Shame to Nigeria

tsdarkside:


hug-wash...cant you imagine that the south-africans are lying to demselves,the way we lied to ourselves??....

what realy belongs to them,in that hell-hole??...

Are you well? Did you even read the article? We didn't do a rebase it is an evaluation done by the IMF thus the report is not coming from South Africa. So how are we lying to ourselves? Hell-hole? Now that's funny.

By the way, why do Nigerians get their panties in a knot everytime GDP is mentioned? We don't care
about GDP unless it translate to service delivery at the grassroots, lowers unemployment, free tertiary
education, further infrastructural development and puts more money in our pockets. In any other way,
please take the biggest GDP in Africa title, WDGAD! As you have it right now it only serves you as bragging rights, nothing else.

All thanks to Mr Bubu.

RoyalPriesthuud:
You are the dullard here and you need to ask your parents for forgiveness because you obviously wasted the money they spent on your education. You couldn't comprehend the article, and you can't forsee what will happen to the economy if your major source of income(and major contribution to GDP) falls from about $80/b to around $39/b in the global market. It would have been the same if it were to be GEJ there, it's not rocket science, it's simple logic. It's not every time you analyze issues with 50 shades of sentiment.

GDP(GROSS DOMESTIC PRODUCT) FOR NIGERIA – 2010
Posted by in DATA & Statistics, Macro-Economic Data

GDP rose to N29,498,163.43 trillion in 2010. See percentage distribution below and download full report GDP ExpenditureReport 2010
Source – National Bureau of Statistics

ORDER GDP BREAKDOWN FOR NIGERIA 2010
1 Agriculture Contributed 40.84% to the GDP in 2010
2 Wholesale and Retail Contributed 18.70% to the GDP in 2010
3 Crude Petroleum & Natural Gas Contributed 15.85% to the GDP in 2010
4 TeleComm/Postal Serv Contributed 4.56% to the GDP in 2010
5 Manufacturing Contributed 4.16% to the GDP in 2010
6 Finance & Insurance Contributed 3.57% to the GDP in 2010
7 Building & Construc Contributed 2.00% to the GDP in 2010
8 Real Estate Contributed1.74% to the GDP in 2010
9 Business & Other Ser Contributed 0.90% to the GDP in 2010
10 Hotel and Restaurant Contributed 0.50% to the GDP in 2010
11 Solid Minerals Contributed 0.34% to the GDP in 2010
12 Others Contributed 6.83% to the GDP in 2010

Sorry but you are the dullard here. @the bolded, Oil is not the major contribution to our GDP, in fact as at last year,oil only contributed bout 15% to our GDP, Agriculture has been the major contribution to our GDP and it's contribution was growing drastically especially when we had Akinwumi Adesina as our minister of Agriculture. Oil is the major source of our foreign revenue and because it is not the major contribution to our GDP, it would make sense to put more efforts to boost other sectors that contribute to our GDP so they can also get us foreign exchange to by upgrading them to international standard so they can be exported, so you guys should stop this oil excuse, i'm not saying that the reduction in oil price won't have a negative effect on our economy but it would not have been this bad if Buhari had good economic policies and plans, he had 12 years to prepare for Christ sake, how do you have 12 years to prepare for a job and when you eventually get that job you don't know what to do, took 7 months to pick his team and left the country on auto-pilot, choose to peg the naira even though everyone advised him against that and that policy chased a lot of investors leading to people loosing jobs in the process, investing millions of naira to look for oil in the chad basin, does all these make sense to you? Even up till now, there is no clear economic plan that Nigerians can see and say ok,this suffering is only temporary and it will pass cos this govt. has a good economic plan, nothing like that and people are hopeless, he only just appointed his economic adviser....pls be objective in your critism and call a spade a spade.

whitebrown:
I am amazed how we just seem as Nigerians unable to get past pdp/apc, Jonathan/buhari. Most people knew that buhari was not the answer, still how does anyone sit back and watch the endless looting and reckless spending of the Jonathan admin. The period when global oil prices soared had nothing to do with the pdp government or Nigeria, it was in my words a 'jackpot'. It's no rocket science that it was not going to continue indefinitely. The question is what happened to all the revenue that came in at that period? Was electricity fixed? Were roads built? Do we now have a rail system even if it's to transport goods across the country reducing the impact of trucks on roads and their menace? What of hospitals? Is the infrastructure in our universities now better? What happened to all the wind fall of money.

Buhari is clueless and has a military style approach. All his ministers are too timid to stand for the truth. His spokesman adeshina something standing to be corrected on his name is not any better than fani kayode as he no absolutely no tact.

Question is: is it that difficult or impossible for us as a nation to look beyond these bunch of tired recycled politicians? Will young fresh minds who fully understand where the world is and where it's going ever be given a chance in Nigeria? Why is it that the present crop of politicians see governance as their family inheritance?
Do Nigerian politicians understand what it means to be a civil servant? Where is the willingness to truly serve the people. Is power and money that toxic?
They can continue to destroy Nigeria and send their children overseas, someday, they would realize that no matter what, their children would never lay claim to those countries. Generations always looks far away but it never really is.

God bless you dear, I said it during the election campaign and I will keep saying it APC=PDP, they are the same thing, we don't need any of them, they cant give us the change we want, we need fresh minds.

Blaming Buhari isn't gonna help nigerians. The truth is Buhari has exposed the LIE that you have been living for 2 years. Fake 418ed Gdp by Ngozi and Kale. The truth is coming to bite you now. We have been telling you this since 2014.

[b]South Arica regained its 2nd spot in July after Egypt devalued their currency. Even Egypt is doing the very same ting that Nigeria is doing, capping their Egyptian pound, its 8.88 to the dollar in the official market while in the black market is 12.25 pound. Currently they are going around shutting all the black market traders in a bid to have a pegged pound to be effective. You cannot manufacture the rate of your currency, once you do that, no potential investor will ever set foot in your country. Now Egypt wants help from IMF, and IMF has given them conditions to give them that Loan, one of it is to devalue their currency once again to reflect reality on the ground.

What I am trying to show you is that in reality, Egyptian and Nigerian economies are very small compare to the South African one. Example, lets take Nigeria total GDP of N94trillion and divide it by the black market rate which is currently at N405 to the dollar, N94000/405= $232BN, and take Egyptian pound 2400/12.25 = $196BN and the South African one R4000/13.28 = $301BN. You see South Africa is the largest economy in Africa by far in reality. But if you consider the partially floated Nigerian naira at 94000/320 = $294BN, smaller than that of SA and the Egyptian one will be 2400/8.88 = $270BN.

Therefor:

1. South Africa = $301BN

2. Nigeria = $294BN on official rate and $232BN for black market rate

3. Egypt = $270BN on official rate and $196BN for black market calculated rate

Hopefully it makes sense, but its a simple maths[/b]

By December Egypt will be the 2nd biggest economy in Africa and nigeria will be at 3rd position... Your 419ed economy is falling like DOMINOS. You 419ed each other in 2014.

AmenhotepZuid:
By December Egypt will be the 2nd biggest economy in Africa and nigeria will be at 3rd position... Your 419ed economy is falling like DOMINOS. You 419ed each other in 2014.

,@419