9jaRealist:


The entry of conspiracy theorists...

There are DIFFERENT numbers for nominal GDP and for real GDP, but this is about REAL GDP figures...
GDP is the total value of all goods and services, and thus one person's "costs" is another person's "income"!

Nigerian GDP is not calculated any differently...
In fact, given Nigeria's LARGE informal sector, it is almost certain that our GDP is being UNDER-counted.
>

Buchyke8:
Still unconfirmed

Rossinnki:


Mehn, but we carry weight for this continent sha..

Dammit.

In fact, looking at the above statement, one might as well say that without Nigeria, there is nothing like Africa.

Yet some idiots want to split up this country into little, inconsequential Liberias. When you sneeze nobody will notice.

Rubbish.

Commentor:
By Prinesha Naidoo


https://www.bloomberg.com/news/articles/2020-03-03/nigeria-now-tops-south-africa-as-the-continent-s-biggest-economy

Chinex2215:
South Africa slumped to its second recession in two years


That is the reason, why we topped not that we suddenly had the best economy. Lets stop celebrating mediocrity.

Rossinnki:


Mehn, but we carry weight for this continent sha..

Dammit.

In fact, looking at the above statement, one might as well say that without Nigeria, there is nothing like Africa.

Yet some idiots want to split up this country into little, inconsequential Liberias. When you sneeze nobody will notice.

Rubbish.

awa:
Why not allow those idiots to split the country since they are inconsequential

chriskosherbal:
Not just big theoretically it should reflect in the day to day lives of the ordinary Nigerians, bringing about the desired positive they crave for otherwise it's equal zero.

nameo:


Do you know that this is nothing to celebrate here, and infact that this indicts this Govt??

Clue: In 2014, Nigeria became the largest economy in Africa and valued at $509.9bn whilst South Africa was $370.3bn.

Today, Nigerian economy has according to your report in the OP declined to $472/402bn i.e a decline of about $38bn( it would even be more if you take into account inflation rate between then and now).

The only reason SA overtook us was that our growth since then has been very sluggish with us entering into a recession(successive "negative" growth). The reason why you just overtook SA again is that they just entered their 2nd recession within the period.

In real terms, none of the countries grew.

So quit that Buhari worship. On the economy, as with almost everything else, he has failed.

Dextre:



Nothing to show for it...just numbers and abject poverty everywhere

Area4Area:
As far as Nigeria and other countries heavily dependent on oil is concerned, when price of oil goes up, GDP growth and size goes up, price comes down and it drags others down too

nameo:


Do you know that this is nothing to celebrate here, and infact that this indicts this Govt??

Clue: In 2014, Nigeria became the largest economy in Africa and valued at $509.9bn whilst South Africa was $370.3bn.

Today, Nigerian economy has according to your report in the OP declined to $472/402bn i.e a decline of about $38bn( it would even be more if you take into account inflation rate between then and now).

The only reason SA overtook us was that our growth since then has been very sluggish with us entering into a recession(successive "negative" growth). The reason why you just overtook SA again is that they just entered their 2nd recession within the period.

In real terms, none of the countries grew.

So quit that Buhari worship. On the economy, as with almost everything else, he has failed.

nuele:


You guys are being misled, Nigeria cost of production per goods is very high, poor electricity and unfavorable business climate... Tell me how it's nominal GDP will be high, more still, the rate of import is astronomical....

Where the hell are you guys getting the big economy from, is it MTN or Glo, communication industry that is even eating from the per capital income.

Ever heard of media manipulation by government?

chriskosherbal:
Not just big theoretically it should reflect in the day to day lives of the ordinary Nigerians, bringing about the desired positive they crave for otherwise it's equal zero.

Area4Area:
Open another thread for that, bad belle people who only love bad news about Nigeria

nuele:

You guys are being misled, Nigeria cost of production per goods is very high, poor electricity and unfavorable business climate... Tell me how it's nominal GDP will be high, more still, the rate of import is astronomical....

Where the hell are you guys getting the big economy from, is it MTN or Glo, communication industry that is even eating from the per capital income.

Ever heard of media manipulation by government?

enemybulldozer:
So you know that the zoo is heavily dependent on biafran oil and that is the reason for the zoo attaché by force.

Commentor:


How much do you generate for the economy?

fx45:
The GDP you read about comes 98% from the South. Northern Nigeria is a waste of space and should as a matter of urgency be carved out from the rest of Nigeria.

Northern Nigeria contributes nothing but poverty, disease, religious extremism, terrorism and violence. Yes Nigeria needs to be divided

chriskosherbal:
Not just big theoretically it should reflect in the day to day lives of the ordinary Nigerians, bringing about the desired positive they crave for otherwise it's equal zero.

BreconHills:


You are fixated on a single point in time. The key takeaway is the over performance on growth estimates and the statement that forward growth is expected. You are nitpicking. The 2014 figures you are trumpeting were widely derided because they came about through rebasing.

There are so many things wrong in this economy but clearly the ingenuity of the Nigerian people has led them away from paper growth fueled by illicit cash. The system is correcting itself albeit slowly. Case: ikoyi and banana island yields are down to 2-3% and vacancy rates in ikoyi are up to 22%. Yields in university housing are 13% and agricultural related investment are averaging 10-25%. What you can see is that the economy is restructuring away from luxury white elephant investments that only mirror the illicit corruption fueled economy and are slowly reaching reality points that reward work.

It's a work in progress, there are huge loop holes and not a little incompetence here and there. Still it is is progress. For the university students who will point to the number of years they have remained unemployed - you have two choices, be patient or rework your skills and focus to economic realities.

May the days of flush money never come again.

Rossinnki:


Mehn, but we carry weight for this continent sha..

Dammit.

In fact, looking at the above statement, one might as well say that without Nigeria, there is nothing like Africa.

Yet some idiots want to split up this country into little, inconsequential Liberias. When you sneeze nobody will notice.

Rubbish.

nuele:
1 dollar to 15.38 Rand
1 dollar to 365.50 Naira

1 Rand to 23.77 naira

Why are we being deceived, if our economy were that good, our currency won't go that way.

We don't need a soothsayer to tell us our economy is poor, infact extremely poor.

So you as a Nigerian investor, you want to buy a machine worth $1000 which would cost you 365,000 Naira compared to a South African investor who will paid15,380 Rand.

Which of the two investors would be smiling?

People rejoicing at these "audio" economy should continue...

enemybulldozer:
So you know that the zoo is heavily dependent on biafran oil and that is the reason for the zoo attaché by force.

SenorFax:
And some ediots are still saying Nigeria is growing, wtf

I tire o. So many f001ish people on Nairaland tells the state of mindset of an average Nigerian youth. I dey shame for them. Even South Africa as a country in recession is better than Nigeria. Bitter truth. Them dey celebrate stone rice as if na achievement. We keep deceiving ourselves in this country that’s why all these leaders keeps on fooling us

Area4Area:
You won't see wailers in threads like this, people who wake up and wishing evil on their country as if if anything bad happens, they won't be affected.

Nigeria went into a recession years back,
Naira was on a free fall etc and they were all happy

Fast forward and the reverse became the case and they became angry.

South Africa entered another recession and they were wishing it was Nigeria that was mentioned.

BreconHills:

You are fixated on a single point in time. The key takeaway is the over performance on growth estimates and the statement that forward growth is expected. You are nitpicking. The 2014 figures you are trumpeting were widely derided because they came about through rebasing.

There are so many things wrong in this economy but clearly the ingenuity of the Nigerian people has led them away from paper growth fueled by illicit cash. The system is correcting itself albeit slowly. Case: ikoyi and banana island yields are down to 2-3% and vacancy rates in ikoyi are up to 22%. Yields in university housing are 13% and agricultural related investment are averaging 10-25%. What you can see is that the economy is restructuring away from luxury white elephant investments that only mirror the illicit corruption fueled economy and are slowly reaching reality points that reward work.

It's a work in progress, there are huge loop holes and not a little incompetence here and there. Still it is is progress. For the university students who will point to the number of years they have remained unemployed - you have two choices, be patient or rework your skills and focus to economic realities.

May the days of flush money never come again.

Commentor:
By Prinesha Naidoo


https://www.bloomberg.com/news/articles/2020-03-03/nigeria-now-tops-south-africa-as-the-continent-s-biggest-economy