bs81:
I agree with this writer's submission. my only argument or area of departure is where he wrote that we have just 12, 300 millionaires in the entire country. That's a blatant lie.

anonimi:



www.nairaland.com/attachments/3368577_whenwillyouhavesense_jpeg4b4d4f4f548e1e572ce7efac82aa72ab

AgamaProf:
You are wrong brother. Nigeria has potentials. But it is unfortunate we have not been able to realise and harness those potentials. To a greater extent, we are better endowed than China, or Saudi Arabia and some other emerging economies. Ask me what is wrong, why are we not at least at par with these advanced countries. Simple. Leadership!. Leadership has let everyone of us down. What has government done about millions and billions of dollars siphoned out of the country, what has government done to improve human capital, in fact we are trying in our educational sector with the little we have had, what has government done to generate revenue from other sources other than oil. When you ask these questions, you begin to get answers. Let's take count of the amount of natural resources Nigeria is endowed with. Logically, we should be better than Saudi, UAE, and competing with the likes of US, Canada and so on. We should be "giant of africa" in the real sense of it. We have resources. A lot of it. We have got the fighting spirit but corruption, and nepotism has brough us on our knees.

Edoloaded:
Hmmm I'm in awe. Don't know where to start everything about Nigeria currently is just bad.


I can only suggest one word for this mess

RESTRUCTURE

anonimi:


Does Europe and America have authoritarian system and are they ethnically homogenous?
Keep looking for excuses instead of getting up and doing the needful work to enlighten and develop our country.
Your eyes go soon clear when China colonises us brutally.


www.nairaland.com/attachments/294278_chinainafrica_jpgbd4ea16cc6391fffe329bb549e5ad537


www.nairaland.com/attachments/2174510_nigeriansmobmentality_jpegd710c25fa577a4f0fb35da579ff1eb3d

bluefilm:


What and what exactly have you been telling people for years?

As per say you be Soludo abi Alan Greenspan abi?

Nonsense.

donprinyo:
Yoruba and their shit hole statistics

Mishael42019:
My greatest regrets in life is being a Nigerian

Starboytwo:
The most important thing to do before we can move forward as a nation is to solve ELECTRICITY problem

We should demand 24 hour electricity from this people, I don't know how but we gotta do something or na like dis e go dey dey...

We need light men...

I'm a young entrepreneur and I make money daily from my business, but I spend 80% of the money on fuel every day and generator maintenance...

Fix electricity and watch our naija "gbera"

Mrpsly247:

[s]I don't have to be Alan Greenspan to be able to critically analyze the economic distribution of Nigeria or enlighten Pple about the true nature of the wealth of my nation... Though we haven't gotten close to our potentials I don't have to cry wolf and overestimate or place unrealistic expectations that can crumble the spirits of the hardworking Nigerian...
Next tym Mr Bluefilm skidado if u can't reply my mention without any of ur gen Z rude bullshit[/s]

Rosskii:


I don't believe this for a minute.



Considering India have a population of OVER 1 BILLION PEOPLE, it is senseless comparing their number of billionaires with ours. Not that having billionaires means much anyway.

Speak2klein:
In 2003, Dangote set out to build his first cement plant with a budget of about $480 million. On completion of the project in 2007, he had borrowed an extra $175 million, built a dam, a gas pipeline (92km long) and more than 400 new houses. But guess what? No Nigerian bank was big enough to fund this project. In fact, the capital in more than 90% of the banks in Nigeria that year was just a little over $20 million. He had to look elsewhere.

Simple economic terms
GDP — in straightforward terms, the GDP or Gross Domestic Product is the monetary value of all finished goods and services in a country within a specific period. It is used to estimate the size of an economy and growth rate.
GDP per capita — If all the money Nigeria made in a year was split evenly amongst every single Nigerian, what each person gets is called the GDP per capita.
National Budget — The government gets money from taxes and fees and spends it on things like healthcare, infrastructure, education and general expenditures.


Nigeria’s economy

Poverty level by State in Nigeria (image 1)
Nigeria has the largest economy in Africa with a GDP of $398 billion compared to its closest competitor; South Africa, which has a GDP of $368 billion. However, the real wealth of a nation is calculated by its GDP per capita, and Nigeria ranked 140 out of 186 in GDP per capita global ranking.
Nigeria’s GDP per capita stands at $1,963 compared to South Africa’s $6,100 and Egypt’s $12,000. (Luxembourg ranks the highest in the world with GDP per capita of $144,000).
Nigeria is one of only 8 ‘World Bank red zones’. These are the only countries on the planet where GDP per capita (an indicator of individual share of wealth) has fallen steadily over the past 20 years.
Nigeria’s budget for the health sector in 2018 was $938 million for a population of over 190 million people compared to South Africa’s $17.6 billion for a population of just 56 million people. This means that as an average Nigerian, the government’s health budget for you for a whole year was just $4.5. Don’t forget the UK which set aside over $250 billion for the healthcare of its citizens in the same year (more than 10x Nigeria’s entire 2018 budget). That means each citizen was entitled to health funds of $4,000.


How did others do it?
You see, money is a coward; when money goes somewhere, and there’s trouble, money runs away. But when it goes to a place, and there is peace, it stays there. You don’t see money go to Iraq or Syria or Afghanistan, but you see it go to the UK, Singapore, London, China, etc. If you scare money, it runs away.

China Poverty Decline from 1981–2005 (image 2)
In a single generation, China has had over 600 million people move out of poverty. Three hundred million people (about the population of the US) move from rural to urban areas every ten years. This is because China is still experiencing its economic take-off phase; this describes a situation where the majority of the working population move from agricultural jobs to tech and industry and move from the country-side to cities.
The level of urbanisation that took place in China in 22 years is equivalent to the UK’s level that took 120 years and USA that took 80 years. So maybe there is hope for Nigeria.

Other Indicators

Number of Billionaires in China — 2015 (image 3)
According to BBC, China produces two (2) new billionaires every week and one million (1,000,000) millionaires every year.
I wanna be a billionaire, billionaire yeah yeah, I wanna be a billionaire, billionaire yeah yeah
(Verse 2)
I wanna wake up in a Lamborghini, I wan chop life on Santorini, oh yeah.
-Teni the entertainer, Billionaire

Meanwhile, according to the NDIC, 98% of Nigerians don’t have up to N500,000 ($1,250) in their accounts. According to Mckinsey & Co, only 2m people in Nigeria have purchasing power and annual incomes over $10,000.

2. In India, the city of Mumbai alone has almost 60,000 millionaires; meanwhile, in Nigeria, there are just 12,300 millionaires in the entire country.

3. One of the measures for the economy and middle class of a society is the records of airport passengers compared to its population. In one year, Nigeria had 15.2 million airport passengers compared to Singapore Changi Airport, which served over 65 million passengers. (Singapore population — 5.6 million). The metropolis of Shenzen alone in China had over 400 million airport passengers in a single year. (Shenzen population — 12.5 million)

4. South Africa’s fourth-largest bank — Nedbank has a market cap of $72 billion. This is bigger than the market cap of all the banks in Nigeria put together, including GTB, Zenith, FirstBank and Ecobank.


So what do we do?
The real wealth of a nation is in its people and like Dangote would say, “Nobody will fix Nigeria for us until we take the lead”. One of the greatest assets that have helped China and India grow is its population.
So is Nigeria a truly wealthy nation? The answer is No. However, it can be so. If an average Nigerian produces half the GDP per capita of the average UK citizen, our GDP will not be $398 billion but $3.9 trillion.

The growth of businesses drives the economy, and therefore, the government must put in place suitable policies to promote business growth. We must increase our productivity as a nation. And it begins with you. Do better, work smarter and grow bigger.
Please comment and share if you find this useful. I am Klein Udumaga.

This article was originally posted on my medium page. Please follow as I shed more light on the Nigerian economy and how to sell to Nigerians.
https://medium.com/@kleinuduh/is-nigeria-a-truly-wealthy-nation-7f839d838a6c

AgamaProf:
You are wrong brother. Nigeria has potentials. But it is unfortunate we have not been able to realise and harness those potentials. To a greater extent,[s][/s] we are better endowed than China, or Saudi Arabia [s][/s]and some other emerging economies. Ask me what is wrong, why are we not at least at par with these advanced countries. Simple. Leadership!. Leadership has let everyone of us down. What has government done about millions and billions of dollars siphoned out of the country, what has government done to improve human capital, in fact we are trying in our educational sector with the little we have had, what has government done to generate revenue from other sources other than oil. When you ask these questions, you begin to get answers. Let's take count of the amount of natural resources Nigeria is endowed with. Logically, we should be better than Saudi, UAE, and competing with the likes of US, Canada and so on. We should be "giant of africa" in the real sense of it. We have resources. A lot of it.[s][/s] We have got the fighting spirit but corruption, and nepotism has brough us on our knees.

PHijo:


Germany, Italy, United Kingdom, France, Spain etc all have a smaller population but they all have more billionaires than Nigeria! There is something inherently wrong with the way things are done in Nigeria.

If that wasn't the case, she should have several dozens of billionaires.

Until Putin put things in place Russia was largely chaotic. Today Moscow has more billionaires than any other city in the world. This is not to say Russia doesn't have challenges but they've made significant progress in the last 2 decades.

PHijo:


Who potential help?

They are talking facts and figures and you are here talking potentials!

Will your teacher give you a pass just because you have potentials?

Nigeria is extremely poor! That's a fact...what we should be talking about is solutions.

dharrey2012:
This is true. We need power supply. It is really important. However, one thing is even much more important which this post is focusing on, it is our mindset.

Osun state generally have between 14 to 20hours of power supply every day and there is no single industry in the entire state, meaning they are doing nothing with the power they have.

jamace:
Check the website in his write-up for his contact.

themaestro08:


Sheer ignorance.

Rosskii:


Do you know that in some communities in Germany, Holland etc, they completely rejected public power supply and developed their own renewable energy based supply to feed in each case, say 2000 homes? I don't see why we can't have private companies springing up to provide that service here. There are so many way to generate electricity using renewable energy sources, and it's not just solar. Heck, you can create electricity from cow dung.

Rosskii:


Do you know that in some communities in Germany, Holland etc, they completely rejected public power supply and developed their own renewable energy based supply to feed in each case, say 2000 homes? I don't see why we can't have private companies springing up to provide that service here. There are so many way to generate electricity using renewable energy sources, and it's not just solar. Heck, you can create electricity from cow dung.

PHijo:


Germany, Italy, United Kingdom, France, Spain etc all have a smaller population but they all have more billionaires than Nigeria! There is something inherently wrong with the way things are done in Nigeria.

If that wasn't the case, she should have several dozens of billionaires.

Until Putin put things in place Russia was largely chaotic. Today Moscow has more billionaires than any other city in the world. This is not to say Russia doesn't have challenges but they've made significant progress in the last 2 decades.

Mishael42019:
My greatest regrets in life is being a Nigerian

SoNature:


It's either you read the piece but you didn't understand it or you don't want to drop this age-long misconception.

If you match the population of this country with her wealth, you would understand that Nigeria is nowhere near richness.

Typhoonsbane:

You're right the only place you got it wrong is the aspect of fighting spirit, this country and it's citizens scores zero in that aspect.
Another major problem of this country is misplaced priorities.

helinues:
Nigeria is rich but hungry due to mismanagement of few