Yoruba elder, Dr. Amos Akingba posted this on a forum I'm on. It carries no attribution. But its message is so stark and troubling:

"Nigeria has a smaller national budget than Algeria, Angola, Egypt, Libya, Morocco and South Africa. All these countries have fewer citizens, yet significantly more money to spend on them. While Nigeria’s 2019 budget amounts to $29 billion, South Africa, with a population almost 4 times smaller, will spend $130 billion. Egypt has a $90 billion budget with 100 million people. Elsewhere, countries like Pakistan, Bangladesh and Vietnam have larger budgets than Nigeria. No one considers these nations “rich”. Yet, among Nigerians, there persists a stubborn myth that Nigeria is a wealthy country. Who planted this idea and why does it survive?

It started with Nigeria’s 1950s pro-independence leaders who needed to mobilize popular opinion against colonialism to push the British out. So, they regularly emphasized Nigeria possessed abundant economic resources being carted away by the British. “Help us drive them out and we will use these vast resources to transform your lives”, was their essential message.

Many Nigerians believed these often exaggerated claims of abundant wealth awaiting distribution and duly mobilized for independence. By 1960, then Governor-General Nnamdi Azikiwe was constructing national pride on the idea that thanks to her resources and population size, Nigeria was already an “African power.” And this was before crude-oil exports really took off in the mid-1960s. By the 1970s, General Yakubu Gowon was telling Nigerians their country’s problem was not money, but “how to spend it”.

Whatever Gowon’s intentions, his words were interpreted by many Nigerians to mean theirs was a rich country, period. Over 20 years later, during my secondary school days, we would often recall Gowon’s famous statement. Anytime someone brought it up, we would all laugh with some delight. It made us feel like part of an exclusive members-only club; the club of rich nations. Sorry, no poor countries allowed.

It also gave us a sense of hope and relief because it meant that all the problems we observed around us – no water, no light, new slums everyday – these were all easily solvable. Nigeria had the money to make all these disappear fast. The minute an honest government took over, it would be farewell problems, hello prosperity. There is great comfort in believing solutions to your problems are within arm’s reach. That all it takes is for X to happen. That’s why demagogues and charlatans will always have followers.

The first time someone challenged my belief I was from a rich country I became agitated. It was a girlfriend of mine who wasn’t Nigerian, one of those annoying types who know things they have no business knowing. I mentioned Nigeria was rich. “No, it isn’t. I checked. It has a smaller economy than some countries with just 5-10 million people like Sweden or Norway and a lower GDP per capita than the likes of Albania, Guatemala or Mongolia which are all considered poor countries,” she retorted. I struggled to contain my anger. What kind of rubbish was this girl telling me? That my entire national self-concept was wrong? Impossible!

I think many Nigerians are still psychologically reluctant to accept Nigeria’s true position in the global pecking order today. Our sense of national self is largely built around the notion that we are a country very rich in natural and human resources, just one good government away from greatness. Some optic illusions further render this belief hard to shake.

In every state, there are a few dozen people (usually involved in politics) who possess such visibly stupendous wealth, we can be forgiven for assuming there is a lot more where that came from. Thing is, there isn’t. If you shared Nigeria’s 8.83 trillion naira national budget equally among Nigerians, each citizen would receive a paltry 45,000 naira or so; hardly enough to keep you in Panadol for the year.
Of course, states have budgets too, but even Lagos, by far Nigeria’s richest city, has a modest 852 billion naira ($2.4 billion) to spend on 15 to 20 million residents this year. For comparison, Johannesburg has double that budget for fewer than 5 million people. And it still struggles to provide basic social services. What we have in Nigeria is a few hundred people looting and squandering such a disproportionate amount of Nigeria’s modest resources that an illusion of plenty is sustained among the populace.

Another factor fuelling this “there is money in Nigeria” belief is that many people pretend to have more of it than they actually do. My friend who runs a crèche in one of the most expensive neighbourhoods in Lagos says she has lost count of the number of parents who drive the most expensive Range Rovers yet struggle to pay their children’s nursery fees on time. Of course, aspirational Nigerians don’t live above their means just because, they do so in response to societal pressure for them to prove they are “somebodies”; worth talking business to, hanging out with and treating respectfully. Raise your hand if you have ever pretended to have more money than you really do so as to be treated respectfully somewhere in Nigeria (my hand is raised high).

But the end result is that when you combine the authentic and visible wealth of a few hundred Nigerians living off the state with the lifestyles of all those trying hard to appear rich, the rest of society can be forgiven for believing there must be a lot of money in Nigeria.

This is bad because it encourages many intelligent people to focus not on thinking of how to create wealth, but on how to corner their own “share” of this fabulous national cake. Either by getting into government or by winning a government contract and then behaving as though the pockets of the state are bottomless.
Another consequence of this illusion is that it diminishes the sense of urgency required to tackle the existential threats Nigeria faces, ranging from mass poverty and unemployment to uncontrolled population growth and growing insecurity. At the back of many minds seems to be the implicit assumption one needn’t worry too much. Things will sort themselves out. There is money in Nigeria.

But Nigeria is not rich. And with its rapidly-expanding population leading to ever scarcer resources, *only a furious national focus on wealth-creation can save the country*. The Nigerian state, currently viewed by many as a fat cash-cow, is actually a very skinny cow in desperate need of some serious grass in order to stay alive. Else, one day, it will simply stop breathing."

Nigeria is just like India, a multi ethnic country, where Corruption, Tribalism, religion fanatism, pollution, reckless child birth is the other of the day.

Very large economy, but the economy couldn't sustain the populace.

Who is at fault? I don't know.

Aptly written. In reality, Nigeria is a poor country (with a vast majority of its population wallowing in poverty).

Low income per capita no thanks to the rapidly growing population and only major income stream which is revenue from crude oil.

Just imagine a man trying to feed his growing family (birthing more and more kids) with just one source of income (i.e. Fixed salary which is still subject to pay cuts)... technically, that man and his family are poorer as the years roll by.

Face it, Naija is a poor nation in the current scheme of things.

The balloon is gonna pop soon, just that it hasn’t reached the bursting point yet...but it’s inevitable if nothing changes.

Nigeria remains the poverty capital of the world.

Third most terrorized country in the world.




Thanks to Northern Nigeria

Nigeria is truly a poor country

This is an apt description of Nigeria situation, I can’t agree less...

Built2last:
Yoruba elder, Dr. Amos Akingba posted this on a forum I'm on. It carries no attribution. But its message is so stark and troubling:

"Nigeria has a smaller national budget than Algeria, Angola, Egypt, Libya, Morocco and South Africa. All these countries have fewer citizens, yet significantly more money to spend on them. While Nigeria’s 2019 budget amounts to $29 billion, South Africa, with a population almost 4 times smaller, will spend $130 billion. Egypt has a $90 billion budget with 100 million people. Elsewhere, countries like Pakistan, Bangladesh and Vietnam have larger budgets than Nigeria. No one considers these nations “rich”. Yet, among Nigerians, there persists a stubborn myth that Nigeria is a wealthy country. Who planted this idea and why does it survive?

It started with Nigeria’s 1950s pro-independence leaders who needed to mobilize popular opinion against colonialism to push the British out. So, they regularly emphasized Nigeria possessed abundant economic resources being carted away by the British. “Help us drive them out and we will use these vast resources to transform your lives”, was their essential message.

Many Nigerians believed these often exaggerated claims of abundant wealth awaiting distribution and duly mobilized for independence. By 1960, then Governor-General Nnamdi Azikiwe was constructing national pride on the idea that thanks to her resources and population size, Nigeria was already an “African power.” And this was before crude-oil exports really took off in the mid-1960s. By the 1970s, General Yakubu Gowon was telling Nigerians their country’s problem was not money, but “how to spend it”.

Whatever Gowon’s intentions, his words were interpreted by many Nigerians to mean theirs was a rich country, period. Over 20 years later, during my secondary school days, we would often recall Gowon’s famous statement. Anytime someone brought it up, we would all laugh with some delight. It made us feel like part of an exclusive members-only club; the club of rich nations. Sorry, no poor countries allowed.

It also gave us a sense of hope and relief because it meant that all the problems we observed around us – no water, no light, new slums everyday – these were all easily solvable. Nigeria had the money to make all these disappear fast. The minute an honest government took over, it would be farewell problems, hello prosperity. There is great comfort in believing solutions to your problems are within arm’s reach. That all it takes is for X to happen. That’s why demagogues and charlatans will always have followers.

The first time someone challenged my belief I was from a rich country I became agitated. It was a girlfriend of mine who wasn’t Nigerian, one of those annoying types who know things they have no business knowing. I mentioned Nigeria was rich. “No, it isn’t. I checked. It has a smaller economy than some countries with just 5-10 million people like Sweden or Norway and a lower GDP per capita than the likes of Albania, Guatemala or Mongolia which are all considered poor countries,” she retorted. I struggled to contain my anger. What kind of rubbish was this girl telling me? That my entire national self-concept was wrong? Impossible!

I think many Nigerians are still psychologically reluctant to accept Nigeria’s true position in the global pecking order today. Our sense of national self is largely built around the notion that we are a country very rich in natural and human resources, just one good government away from greatness. Some optic illusions further render this belief hard to shake.

In every state, there are a few dozen people (usually involved in politics) who possess such visibly stupendous wealth, we can be forgiven for assuming there is a lot more where that came from. Thing is, there isn’t. If you shared Nigeria’s 8.83 trillion naira national budget equally among Nigerians, each citizen would receive a paltry 45,000 naira or so; hardly enough to keep you in Panadol for the year.
Of course, states have budgets too, but even Lagos, by far Nigeria’s richest city, has a modest 852 billion naira ($2.4 billion) to spend on 15 to 20 million residents this year. For comparison, Johannesburg has double that budget for fewer than 5 million people. And it still struggles to provide basic social services. What we have in Nigeria is a few hundred people looting and squandering such a disproportionate amount of Nigeria’s modest resources that an illusion of plenty is sustained among the populace.

Another factor fuelling this “there is money in Nigeria” belief is that many people pretend to have more of it than they actually do. My friend who runs a crèche in one of the most expensive neighbourhoods in Lagos says she has lost count of the number of parents who drive the most expensive Range Rovers yet struggle to pay their children’s nursery fees on time. Of course, aspirational Nigerians don’t live above their means just because, they do so in response to societal pressure for them to prove they are “somebodies”; worth talking business to, hanging out with and treating respectfully. Raise your hand if you have ever pretended to have more money than you really do so as to be treated respectfully somewhere in Nigeria (my hand is raised high).

But the end result is that when you combine the authentic and visible wealth of a few hundred Nigerians living off the state with the lifestyles of all those trying hard to appear rich, the rest of society can be forgiven for believing there must be a lot of money in Nigeria.

This is bad because it encourages many intelligent people to focus not on thinking of how to create wealth, but on how to corner their own “share” of this fabulous national cake. Either by getting into government or by winning a government contract and then behaving as though the pockets of the state are bottomless.
Another consequence of this illusion is that it diminishes the sense of urgency required to tackle the existential threats Nigeria faces, ranging from mass poverty and unemployment to uncontrolled population growth and growing insecurity. At the back of many minds seems to be the implicit assumption one needn’t worry too much. Things will sort themselves out. There is money in Nigeria.

But Nigeria is not rich. And with its rapidly-expanding population leading to ever scarcer resources, *only a furious national focus on wealth-creation can save the country*. The Nigerian state, currently viewed by many as a fat cash-cow, is actually a very skinny cow in desperate need of some serious grass in order to stay alive. Else, one day, it will simply stop breathing."

Nigeria is a compelling paradox

Nigeria is a rich country making poor choices

slivertongue:
Nigeria is a rich country making poor choices

Even if no money is stolen, Nigeria does not have enough to fund its infrastructural deficit.

agabusta:


Even if no money is stolen, Nigeria does not have enough to fund its infrastructural deficit.

"stolen" is a poor choice

Although Nigeria might not be rich as compare to Egypt and South Africa, but the ones we have if it is judiciously used and our mentality is alright everyone will have sense of belonging, mentality of stealing have subjugated accountability and transparency in this country, people believe in stealing what their great great grand children cannot finish spending, even some don't even care that money rotten away where it is kept, my pastor normally say "you don't deserve two when others have non" but reserve is the case in this country, our mentality is our problem, greed, insatiable animalistic grotesque and nepotism is our problem

slivertongue:


"stolen" is a poor choice

Okay, looted or lost through graft and other associated vices.

Nigeria is truly a poor country bedeviled with poor leadership. Also, concerted efforts are needed at wealth creation. Government should also come up with clear policies to mitigate the population growth.

agabusta:


Okay, looted or lost through graft and other associated vices.

Nigeria is poor because of the interest of a few hedonist. so much is stolen outside the.national revenue.

OkCornel:
Aptly written. In reality, Nigeria is a poor country (with a vast majority of its population wallowing in poverty).

Low income per capita no thanks to the rapidly growing population and only major income stream which is revenue from crude oil.

Just imagine a man trying to feed his growing family (birthing more and more kids) with just one source of income (i.e. Fixed salary which is still subject to pay cuts)... technically, that man and his family are poorer as the years roll by.

Face it, Naija is a poor nation in the current scheme of things.

The balloon is gonna pop soon, just that it hasn’t reached the bursting point yet...but it’s inevitable if nothing changes.

I always laugh when I hear some people screaming money is not Nigeria problem

I disagree with the beginning of the OP comments but had to agree with him towards the end.

You cannot use just the income coming in per capita because foreign income is included. In other words if you divide our foreign income from oil even when Nigeria was taking in the highest price, the point of the OP becomes clearer. Out of all oil producing countries, Nigeria had more people per barrel of oil.

I agree with him BUT you do not use that to measure how rich a country is. Japan has no natural resources, USA is the biggest debtor and Europe went broke after the War.

Riches come from the people and how well they manage themselves.

You may not agree or find it disdainful, but slavery was preached, encouraged with Papal Blessing in Europe and America as Necessary Evil. When Morocco fought too many wars and got broke, they invaded and destroyed the last African Empire.

The singular act of abandoning Gold Standard made England and USA so rich they can print as much money as they want without going bankrupt. Let Cold Coast (the source of gold) try that or as Zimbabwe did.

If you are foolish enough to accept Structural Adjustment because African Oxford and Harvard educated economists preached it, how many developing countries has it improved their economies?

Nigeria was doing better with very little import or export at one pound for British pound before going into senseless importation preached again by African devils for personal gains. They are better off, are you or the masses better off?

So the OP is right towards the end about mindset and people's attitude towards one another.

It is not how much money you have but how judiciously you use it. Look at your colleagues at work or in the same businesses making roughly the same income, are you equally rich?

Dangote was not the only one that got monopoly in Nigeria, are they equally rich?

Look at your neighbors, some of them make less or more money than you. You are not equally rich or poor. It is not how much you make but how you spend it.

How much was Cocoa that turned Western Nigeria into the "richest" Region in Africa with many Firsts some European countries could not match.

slivertongue:


Nigeria is poor because of the interest of a few hedonist. so much is stolen outside the.national revenue.

You are going back to my earlier point, that even if he so called govt money is not stolen, we still do not have enough to fund infrastructural gaps.

Ok

Nigeria is a poor country due to the over dependence on oil revenue vis-a-vis a ballooning population. Corruption is the effect of structural defect by skewing the country in a way that monkey will be working while baboon will be eating!

agabusta:


You are going back to my earlier point, that even if he so called govt money is not stolen, we still do not have enough to fund infrastructural gaps.

boss we differ! without stealing, pilfering and looting which is the foundation for the shambolic and chaotic governance process we now witness or live under Nigeria would surely have been better than south Africa and Egypt. we have what it take to be great but we have deployed some of it to destroy the other potentials. less than a quarter of the revenue is returned to govt the rest are kept other climes which helps their economy

Aptly written.
We wondered how threads like this never make Frontpage!

The op is right...I wonder why after obasanjo grow our economy to around $500b, no other president had ever improved on expanding the economy to hit at least $700b to $800b...instead its keep depreciating everyday...so sad.

.