Omo_Tier1:
It is obvious you have nothing to contribute to this thread and lack the intellectual sagacity to counter the damning evidence that prove otherwise the falsehood you attempted to spread about your puppet and corrupt GEJ and His backward government.

BluIvy:

Ok Mr, I thought you had an iota of brain in your had. If you knew I have been on this forum for a while people know I am a proud Batswana girl. Now coming to what you have said. You are trully deluded if you think you will ignore the world on your economics. Sorry wrong olodo! Continue to decieve yourself with pleasure. I know you were claiming that any person was working below you. Maybe a sweeper lol. Goodbye mr UK OGA on the top! What a joke!

Red-Light:

botsawana

*rushes to google to check their gdp*

WTF Botswana GDP - 14.41 billion

damn! even dangote could buy that freaking nation
botsawana also wants to show muscle

manny4life:

Let me guess, it's you who has the intellectual capacity to understand the topic? Don't hate the player, hate the game. What I don't understand is why you're bent on making a foool of yourself, when someone is intellectually bereft, what do you do? Exit immediately, but you're doing the opposite, that speaks much of your intelligence. Your brain haven't interpreted so far that I'm making a foolll of you, when relevant posters arrive, I will contribute but for now, you're irrelevant, and I don't have time for you because you're blowing hot air, and nothing else.

manny4life:

Your problem is you're retarded, your own has no limit, you know I'm intellectually bereft and shallow, yet you seek my attention, who's the shallow and idiotic person?

Dude, seat down \___________ and STFU.... aight

Omo_Tier1:
Hehe.. this one is on the road to suicide before December 25th! Stick to thread and stop spreading falsehood then you would not have people like me blowing you the truth right in your face!

tosan200:
Educate yourself.

BluIvy:

Look my nails are to long and I typing on touch screen so at least you get what I am saying.

all4naija: Where are my South African Zulu brothers to contest the validity of this re-base information?

manny4life:

Where did this one crawl out from?

Okay, you've been noticed... Now have a seat.

toluene12:

Its too early to say nigeria now has the largest economy in africa. As at 2011 SA has a gdp of around $400 billion and at a growth rate of 3%, they should be above 405 billion. Their last estimate pegged it at $411 billion. Lets wait for the official report b4 we conclude.

tosan200:
That's the problem with you people , you are just exhibit king your ignorance on this forum. You made a mistake, just accept it and move on.

toluene12: This issue of poverty level, based on $1 per day had been explained on previous thread.
That figure is a relative term and nor absolute. Its the total income of the work force in a country divided by the nation's population OR total household income divided by number of people in the family. If its less than $2/day then the family is deemed poor. e.g if a man earns #30000/month and has a family of 1 wife(not working), 3 children and an elderly, they all live below the poverty level. Thats how they came about the 45% of nigeria living below poverty level. Its nothing personal against nigeria.

Concerning the rebased gdp I think its expected since previous gdp didn't account for the informal sector which is where the real growth of our economy lies. The nation isn't producing jobs so alot of youths are taking succour in trading, artisanship, transport and various semi-skilled labour, thus that sector is actually growing.
The agricultural sector constitute 40% of gdp and employs 30% of work force so its not out of place to say significant number of nigerians live in rural areas. In fact, apart from lagos and some 5 states plus abuja, other states in nigeria are more or less rural areas, thus i can safely conclude 70% of nigerians live in rural areas.
And please stop using phones to determine wealth. Mobile phone is now deemed a neccessity and not a luxury/want.
Back to our gdp; Nigeria has enjoyed trade surplus and an average growth rate of 7% over the last 15 yrs, the bane of our stunted development is mismanagement and lack of foresight by our public office holders and this administration is no exception.
If we had been serious with our economy and done the right thing, some of those jobs, factories and IT firms that were outsourced to china and india would have come to nigeria. We have the land, abundant natural resources, skilled human resources, cheap labour, young workforce, a large population, a huge market with strong apetite located strategically in africa. We have what it takes to attract foreign direct investment. By now we will be talking of a gdp around $800 billion or even 1 trillion, but alas we messed it up and we're all paying for it.
We have a growing jobless economy that is heavily oil dependent. Oil makes up only 11% of our gdp yet constitute 95% of our export earning and 85% of govt revenue. No successive govt has make any serious effort to stimulate potentials in other sectors of the economy to generate jobs and revenue. It has always been about oil.
Apart from civil service, political patronage, few upstream sector and informal sector, no other sector is employing. The indians, chinese and lebanese controls our manufacturing sector and the last thing u wish for is to work for those people. The service sector is shedding more than it employs - thus the 25% unemployment we have in the nation.
However, its never too late. When u dig a hole and u fall inside the next thing to do is to come out. Lets hope jonathan and his economic team gets it right and hopefully give us some REAL fresh air not the one we see on paper.
finaly, Its too early to say nigeria now has the largest economy in africa. As at 2011 SA has a gdp of around $400 billion and at a growth rate of 3%, they should be above 405 billion. Their last estimate pegged it at $411 billion. Lets wait for the official report b4 we conclude.

tosan200:
That's the problem with you people , you are just exhibiting your ignorance on this forum. You made a mistake, just accept it and move on.

Omo_Tier1:
You believe that one is from Botswana? If you knew any black South African, then you would know by her letters that shes not a botswana!

BlackBaron:

In other words, India is your benchmark as to why our economy is growing on paper whilst other indices show little to no improvements. [LOL]

Besides, India is not the world's 3rd largest economy. [Depending on whom you choose to quote]

Why didn't you pick China in your like for like comparison seeing it is the biggest economy in Asia?

Omo_Tier1:
You are not Botswana, you black South Africans always hide under the identity of other black nation due to your inferiority complex. I have supervised Botswana PhD students and the way you write gives you away as a very unlettered black South African.

Be proud of where God has destined you to hail from bodily and stop claiming to be some elsewhere. Every where in the world I have been, I represent Nigeria and I show them what Nigeria ought to be like if we had true and purposeful leadership.

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.

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.

BluIvy:
I gattta comment on this shiiiut. Fvvvck all those who will tell me this is NL, Its NL right but do not mention others countries in your bullshiiiting celebrations. How can SA a welfare State be poorer than Nigeria a negletfull state?

South Arfican children get almost 5000naira a month each, if you have four kids thats 20000 naira from the government. If you have kids adopted the get 10,000 naira each with out the salaries of the guardians. People with TB or HIV get almost 10.000naira a month. Now the government there is about to introduce Youth unemployment wage. Unless you want to remain dummmbooos celabrating lies, how can SA people be poorer than you all typing on here? Let truth be told you are drunk with your own deluded poverty struck minds.

I am out!

TerryCarr: cell phones are not special no more

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

Omo_Tier1:
Is it any surprise that even in the times of yuletide your insanity knows no bound? You are too intellectually deficient not to have realized that the GDP of Nigeria grew at accelerated rate from 1999 to 2007 and I am sure your Jonathan was still learning how to steal from local government council allocation then.

That you even thought Nigeria's economy in 1999 was a mere $59bn shows how innately daft you are.

Nigeria today is still reaping the painful economic reforms Obasanjo initiated that brought about liberalization of the economy. The GSM alone brought about creation of millions of jobs and so many Nigerians just by selling re-charge cards made fortunes and improved their lives.

So don't be so daft to attribute the success of the dogged spirit of Nigerians to your puppet corrupt master in aso rock.

BluIvy:

Mr do not spew your dreams trash based rubbish. The fact remains they are welfare states and Nigeria is not. They feed their poor whether in your dreams they will bomb out. Please Nigeria has been coming for the better half of the 21st century, they are still not there. You all continue to pour out like sickness induced vomit to get to other countries to make better life. So lets talk when they are bombed out for now, SA cannot be be more impoverished than Nigeria.

You must learn to answer to the question and not go on a tangent. You will be a certified failure in life if you continue
with answering what you jave not be asked! Olodo
By the way resiliance my azz, no investor choose a country to invest in based on resiliance but on how the government takes care of its citizen. No one wants starving workers who going turn and steal from his company to survive.

Kairoseki77:

South Africa has 40 million people while Nigeria has 170 or so million.

If our GDP is EQUAL to SA, we can not be richer.