Nigeria has again regained her position as Africa's largest economy after losing the position to South Africa when economic recession strucked at the outset of the Muhammadu Buhari's administration due to falling oil prices in the international market and civil unrest in the oil producing areas of the Niger -Delta which further crippled oil production hence export from the region. Recent statistics reveals that crude oil account for 95% of Nigeria's foreign earnings though less than 15% of GDP.

Nigeria's GDP as at December 2016 stood at $405bn. Non-oil sectors accounts for more than 85% of Nigeria's GDP, but contributes a miserly 5% to foreign exchange earning. This means that oil generated some $60 bn for Nigeria while the the non-oil sectors generated the rest. We need to do more to increase exports in other sectors of the economy to reduce dependence on oil for forex.

However, Egypt has overtaken South Africa in GDP. Egypt's GDP now stands at $336.3bn (2016) ,while that of South Africa is $294.8 making them second and third respectively in Africa.

Nigeria is now considered as a middle- income country with GDP per capita of $2457.80 and as well as the 21st largest economy in the world.

References:

GDP Nigeria- Google search
www.google.com.ng

Nigeria GDP per capita
www.tradingeconomics.com

Really?

20pence:
Really?

Yes now why don't you check out. The references are there for you to consult.

I don't have nothing to say nw

What?, when?,where? how?

All thanks to the SW and SS.


I don't know how/what North and SE contributes to our economy. Awon parasites.

Please what does the SE contribute to Nigeria's economy? How did they contribute to us regaining Nigeria's birthright as the richest nation, but poorest people statistics?

I've been asking this question, but no one has the data and figures. This is all I have..... is the red mud polluting the SE?


www.nairaland.com/attachments/5756944_img3513_jpega8aeaefc3e84082654d8f66f9f7f31ac

We are hoping this would also have an impact on the average citizens of the country.

Now that the economy had re bounce to some extent, let's see what election losers/emotional babies got to say.

wristbangle:
We are hoping this would commensurate with the average life of Nigerians.

Now that the economy had re bounce to some extent, let's see what election losers/emotional babies got to say.

When you have Yorubas dominating, our economy is sure to rebound.

Kemi Adeosun, fine woman. Big Brain. Great Effort.

wristbangle:
We are hoping this would commensurate with the average life of Nigerians.

Now that the economy had re bounce to some extent, let's see what election losers/emotional babies got to say.

I think this second quarter of the year( may-july) showed a steady growth(even in the non oil sector) and the stock market in July had it good even by global standards, but it's not yet Uhuru, Government borrowing would have to stop and the people must start feeling the effects of the slow growth.

Who has GDP helped?? What we are interested in is development. There is a wide disparity among income earners in this country. Our size of GDP only means we have every potential to develop.
The basic infrastructures are what we need improvement on. The masses spend most of their income on goods that are supposed to have been provided by the govt. Generators, cars, unnecessary house rents, and so on. We need improved standard of living not high GDP.
God help us

really hate this

freshest4live:

I think this second quarter of the year( may-july) showed a steady growth(even in the non oil sector) and the stock market in July had it good even by global standards, but it's not yet Uhuru, Government burrowing would have to stop and the people must start feeling the effects of the slow growth.

You are right bro.

The 2nd quarter of the year experienced real steady growth in non oil sectors (majorly agric sector due to increase in cash crops such as cocoa, cashew, rubber, etc and other food crops)

Yes the borrowing need to stop and we must start funding recurrent expenditures, pay outstanding debts(well later) and invest more on non oil sector

Emjay1310:
Who has GDP helped?? What we are interested in is development. There is a wide disparity among income earners in this country. Our size of GDP only means we have every potential to develop.
The basic infrastructures are what we need improvement on. The masses spend most of their income on goods that are supposed to have been provided by the govt. Generators, cars, unnecessary house rents, and so on. We need improved standard of living not high GDP.
God help us

Look. Nigeria is not a poor country. Our major reason for underdevelopment is corrupt and financial malpractices in the various seats of government- from LGs to FGN.

Recently, bailouts and Paris Club refunds were paid to the states but ended up the private accounts of politicians. It is high time sincere and honest men and women began to get into politics.

Wailers how market?

That mouth you guys used to yab Buhari for nothing na im una go still use yab una self soon.

AngelicDamsel:
Largest economy, but the common man doesn't know this................... Please how has this improved the wellbeing of a COMMON MAN?

The first and the most important step to overcoming poverty is yo stop blaming others but the man you see in the mirror for your economic situation.

Do something to help yourself.�

rlauncher:


Look. Nigeria is not a poor country. Our major reason for underdevelopment is corrupt and financial malpractices in the various seats of government- from LGs to FGN.

Recently, bailouts and Paris Club refunds were paid to the states but ended up the private accounts of politicians. It is high time sincere and honest men and women begin to get into politics.

We are saying the same thing. Majority of our wealth is concentrated in February hands. Only if the necessities are provided so that equal opportunities avail itself to everyone, that's when we will appreciate our growth. We need more principled and patriotic leaders to steer the affairs of this country to grow

wristbangle:


You are right bro.

The 2nd quarter of the year experienced real steady growth in non oil sectors (majorly agric sector due to increase in cash crops such as cocoa, cashew, rubber, etc and other food crops)

Yes the borrowing need to stop and we must start funding recurrent expenditures, pay outstanding debts(well later) and invest more on non oil sector

We also need to increase exports in other sectors of the economy like Agriculture, Mining, Manufacturing and Tourism to reduce our heavy dependence on forex generated by oil.

This will lead to more jobs being created and imported inflation eliminated.

wristbangle:


You are right bro.

The 2nd quarter of the year experienced real steady growth in non oil sectors (majorly agric sector due to increase in cash crops such as cocoa, cashew, rubber, etc and other food crops)

Yes the borrowing need to stop and we must start funding recurrent expenditures, pay outstanding debts(well later) and invest more on non oil sector

Yes , you are right. A lot is going on in Agriculture as we speak. Apart from services. Agriculture is the largest contributor to our national GDP about 25% annually.

.

rlauncher:
Nigeria has again regain her position as Africa's largest economy after losing the position to South Africa when economic recession struck at the outset of the Muhammadu Buhari's administration due to falling oil prices in the international market and civil unrest in the oil producing areas of the Niger -Delta which further crippled oil production hence export from the region. Recent statistics reveals that crude oil account for 95% of Nigeria's foreign earnings though less than 15% of GDP.

Nigeria's GDP as at December 2016 stood at $405bn. Non-oil sectors accounts for more than 85% of Nigeria's GDP, but contributes a miserly 5% to foreign exchange earning. This means that oil generated some $60 bn for Nigeria while the the non-oil sectors generated the rest. We need to do more to increase exports in other sectors of the economy to reduce dependence on oil for forex.

However, Egypt has overtaken South Africa in GDP. Egypt's GDP now stands at $336.3bn (2016) ,while that of South Africa is $294.8 making them second and third respectively in Africa.

Nigeria is now considered as a middle- income country with GDP per capita of $2457.80 and as well as the 21st largest economy in the world.

References:

GDP Nigeria- Google search
www.google.com.ng

Nigeria GDP per capita
www.tradingeconomics.com

if you're looking for who to click on your blog like this, trust me you won't go far

Pls not forget South Africa and Egypt are less populated

rlauncher:


The first and the most important step to overcoming poverty is yo stop blaming others but the man you see in the mirror for your economic situation.

Do something to help yourself.�

Like reducing the cost of food in the market?
Like reducing the cost of fuel for my gen, when no power supply?

When common man is owed his salary, his father has not collected his pension for months now!
Check out swimming pools on our roads this rainy season. Our leaders don't know this or they know but choose to ignore!


#CommonManMustSurvive

HMZi:
really hate this

Sucks 8

Let patriots celebrate Nigeria.

[b][/b]THE ECONOMY IS REBOUNDING

HMZi:
really hate this

Sucks 8

Let patriots celebrate Nigeria.

[b][/b]THE ECONOMY IS REBOUNDING !!!

Good, FG sustain the tempo.

AngelicDamsel:

Like reducing the cost of food in the market?
Like reducing the cost of fuel for my gen, when no power supply?

When common man is owed his salary, his father has not collected his pension for months now!
Check out swimming pools on our roads this rainy season. Our leaders don't know this or they know but choose to ignore!


#CommonManMustSurvive

The best question anyone could ask him or herself right now is - how can I become a part of this success.

I tell you, many poor people like you are making personal efforts without governments help to contribute their own quota to the economy.

[s]

Emjay1310:
Who has GDP helped?? What we are interested in is development. There is a wide disparity among income earners in this country. Our size of GDP only means we have every potential to develop.
The basic infrastructures are what we need improvement on. The masses spend most of their income on goods that are supposed to have been provided by the govt. Generators, cars, unnecessary house rents, and so on. We need improved standard of living not high GDP.
God help us

[/s]

I am very sure when PMB mulled the idea of selling off the countries assets to meet Nigeria's infrastructural challenges you were among the people who shouted all sort of profanities.... Like it or hate it the PMB led administration has pulled Nigeria from the 2014 recession and economic catastrophe bequeathed by gej.

vedaxcool:
Good, FG sustain the tempo.

Yes I like your optimism and patriotism

This kind of FAKE NEWS is why many of these ministers need to be sacked