Nigeria Listed As One Of 10 Of The World's Fastest Growing Economies

Source: http://www.myweku.com/2011/06/africa-dominates-list-of-worlds-fastest-growing-economies/

This is good news.

Unfortunatly though, I do not think oil extraction should be considered in economic growth or Gdp as is the case in nigeria.
becasue oil doesnt create jobs, and in our case it doesnt improve standard of living that much either.

Unfortunatly though, I do not think oil extraction should be considered in economic growth or Gdp as is the case in nigeria.
becasue oil doesnt create jobs, and in our case it doesnt improve standard of living that much either

Good point. I guess what industries are contributing to that growth matters.

I think some of the growth may be coming from manufacturing. As the population gets bigger people are going to need more consumer goods so the like of Dangote will make even more of a killing.

It would be nice to know the index used in this assessment

when boys dey tear eye,

Good news after a long time,

just a little  rain on the parade this may just be an effect of oil prices which can be volatile and so a source of future vulnerability . not likely to translate into anything  meaningful for most people . rich getting richer ,etc

Yeah we've been growing at least since 2007 but we're certainly not developing,

Lie, Liaaaaaaaaar wotz the diff btw Nigeria of 1999 and  Nigeria of today?? Norrin apart from Lagos

[size=14pt]HUH? NIGERIA AMONG 10 GROWING COUNTRIES AND THEY STILL HAVE GOATS IN THE STREET [/size]

lies

kamisco:

It would be nice to know the index used in this assessment

Index? How do u mean?

IMO, one of the key metrics used to determine growth is GDP and it's macroeconomic components.

So why are we the 10th come 2011-2015 ?

Nigeria WAS 4th largest growing.

if  dangote  should double his wealth nigerian economy will grow by about 5%.but in the main it's good for dangote. we need  to get  away from this idea that government will  change our lives .it won't.

190:

[size=14pt]HUH? NIGERIA AMONG 10 GROWING COUNTRIES AND THEY STILL HAVE GOATS IN THE STREET  [/size]

Goats (Nkpi) like your papa and mama! Bagga!!!

Somebody must be taking us for fools. By the way, Dangote is just a glorified retailer.

I would like to know the metrics used. We've heard this for a long time but the poor masses have not felt it.

you people dont want to accept change, you should happy for Nigeria .
And also be praying we should get recover,because change doesnt come so far

even with the so-called growth the naira is under pressure because we like to consume;nokia,blackberry ,motor ,presidential fleet etc and we don't produce much .so we have a growing eonomy a declining us economy with a weak dollar and somehow the naira is weaker.
nigerian  genius

.

Chongaiman:

Somebody must be taking us for fools. By the way, Dangote is just a glorified retailer.

why not become a retailer too.it's not illegal and it's very easy

I have said this before and I will say it again, there is a clear difference between growth and development. Nigeria is growing per GDP wise but WE ARE NOT developing that is why the average masses hasn't felt it. For every 8% annual growth in GDP per say $250billion results to $20billion. This is what Dangote and a few other manufaturers produce in a year i.e. when they expand more production of goods like rice, sugar and cement . As you can see, that is how they mean by growth in the economy not development in the economy.

As for those saying if we are growing why is the Naira week? That is because the world supply doesn't need the naira, they haven't any reason to need it when they need the Yuan (China Vurrency) and that is because we are importing rather than exporting. There is no strong manufacturing to support the need of Naira at least from other African nations. When you manufacture and people know that you do, it's either they exchange in your currency to buy products (which is likely often) or they exchange in a stronger currency valued against your own currency say $$$$

Nigerians self I tire for una. The other day it was said that Ghana has the highest increase in GDP and people were raining praises on them. Now it has come to the fore that in the last 9yrs Nigeria withnessed the 4th fastest economic growth and you are saying trash.

Look at some people saying oil does not creat Jobs. Do you know how many Nigerian companies,workers and Contractors that are benefiting from our large oil industry? Abegiii.

rover321:

Good point. I guess what industries are contributing to that growth matters.

I think some of the growth may be coming from manufacturing. As the population gets bigger people are going to need more consumer goods so the like of Dangote will make even more of a killing.

Well said

in more advanced economies even small factors of growth change translate into significant changes in employment numbers.sad truth in nigeria is our so called workforce are mostly unskilled and unemployable .sad but true even  now a large  number of medium skill technical jobs are taken by foreigners e.g. divers,welders,crane drivers and helicopter pilots .
while oga is buying new hats and madam unfurls her umby

pleep:

he really is nothing special.

All he does is import cement then sell cement at like double the price. Then make silly investments in English soccer teams.
All this while his people are hungry.

tell that to the over 10,000 people he is employing or the hundreds of thousands that are shareholders in dangote companies. which importer employs that much or is racing to build industries? is importing and selling at a premium not what ibeto, PAN, and all these so called industrialist are doing.

Back to the main jist. Our growth rates means nothing if its not happening in the right sectors and employing people; agriculture, infrastructure and mining. Thats why I expect more dangotes - building industries and investing in NIGERIA to create jobs. The principle is ok. right now the growth is more in the oil sector that employs few and most income get repatriated.

I expect Nigerians to look closely at the report and ask, how do we replicate areas of growth elsewhere and spend energy forcing the government (which we all are) look in that direction, who knows maybe some nairalanders will get an inspiration from knowing the direction of growth and be the next dangote. All we do is criticize any and all about naija without having the gutts to correct, create and maintain change. Argh!

[b]I have said this before and I will say it again, there is a clear difference between growth and development. [/b]Nigeria is growing per GDP wise but WE ARE NOT developing that is why the average masses hasn't felt it. For every 8% annual growth in GDP per say $250billion results to $20billion. This is what Dangote and a few other manufaturers produce in a year i.e. when they expand more production of goods like rice, sugar and cement . As you can see, that is how they mean by growth in the economy not development in the economy.

You are the one confusing yourself.The report says growth, nothing more than that.Yes, increase in GDP is an evidence of growth but the report failed to tell us more about the contribution of various sectors of the economy to the growth in GDP.The growth could have been as a result of recent increase in pump price due to the crisis rocking oil producing nations.This i consider temporary, and does not support the 2011-15 projection.No doubt, GDP growth if effectively and efficiently utilised leads to economic development.But the question remains, will the growth be managed well?

walmart is just a retailer with a market cap bigger than nigeria's gdp.
nothing special  

190:

[size=14pt]HUH? NIGERIA AMONG 10 GROWING COUNTRIES AND THEY STILL HAVE GOATS IN THE STREET [/size]

Until I see the benefit of this trickling down to the last common man. . .

4th Fastest economy my foot.

Long story short, increased GDP would only be beneficial to those in influential position.

ok, its good news. It only means we are growing but still have a long way to catch up

 
Canada GDP 2010, $1.6 trillion (pop. 33 million) only 1% growth  

Nigeria GDP 2010, $374 billion (pop. 150 million) with 10% growth


It’s like a kindergarten delighted he/she can recite "ABC" while a university student disappointed with a C+ in Quantitative Economics

I'm not surprised that Nigeria is on that list. I might not know my economics but i know that in the last ten years, Nigeria has produced uncountable Billionaires who unfortunately are mostly thieves If there was no money flowing into the system, the thieves wouldn't have had anything to steal. Its just a pity that the common man does not get a taste of this economic growth.