I strongly do believe that it is doable given the huge and untapped resources that abound,yet the major challenge remains how to steer these potentials into concrete economic reality which is within our reach if only we could muster the expected political will

Aloy~Emeka:

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

you say?!!

back2back:



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!

FALSE!!! Please can we at least have discussions based on sound information? SA has a generating capacity of about 40,000 MW not 17 million. Come on. I doubt any single country in the world generates up to that. I would like to believe that was a typo.

I don't think Yar Adua would be stupid enough to postulate that 6000MW can sustain industries. Perhaps the 6000MW target is just for domestic consumption.

It doesnt matter if Nigerian GDP outgrows South African GDP. Infact, the difference is only about $120bn. What matters is that living standards are getting worse for the common man, whilst living standards improve in South Africa. There is no point beating our chest and saying we can outgrow South Africa, when we have a much larger population than them. GDP is generally supposed to be positively correlated to living standard, but in Naija, it is negatively correlated. As our GDP goes up, our living standard falls.

In essence, Sanusi's estimation is not a blind one. Our GDP has doubled in the last 4 years alone. The question is, have we seen any benefit on ground?

Beaf:

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

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

ROflmao!!!

What is the meaning of economy growth when the millions and millions of people are suffering.

Obviously, he is basing his assumptions solely on the Gross Domestic Product. If that is the case, then it is probably doable. However, a strong economy is more than just numbers on a paper.

I am presently in South Africa, and most South African business moguls beleive exactly what Sanusi has said- they are not fools, they know what is happening in Nigeria, they are ready to invest in Nigeria, while the loud mouth, lazy Nigerians prefer to talk down their own country.

back2back:



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!

What clue do you have apart from saying the man is lieing? Is electricity the same as economy? Nigerians do reason awkwardly.

Instead of Nigerians to have intelligence to build rockets, and make meaningful contributions to society with thei intellect, the intellect they have is to talk rubbish on the pages of the internet and talk rubbish about their country as if that is what they have been sent to the world to do, bull crap people.

hey guys, what is it with this sharia thing used to describe sanusi, if you guys are this tribalistic and use religion to judge then i guess you all are as brainless as him, not saying you are brainless o but if you judge people like that then am soo scared of everybody in this country.

Now back to the post, what the hell does he mean by he is the cbn governor and he deserves some respect Can someone please tell this cbn governor that we respect is earned and not deserved? Also Nigeria's economy should not be compared to that of South Africa, we should be struggling to get to Ghana's level (sadly) before mentioning that of South Africa.

@sHAWN

And on what have you based your talk on? or a usual meaningless Nigerian rant?

shawn123:


Now back to the post, what the hell does he mean by he is the cbn governor and he deserves some respect Can someone please tell this cbn governor that we respect is earned and not deserved? Also Nigeria's economy should not be compared to that of South Africa, we should be struggling to get to Ghana's level (sadly) before mentioning that of South Africa.

Its only sit-at-home Nigerians like you that believe all they see on the internet.

Sanusi only said that Nigeri'a economy can be bigger than that of South Africa. He said nothing about the standard of living neither did he talk about power generation. I completely agree with Sanusi - Infact Nigeria's economy can be bigger than the economies of all the nations in Southern Africa if we implement our many good policies and reduce corruption.
And by the way, I dont think Ghana's economy is bigger than that of Lagos.

shawn123:

hey guys, what is it with this sharia thing used to describe sanusi, if you guys are this tribalistic and use religion to judge then i guess you all are as brainless as him, not saying you are brainless o but if you judge people like that then am soo scared of everybody in this country.

Now back to the post, what the hell does he mean by he is the cbn governor and he deserves some respect Can someone please tell this cbn governor that we respect is earned and not deserved? Also Nigeria's economy should not be compared to that of South Africa, we should be struggling to get to Ghana's level (sadly) before mentioning that of South Africa.

Ghana's level in what sense? In economy?

Ghana is nowhere near Nigerias economy. In economic terms, when they talk about economies growing or contracting, they are talking solely about GDP. Yeah Ghana may have a better standard of living, perhaps a better GDP per capita, but their economy is certainly nowhere as big as ours. Like someone said, I doubt whether Ghana's whole economy is as big as Lagos sef. 

LOL

Sanusi noise maker

Ibime:

Ghana is nowhere near Nigerias economy. In economic terms, when they talk about economies growing or contracting, they are talking solely about GDP. Yeah Ghana may have a better standard of living, perhaps a better GDP per capita, but their economy is certainly nowhere as big as ours. Like someone said, I doubt whether Ghana's whole economy is as big as Lagos sef.  

I think economists have always contibuted immensely in bringing down this project called Nigeria with all these rhetorics. What use is a "BIG" economy and "BIG GDP per capita" when it does not in any way translate to better living standards.

Oh I think I am begining to understand this vision 2020:20 better now. Its all about a big economy of unequitably distributed income , where we will produce many more copies of  Bode George, Tony Anehne et al, while living standards keep deteriorating.  

na_so:

Its all about a big economy of unequitably distributed income , where we will produce many more copies of  Bode George, Tony Anehne et al, while living standards keep deteriorating.   

hehehehe. . . . were you not the one supporting Erastus Akingbola and Cecelia Ibru them. . . . whats the difference between them and Bode George?. . .they are all thieves. . . . .certainly, a big economy means nothing if Govt monies are swindled by politicans. . . .I suspect a large portion of Nigerias GDP comes from Government spending . . . . if the Government spending truly filters down to the people, then as our GDP grows, we should have better standard of living. . . . . but as we all know, what we classify as "Government spending" in our GDP calculation is actually a false figure because all those monies are diverted to foreign accounts.


One thing I would add though, is that anyone (Sanusi included) attempting to predict the size of the Nigerian economy in 2012 without being able to predict the price of a barrel of oil in 2012 is engaging in an exercise in futility.

Ibime:

hehehehe. . . . were you not the one supporting Erastus Akingbola and Cecelia Ibru them. . . . whats the difference between them and Bode George?. . .they are all thieves. . . . .certainly, a big economy means nothing if Govt monies are swindled by politicans. . . .I suspect a large portion of Nigerias GDP comes from Government spending . . . . if the Government spending truly filters down to the people, then as our GDP grows, we should have better standard of living. . . . . but as we all know, what we classify as "Government spending" in our GDP calculation is actually a false figure because all those monies are diverted to foreign accounts.

Not supporting Sanusi expecially his procedure which look highly prejudiced does not automatically translate to support for Cecelia and Akingbola.

I never posted anything here to defend their personalities , however I believe it is only normal to ask sanusi questions when a fair appraisal of the process of the bank "cleansing " so far makes it almost impossible to be silent.

Afterall CBN just confirmed that Unity bank only has liquidity problem but not distressed.

Me think this dude is paranoid!
He talks of eldorado while he lives in sodom
Economy growth or expansion is a function
of systematic policy initial and implementation.
I think He meant to say our economy might not recover from
the shock of his rash decisions.

tosh_acer:

@sHAWN

And on what have you based your talk on? or a usual meaningless Nigerian rant?

Nigeria cant say what they are capable of

idiots, they should ashamed competint with south africa. we are not fools sanusi, tell us the truth,else u will perish!!!!

MOST NIGERIANS ARE IDIOTS ON NAIRALAND, I REPEAT IDIOTS!!

Nigerian economy will be the largest in Africa in 3-5yrs, (maybe before then), dont believe me?, check the link below,

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

Nigeria currently has about the 40th largest economy in the world, (WORLD!!), for those of u idiots that cannot appreciate anything good about your country, now if u look at the link i provided u will see that all it will take for NIgeria to surpass South Africa is to grow at a mere 5% for the next 3yrs compounded and we are the largest,
For long term growth estimates check this out from IMF and Goldman sachs,  It shows estimates for 2008, 2025, and 2050,
stay there and be yabbing your country while others plot on how to come and make millions here, nonsense people


BRIC in future/ IMF and Goldman projections
Estimatives to 2050 largest nominal GDP.

The top three charts list the top 22 countries by nominal GDP for the years 2008, 2025 and 2050 respectively. The bottom two charts list these 22 countries by nominal GDP per capita (the rankings for these bottom two charts do not reflect the GDP per capita for all the world's countries). BRIC countries are highlighted and labeled in bold.


Gross Domestic Product (nominal) [2008][15] Rank ↓ Country ↓ GDP (in US$ millions) ↓
1 United States 14,264,600
2 Japan 4,923,761
3 China 4,401,614
4 Germany 3,667,513
5 France 2,865,737
6 United Kingdom 2,674,085
7 Italy 2,313,893
8 Russia 1,676,586
9 Spain 1,611,767
10 Brazil 1,572,839
11 Canada 1,510,957
12 India 1,209,686
13 Mexico 1,088,128
14 Australia 1,010,699
15 South Korea 947,010
16 Netherlands 868,940
17 Turkey 729,443
18 Poland 525,735
19 Indonesia 511,765
20 Belgium 506,392
21 Switzerland 492,595
22 Sweden 484,550

Gross Domestic Product (nominal) [2025][16] Rank ↓ Country ↓ GDP (in US$ millions) ↓
1 United States 20,087,000
2 China 18,437,000
3 Japan 5,570,000
4 India 4,316,000
5 Germany 3,631,000
6 Russia 3,341,000
7 United Kingdom 3,333,000
8 France 3,055,000
9 Brazil 2,831,000
10 Italy 2,326,000
11 Mexico 2,303,000
12 South Korea 1,861,000
13 Canada 1,856,000
14 Indonesia 1,033,000
15 Turkey 965,000
16 Iran 716,000
17 Vietnam 458,000
18 NIGERIA 445,000
19 Philippines 400,000
20 Pakistan 359,000
21 Egypt 318,000
22 Bangladesh 210,000

Gross Domestic Product (nominal) [2050][16] Rank ↓ Country ↓ GDP (in US$ millions) ↓
1 China 70,710,000
2 United States 38,514,000
3 India 37,668,000
4 Brazil 11,366,000
5 Mexico 9,340,000
6 Russia 8,580,000
7 Indonesia 7,010,000
8 Japan 6,677,000
9 United Kingdom 5,133,000
10 Germany 5,024,000
11 Nigeria 4,640,000
12 France 4,592,000
13 South Korea 4,083,000
14 Turkey 3,943,000
15 Vietnam 3,607,000
16 Canada 3,149,000
17 Philippines 3,010,000
18 Italy 2,950,000
19 Iran 2,663,000
20 Egypt 2,602,000
21 Pakistan 2,085,000
22 Bangladesh 1,466,000

Sanusi has noted all the disrespectful comments on this thread.
Hence, he has detailed his P.A., mr. Jarus to present compelling arguments to dissuade the disrespectful bunch.
Mr. Jarus, over to you, the floor is yours,

Paddyboy

MOST NIGERIANS ARE IDIOTS ON NAIRALAND, I REPEAT IDIOTS!!

I agree with Paddyboy up there. At least HE has shown us HE is one of them

Who in his right senses will quote some senseless figures that were CONJURED-UP by one misguided analyst and jump to conclusions that Nigeria's economy, National Production and development will overtake Egypt or S.A? Not even Ghana, or Botswana or Tunisia?
Smell the Coffee man,

Since the late 80's, S. Africa has been producing somethings as "simple" as Warships, Cars, Submarines, and most of what it needs while Nigeria still imports "second-hand" Rifles from Eastern European countries like Khazastan!

Sandton City Mall in J'bourg has been powered non-stop since it was built While the Presidential Wing of our own "International" Airport frequently has to pack up (in 2009!) because they couldn't even get DIESEL! Haba, why not just run a Hose-pipe from NNPC depot to that Generator!
Even Aso-Rock has a budget to buy its own diesel

Anyway, we can delude ourselves as much as we want, ITS ALL ABOUT BEING AN ATMOSPHERE OF MIRACLES

When will our "Ankara cloth" Mills start producing?
When are we even going to break the jinx of producing a functional "Keke-Marruwa" that is wholly made in Nigeria

Hmmmmm, Gone are the days when "Fitch-Rating, Authur Anderson rating", e.t.c.  was a consideration in choosing which bank you save your Pension Benefits, all those "AAA+++" rating, just like our friend's "GDP-list" are all cooked and belies reality

"Lehman Brothers" was Triple A+ when it collapsed!
I guess Sanusi and the egg-heads like him have just given Nigeria its own Triple-A, Triple-plus (AAA+++) rating! BUNKUM RUBBISH

Aaaah, l just remembered we are even rated better than France!

Lastpage

SLS could be right. Last year 2008 i heard it on Dutch well hausa service that  S.A is the biggest economy in Africa , their economic size is $205 billion. Followed by Nigeria with $145 billion, then Egypt $85 billion. I didnt  c anything wrong in predictn Nigeria Economy would grow bigger than that of S.A.
 Some people here  are not arguing with fact rather with sentiments.

Ibime:

hehehehe. . . . were you not the one supporting Erastus Akingbola and Cecelia Ibru them. . . . whats the difference between them and Bode George?. . .they are all thieves. . . . .certainly, a big economy means nothing if Govt monies are swindled by politicans. . . .

I'm quite disappointed in you, again. Comparing Akingbola and Ibru(Sanusi's political prisoners or criminals) to Bode Goerge who has been tried, convicted and sentenced Very bad taste.

mbulela:

Sanusi has noted all the disrespectful comments on this thread.
Hence, he has detailed his P.A., mr. Jarus to present compelling arguments to dissuade the disrespectful bunch.
Mr. Jarus, over to you, the floor is yours,

Funny, funny
I beg tell Jarus to be sure to teach Sanusi, his master how to calculate GDP before opening his big mouth.
Has it ever occurred to the CBN governor that you need a reliable census to calculate GDP?

Let all those who think Nigeria can never grow go and jump in the deepest sea ever.

paddyboi:

MOST NIGERIANS ARE IDIOTS ON NAIRALAND, I REPEAT IDIOTS!!

Nigerian economy will be the largest in Africa in 3-5yrs, (maybe before then), dont believe me?, check the link below,

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

Nigeria currently has about the 40th largest economy in the world, (WORLD!!), for those of u idiots that cannot appreciate anything good about your country, now if u look at the link i provided u will see that all it will take for NIgeria to surpass South Africa is to grow at a mere 5% for the next 3yrs compounded and we are the largest,
For long term growth estimates check this out from IMF and Goldman sachs,  It shows estimates for 2008, 2025, and 2050,
stay there and be yabbing your country while others plot on how to come and make millions here, nonsense people


BRIC in future/ IMF and Goldman projections
Estimatives to 2050 largest nominal GDP.

The top three charts list the top 22 countries by nominal GDP for the years 2008, 2025 and 2050 respectively. The bottom two charts list these 22 countries by nominal GDP per capita (the rankings for these bottom two charts do not reflect the GDP per capita for all the world's countries). BRIC countries are highlighted and labeled in bold.


Gross Domestic Product (nominal) [2008][15] Rank ↓ Country ↓ GDP (in US$ millions) ↓
1 United States 14,264,600
2 Japan 4,923,761
3 China 4,401,614
4 Germany 3,667,513
5 France 2,865,737
6 United Kingdom 2,674,085
7 Italy 2,313,893
8 Russia 1,676,586
9 Spain 1,611,767
10 Brazil 1,572,839
11 Canada 1,510,957
12 India 1,209,686
13 Mexico 1,088,128
14 Australia 1,010,699
15 South Korea 947,010
16 Netherlands 868,940
17 Turkey 729,443
18 Poland 525,735
19 Indonesia 511,765
20 Belgium 506,392
21 Switzerland 492,595
22 Sweden 484,550

Gross Domestic Product (nominal) [2025][16] Rank ↓ Country ↓ GDP (in US$ millions) ↓
1 United States 20,087,000
2 China 18,437,000
3 Japan 5,570,000
4 India 4,316,000
5 Germany 3,631,000
6 Russia 3,341,000
7 United Kingdom 3,333,000
8 France 3,055,000
9 Brazil 2,831,000
10 Italy 2,326,000
11 Mexico 2,303,000
12 South Korea 1,861,000
13 Canada 1,856,000
14 Indonesia 1,033,000
15 Turkey 965,000
16 Iran 716,000
17 Vietnam 458,000
18 NIGERIA 445,000
19 Philippines 400,000
20 Pakistan 359,000
21 Egypt 318,000
22 Bangladesh 210,000

Gross Domestic Product (nominal) [2050][16] Rank ↓ Country ↓ GDP (in US$ millions) ↓
1 China 70,710,000
2 United States 38,514,000
3 India 37,668,000
4 Brazil 11,366,000
5 Mexico 9,340,000
6 Russia 8,580,000
7 Indonesia 7,010,000
8 Japan 6,677,000
9 United Kingdom 5,133,000
10 Germany 5,024,000
11 Nigeria 4,640,000
12 France 4,592,000
13 South Korea 4,083,000
14 Turkey 3,943,000
15 Vietnam 3,607,000
16 Canada 3,149,000
17 Philippines 3,010,000
18 Italy 2,950,000
19 Iran 2,663,000
20 Egypt 2,602,000
21 Pakistan 2,085,000
22 Bangladesh 1,466,000

Don't go naked in public na . Don't utter abuse if you don't quite know what you are talking about.
There are several indices to measure wealth, but the most realistic is Purchasing Power Per Capita (PPP).

From various reputable sources, Nigeria's position is 130th, 139th or 145th. We are among the poorest countries in the World.

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita

is Wikipedia one of the reliable sources?

beef
you are funny and so is sanusi.

This SLS is clueless as his Naija followers. Why is he always making unguarded utterances instead of dealing with micro and macro issues relating to the economy?
South African stock exchange is in top 20 world's largest stock exchanges. SA's ESKOM generates about 42,000MW while Nigeria generates less than 4000MW. One company in SA,BHP uses almost the amount of power generated by PHCN. I'm so sick and tired of hearing this man speak.  4 of their largest banks can swallow all our banks. Their banking system is one of the soundest in the world.It was ranked ahead of US and UK systems. This man must really think that Nigerians are morons. The only way  we can over take SA in 2yrs is if there is a tsunami like hurricane in SA, unfortunately, SA is above sea level

http://www.reuters.com/article/ousiv/idUSTRE4981X220081009
Also scoring well were Chile (6.5, 18th) and Spain, South Africa, Norway, Hong Kong and Finland all ending up in the top 20.

Eskom has installed power generation capacity of about 41,500 megawatts. BHP Billiton Ltd. alone can use 2,150 megawatts at aluminum smelters in Richards Bay in South Africa and Maputo in Mozambique, which rely on Eskom. Ferrochrome operators, including Xstrata and Samancor, each require several hundred megawatts of power, while Gold Fields Ltd., the country’s second-biggest gold producer, can use 600 megawatts.

http://www.bloomberg.com/apps/news?pid=20601116&sid=acEfu5.YZSwM
http://www.rankopedia.com/ZoneID=3/22239/Best__Stock_Exchange_in_the_World/Step1/8809.htm