Vanguard (Lagos)
Nigeria: Economy May Out Grow South Africa's Economy By 2012 - Sanusi

25 October 2009

The Governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, has projected that the Nigerian economy will be bigger than that of South African by 2012. Sanusi said at the policy dialogue of the Nigerian Economic Summit Group on Friday in Lagos that his projections were based on the growth of the gross domestic products (GDP) of the two countries. The governor, who was visibly taken aback by the reaction of the audience, said: "I am the CBN governor, people should believe me and show some respect".

On the larger economy, Sanusi described as unfortunate the national economic growth without the manufacturing sector. He said that while the CBN remained disposed to a shift in lending to the manufacturing sector, "we will not support policies that will compel commercial banks to be exposed to the challenges facing manufacturing sector

The manufacturing sector is seriously challenged by the absence of power, tariff regime and policy that encourages dumping of foreign goods in Nigeria," he said. Sanusi, who singled out the nation's textile industry as the most challenged, said that the collapse of that sector exposed banks to huge non-performing loans.

funny indeed.nigeria is now atmosphere of miracles and sanusi the general overseer.

The Governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, has projected that the Nigerian economy will be bigger than that of South African by 2012.

This fellow is full of CRAP!!!

He should be removed as CBN Governor for that statement.

What pack of non-sense.

Why do we always believe ROME was built in a day?

The IMF(International Monetary Fund) predicts Egypt will take over from SA by 2013 and not Nigeria. Egypt is not experiencing a recession and its expected to grow larger than SA by 2013.

maxsiollun:

. . .The governor, who was visibly taken aback by the reaction of the audience, said: "I am the CBN governor, people should believe me and show some respect". . .

www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6 www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6 www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6

Poor sharia loving dude.

Beaf:

www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6 www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6 www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6

Poor sharia loving dude.

Nice one.

Its actually possible, only if they can fix the power problems. If Nigeria overcomes her power problem next year, (which i doubt, not that we cant, but lack of political will might not allow us solve this problem), by 2011 we would be meeting up with the biggest economy in Africa and the following year we would be flying, do not be deceived, Nigeria is a potential China in Africa, power is the only, singular issue to industrialisation in Nigeria.

Who was denying his governorship of the CBN?

Nezan:

Who was denying his governorship of the CBN?

Beaf

^
Abeg free me o!

this is such a joke.if not for sharia,would av said he was high on some eclectic liquor.
Nigeria is still struggling with provision of adequate power to its citizenry,little or no motorable roads,the list of infrastructural decay goes on,he is talking about aving a bigger economy than a country dat produces in a significantly large percentage most of what it uses in 2 years, as someone rightly said,naija is atmosphere for miracle n that dude is the G.O. he would soon recommend 2 years of dry fast n rigoous prayer session as the main economic plan to c us achieve this VISION

Yes indeed. Powered by diesel generators.

zillonnair:

Its actually possible, only if they can fix the power problems. If Nigeria overcomes her power problem next year, (which i doubt, not that we cant, but lack of political will might not allow us solve this problem), by 2011 we would be meeting up with the biggest economy in Africa and the following year we would be flying, do not be deceived, Nigeria is a potential China in Africa, power is the only, singular issue to industrialisation in Nigeria.

ABSOLUTELY!!!!!!
This is !100% correct. Give the people the opportunity and businesses will florish. If the so called goverment can channel most of its resources to this one thing, the sky will be the limit. THANK U ZILLONAIR

If the 6,000 MW pomised by Yar Adua translates into steady 24hr power supply, then it's possible.

cvibe:

If the 6,000 MW pomised by Yar Adua translates into steady 24hr power supply, then it's possible.

Nobody has started building anything, it is just promises as usual.

[size=14pt]Prepare your kerosene lanterns, 2013 is just two years away![/size]

I dont know about 2012 but its definately possible in the future.

cvibe:

If the 6,000 MW pomised by Yar Adua translates into steady 24hr power supply, then it's possible.

Is the 6000 MW for Lagos or the whole country, WTF is that??

Nigerians are too pessimistic! Haba!!!

6000MW by Jan 2010 is very possible.

Only a fool will be doing same thing, and expect a different result. . . what has he done that is different from all his predececors, i guess he just hope he can sit on the mat and pray and wallaaaaaa, everything has changed.
These guys are comedians.
I think someone needs to tell this dude that, you dont demand respect, you earn it.

This people don't seem to surprise me anymore. Talk is cheaper than producing it. Sanusi will roast in hell just mark my word.

the world is obviously coming to an end. Indeed it is an atmosphere country for of miracles. Are Nigerians actually dafts of visibly look like one. How can we be taken on such wild speculative ride? a minister in deed! These are kind of utterances that make the entity Nigeria rediculous before developed objective and analytical civilizations. Little wonder his audience were dumbfounded. They knew they were not in the church, albeit. christ embassy.

zillonnair:

Its actually possible, only if they can fix the power problems. If Nigeria overcomes her power problem next year, (which i doubt, not that we cant, but lack of political will might not allow us solve this problem), by 2011 we would be meeting up with the biggest economy in Africa and the following year we would be flying, do not be deceived, Nigeria is a potential China in Africa, power is the only, singular issue to industrialisation in Nigeria.

Even with the power problems resolved (which isn't possible by 2010 anyway, since you would want to look at legislation towards liberalizing the sector, getting operators to come on board, plant rollouts, etc, etc), where is the industrial base going to come from?
There is a global crisis out there. Asides that, our corporate image will need some serious repairing, not that embarrasing effort from Dora. 2012 is round the corner. Come on.

On a lighter note, pundits are predicting the end of the world as we know it on the 21st December 2012, according to Nostradamos' predictions. Maybe it'll take a cataclysmic event of those proportions to even out the score, no?

i pray dey can meet the 6000mw by jan 2010.it would atleast,if not anything, show dat the government can meet a set target.
however,they should be reminded that the country he is predicting to surpass is generating about 40000MW now n is already working towards doubling this so as to further drive its economy.

hmmm . . we pray so.

it is possible but not in 2012 and not under YARDULL and SANUKI

maxsiollun:

The governor, who was visibly taken aback by the reaction of the audience, said: "I am the CBN governor, people should believe me and show some respect".

CLASS STAND! GREET!

If the 6,000 MW pomised by Yar Adua translates into steady 24hr power supply, then it's possible.

This must be a joke.

It is not possible in 20years for Nigeria economy to outgrow South Africa.

SA uses 17million MW and Nigeria uses only 3,000MW.

How do Sanusi/Yaradull plan to raise 17,000,000MW in 20years?

OBJ spent $16billion in 8years and produced only 3000MW

These guys in Government have no CLUE!

Why is Sanusu comparing Nigerian's economy with South Africa. I tried purchasing some items online (South African websites) and after filling my tray, my request for denied since according to them, they cannot ship to Nigeria. See, even South Africa is behaving like Europe and America.
I believe we can change the way our economy is gradually but anyone who fixes a date or a particular year is a dreamer, hence Sanusi is a dreamer. 2012 you say, wake up Sanusi, like my fellow Nairalanders say, why not start with constant power by 2012 and the economy will pick up on its on.

Sanu-fever, after turning EFCC to debt recovery agency, do you want to turn Nigerians to time keepers (lets watch and see 2012 come and we will still be talking about Nigerian economy)
WAKE UP SANUSI, I SAY WAKE UP, YOU MUST BE DREAMING

Nigerias economy is bigger than South Africas economy right now. South africa only have better logistics to steer there own around.