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Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) - Politics - Nairaland

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Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Dollyak(f): 4:22am On Jun 23, 2015
The GDP of the entire nation of Nigeria, the largest economy by far in Africa, currently is about N130 trillion naira(about $594 billion US dollars)(Wikipedia, list of African countries by GDP(nominal)). The Southwest, one of the six geopolitical regions of Nigeria, has an estimated GDP of about N67 trillion naira( about $305 billion US dollars), more than half of the GDP of the nation.

By my estimates, the Southwest region was the third largest economy in the continent of Africa n 2014! This must be a shock or a pleasant surprise to many people!

But the governors in the region have not adopted a robust revenue generating strategy to tap into the resource base of the region. Taxation of the poor and lower middle-class people is a bad strategy which does not reflect a global best practice. The poor have a greater propensity to spend than the rich, so a taxation of the poor is counter-productive as it eliminates the boost to the economy that their spending provides.

Taxation of the rich, middle-class, and upper middle-class, but not the poor, is a global best strategy to raise revenues for the operation of government, the provisioning of infrastructures, robust security apparatus, and social security services that benefit everyone: the rich, the poor, and the disadvantaged in society. Fortunately, there are millions of rich people living in the Southwest: naira millionaires, multi-millionaires, billionaires, and trillionaires available to be taxed.

If the governors of the Southwest had adopted a comprehensive income taxation for revenue as their strategy in 2014, they could have raised N13 trillion naira from a progressive income tax range of 0% for the poor, to up to 30% for the rich: ten times more than the N1.3 trillion naira raised last year!

The combined budget-to-GDP ratio of the states in the Southwest in 2014 was abysmally low, about 2% compared to about 40% in many advanced nations of the world. For the sake of argument, a budget that is 40% of the GDP of the Southwest is approximately N25 trillion naira. This is about twice the budget realizable from using a progressive tax bracket of 0% to 30%.

If the enhanced income-tax-based revenues are spent appropriately, the Southwest will become a prosperous region with robust infrastructures, full employment, improved security, and a world-class social security service.

It is widely accepted (on nairaland) that many governors of the Southwest have reasonably performed well. If they had tapped the hidden resources of the region, their performance would have been elevated to outstanding and transformational! We wonder why policies that would have made a difference in the lives of the majority of the people, such as progressive income taxation, had not been vigorously pursued and implemented. Income taxation will also diminish godfatherism and empower the people while swelling the coffers of governments in the region.

With abundant revenues through income taxation, the Southwest will be in a position to stop accepting monthly oil revenue distributions from the center, but be able to partner with Abuja and other state governors in joint projects of mutual benefit that will drive the economic growth of the nation.

The question that must be asked of the governors of the Southwest is this, are they aware that the great book says, for whom much is given much is required?

So much has been given to the region by the grace of God. So much then is required of the Southwest governments. The governors in the Southwest have an obligation not only to take care of the welfare of their residents but to also drive the socio-economic growth of the nation.

In conclusion, to the people of the Southwest, the third largest economy in Africa, ask not what Abuja can do for you, but ask your governors to:

1. Tax the peoples' incomes, a global best practice, using a progressive tax rate from 0% to 30%.

2. Use the revenues from the income tax to fund government operations, build, monitor, and maintain physical, security, health, education, and research infrastructures, and to provide services and social security to the people. As he who pays the piper dictates the tune, politicians will be compelled by the income tax payers to shift their allegiance from godfathers to the people. This will end godfatherism as the dominant factor in politics in the Southwest.

3. Promote exports and the tourism industry.
4. Work cooperatively with the private industry, research and development centers, and the tertiary institutions in the region.

5. Promote regional integration through intra-regional partnerships and engage in mutually beneficial ventures with Abuja and other governors in other regions.

6. Stop accepting the monthly oil distributions from Abuja from 2016, as this is the root of corruption in Nigeria. To curb corruption in the Southwest and elsewhere in Nigeria requires pulling up the root of corruption in Nigeria by ending the shameful exploitation of the minorities in the oil producing states.

http://m.thenigerianvoice.com/news/172621/1/to-the-people-of-the-southwest-the-third-largest-e.html

10 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by oluwafemi113(m): 4:50am On Jun 23, 2015
Not by our power




Is the Lord doing

16 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by thegoodone2(m): 4:58am On Jun 23, 2015
Let me booked a space now.
Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by hakeem4(m): 5:00am On Jun 23, 2015
Where are the south easterners

4 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by haffaze777(m): 5:11am On Jun 23, 2015
let me through with my sahur first before I comment lipsrsealed
Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Rilwayne001: 5:19am On Jun 23, 2015
God bless SW

Make I wait here for haters to come.




CSTR2:
The same SW region with the most poverty in the south comparable only to the north by every single economic analysis.
GDP my foot.
GDP that can't pay salaries.
BuddahMonk:


Oshogbo Toad, big economy does not translate to high standard of living.
Nigeria economy is bigger than those of UAE, Qatar, Seychelles, Mauritius and Kuwait etc but how are the citizens faring.

The number of beggars in Ibadan alone exceed the number of beggars in the entire Eastern Region combine.
CSTR2:
Even the so-called big economy is powered by the FG built lagos port which is ran by Nigerians from other part of the country.
We all know the SW as a region is not that entrepreneural to drive such an economy.
The likes of osun, ekiti, oyo , ondo is a testament to the naturally laid back nature of the SW as a people.
Abegi is it Lagos abi SW? Take away Lagos state let's see what the other 5 states contribute

Is lagos in NW??

25 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by leke12(m): 5:19am On Jun 23, 2015
Southwest, the only region that has all it takes to be self determine.

6 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Rilwayne001: 5:21am On Jun 23, 2015
hakeem4:
Where are the south easterners
Biafrans?

6 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by CSTR2: 5:23am On Jun 23, 2015
The same SW region with the most poverty in the south comparable only to the north by every single economic analysis.
GDP my foot.
GDP that can't pay salaries.

23 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Nobody: 5:28am On Jun 23, 2015
hakeem4:
Where are the south easterners

Oshogbo Toad, big economy does not translate to high standard of living.
Nigeria economy is bigger than those of UAE, Qatar, Seychelles, Mauritius and Kuwait etc but how are the citizens faring.

The number of beggars in Ibadan alone exceed the number of beggars in the entire Eastern Region combine.

26 Likes 2 Shares

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Dollyak(f): 5:35am On Jun 23, 2015
BuddahMonk:


Oshogbo Toad, big economy does not translate to high standard of living.
Nigeria economy is bigger than those of UAE, Qatar, Seychelles, Mauritius and Kuwait etc but how are the citizens faring.

The number of beggars in Ibadan alone exceed the number of beggars in the entire Eastern Region combine.
To be fair, it is also worth noting that SW contribute far more than what they get back from the federal government(second only to SS).
You guys often overlook these things.

24 Likes 1 Share

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by haffaze777(m): 5:35am On Jun 23, 2015
Rilwayne001:

Biafrans?
they are on sabbatical leave,they will soon show up wif dia hatred
Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by bogolobango(m): 5:36am On Jun 23, 2015
PROUDLY SOUTH WESTERNER


LALASTICALA FP OOH

DAKUN

4 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by micolaj: 5:36am On Jun 23, 2015
These are huge potentials laying idle in the Southwestners bank.Come to think of it, I think we are not that united i.e having common view when it comes economic or developmental matters and planning.Before we can realise our dream of becoming economic and infrastructural juggernault of Africa. We need some basic things.Unity in formulation of policies, a visionary regional leader e.t.c.
Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Seunn11: 5:37am On Jun 23, 2015
BuddahMonk:


Oshogbo Toad, big economy does not translate to high standard of living.
Nigeria economy is bigger than those of UAE, Qatar, Seychelles, Mauritius and Kuwait etc but how are the citizens faring.

The number of beggars in Ibadan alone exceed the number of beggars in the entire Eastern Region combine.

And Ibadan is bigger than the entire southeast combined together. And saner, too.

21 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by CSTR2: 5:38am On Jun 23, 2015
BuddahMonk:


Oshogbo Toad, big economy does not translate to high standard of living.
Nigeria economy is bigger than those of UAE, Qatar, Seychelles, Mauritius and Kuwait etc but how are the citizens faring.

The number of beggars in Ibadan alone exceed the number of beggars in the entire Eastern Region combine.
Even the so-called big economy is powered by the FG built lagos port which is ran by Nigerians from other part of the country.
We all know the SW as a region is not that entrepreneural to drive such an economy.
The likes of osun, ekiti, oyo , ondo is a testament to the naturally laid back nature of the SW as a people.

13 Likes 2 Shares

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by CSTR2: 5:41am On Jun 23, 2015
Seunn11:


And Ibadan is bigger than the entire southeast combined together. And saner, too.
With the rate of ritual killings and omo-onile wahala there?
I seriously doubt that.
There is no SW state that is as sane and well-planned as enugu.

11 Likes 1 Share

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by edo3(m): 5:41am On Jun 23, 2015
.
Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by tintingz(m): 5:46am On Jun 23, 2015
The greatest south-west.
Haters be hating.

2 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by jaysniggs: 5:52am On Jun 23, 2015
This is not surprising, but one thing is surprising.
The surprising thing is how the region has been churning out leaders with low leadership skills, inability of them to think and make things right!
No one expected that the standards of the South West could drop sharply, but it did all because of "Bad Leadership".

Federal allocation has made them all lazy, they don't wanna work and they don't wanna think.
We now have a set of pot bellied morons with stupid reading glasses to represent us but in the real sense of it the gluttons represent themselves and families.

Why not go back to Cocoa production?
With the amount of land we have here in the South West, we can generate so much income from selling cocoa locally and exporting it.

Imagine a region with the highest concentration of humans, think about what we can do if that population is channelled into grandscale labour?

But no, its just unfortunate.
I wish I can have a one on one chat with Governor Ajimobi, Aregbesola, Fayose.

8 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by cktheluckyman: 5:52am On Jun 23, 2015
Abegi is it Lagos abi SW? Take away Lagos state let's see what the other 5 states contribute

14 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Sweetguy25: 5:53am On Jun 23, 2015
Stop accepting the monthly oil distributions from Abuja from 2016, as this is the root of corruption in Nigeria. To curb corruption in the Southwest and elsewhere in Nigeria requires pulling up the root of corruption in Nigeria by ending the shameful exploitation of the minorities in the oil producing states

They wont dare

6 Likes 2 Shares

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by carnegiefan: 5:57am On Jun 23, 2015
So why are you people attacking secessionists as if they will be leaving with something you cannot survive without?
This "news" here can only mean either (1) that your so called GDP is basically stolen from elsewhere, or (2) that the figure is a figment of your illusions.
How I wish these figures are true and totally self-sustaining, and that you support Biafra secession, that way you can even develop further.
Good luck with your self deceit.

9 Likes 1 Share

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Udmaster(m): 6:03am On Jun 23, 2015
NONSENSE! why is the level of poverty and beggers so high in the south west?.
The Blessed South East have the highest number of middle class families and is the least poor region in Nigeria in the poverty survey by the Nigeria Bureau of Statistics.
btw Igbos are the biggest users of Apapa seaport and pay up to 60% of Lagos tax.. Without Igbos, Lagos IGR will drop..

17 Likes 2 Shares

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by carnegiefan: 6:09am On Jun 23, 2015
Udmaster:
NONSENSE! why is the level of poverty and beggers so high in the south west?.
The Blessed South East have the highest number of middle class families and is the least poor region in Nigeria in the poverty survey by the Nigeria Bureau of Statistics.
btw Igbos are the biggest users of Apapa seaport and pay up to 60% of Lagos tax.. Without Igbos, Lagos IGR will drop..

Which is why they hate Biafra with a passion.
It is called self preservation, the oldest human instinct. I understand that, but they should just stop lying.
Fraud and lies are the twin brothers that will disintegrate Nigeria.

8 Likes 1 Share

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by tolu4you: 6:10am On Jun 23, 2015
This is not a news, i have known this tete

1 Like

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by IsraeliAIRFORCE: 6:14am On Jun 23, 2015
I beg to defer and can say with every certainty that this analysis has no basis hence null and void.

It may interest you to note that I said the same when Aregbesola came up with premature analysis on how Osun State don't need Federal Allocation to pay salaries.

Don't forget my analysis on the thread where Osun State 2015 year budget was dissected and I described it a complete failure before it was even signed into law

I also disputed as academic exercise most Southwest fictitious annual budgets made on illegal assumption of revenues that can only attain 40% execution with exemption of Lagos State.

I am not disputing the position of Southwest GDP in Nigeria rather the figure attached to it is false and an aggregate of assumptions and lies made on papers when compared to certainty on ground.

Can you imagine every Southwest with exception of Ondo State churning out Budgets they know are unrealistic and unattainable every year just to showcase superiority on papers?

18 Likes 5 Shares

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by bogolobango(m): 6:14am On Jun 23, 2015
Good i love ur point
Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Nobody: 6:20am On Jun 23, 2015
Remove Lagos from that equation and let's see how the "south west" fairs

3 Likes 1 Share

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by soulhighman(m): 6:23am On Jun 23, 2015
Before I opened this thread, I knew the chest beaters would invade it with their jealousy and hatred filled comments.

4 Likes

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by Udmaster(m): 6:25am On Jun 23, 2015
carnegiefan:


Which is why they hate Biafra with a passion.
It is called self preservation, the oldest human instinct. I understand that, but they should just stop lying.
Fraud and lies are the twin brothers that will disintegrate Nigeria.
oh yes! If all Igbos leave Lagos. The IGR will CRASH and up to 65% yoruba civil servants will lose their jobs because of it..

1 Like

Re: Southwest Nigeria-third Largest Economy In Africa(ideas For More Prosperity) by ShineuEye: 6:28am On Jun 23, 2015
Remove our oil from the equation and SW would be like their brothers in Rep of Benin. Biggest economy my a.z.z, you people have leeched us dry, start planting cocoa lets see you people stand on your own two feet rather than relying on our resources.

6 Likes 1 Share

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