AgamaProf:

What has government done about creating value?... Has our government encouraged our entrepreneurs?...any loan? Subsidy?.... Tex exemptions?.... About state government, the states are lazy and the governors lack ideologies on how to generate revenue. State governemtb wait for tax and monthly federal allocations without creating enabling environments. The little being generated will be looted one way or the other. We will back to square zero.

Who else owns the government apart from the people?
Can a local government chairman collect revenue and allocation if there is absolutely no one in the local government area? Absolutely no one

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We help with NIN registration for schools,Organisations Etc.We can come and register and capture Your staffs, students Etc.
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KIDfurniture:
Money dey Nigeria.. I keep shouting it. Some say I am mad. Money is in Nigeria. People travel to struggle abroad only cos of the exchange rate oh. 1naira to 1$ you willl see people coming back to nigeria . I will make it in Nigeria though I travel oh..this year na to re visit uae for more business research.

Read the article before u comment.

PHijo:


We don't have sir!
That's a fact. Nigeria doesn't earn anywhere near $40 billion a year. Nigeria is VERY poor. Those stealing the little Nigeria has share the same opinion with people like you, you assume there's a lot when there's nothing. Until Nigeria becomes a very productive country it will only get poorer.

How many people in Nigeria are gainfully employed? Despite having one of the world's lowest minimum wages Nigeria still has one of the world's highest unemployment rate.

AgamaProf this guy is right. We are poor. We are like 6 poor countries merged together who now thinks the combined annual wealth makes us rich whereas our responsibility also increased by a factor of 6 thereby negating any cosmetic effect the combined budget of all six nation brings. It is simple logic that per capita GDP is best measure of a nations wealth.

stigmond:


That's not possible... they're just a lowlife kind of people... cant think wide.... see the way the world is contesting for world power today and we're still battling poverty... we still got a long way to go bro...

The meek shall inherit the earth.

Or as the Igbo proverb says, 'we often stand in the compound of a coward to point at where a brave man used to live'.

DonFreshmoney:
Nigeria is stinkingly rich.. but bad leaders has made us extremely poor

Read the article before commenting

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 brought us on our knees.

Potential doesn't mean wealthy pls

thundafire:
Once dis country have steady power supply things will kick up and we need a vision leader not the ones who see just today and boast of yesterday

Steady power supply is a small part of the overall picture. We need good policies, tax system, road, water and power all at a competitive rate. Steady but exorbitant power supply can cripple business also.

valarmorghulis:
Nigeria is a very wealthy nation but few people among us are the ones enjoying the wealth, do u think dubai is richer? They started building their country in the eighties and they only have oil o, look at them today, now compare them to Nigeria, we don't just have oil, we have gold, uranium, so many solid minerals but....
Yea our leaders

Nigeria is not wealthy, read the article before commenting.

Dubai population is less than 3 million so it's easier for their resources to go round

Damsonkc:
Nigeria’s GDP is 1.2 trillion dollars. Where did you get the figures you are quoting? I know our per capital income is above 2k usd. It’s too small but nigeria is not a poor country. We simply have a population problem.

1.2 trillion gini? Seems apc lies don chop ur sense finish

Many factors are to be considered when you talk about the wealth of a nation. Nigeria is rich in natural resources and human resources. Ironically many Nigerians are poor.

Nigeria is not a rich country, we like deceiving ourselves
Compare new york city budget for this year and the population and Nigeria's budget and population this year .
The little we have we are mismanaging.
Those who have faith and hope in this country are simply insane!

frank417:
Until we get rid of corruption and sentiments, nothing will move. The reason why these successful countries experience growth is because the leaders and citizens are in competition with themselves to be the best. Our own is how to embezzle money that will be enough for our lineage or support those only in our circle. Only a handful in Nigeria are ready to do the right thing. And if you do, people become sentimental either by tribe or religion to destroy your effort.

Not corruption and sentiments, resource control and true federalism

For me the problems Nigeria as a nation is facing are Religion, tribalism, and the greatest of all corruption. The average Nigeria man thinks of what he stands to gain. You can imagine a commissioner going to Thanksgiving that God has answerd his calls, just because he was appointed as a commissioner.
In government parasatals people are not being employed on merits but on who you know. Give or take Nigerians are very hard working people. But corruption is the nations greatest problem.

BitCraftman:
AgamaProf this guy is right. We are poor. We are like 6 poor countries merged together who now thinks the combined annual wealth makes us rich whereas our responsibility also increased by a factor of 6 thereby negating any cosmetic effect the combined budget of all six nation brings. It is simple logic that per capita GDP is best measure of a nations wealth.

I am not disputing your claims. They are accurate. The facts are glaring, GDP per capita is meagre. However, if we are to place side by side the resource potentials of different countries who are in the same emerging economies status as that of Nigeria, we will realise Nigeria is endowed. Unfortunately, we suffer so much today owing largely to deficiecincies that has plague most of these resource centres. Even the oil we are so much focused on is plagued by deficiencies. So, holding all these deficiencies constant, we will be way up the ladder.

faoogoke:
The calculators of our Per Capital Income keep making the same mistake. Calculating our per capital income against a population figure of whatever now...160 million or is it 200 million mess it all up. Nigerian's population is between 130 million and 140 million. The poverty, diseases, deaths etc issues Nigeria has is principally in the northern part of Nigeria. Remove the Northern part of the country from the calculations and Nigeria's per capital will be the highest in Africa.
The Northern part of the country and its leaders need to do a lot more for their people. The poverty here is terrible. There is widespread illiteracy and lack. Its such a sad commentary, that;s however not to excuse leaders of the Southern part who are also guilty of neglecting the common good of the people.

Even if we calculate it with 100 million we are still very poor.

Speak2klein What of Delta's poverty level?

AgamaProf:

I am not disputing your claims. They are accurate. The facts are glaring, GDP per capita is meagre. However, if we are to place side by side the resource potentials of different countries who are in the same emerging economies status as that of Nigeria, we will realise Nigeria is endowed. Unfortunately, we suffer so much today owing largely to deficiecincies that has plague most of these resource centres. Even the oil we are so much focused on is plagued by deficiencies. So, holding all these deficiencies constant, we will be way up the ladder.

Deficiencies is too vague a term. We are unproductive.

This is depressing to read.

Though the article didnt take into account the underground (cash base) economy which Nigeria largely is, it is telling of what future awaits the country.

BitCraftman:
Deficiencies is too vague a term. We are unproductive.

Deficiencies or unproductive, we have to diversify and not just diversify, diversification must be done to have huge impacts.

I don't know where you got your figures from

PrecisionFx:


Potential doesn't mean wealthy pls

What is wealth?Simply, Resources. We have resources. But mostly in the raw state. We need to properly harness these resources to be productive. You can't use productiveness and wealth synonymously.

The worst states are the ignorant & unexposed once that will keep shouting say baba Cuz of ethnic & religious sentiment that can't ever help their lives, is just a pity

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

I read through the whole article, and I must say you are completely right with these statistics.
We Nigerians most especially the educated ones must show that we are truly knowledgeable in our fields.
I observed that in Lagos alone a very high percentage of the population are either into trade buying and selling or in transport.
We have to produce things and work hard to make our businesses grow and not just pay more attention to money without with earning it.
The China we talk of today , has the capacity to produce almost anything you can think of.

Damsonkc:
Nigeria’s GDP is 1.2 trillion dollars. Where did you get the figures you are quoting? I know our per capital income is above 2k usd. It’s too small but nigeria is not a poor country. We simply have a population problem.

Abeg where you get that figure from? [img][/img]

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

Thanks for sharing this

itsme01:



atleast his state isnt as poor as Ebonyi, SoutEast State or North even Osun isnt poor

Tiffnubu is from osun state, do u mean osun is richer than SE states

Mishael42019:
My greatest regrets in life is being a Nigerian

Funny , I assure you , if I get u a visa to a country of your choice, I am confident that you will go there and do odd jobs cos you ain't a productive one.
Ask yourself why are there poor people in rich countries and rich people in poor countries?
Get to work and stop complaining.

PrecisionFx:


Tiffnubu is from osun state, do u mean osun is richer than SE states

why not check the map on poverty on the front page and come back for your answer

AgamaProf:

Nigeria is not the most populous country. Population is not the problem.

Population is the greatest problem militating against our growth. We are too damn populated and it affects our equitable distribution of resources drastically

abbey621:
Anybody that belives this crap is smoking cheap weed! For example:



We all know this is highly incorrect, how was this calculated? In Lagos alone there are over 10,000 millionaires judging from bank account alone, when we now add assets such as houses, cars and so on, the number becomes even more. Let's not even get to Abuja where the big boys play...lol.

Audio millionaires

Freehuman:


He's talking about USD millionaires. That means people who have more than 360 million naira in their account.

Gbam! Being a millionaire in naira means little.