ROSSIKE: I would love to share your optimism. If Nigeria can become a non-sh!tty country, then I'll gladly put down my secessionist idealogy. All I want is a decent country for my people to live in, really.

Smuggling is also another key factor affecting our growth. In the northern and western regions of the country especially, foodstuffs and fabrics are smuggled in to the detriment of local industry. These days even cheap labour is smuggled in from Benin republic for construction work by local contractors.

^-- How much do these Beninese charge for labor, as compared to a Nigerian? Surely the cost difference cannot be that high? Or am I mistaken?

ROSSIKE:

There is definitely an economic boom in Nigeria that surpasses anything we've seen since independence.

Even the Nigerian construction industry is set to be the world's fastest growing:

http://allafrica.com/stories/200911130010.html

Added to the GDP growth figures, all this translates of course, to more jobs, more income, and higher living standards in the long run for the generality of Nigerians. I also believe strongly that the power situation, much improved as it is, will continue to be worked on to the point where power outages become history. I'd say 3 to 4 years at the most for that.

It is also not a coincidence that we now have for the first time a genuinely indigenous car manufacturing industrial concern in the country - the first of several to come.

There is change in the air, that's for sure.

This sounds good but as usual only exists on the pages of paper and internet boards. What boom? Nigerian Government statistics are well known for their reliability.

What we need is truth , not more wishful thinking.

Corruption, smuggling and over importation is affecting this sector very well, we need infrastructures to cut down on production cost. Good storage systems and processing industries so we can minimize waste.

johndoe200 said:

This sounds good but as usual only exists on the pages of paper and internet boards. What boom? Nigerian Government statistics are well known for their reliability.

What we need is truth , not more wishful thinking.

It's obvious you did not bother to read the links posted before typing your gibberish.

If you did, you'd know that these facts, from GDP growth rate to construction etc, do not derive from ''Nigerian government statistics''.

johndoe200:

This sounds good but as usual only exists on the pages of paper and internet boards. What boom? Nigerian Government statistics are well known for their reliability.

What we need is truth , not more wishful thinking.

There ia a reason I reinforced the article with the photo of its author, one glaring fact is that he is an oyibo man. The strength of the Nigerian economy can be measured without Nigerian govt input, the article has also provided knowledgeable figures from both sides of the fence and none is arguing about the statistics.

Foreigners are very excited about the reform packages Nigeria is embarking on and see us as the next growth engine; methinks it is high time Nigerians took a closer look at the stuff being laid out in govt policies. Nigeria is really about to roll big time!!!

roflmao!!! ;d :d ;d :d

Amazing that they are able to record all that growth when we produce very little (save for oil). The manufacturing industry is in a stunted state.

Security- Health- Education
If any country can succeed in these three key points, it will get a pass mark.
Security- If treated, foreign investors can come in and do business without the fear of getting kidnapped, then pay revenue/taxes to our government. It will also help stop top smuggling,pirating and related crimes.
Health- This will also depend on the help health insurance- Nigeria gotta organize herself. If an average Nigerian can have rest in his/her mind that if they get sick they can be treated without the doctor asking for deposit as we see today, i believe the better for us. Foreigners wont be afraid that if they fall sick our docs would be able to treat em well.
Education- This is a very important factor which must be treated also if we are to compete with the rest of the world.

excoba101:

Security- Health- Education
If any country can succeed in these three key points, it will get a pass mark.
Security- If treated, foreign investors can come in and do business without the fear of getting kidnapped, then pay revenue/taxes to our government. It will also help stop top smuggling,pirating and related crimes.
Health- This will also depend on the help health insurance- Nigeria gotta organize herself. If an average Nigerian can have rest in his/her mind that if they get sick they can be treated without the doctor asking for deposit as we see today, i believe the better for us. Foreigners wont be afraid that if they fall sick our docs would be able to treat em well.
Education- This is a very important factor which must be treated also if we are to compete with the rest of the world.

Electricity before any of those things, imo. Good power supply first, everything else will follow.

To have a better health system and good security you need power(electricity). eg. for us to have good and functioning labs we need light. In fact brother they are all intertwine. I mean i don't see any reason why we can't have light for 50years without a blink even if they have to off it sometime for repair. I was thinking about electric when i made my comment, its in my comment but silence(under it). I called those my points the key points.

bawss 1 said:

Amazing that they are able to record all that growth when we produce very little (save for oil). The manufacturing industry is in a stunted state.

This is why we say some of you people need to spend more time studying Nigeria either at school or on the web, rather than sitting in your bedroom making all sorts of inaccurate assumptions about the country. For your information over 85% of Nigeria's Gross Domestic Product is derived from NON-OIL RELATED PURSUITS.

You will probably be SHOCKED if you were to visit ALL the factories in Nigeria. You wil find there is actually a LOT of production going on, from paint to ceramics, from chemicals to spare parts, cement, and tires, etc etc, despite all the negativity you're used to hearing and reading. I'm yet to mention the service sector, from insurance to banks, fast-food outlets, markets etc etc.

You are simply fooling yourself if you're sitting around thinking that ''all we produce is oil''. Oil accounts for 80% of foreign earnings, but we generate far more income INTERNALLY, than we do from the export of OIL.

This is why we have an annual GDP of around $400 billion, even though we make only about $45 billion a year from oil exports.

This is why we say some of you people need to spend more time studying Nigeria either at school or on the web, rather than sitting in your bedroom making all sorts of inaccurate assumptions about the country. For your information over 85% of Nigeria's Gross Domestic Product is derived from NON-OIL RELATED PURSUITS.

You will probably be SHOCKED if you were to visit ALL the factories in Nigeria. You wil find there is actually a LOT of production going on, from paint to ceramics, from chemicals to spare parts, cement, and tires, etc etc, despite all the negativity you're used to hearing and reading.

You are simply fooling yourself if you're sitting around thinking that ''all we produce is oil''. [b]Oil accounts for 80% of foreign earnings, [/b]but we generate far more income INTERNALLY, than we do from the export of OIL.

You are right in a way. But i want to clarify, do Nigeria produce tires and cement? What kind of spare parts do we make(to produce parts you must have manufactured a product like car, electronics).? I want to know really. Growing up in Ibadan early 90s i have witnessed many petty productions of things like nylon and cloth. I know they we have some minerals but they are not refined in Nigeria eg cement, cocoa etc. we even import rice and sugar from i think either Thailand or Taiwan.

[size=14pt]Nigeria: Rep Condemns N4.2tr Annual Food Importation[/size]
19 October 2010


http://allafrica.com/stories/201010200917.html
Abuja — The Chairman, House Committee on Agriculture, Hon. Gbenga Peter Makanjuola, has called on the Federal Government to on develop the agricultural sector through Biotechnology, saying the N4.2 trillion expended annually on food importation was a waste of resources.


The lawmaker this , yesterday, while delivering a speech on the "Legislative Framework/Biosafety Law: The Path to Sustainable Agricultural Biotechnology", at a media training on Agricultural Biotechnology organised by the African Agricultural Technology Fund (AATF) in Abuja.

[size=13pt]He said with a Gross Domestic Product (GDP) of about $40b, which made Nigeria the second largest economy in Africa, yet over two-thirds of the population lives below the poverty line of $1 per day.
[/size]

[size=13pt]According to him, the sector contributes 40 per cent to the GDP against 13 percent for oil, with crop production accounting for an estimated 85 per cent of this amount, livestock, 10 percent, with the remainder made up of fisheries and forestry.[/size]

[size=13pt]"If one quarter of the amount spent on food importation is channeled into the agricultural sector, the country would be better off. Concerted efforts must be made, as a matter of urgency, to improve the performance of agriculture, agro-processing and trade, as well as the nation's stock of infrastructure, to enable Nigeria take an advantage of emerging opportunities in the domestic and international market."[/size]

He said a bill on Biosafety which is currently been worked upon at the Senate has been passed in the House. The bill titled: "A Bill for an act to provide for the management of Biosafety and for other related matters," which would ensure that foods are produced and handled in ways that ensures the safety of the environment, human health and creates an enabling environment for Nigeria to take advantage of agricultural biotechnology to boost food production."

The Nigerian Biosafety Bill, he said, is a robust legal instrument that will surely meet the aspirations of Nigerians and achieve rapid development of modern biotechnology in Nigeria when passed into law.

Nigeria's economy second largest in Africa? I am impressed . But we need to see how true that is, Nigerian's should be thinking of traveling abroad at this stage if that was true. Japanese don't travel, Americans don't travel(only investors travel).

One more thing: There's absolutely no way on earth we will continue to record growth rates of 7% + per annum without it leading to dramatic improvements in living standards across the board.

If we conquer the power problem, which seems likely, we're talking 10-12% annual growth, and that's Asian Tiger territory we're talking.

So if we play our cards right, we WILL be the 'next big thing' after India and China.

This is why we desperately need characters like Babangida and Atiku to stay away from governance, so we can achieve these objectives, and redeem the image of the African on this earth.

Hmmm You are absolutely right. But i feel Brazil beats Nigeria

Gains of the Jubilee are already rolling in

ROSSIKE:

bawss 1 said:

This is why we say some of you people need to spend more time studying Nigeria either at school or on the web, rather than sitting in your bedroom making all sorts of inaccurate assumptions about the country. For your information over 85% of Nigeria's Gross Domestic Product is derived from NON-OIL RELATED PURSUITS.

You will probably be SHOCKED if you were to visit ALL the factories in Nigeria. You wil find there is actually a LOT of production going on, from paint to ceramics, from chemicals to spare parts, cement, and tires, etc etc, despite all the negativity you're used to hearing and reading. I'm yet to mention the service sector, from insurance to banks, fast-food outlets, markets etc etc.

You are simply fooling yourself if you're sitting around thinking that ''all we produce is oil''. Oil accounts for 80% of foreign earnings, but we generate far more income INTERNALLY, than we do from the export of OIL.

This is why we have an annual GDP of around $400 billion, even though we make only about $45 billion a year from oil exports.

Nigeria's GDP is nowhere near 400$b. try 207$b.

Beaf:

There ia a reason I reinforced the article with the photo of its author, one glaring fact is that he is an oyibo man. The strength of the Nigerian economy can be measured without Nigerian govt input, the article has also provided knowledgeable figures from both sides of the fence and none is arguing about the statistics.

Foreigners are very excited about the reform packages Nigeria is embarking on and see us as the next growth engine; methinks it is high time Nigerians took a closer look at the stuff being laid out in govt policies. Nigeria is really about to roll big time!!!

the article states that nigeria's GDP stands at $353.2b which is the purchasing power parity figure almost never used by economists. the ACTUAL nominal figure is $207b.

just goes to show what your wonderful 'oyibo' journalists are capable of. i take it you've never heard of The Sun or the National Enquirer?

Some dey progress go G20

Others dey progress go failed state.

Which one go happen first.

When my father was getting free milk from the Government in school in 1960, GDP was nearly zero.

As GDP dey grow, na so our suffer dey increase.

Make una carry go abeg.

Ibime:

Some dey progress go G20

Others dey progress go failed state.
Which one go happen first.

When my father was getting free milk from the Government in school in 1960, GDP was nearly zero.

As GDP dey grow, na so our suffer dey increase.

Make una carry go abeg.

Was fuzzy on the the definition of PPP, this article (succinctly) explains it pretty well: http://www.wisegeek.com/what-is-purchasing-power-parity.htm

excoba101:

Security- Health- Education
If any country can succeed in these three key points, it will get a pass mark.
Security- If treated, foreign investors can come in and do business without the fear of getting kidnapped, then pay revenue/taxes to our government. It will also help stop top smuggling,pirating and related crimes.
Health- This will also depend on the help health insurance- Nigeria gotta organize herself. If an average Nigerian can have rest in his/her mind that if they get sick they can be treated without the doctor asking for deposit as we see today, i believe the better for us. Foreigners wont be afraid that if they fall sick our docs would be able to treat em well.
Education- This is a very important factor which must be treated also if we are to compete with the rest of the world.

Cuba has all three; yet it isn't an economic powerhouse.

DapoBear:

For those who studied economics, does GDP accurately capture "impact on the ground for the typical man"? I somehow feel that high oil GDP is not really indicative of how the average man is doing. Yet I suspect that in a rich agricultural society, the per capita GDP is going to reflect standards of living a bit more. Somehow, agricultural money spreads itself around a bit more than say oil does.

Does this concept exist in economics? If so, what is it called?

To calculate GDP, you can use one of two approaches - The Income and the Expenditure method. The Income method can be broken down into various categories. For instance the US utilises the Income method and breaks it down into 5 categories.

1. Wages and Salaries
2. Farmer's profits
3. Corporate profits
4. Interest and investment income
5. Income from non farming activities.

With this approach, you can tell which sectors provide more employment and help to distribute wealth more proportionately.

I suspect that Nigeria's GDP would be calculated using the expenditure because of the components of that method - Consumption, Government spending, Investment, and Net exports. Every country has its own method and categories.

Katsumoto:

Cuba has all three; yet it isn't an economic powerhouse.

Embargos from the US are the only reason Cuba isn't a phenomenal country. And the embargos are primarily due to Cuban exiles who dominate Florida politics. If they toned it down, we wouldn't have these policies towards Cuba 

I'd really like to travel there, to be honest.

DapoBear:

Embargos from the US are the only reason Cuba isn't a phenomenal country. And the embargos are primarily due to Cuban exiles who dominate Florida politics. If they toned it down, we wouldn't have these policies towards Cuba 

I'd really like to travel there, to be honest.

That is absolute nonsense. The embargo was from US and not from the 100 and so remaining countries of the world.

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DapoBear:

Embargos from the US are the only reason Cuba isn't a phenomenal country. And the embargos are primarily due to Cuban exiles who dominate Florida politics. If they toned it down, we wouldn't have these policies towards Cuba 

I'd really like to travel there, to be honest.

Embargo from the US alone is not responsible for the state of affairs in Cuba. And you think the US has the policy it does for Cuba because of a few exiles? You got to be kidding.

That being said, Havana is beautiful.

Believe those figures and you are, ehh, completely beaf. Nigeria second largest economy in Africa? You all like to build your castle in the air.

That is prolly National Assembly's GDP, not meant for the streets of Lagos.