Interesting and enlightening article. Thanks. I have always known that Nigeria is very poor. But most Nigerians still have the illusion that Nigeria is rich. The annual budget of the average State university in the US is much bigger than the annual budget of the average State in Nigeria.
Nigeria cannot overcome its poverty until it restructures. No economic progress can take place under the centralized unitary system we are operating.

Abagworo:



The bolded is a big fat lie. A millionaire is someone worth 360 million Naira and Port-Harcourt alone has more than 50,000 of such not to talk of Lagos, Kano, Aba, Onitsha, Abuja and other places.

"In God we trust, the rest should bring data" - W. Edwards Deming.

Speak2klein:

Congratulations! You’re part of the few doing something in spite of the challenges. You see Nigeria has an installed electricity capacity of 14,000MW for 200m people while MISO (an independent supplier) supplies 155,000MW to 42m people in 15 states in US and one province in Canada.

It’s going to take at least $120b to solve Nigeria’s electricity problem and that would bleed Nigeria dry. However, private investors can fund this. They must be assured of s return in due time and only a few market will encourage that investment.

what are the steps needed to embark on this mission.. and I will dedicate tonight into researh on electricity in Nigeria...

If we had constant light, then I will have more money and probably delegate some duties to some younger ones, can't do that, I'm barely surviving, so are millions of Nigerians. ..

I have also worked in an hotel once, and I know we buy diesel over 10 naira on a daily basis,

Damsonkc:


There is no point wanting to make a mountain out of a molehill. Google is your friend. Nigeria has always been called the biggest economy in Africa for a reason. Nigeria broke the one trillion barrier over 3 years ago. Being negative about our current situation doesn’t erase the fact. Nigeria’s GDP is 1.2 trillion dollars.

I did as you suggested.

https://tradingeconomics.com/nigeria/gdp?poll=2019-12-31

https://www.google.com/search?rlz=1C1EJFA_enNG757NG757&sxsrf=ACYBGNQUorx9Gbv4Lp8Mo40I4VB8w4Pktg:1578264539414&q=what+is+the+current+gdp+in+nigeria&sa=X&ved=2ahUKEwjg0-7Jxe3mAhWioVwKHXIaAfIQ1QIoAHoECBAQAQ&biw=1366&bih=635

Gerrard59:


Always looking for excuses. Which country did Singapore invade? China? Malaysia? So being rich and developed involves "robbing peoples' resources"?

He asked about UK, France and Germany and I told him how they got rich. Do you disagree they got rich by robbing the rest of the world? If you do, you need history lessons.

China got developed through a 40 year programme of heavy suppression of civil rights, import bans, and dictatorship.

Singapore and Malaysia are among the 4 or 5 Asian 'tigers' that were chosen by the victorious allies after WW2 to develop as capitalist bulwarks against Soviet-style communism in the Pacific, and so were flooded with capital, technology transfer, and offered open western markets to sell manufactured goods. That's how they became 'tiger economies'.

So, those are artificial western capitalist outposts created by the west.

Their neighbours, of the same racial/cultural stock but apparently in a totally different universe in terms of living standards, are the ''unchosen'' ones - Cambodia, Burma, Nepal, North Korea, Bangladesh, Sri Lanka etc etc etc etc.

Rosskii:


He asked about UK, France and Germany and I told him how they got rich. Do you disagree they got rich by robbing the rest of the world? If you do, you need history lessons.

China got developed through a 40 year programme of heavy suppression of civil rights, import bans, and dictatorship.

Singapore and Malaysia are among the 4 or 5 Asian 'tigers' that were chosen by the victorious allies after WW2 to develop as capitalist bulwarks against Soviet-style communism in the Pacific, and so were flooded with capital, technology transfer, and offered open western markets to sell manufactured goods. That's how they became 'tiger economies'.

So, those are artificial western capitalist outposts created by the west.

Their neighbours, of the same racial/cultural stock but apparently in a totally different universe in terms of living standards, are the ''unchosen'' ones - Cambodia, Burma, Nepal, North Korea, Bangladesh, Sri Lanka etc etc etc etc.

So what if I counter that Nigeria remains poor despite despite stealing from the Niger Delta? If you accuse France and Britain of theft what about Germany and Italy? Who did they steal from? Why did Portugal fail to be rich despite her colonial past?

Which countries did the Scandinavian countries steal from?

You guys will always have excuse for your self inflicted misfortunes.

veeshock:
We dont care about this gdp per capital or whatever all we want is equal public holidays with christians and shariah constitution with more kids who only know to recite koran all their life. Sai barbar...










Seriously though we are just a time bomb cos nothing would change soon because all we do is religion and ethnicity no one wants to face reality.

Imagine zamfara state with an annual igr of #7B wants to construct a new govt house with #7B, i.e besides the 300 new mosques and sponsoring more pilgrims to mecca this year. If the state was run exclusively from its igr would the governor dare waste its resources as such?

Until we get it right from the closest seat of power which is the local govt have we would continue wasting our resources.

Flat head .in one of the state in South were no any achievement by the governor except sharing kerosene and stealing public fund, the worst part is tha CAN will continue to support him

AgamaProf:

Population growing is not the problem. Has our gdp increased by more than 50 percent in the last ten years?. The problem is about producing more. We are still heavily dependent on oil. Nothing will change if this doesn't change.

You can't throw away the baby and the bath water, Yes GDP may not have done so well, don't forget we have passed through several turbulent times in he past.

The well know stock crash market at about '06 or so and the recently full year recession under buhari. All of which has negatively impacted the economy GDP

Population is one area nobody talks about, we all shy away from it because it can make one seem not to like kids.
However, the truth remains that if we as a nation continue to churn out kids in the way we do, we will only get poorer.

We all know so well leaders will not join hands to create enabling environment or build infrastructure to see a massive GDP spike as all man wants a share from the national cake, until then we have to manage the lesser evil, which is population

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.

Likely in dollar terms.

DRSEGUNBABA:
You shouldn’t use GDP and Heath care budget as a true measurement of Nigeria wealth because of our population and the northerns will throw the numbers off. The fact is most Nigerians use private hospital which is not captured, the GDP of southern Nigeria will be comparable to South Africa

Have you been to south Africa ?

donprinyo:
Yoruba and their shit hole statistics

Your own GDP Per Capita must be 99 dollars.

Old news. But just came to read the responses and of course was not disappointed for therein lies the problem. The quality of a people. For as a man thinketh in his heart.... so his nation's statistics will be.

No baker can make dough out of us. That is the simple truth.

Speak2klein:
Nigeria has potentials, so does every other nation. However, you don’t measure potentials by resources but by people. If you compare the quality of mind of an average Nigerian to an average Singaporean, we’re still really not rich.

It can be great though but at this point, there has to be a lot of individual efforts. You and I.

This is the part the average Nigerian detests.

Rosskii:


He asked about UK, France and Germany and I told him how they got rich. Do you disagree they got rich by robbing the rest of the world? If you do, you need history lessons.

China got developed through a 40 year programme of heavy suppression of civil rights, import bans, and dictatorship.

Singapore and Malaysia are among the 4 or 5 Asian 'tigers' that were chosen by the victorious allies after WW2 to develop as capitalist bulwarks against Soviet-style communism in the Pacific, and so were flooded with capital, technology transfer, and offered open western markets to sell manufactured goods. That's how they became 'tiger economies'.

So, those are artificial western capitalist outposts created by the west.

Their neighbours, of the same racial/cultural stock but apparently in a totally different universe in terms of living standards, are the ''unchosen'' ones - Cambodia, Burma, Nepal, North Korea, Bangladesh, Sri Lanka etc etc etc etc.

For the first time I joined NL, I agree with you partly. However, it goes beyond same racial (of which someone from North Korea - communist playground - is different from his Cambodian counterpart) stock nor cultural affinity (what binds Bangladeshis and Nepalese culturally together?) but has to do with the entrepreneurial abilities of ethnic Chinese throughout the region and good governance. There was no Lee Kuan Yew or Park Chung-hee in any of those countries you listed.

PrecisionFx:



Osun state wey de owe 36 months salary dey the page?

na the problem wey una get be that... Osun doesnt even owe one month not to talk of 36 months, Aregbeshola unlike KeroIkpeazulezu and Yeye Bello paid every workers monthly atleast 50% to 70% of their Salary and Pension during Nigerian Oil crisis unlinke Your own state Governor that simply owes everyone for upto a year, osun workers got something, and after the payment of Paris refund the 30% owed where paid instantly

This method of augumented salary was the reason why Osun had a healthy economy through out the Oil crisis...

again less than 5% of Osun indegene are civil servants.. most of Osun people are silent industrilist like (the Adelekes) Mega farmers, and Tourism experts (Osun oshogbo festival)

and lastly (although this is really bad) if you google the city with the highest cyber crime in Nigeria you would find oshogbo toping all charts, their youths are crazily and stupidly rich, if you visist any bank in Osun the cashier/teller staff handling withdrawal and deposit hardly gets much cue unlike that of the agent handling foreign transfer
.

Indeed Nigeria is not a rich country.

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"

Corruption and discipline bruh. Need to work on that one 1st.

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.

China is a more populated country than Nigeria, but they’re far ahead. Why?

Speak2klein:
Please do, with credits. Thank you

Of course

Nice one. you get sense pass all our dumb politicians head by their dumb president.

Speak2klein:
Please do, with credits. Thank you

Here's the link :- https://listwand.com/is-nigeria-a-truly-wealthy-nation-see-what-economic-facts-say/

Awesome work! Your site is resourceful.

tstx:


Here's the link :- https://listwand.com/is-nigeria-a-truly-wealthy-nation-see-what-economic-facts-say/

Speak2klein:
Awesome work! Your site is resourceful.

Thanks.. you can always submit articles in the future

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.

So what should we do? Should we kill all those leaders because obviously they can't change? We talk but never act, we need to take actions. Let's all stand up for our nation, we can't accomplish anything by complaining.
We must force them to resign or fix our nation, we must start now. What is the use of a fighting spirit if all you do is fight for just yourself?
Nigeria is still a slave nation, we are yet to fight for our freedom, green white green was a fraud. Those white monsters still rule from underneath. Fucking wake up!!!

[quote author=Freehuman post=85533723]

He's talking about USD millionaires. That means people who have more than 360 million naira in their account.[/quote
I agree if that's the case.

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.

So what should we do? Should we kill all those leaders because obviously they can't change? We talk but never act, we need to take actions. Let's all stand up for our nation, we can't accomplish anything by complaining.
We must force them to resign or fix our nation, we must start now. What is the use of a fighting spirit if all you do is fight for just yourself?
Nigeria is still a slave nation, we are yet to fight for our freedom, green white green was a fraud. Those white monsters still rule from underneath. Let's wake up!!!

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.

So what should we do? Should we kill all those leaders because obviously they can't change? We talk but never act, we need to take actions. Let's all stand up for our nation, we can't accomplish anything by complaining.
We must force them to resign or fix our nation, we must start now. What is the use of a fighting spirit if all you do is fight for just yourself?
Nigeria is still a slave nation, we are yet to fight for our freedom, green white green was a fraud. Those white monsters still rule from underneath. Fucking wake up!!!

Junior66:

What Nigeria needs is to sell technology. No country is making it on agriculture anymore. If you read the article properly you would have seen where it was stated about millions of Chinese moving away from agriculture as a measure of their development. Agric produce will not grow Nigeria.

Let me put it in plain sight, which Agricultural revolution my aged grandma in the village can have something to export and earn foreign exchange.
ICT development involves a lot of training and certification which entails that not everyone can be involved in it and do we even have the funds to invest in technological research?
Thailand is making a fortune from rice, Isreal is also benefiting a lot from Agriculture. We squander our foreign exchange on FOOD and petrol importation.
In the long run ICT will thrive in the country but if we need to get the poor people out of poverty right now then agriculture is our best bet.

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"

Agreed .Once power is fixed all other things will follow automatically

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.

Wrong!!! There is ife iron and steel industry, ikirun steel rolling mill, ilesha brewery among others. Just setting the records straight.

Stable 24/7 hours power supply is the solution to productivity. That will double our GDP and will bring investors

Rosskii:


He asked about UK, France and Germany and I told him how they got rich. Do you disagree they got rich by robbing the rest of the world? If you do, you need history lessons.

China got developed through a 40 year programme of heavy suppression of civil rights, import bans, and dictatorship.

Singapore and Malaysia are among the 4 or 5 Asian 'tigers' that were chosen by the victorious allies after WW2 to develop as capitalist bulwarks against Soviet-style communism in the Pacific, and so were flooded with capital, technology transfer, and offered open western markets to sell manufactured goods. That's how they became 'tiger economies'.

So, those are artificial western capitalist outposts created by the west.

Their neighbours, of the same racial/cultural stock but apparently in a totally different universe in terms of living standards, are the ''unchosen'' ones - Cambodia, Burma, Nepal, North Korea, Bangladesh, Sri Lanka etc etc etc etc.

You haven't still said who Germany robbed to get rich!

You guys are filled with unnecessary excuses. Germany is what it is today because their political and business leaders developed a strategy for sustainable growth.

Nigeria is poor today because of her peoples. Nigeria must come up with a plan that benefits all her nations or remain irrelevant.