What is important is to be aware of the link between electricity supply and economic growth in Nigeria

scipher: we need a trillion dollar economy ..

Reali??

PDP controlled Jobless economy.

This is excellent!

We have been waiting for them to rebase the economy for three years. The NBS kept pushing it back!

Let's hope they actually release the report this time!

mickyarams:



People like you should think before you post. Rome was not built in one day.I think the fact our economy is growing strongly inspite of the challenges we are facing, is a good thing. If we continue to grow at this rate, we might overtake Brazil one day. It took China almost 40years to become a super power.

How dare you compare Nigeria with China or Brazil!

Continue the delusional hope that there's growth and development with the hopeless crop of politicians holding the reins of power along with the thieving private sector.

The education sector is in a comatose. Health workers are on strike.

There's a rising and shocking rate of unemployment, crime is rising rapidly. Military installations are being attacked with impunity.

And you're here analysing voodoo statistics?

SMH!

That we are growing is not in doubt but anyone who says we are not developing is not truthful. Imagine where we were in 1999 and compare it to where we are today. My only problem is that the development side is too slow for my liking but certainly, we have made so much progress. By the way, has anyone noticed the sudden drop in complains about bad roads across the country especially in this travelling season?

aaronson: Its not about Economical Development But Economical Growth,yes we have overtaken SouthAfrica but an average nigerian still live below 1dollar per day....how can you equate that to the preached development when 90% of nigerians wallow in abject poverty abegi make una go sitdon

Why are people quick to analyze and criticize pointlessly? If you were ever in an economics class you will know that economic development is more masses driven than economic growth. What the post actually points out is economic growth not development. You just turned everything upside down. What's constitute economic growth is mainly GDP while economic development includes improvement in standard of living economic sectors, life expectancy etc.

So at the end of your post you made no sensible point. How can u say 90 percent live in poverty? Perhaps the people around you are so poor.

PHIPEX: That we are growing is not in doubt but anyone who says we are not developing is not truthful. Imagine where we were in 1999 and compare it to where we are today. My only problem is that the development side is too slow for my liking but certainly, we have made so much progress. By the way, has anyone noticed the sudden drop in complains about bad roads across the country especially in this travelling season?

Very, very Good Observation, @highlighted....#bullseye

These a just figures.

please dont compare us with south africans most of their blacks here are poorer than fish sellers at oshodi

I hear.. For book..

jfking2005: One guy fabricated the story, another guy in the publisher printed it and the others quoted it for Nairaland and media purposes.
this is what you see when there is no job for the youth.
In reality it does not tranlate to anything from an average nigerian persperctive because the last time i check dollar has not come down below 160, price of foodstuff is still high, looter and corruption has increase with impunity in the highest rate so far.
If you have not been to SA then continue to let them be fooling you,
pls ask those who have been there. What i am reading here is not what is actually on ground in SA,
Ask your self why is SA preventin Naija from entry these day??
God will help us to know the truth and 1 day it will set us free.

What are you saying?. Can't you comprehend?. What has SA preventing 9ja from entry gat to do with GDP for christ sake?. You are just lucky every nigerian is privilege to comment/talk/say nowadays. NBS just gave us our GDP and you saying its a lie but if it were the Whites that gave us that,you'll say GEJ is this GEJ is that.

Over sabi. You complaining abt dollar still 160,what have you done to reduce it? Abi u don't know U and I can be of help?. O le ma mo gan sef. Nothing is ever good in your type of peoples eye,nothing!!.

PHIPEX: That we are growing is not in doubt but anyone who says we are not developing is not truthful. Imagine where we were in 1999 and compare it to where we are today. My only problem is that the development side is too slow for my liking but certainly, we have made so much progress. By the way, has anyone noticed the sudden drop in complains about bad roads across the country especially in this travelling season?

Nice observation. Developmental projects needs to be faster, the slow rate actually makes people feel everything is still d same. But lastly, I look forward to a country where industries will wait @ campus gates to absorb fresh graduates in such a rate that unemployment will be so slim.

And is this good news?

Last I heard a few banks just sacked hundreds of their staff and Boko Haram just bombed somewhere in Borno.

Please give us another news jare

All thanks to my mother Ngozi O. Iweala for the workm GEJ till 2019

Akpangbon: Nigerians will start rubbishing this report. Mark it.

They are not rubbishing it. They are being objective with it

When nissan opens their manufacturing plant, everything will change. I'm picturing $900 billion in 2016

I'm an average Nigerian and I do not live below a dollar a day. Stop that lie now!

aaronson: Its not about Economical Development But Economical Growth,yes we have overtaken SouthAfrica but an average nigerian still live below 1dollar per day....how can you equate that to the preached development when 90% of nigerians wallow in abject poverty abegi make una go sitdon

kmariko: Nigeria’s economy largest in Africa as rebasing boosts GDP to $405bn

December 19, 2013 | Filed under: main story | Author: PATRICK ATUANYA

In about three weeks from now, when the National Bureau of Statistics (NBS) releases the rebased Gross Domestic Product (GDP) it will show that Nigeria has overtaken South Africa as Africa’s largest economy, which will have great economic and geopolitical implications.

This is according to emerging markets focused investment banking firm Renaissance Capital, whose team of analysts were in Abuja, over the weekend.

“We are revising up our estimate of Nigeria’s GDP by 53 percent. The NBS has nearly completed its work, and our new estimate is that a 45 percent to 60 percent uplift is likely, and we are taking 53 percent as the mid-point figure. We expect the data in January,” said Renaissance Capital analysts led by Charles Robertson, its global chief economist and head of macro strategy, in a research report released yesterday (Dec 18).

“This means Nigeria, at $405 bn in 2013 would be the largest economy in Africa, ahead of South Africa at around $370 bn.”

Other impacts of the rebasing include the possible reduction of growth rates to 5 – 6 percent from 6 – 7 percent, and an increase in GDP per capita to $2,400 from around $1,700, in essence moving Nigeria into middle income economy territory.

“Sectors that may show the biggest upward revision range from Nollywood to IT and telecoms, while we think agriculture will shrink from around 40 percent of GDP to 25 – 30 percent of GDP,” said Robertson.

The rebasing will show public debt shrinking to 13 percent of GDP from 20 percent of GDP. Public external debt would be below 2 percent of GDP, while the current account surplus may still be 5 percent of GDP which will leave the sovereign in a good position to borrow if needed.

According to Rencap “In a Fed tapering world, these revisions make Nigeria look good, but credit rating upgrades (Ba3/BB-) are likely to be constrained by the most competitive presidential elections Nigeria will have seen since democracy returned in the 1990s.”

The NBS is seeking to change the calculations of Nigeria’s GDP, using a new base year of 2010 to give a better indication of the size and composition of its economy.

Most governments overhaul GDP calculations every few years to reflect changes in output and consumption, such as telecoms, financial services and internet usage, but Nigeria has not done so since 1990 (about 23 years) suggesting that the previous GDP framework underestimated economic activity.

The numbers will have new implications for investors and the geopolitics of Nigeria’s place in Africa.

“We would be very surprised if recent and pending investment decisions are taken on the basis of the 1990 national accounts,” said FBN capital research analysts led by Gregory Kronsten, in a note released in August.

“The new GDP series will however be tracked by potential investors, such as suppliers of consumer goods and services,” Kronsten said.

Nigeria already hosts the second largest debt and stock markets in Africa, behind South Africa.

Its stock market is valued at $77 billion, while the secondary market bond trading volumes, ”certainly exceed those of Egypt and Morocco and represent around 20 percent of South Africa’s turnover,” according to Samir Gadio, an emerging markets strategist, at Standard Bank, in London.

Overall – Nigeria’s debt, budget and current account ratios will look among the best in Africa and in the emerging markets (EM), once the rebased figures are released, notes Robertson.

“We like Nigeria in the coming quarter – though we see domestic bond yields up a little, at around 13.5 percent on average. Nigeria is going to rise from 14 percent of MSCI frontier markets to around 20 percent in May 2014 which could attract equity investors wanting exposure to frontiers and/or Africa. We expect the NGN to remain at 160/$ until June 2014. But we are still nervous for the second half of 2014,” Robertson said.

By: PATRICK ATUANYA
Businessday 12/19/2013

Mtcheeeeeew, after all dis long story of gud economy in Nigeria, 1 US dollar = 159.3000 Nigerian naira, abeg how does dis gud economy rilly affect us gan gan, I won no?

boss1310: please dont compare us with south africans most of their blacks here are poorer than fish sellers at oshodi

lol

hmmmm ok

tippyboy:


Mtcheeeeeew, after all dis long story of gud economy in Nigeria, 1 US dollar = 159.3000 Nigerian naira, abeg how does dis gud economy rilly affect us gan gan, I won no?

drink garri

pDude: And is this good news?

Last I heard a few banks just sacked hundreds of their staff and Boko Haram just bombed somewhere in Borno.

Please give us another news jare

Ode. Does your Father pay his tax?(If he does,give me his tax payment number). What exactly has your father contributed to nigeria apart from bringing a child like you into Mother Nigeria?.

About sacking,its time for every graduate to think beyond working for anybody and start their businesses( every graduate wanna earn big only thinking of working for others).

About bombing,can you remember the bombing @ that marathon in America by those two brothers?. Every country with is own thorns and roses. So boy.shut the bleep up until you start making a diff in this country.

baba dey:

Ode. Does your Father pay his tax?(If he does,give me his tax payment number). What exactly has your father contributed to nigeria apart from bringing a child like you into Mother Nigeria?.

About sacking,its time for every graduate to think beyond working for anybody and start their businesses( every graduate wanna earn big only thinking of working for others).

About bombing,can you remember the bombing @ that marathon in America by those two brothers?. Every country with is own thorns and roses. So boy.shut the bleep up until you starting making a diff in this country.

Does your mother pay taxes? Ode oshi

Nigeria is in dire straits and you are talking about starting a business. Business my gwolor

I made a difference when I went to Adamawa and slaved away for more than 1 year during NYSC. I payed my dues to Nigeria back then. That is where my loyalty ended. Nigeria hasn't done shyt for me since then.

Mother Nigeria my long gwolor

just passing

Akpangbon: Nigerians will start rubbishing this report. Mark it.

Why should Nigerians rubbish the report as far as the Jonathan economic team are concerned this is the best to ever happen with the the looting now in the region of billion of dollars, dude no rubishing it celebrations time . Awon ole, Barawo !!

Theben:
And you believe that a country with over 80 percent of it's population owning atleast a mobile phone has an average of it's population living below a dollar per day? Even a mo.ron won't think like this.

Cellphones are now your criteria to judging poverty? For your info, most Nigerians live in rural areas, and majority of the people that live in those areas live in very deplorable conditions and are poor as dirt.

Go figure.

ISpiksDaTroof: Cellphones are now your criteria to judging poverty? For your info, most Nigerians live in rural areas, and majority of the people that live in those areas live in very deplorable conditions and are poor as dirt.

Go figure.

you obviously don't reside in Nigeria... pls just die

GOD BLESSS NIGERIA ! ! !

Nice! When power supply reaches 15,000mw, the Naija economy may become a $trillion one.

However, interest rates have to be brought down to around an average of 5%-10%for the economy to expand even further.

PHIPEX: That we are growing is not in doubt but anyone who says we are not developing is not truthful. Imagine where we were in 1999 and compare it to where we are today. My only problem is that the development side is too slow for my liking but certainly, we have made so much progress. By the way, has anyone noticed the sudden drop in complains about bad roads across the country especially in this travelling season?

Smone just asked an EXTREMELY Remarkable question/observation,and only 2 persons have acknowledged it:

By the way, has anyone noticed the sudden drop in complains about bad roads across the country especially in this travelling season?

Try to answer the question, if not openly then within. The Answer to these kinds of questions would led you to many other truths.....