Many people give all kind of excuse ie

The oil and Gas is not being shared properly

The Leaders are corrupt

and the list can go on and on,

And Nigeria Ranks 33rd in the World Economy Table by GDP per Year

https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html?countryName=Nigeria&countryCode=ni&regionCode=af&rank=33#ni


But for real we have to have some form of accountability starting
from awareness. Most Nigerians that are ask on the street of Lagos
and Abuja, Port Harcourt and Enugu do not know the GDP of nigeria, not how
much the Federal Govt spends Year ie Fiscal Budget (which was $35 Billion dollars
in 2010)

The vast amount of un-tapped potential excluding oil is riduculus yet the
govt keep on taking on foriegn loans and debt.

What about out agriculture, commodities, water resources etc

A vast amount of the $35 Billion went into legislators Pockets in the
form of expenditures and office Overheads ! Such BU**SH*.

And we wonder why the
Federal Hospitals, Schools, Roads, Infastructure are under-funded
and falling apart!

I going to compile a list of Politicians Expenditures ie Pay, Allowance etc
and compare it to the Fiscal Budget as people need to see what these people (Politicians) are "claiming" !!!

See this link below about "the Fiscal Expenditure of Nigeria"

http://odili.net/news/source/2010/nov/30/521.html

The oil really is not enough. 2 million barrels a day at $80 per, population of 150 million, what is that, barely above $1 per person per day? And this is even if it were shared properly, and most of the money were not mismanaged, stolen, carried off by foreign oil companies, etc.

Compare this to a country like Norway, which produces 2+ million barrels per day, but has a population of only 5 million people. That is $32 a day. And they've already built up substantial infrastructure and industry in other areas.

At the end of the day, a land that produces nothing of value will be very poor. What concretely does Nigeria produce of value today, aside from oil?

We need constant electricity, to take advantage of the cheap labor and to actually start producing finished products. Once we have this, most everything else will take care of itself. But until there is electricity in Nigeria, we will be poor.

EDIT: comparison to norway

350 billion ke
Not even up to that!

DapoBear:


Compare this to a country like Norway, which produces 2+ million barrels per day, but has a population of only 5 million people. That is $32 a day. And they've already built up substantial infrastructure and industry in other areas.

At the end of the day, a land that produces nothing of value will be very poor. What concretely does Nigeria produce of value today, aside from oil?

EDIT: comparison to norway

You made a valid point in regards to developing the infrastucture which a
country like norway has done which is a sunk cost with a 5% service cost of GDP on a 3-5 year rotation basis ie roads, bridges, telecommunicationse as the need arises

But the real wealth comes as you said in the mark-up ie Processing eg refinieries, food processing, processing of Base metals.

This initial foundational investment has to be done by the Govt with
private partners on a large scale and this is where the Economic National Plan ofNigeria is "messed up" as the Politicians in Abuja should be discussing this and not arguing over "non-essential" issues

yes, $350 billion GDP is corect.

H/ever, 350,000,000,000/150,000,000 = $2333. That's roughly our per capital income - which is very low & thats why our people remain poor. We have a huge population.

Compare that to Ireland for example:

- Population - about 5 million
- GDP - about $125 billion
- Per capital income - circa $40,000.

Our GDP needs to edge towards around 1.5 trillion dollars before we can even think of becoming a middle income country, and that assumes our population growth rate remains at about 2 - 2.5% per annum.

With the right policies, we can scale-up to 1.5 trillion GDP within 10 years.

stranger:

350 billion ke
Not even up to that!

$350 Billion is about correct even though these are Intelligence figures
from the CIA.

The Oil and Gas by conservative estimates generates $50 billion dollars
a year. Add the mark up (support industries) times 4, we have about 200 billion dollars a year.

Then you can factor in other industries ie exports of Agriculture, mining,Telecommunication, IT, Water, Electricity etc should be
another $150 billion.

But we are not evening mentioning the amount of "off-balance sheet" transactions and "black book" accounts that records exports by Nigerian companies and foreign entities in Nigeria.

That could be withing the range of another $50 billion dollars and i am
not exaggerating!!!

martinosi:

But the real wealth comes as you said in the mark-up ie Processing eg refinieries, food processing, processing of Base metals.

The above cannot be done competitively without good power supply. This should be the #1 priority of the Nigerian gov't, almost everything else is irrelevant. If we do this, then the sky is the limit.

Insert Quote
Quote from: martinosi on Today at 03:26:04 PM
But the real wealth comes as you said in the mark-up ie Processing eg refinieries, food processing, processing of Base metals.

DapoBear:

The above cannot be done competitively without good power supply. This should be the #1 priority of the Nigerian gov't, almost everything else is irrelevant. If we do this, then the sky is the limit.

So how confident are you concerning this Power project oF GEJ.

Do you think it would be a project that would at least be carried out
to benefit at least the 12 major cities( ie Lagos, Ibadan,Port Harcourt, Enugu,Kaduna, Jos etc) in Nigeria to boost Industrial
& Commercial Investment?

If they can get the power right for the Major Industrial/Commercial cities
it would be a good blue-print to build the rest of the nation on.

Please see article on Nigerian Power Generation by Economist below

http://www.economist.com/node/17312103

@@@@@@@@@@@

u see the problem with u lots is u could only afford to use white benchmarks whenever u want to quantarised stuff

per head; per that my yansh

put good use of that money from enugu high way via asaba benin ore lagos kogi abuja kaduna scarpped and lay concrete underneath before tarring just like not-so-smart person Obj could afford to pay up 419 debt

dregde up river niger and open up sea port right there in onitsha thereby mallam; aboki could freely bring down their tomatoes,onoins; cows down to south without seeing their trucks fell over; etc   ELECTRICITY OR NOT!!!!


sure then Nigeria can boast of their high ways;

now this is one example

The problem with these political monkies is they arent ready to face the truth then u wonder the reason people get shouted down whenever they raises question in the national assembly

Should Jonathan need advisory in hair cut someone feel free to hit me up

Foolish people

hey it not like nigeria got some free medical welfare or something

these bar stards out there better know!!

@ikeyman

I could not have put it better, why do we vote humongous amounts of money to re-lay roads that were done, it is not as if they are going to blast some rocks or carve out a new path. I see road construction being done and I just shake my head, why can we not have concrete underlay, why is the bitumen not mixed with granite like I saw on Top Gear, why do we not do things the right way the frigging first time?

^^^^

u dey mind dem

speaking so much english with some fake glasses on

Words OF COMPLAINT against elite mismanagement of resources cannot solve any problem in Nigeria. ACTION IS WHAT WE NEED.

WHAT WE NEED IS TO START A WAR AGAINST THE ELITE CONTROLLING THE GOVERNMENT AND ECONOMY. The elite are wicked and

only thru ACTION AND WAR can we save NIGERIANS from suffering CAUSED by the oppression of the satanic elite.

ifele:

Words OF COMPLAINT against elite mismanagement of resources cannot solve any problem in Nigeria. ACTION IS WHAT WE NEED.

WHAT WE NEED IS TO START A WAR AGAINST THE ELITE CONTROLLING THE GOVERNMENT AND ECONOMY. The elite are wicked and

only thru ACTION AND WAR can we save NIGERIANS from suffering CAUSED by the oppression of the satanic elite.

You are cooling off in Canada and asking for war in 9ja. Go sidon. Ikeyman00 I agree with most of your point, however, you still cannot just underestimate the importance of constant power supply. I was home recently and had to spend an average of 1.5k per day fueling my generator (roughly 50k in one month) for just about 7 to 10 hours daily. An average PHCN (NEPA) bill for the house is just around 3.5k monthly (obviously for almost no power supply). Imagine the amount of revenue that could have accrued to the government, if all the 50K I spent on generator fuel goes straight into the government's coffers.

Unfortunately we will still continue to live in darkness in 9ja as long as PHCN (NEPA) staffs are the major marketers of power generators.

A lot of artisans (welders, tailors, carpenters etc etc) will return back to their trade and jettison okada (trade) riding if we can have constant power supply.

Hi my fellow Nigerians

Two weeks ago I had a discussion with a friend of mine. I told him we spend about 2/3 of our budget on overhead cost (in other words on the government) The budget for 2010 is about N4.6 trillion. Only N1.7trillion is claimed to be used directly on developing the country! The remainder is used on overhead. My friend was shocked. I had the same discussion with someone else and was told I was crying wolf in vain!

Last week the CBN gov.  discovered that a quarter of the budget is used on Senators alone.  As far as I am concerned about half of the budget is used on rulers in political offices and only 1/6 on civil servants! (This hasn't part hasn't been verified yet) Anyhow you look at this, it's really unfair. Two thirds of the budget used on less than 2% of the country and the remaining third on the whole country (of course including the 2%). It's saddening. At least there is some hope.

I am quite impressed to hear that GDP per capita is familiar economic term. I won't bother trying to emphasize how little our GDP is when compared to our population. But guess what, having a large population isn't supposed to be a curse, and the solution certainly isn't killing every other person!

The solution is quite simple in words, it could be simpler in action if we can utilize our limited resources on what's really important. For our GDP per capita to increase, we have to produce more, and we also have to engage more people in the production process. We need to turn our population to human resources. It is important at this point to know that the production process does not end until the product is in the hands of the consumers. It's not entirely an easy process, it requires more than textbook economics. I can't write all the solutions here (some crazy lying politicians might steal it to use in their manifesto), but there's definitely a way out of this mess we are in.

Here are a few of my humble suggestions (believe me there are more)

1. The highest paid government official should earn 2.5 times the minimum wage

2. Senators should live in their constituencies, permanently. Their end of month take home pay should be no more than twice the minimum wage. A basic salary and allowances equal to the minimum wage.

3. Aspiring Senators must have laptops before they can contest. If they don't have then their constituencies should provide one for them. Meetings will be held via internet enabled video conferencing.

4. Governors must be based permanently in their states. They should not spend but invest their state budgetary allocations. To invest means to spend money on assets and not liabilities. Assets rarely reduce in value. This means by the end of the year the state should have earned more than it received thereby making more money for increased investing and raising the standards of living.

5. There should be mass employment on the part of the government. At least 5 million people should be employed over the space of 3 months initially so that over 60 million will be employed in the space of 2 years.

We have to find a way of making these suggestions laws. That is the real challenge. If they can be done then politics won't be a lucrative business anymore and we'd stop having square pegs in round holes!

We have to make these suggestions laws, that is going to be a step in the right direction. I don't think senators will want to help. Correct me if I'm wrong, I think we have to do this ourselves.

I'm very open to your comments, additions et al

@maro23. Nice one, above. But one simple issue I see people still missing is the idea of identity. People fail to realize that until we can ACCURATELY determine, EXACTLY, who is a Nigerian and who isn't, we aren't going anywhere economically. Until there's a accurate figure to know who resides where and, thus, what region needs what then resources are going to keep getting wasted by those thieves in As*sholes Rock.