product (GDP) for fiscal 2012 downward to 6.61 per cent from the earlier projection of 6.85 per cent.

“The estimates revealed a real GDP growth rate of 6.48 per cent in the third quarter of 2012, up from 6.39 per cent in the second quarter, but lower than the 7.37 per cent recorded in the corresponding period of 2011,” he said.

Sanusi disclosed that the committee traced the growth challenges to the decline in the contribution of oil sector which, he said, became apparent in the last half of 2011.

Also he stressed the decline in the contribution of agriculture sector to growth since the third quarter of 2011, in spite of investment in agricultural transformation initiatives of the Federal Government.

The apex bank governor disclosed further that the growth challenges in the near to medium term would be further compounded by the recent flooding in several parts of the country, even when the cost to the economy was yet to be estimated.

The inflationary pressure which re-emerged in October, 2012 was, according to the apex bank boss, a contributory factor to the growth challenges.

According to the governor, the year-on-year headline inflation inched up to 11.7 per cent in October 2012 from 11.3 per cent in September, while food inflation increased to 11.1 per cent from 10.2 per cent in September.

In its policy measures consideration, Mallam Sanusi said the committee observed the conflicting price signals coming from the latest inflation numbers which, it said, created uncertainty as to the appropriate policy stance at this period.

However, he said since the factors underpinning the inflationary pressure were mainly structural, a monetary response may not be appropriate this time.

He said the committee, by a unanimous vote, decided to maintain the current policy stance of retaining the Monetary Policy Rate (MPR) at 12 per cent with a corridor of plus or minus 200 basis points around the mid point.
http://tribune.com.ng/index.php/front-page-news/51202-nigerian-economy-not-growing-sanusi

you don't say!

Alright. Now I understand.This is a kind of preparation for what is coming in January. The usual tactic. Mallam Sanusi will say economy is not growing. Madam Ngozi will say govt cannot meet its targets bcoz of lack of fund. Madam Deiziani - the minister of petroleum will ask for removal of oil subsidy, the President will announce the increase of petroleum price & the removal of oil subsidy saying, it is the only means by which he can build infrastructures.

The National Assembly & Governors will lie & deny being part of the fuel increment. The NLC will call for a national strike. There'll be war on NL. After few days of strike, armoured tanks will be rolled out in Lagos & probably Kano while some other states will 'sit down dey look' what the outcome will be. They'll even call their fellow brothers who are protesting 'FOOLS'.

Fast forward, few days later, three or more protesters will be shot dead in Lagos in order to scare protesters away but nothing will happen. Then, the FG will call for a meeting btw the NLC leaders & govt reps around 2.00 a.m in Aso Rock Villa. Money in $$$ will change hands. NLC will agree with govt terms. Everyone will pop champaigne, smile & take a group picture.

Next, the NLC leader in a press conference will tell Nigerians {civil servants or not} that he had come to a compromise with the FG and agreed to dance to the tune of the FG thereby killing the morale of the protesters. One-by-one, the protesters go back to their various homes, down-casted & disappointed.

The next day, work resume. And the cycle continues.

The first step that ought to be taken is to do a thorough review of the NBS to ascertain if these figures they give out since they were established are genuine. Then, it seems Sanusi has to go back to the basics, i.e, inflation control which is a paramount job for a CBN governor, if Nigeria is witnessing these growth rates but the effect on poverty reduction seems minimal, something is amiss. The high inflation rate may be a curse, and with the low interest rates, people will just be pouring their money into real estate further pushing that sector into the ridiculous territory. Basic local investment into capital intensive and labour intensive industries activities is low, a sign that Nigerians are not ready to take risk.

Lanreclassic: Whose is sanusi blaming for his woos?

Abi o! Instead of complaining , he should go back to his drawing board .

aribisala0:

Very few people, i.e. THE GREAT YOU and who else

Nigerians are enemies of the truth.

I stand by my comment that the posting and or Sanusi comments are fairly meaningless to the ordinary struggling NIGERIAN .

How many people will understand what the journalist had written. Have you never read growth report on other countries on the net? is this how it is written?

What does it mean to the lay man trying to borrow money, the unemployed graduate, the pensioners , university students etc

It no wonder the nation is in a shambles !

Honestly, Nigeria's data aren't to be trusted anymore. Nigeria isn't growing, meanwhile my dearly beloved Madam NOI is about to float another 1billion Euros in bond next year. All these numbers don't mean jack as far as I'm concerned, what worries me most is that we're the average person in Nigeria is suffering from foo.lish decisions of leaders in govt including SLS for instance like the N5,000 note introduction.

The only way forward is to eschew corruption. Sell off those private jets and go into production (agric-based and light industry for now).
But I might as well wait for Armageddon. The country is on the precipice but what you'll keep getting from government praise singers would be of course totally divergent and divisonary.
What hope for the nation? Your guess is as good as mine. Failing to plan is planning to fail.

Surprise-surprise!
With the proliferation of 'GBESE-GBILLIONAIRES'. . . .what do we expect?

Sanusi: Nigerian Economy Not Growing

Olivertwist: Sir, have got some simple steps to make Nigerian Economy grow

Sanusi: OK, go on I have no time my friend

Olivertwist: Alright Sir. They are:

1} add some fertilizer to the economy
2} water the economy (ensure you don't over-water it)
3} remove every weed around the economy that are preventing it to grow
4} lastly, this one is not for free Mr CBN governor Sir.

Sanusi: Why?

Olivertwist: Emn, did you just ask for my bank a/c number Sir

Sanusi: You are not serious my friend. Will you get out of my office?

Olivertwist: So.. so.. so.. sorry Sir. It's just a joke. Just trying to make you laugh as I observed that you are not happy.

Sanusi: Okay, Sit down. You see, I'm a very practical man. If this your simple policy works for Nigeria, you'll automatically get an oil block in Anambra state, $1 million, a duplex house in Maitama with swimming pool and a hired private jet for 3 months to travel around the world.

Olivertwist: Thank you very much Sir.

Sanusi: You are welcome. You'll have to excuse me now as I have a meeting to attend to.

Olivertwist: Okay Sir. But Sir, pls dont say I'm asking for too much. Can I have some upfront payment Sir...You know, just to relax for now. And, I won't mind if..if..if

Sanusi: 'If what' my friend?

Olivertwist: If you can put my picture on the propose N5,000 note and...

Sanusi: cuts in...My friend, if you don't get out of my office before I open my eyes... thunder will fire you

olivertwist: Alright. Now I understand.This is a kind of preparation for what is coming in January. The usual tactic. Mallam Sanusi will say economy is not growing. Madam Ngozi will say govt cannot meet its targets bcoz of lack of fund. Madam Deiziani - the minister of petroleum will ask for removal of oil subsidy, the President will announce the increase of petroleum price & the removal of oil subsidy saying, it is the only means by which he can build infrastructures.

The National Assembly & Governors will lie & deny being part of the fuel increment. The NLC will call for a national strike. There'll be war on NL. After few days of strike, armoured tanks will be rolled out in Lagos & probably Kano while some other states will 'sit down dey look' what the outcome will be. They'll even call their fellow brothers who are protesting 'FOOLS'.

Fast forward, few days later, three or more protesters will be shot dead in Lagos in order to scare protesters away but nothing will happen. Then, the FG will call for a meeting btw the NLC leaders & govt reps around 2.00 a.m in Aso Rock Villa. Money in $$$ will change hands. NLC will agree with govt terms. Everyone will pop champaigne, smile & take a group picture.

Next, the NLC leader in a press conference will tell Nigerians {civil servants or not} that he had come to a compromise with the FG and agreed to dance to the tune of the FG thereby killing the morale of the protesters. One-by-one, the protesters go back to their various homes, down-casted & disappointed.

The next day, work resume. And the cycle continues.

you are a fast learner! i wish to employ you

olivertwist: Alright. Now I understand.This is a kind of preparation for what is coming in January. The usual tactic. Mallam Sanusi will say economy is not growing. Madam Ngozi will say govt cannot meet its targets bcoz of lack of fund. Madam Deiziani - the minister of petroleum will ask for removal of oil subsidy, the President will announce the increase of petroleum price & the removal of oil subsidy saying, it is the only means by which he can build infrastructures.

The National Assembly & Governors will lie & deny being part of the fuel increment. The NLC will call for a national strike. There'll be war on NL. After few days of strike, armoured tanks will be rolled out in Lagos & probably Kano while some other states will 'sit down dey look' what the outcome will be. They'll even call their fellow brothers who are protesting 'FOOLS'.

Fast forward, few days later, three or more protesters will be shot dead in Lagos in order to scare protesters away but nothing will happen. Then, the FG will call for a meeting btw the NLC leaders & govt reps around 2.00 a.m in Aso Rock Villa. Money in $$$ will change hands. NLC will agree with govt terms. Everyone will pop champaigne, smile & take a group picture.

Next, the NLC leader in a press conference will tell Nigerians {civil servants or not} that he had come to a compromise with the FG and agreed to dance to the tune of the FG thereby killing the morale of the protesters. One-by-one, the protesters go back to their various homes, down-casted & disappointed.

The next day, work resume. And the cycle continues.

EVERY DAY FOR THE THIEF ONE DAY FOR THE OWNER! IT MAY NOT BE THAT EASY NEXT TIME.....

Dee60:

EVERY DAY FOR THE THIEF ONE DAY FOR THE OWNER! IT MAY NOT BE THAT EASY NEXT TIME.....

True talk bro..

Simply put Nigeria is in Recession.

hailolive: Simply put Nigeria is in Recession.

SHUT yr mouth there, you IGNORANT illi..can you point to where Sanusi said the 'economy was not growing' in dis article or anywhere? Very soon sm of you noise makers wud be parrotting dis new Line (Lie) every where, pounding away at every turn. According to d the article, the economy grew by 6.48% dis quarter meaning it was one of d fastest growing economies in d world within d period, and you are using d word 'recession'... Its not a must dat you too must comment cos a lot of oda persons are commenting fooolishly

hailolive: Simply put Nigeria is in Recession.
SHUT yr mouth there, you IGNORANT illi..can you point to where Sanusi said the 'economy was not growing' in dis article or anywhere? Very soon sm of you noise makers wud be parrotting dis new Line (Lie) every where, pounding away at every turn. According to d the article, the economy grew by 6.48% dis quarter meaning it was one of d fastest growing economies in d world within d period, and you are using d word 'recession'... Its not a must dat you too must comment cos a lot of oda persons are commenting fooolishly

A 6-7% growth 4 a country like Nigeria is a recession (actually depression). Developed economies need two successive negative growth rate to be in recession, but 4 Nigeria anything below 15% is recession.