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Nigeria Among Future Economic Powerhouse - Cnbc by oncolor: 8:28pm On Feb 25, 2011
Buiter has constructed a "3G index" to measure economic progress; 3G stands for "Global Growth Generators" and is a weighted average of six growth drivers that the Citigroup economists consider important:

A measure of domestic saving/ investment
A measure of demographic prospects
A measure of health
A measure of education
A measure of the quality of institutions and policies
A measure of trade openness

Using that index the nations to watch over the coming years are Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, the Philippines, Sri Lanka and Vietnam.

"They are our 3G countries," Buiter said.


SOURCE: http://www.cnbc.com/id/41775174
Re: Nigeria Among Future Economic Powerhouse - Cnbc by PhysicsMHD(m): 8:52pm On Feb 25, 2011
What's going on in Mongolia, Bangladesh, and Iraq?


Anyone know?
Re: Nigeria Among Future Economic Powerhouse - Cnbc by EzeUche2(m): 8:54pm On Feb 25, 2011
PhysicsMHD:

What's going on in Mongolia, Bangladesh, and Iraq?


Anyone know?

Mongolia has a lot of mineral wealth and trade with China will help improve the Mongolian economy.

Bangladesh has a LARGE population for a country its size and can be used for labor.

Iraq has oil. . .
Re: Nigeria Among Future Economic Powerhouse - Cnbc by ekubear1: 8:57pm On Feb 25, 2011

"For poor countries with large young populations, growing fast should be easy: open up, create some form of market economy, invest in human and physical capital, don't be unlucky and don't blow it. Catch-up and convergence should do the rest," Buiter added.

Heh.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Kobojunkie: 9:01pm On Feb 25, 2011
@POster, I believe Nigeria has been on similar lists for well over a decade now.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by PhysicsMHD(m): 9:01pm On Feb 25, 2011
EzeUche_:

Mongolia has a lot of mineral wealth and trade with China will help improve the Mongolian economy.

Bangladesh has a LARGE population for a country its size and can be used for labor.

Iraq has oil. . .


Ah, I see. Thanks.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by PhysicsMHD(m): 9:01pm On Feb 25, 2011
Kobojunkie:

@POster, I believe Nigeria has been on similar lists for well over a decade now.

lol, evidence?
Re: Nigeria Among Future Economic Powerhouse - Cnbc by EzeUche2(m): 9:04pm On Feb 25, 2011
This quote from the comments sections sums up why people should not read this garbage.


MrSquiggles | Feb 25, 2011 07:24 AM  ET

Buiter has missed the most important component. There are impediments to growth (for all countries) resulting from the bad ethics and morals of the citizens, which show up in corruption, political problems, dysfunctional institutions, monopolies, theft, violence, wars, lack of human rights, class (caste) societies, lack of property rights, tribal behavior, etc. Perhaps economists should use a measure of ethical and moral development in assessing potential growth.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Kobojunkie: 9:05pm On Feb 25, 2011
PhysicsMHD:

lol, evidence?

evidence of what?
Re: Nigeria Among Future Economic Powerhouse - Cnbc by PhysicsMHD(m): 9:11pm On Feb 25, 2011
Kobojunkie:

evidence of what?

Of Nigeria being on such lists for over a decade now.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Kobojunkie: 9:20pm On Feb 25, 2011
^^^ Sorry, can't provide you that since it would require time which I do not have now. Ask me when I have time.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by aljharem2: 9:22pm On Feb 25, 2011
PhysicsMHD:

Of Nigeria being on such lists for over a decade now.

she is right, it has been said from many years now but no change

i have read it on newspapers back then but now not sure it would still be around
Re: Nigeria Among Future Economic Powerhouse - Cnbc by PhysicsMHD(m): 9:25pm On Feb 25, 2011
Oh, well I guess that that does indeed show that:


EzeUche_:

This quote from the comments sections sums up why people should not read this garbage.


MrSquiggles | Feb 25, 2011 07:24 AM  ET

Buiter has missed the most important component. There are impediments to growth (for all countries) resulting from the bad ethics and morals of the citizens, which show up in corruption, political problems, dysfunctional institutions, monopolies, theft, violence, wars, lack of human rights, class (caste) societies, lack of property rights, tribal behavior, etc. Perhaps economists should use a measure of ethical and moral development in assessing potential growth.   



has been true for Nigeria for over a decade. sad
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Nsiman(m): 10:12pm On Feb 25, 2011
@ ms kobo and alj harem, we need the source to confirm ur points.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Kobojunkie: 10:21pm On Feb 25, 2011
^^^ No you do not. If however, you feel the belief expressed is wrong, you can easily counter it by providing your own links
Re: Nigeria Among Future Economic Powerhouse - Cnbc by oncolor: 11:17pm On Feb 25, 2011
Kobojunkie:

@POster, I believe Nigeria has been on similar lists for well over a decade now.

I don't know what list you are talking about, we might have been on different lists because of our oil resources which was giving us recognition back then but this is a different analysis, not just oil. Moreover one thing that is different is that the population is becoming more educated and more aware compared to what was decades back, even though there is still rampant corruption, it is not going unchallenged, there have been protests by the youth for basic necessities like electricity which has never happened in the past, coups and counter coups are a thing of the past (the fact that Jonathan could be the president after the whole Yar'Adua fiasco shows some level of political maturity).

And even if we have been on the list a decade ago it doesn't mean the analysis is wrong, it doesn't take a decade to achieve this, it takes decades. Just like we have been getting different dates at which China is supposed to overtake the U.S as the world economic superpower, doesn't mean it would not happen one day.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Nobody: 11:36pm On Feb 25, 2011
Kobojunkie said:

@POster, I believe Nigeria has been on similar lists for well over a decade now.

Not true. More like the last TWO years. From the inception of the Yar'adua we began recording 7%+ annual economic growth rates, which have continued with Jonathan.

Basically, the reasoning behind those projections is that it would be impossible for a nation to record such growth rates for a decade or more without it leading to a rise in living standards across the board.

Essentially what they're saying is that if we keep doing what we're doing, ie managing the economy better than we used to do, we will be a developed nation in the next couple of decades at the most.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Kobojunkie: 11:37pm On Feb 25, 2011
oncolor:

I don't know what list you are talking about, we might have been on different lists because of our oil resources which was giving us recognition back then but this is a different analysis, not just oil.
Notice that I nowhere mentioned Oil. Yes, Nigeria has been on various lists, over the years, of 'emerging' economies.

oncolor:

Moreover one thing that is different is that the population is becoming more educated and more aware compared to what was decades back, even though there is still  rampant corruption, it is not going unchallenged, there have been protests by the youth for basic necessities like electricity which has never happened in the past, coups and counter coups are a thing of the past (the fact that Jonathan could be the president after the whole Yar'Adua fiasco shows some level of political maturity).

What makes you believe the population is more educated today than it was a decade ago? Seriously, I would like to know how you arrived at that one cause indicators do not seem to show that to necessarily be the case.

About corruption being challenged, I got to ask, by whom? And when last?
oncolor:

And even if we have been on the list a decade ago it doesn't mean the analysis is wrong, it doesn't take a decade to achieve this, it takes decades. Just like we have been getting different dates at which China is supposed to overtake the U.S as the world economic superpower, doesn't mean it would not happen one day.

China does not need to overtake the U.S for the country itself to develop. You are trying to confuse two different things there with that. I didn't say it takes a minute to develop either, I simply stated that Nigeria has been on the list for a very long while now.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Kobojunkie: 11:39pm On Feb 25, 2011
ROSSIKE:

Kobojunkie said:

Not true. More like the last TWO years.

Nope!!! Since Obasanjo came in to Office, we have been on similar lists. If you are referring to lists that use/contain the particular word "EMERGING" then maybe you are right, but Nigeria/Africa has been on the list of next best places for investors for maybe more than a decade now.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by ekubear1: 11:40pm On Feb 25, 2011
I can already tell that this thread. . .

http://media.giantbomb.com/uploads/2/26518/881999-this_will_not_end_well_super.jpg
Re: Nigeria Among Future Economic Powerhouse - Cnbc by kcjazz(m): 11:47pm On Feb 25, 2011
The future is bright. It's just not the future yet. As a country, we need to work for the future we desire
Re: Nigeria Among Future Economic Powerhouse - Cnbc by oncolor: 12:10am On Feb 26, 2011
Kobojunkie:

Notice that I nowhere mentioned Oil. Yes, Nigeria has been on various lists, over the years, of 'emerging' economies.

What makes you believe the population is more educated today than it was a decade ago? Seriously, I would like to know how you arrived at that one cause indicators do not seem to show that to necessarily be the case.

About corruption being challenged, I got to ask, by whom? And when last?
China does not need to overtake the U.S for the country itself to develop. You are trying to confuse two different things there with that. I didn't say it takes a minute to develop either, I simply stated that Nigeria has been on the list for a very long while now.

1. If you say Nigeria has been on the list of emerging economies, you have to state when we started getting on that list. Nigeria had a civil war that ended in 1970, we have been having several dictatorships till 1999, it is only reasonable to use that as a reference point. After about 30 to 50 years from 1999 and we are still in this situation that is when you have a point.

2. I don't know why you're asking that kind of question? are you saying the percentage of graduates from Nigerian Universities and tertiary institutions is less than what we had decades ago? If you are talking about quality of education that is a different thing, but school is school, we have more educated people compared to 10, 20, 30 or 40 years ago.

3. Ibori is on the run, Alams was impeached and several other governors have had one charge or the other against them. During the tenure of Shagari only one governor was known to have been impeached.

We have not yet arrived, it is a gradual process, it is only human nature to want things to happen in their life time. We might not get to see the promised land but our children surely will.
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Ikengawo: 12:36am On Feb 26, 2011
everyone saying there has been 'no change' in nigeria is daft and a lair.

i go to nigeria annually and it improves by leaps and bounds, and its' A LOT better then when i lived there (90s)
when i was there people were hungry, not there's an obesity problem and everyone is going to the gym (which wasn't there before)
everyone has a phone, old market women and children included
everyone has a car, 2 things that were only for the mega rich
the roads are improving (though not all the way perfect yet)
you have malls now (which didn't exist before in the country)
everyone is building a house, you can't name 1 single city in nigeria who's outskirts aren't lined with new houses and under construction neighborhoods
the 2nd most productive movie industry in the world
the fastest growing construction market in the world
one of the worlds largest foreign reserves in the developing world
is now manufacturing cars
is now manufacturing computers
3 satelites in orbit
built a fiber optic wire from Lagos to London that connects all of west africa to europe in high speed internet
strong growth rate despite global recession


i would even say from looking at it Owerri alone has expanded 25% since 2006, no exaggeration
every nigerian youth is on the internet and facebook when in 2006 people were looking at me like a marvel because i could type.


nigerians just like to complain. you people are annoying. obviously nigeria isn't developed yet, but literally the whole world is telling you the country is developing fast and you refuse to believe it.




What's going on in Mongolia, Bangladesh, and Iraq?


Anyone know?
mongolia has china and minerals as well as excellent infrustructure
bangladesh has india china population and minerals
iraq has the united states which has to make the country develop or they will fail (same mentality they had about post war germany and south korea), oil, and a huge influx of american investment
Re: Nigeria Among Future Economic Powerhouse - Cnbc by againstGEJ(m): 12:58am On Feb 26, 2011
Kobojunkie:

^^^ Sorry, can't provide you that since it would require time which I do not have now. Ask me when I have time.

LOL
Re: Nigeria Among Future Economic Powerhouse - Cnbc by Kobojunkie: 1:31am On Feb 26, 2011
^^^ Just so you know, that was not me being smart -- I simply don't have time to spend searching nairaland archives for threads where we discussed all that is all.

oncolor:

1. If you say Nigeria has been on the list of emerging economies, you have to state when we started getting on that list.  Nigeria had a civil war that ended in 1970, we have been having several dictatorships till 1999, it  is only reasonable to use that as a reference point. After about 30 to 50 years from 1999 and we are still in this situation that is when you have a point.

I don't have to state WHEN Nigeria STARTED getting on that list, but I did however provide you with information to give you an idea of the time frame I was referring to in my post.

oncolor:

2. I don't know why you're asking that kind of question?.
I asked because I did not understand what exactly you meant by the claim you made there.
oncolor:

are you saying the percentage of graduates from Nigerian Universities and tertiary institutions is less than what we had decades ago?
OK . .  so how do you figure the percentage of graduates from Nigerian Universities are more?
oncolor:

If you are talking about quality of education that is a different thing, but school is school, we have more educated people compared to 10, 20, 30 or 40 years ago.
Was not referring to this.


oncolor:

3. Ibori is on the run, Alams was impeached and several other governors have had one charge or the other against them. During the tenure of Shagari only one governor was known to have been impeached.

Ibori was not impeached though(his hunt started after he left the seat), and according to reports from wikileaks, it is possible he is not even being hunted.  so we still might be tied with the Shagari regime still.

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