Great Nation, Great People. We are making progress.

violent:


Wrong!

The petroleum industry is the main factor behind growth; it provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Agriculture accounts for 25% of the GDP and is the major source of income for two-thirds of our population.

Nigeria's exports were worth 18.45 Billion USD in the fourth quarter of 2010. Exports of commodities (oil and natural gas) is the main factor behind growth and accounts for more than 95% of total exports. Manufacturing, technology, construction etc make very very little impact to the overall GDP figures.

How do u mean by main factor behind growth? Also, explain how u mean by 80% of budgetary revenues?

The economy is booming. Many of these loafers here moaning about this and that probably need to spend less time on NL and more hustling like their mates, many of whom are doing very well thank you, compared to ten years ago.

Agriculture is the largest employer of labour

By Investing in Commetrcial Plantation Agriculture we can restore the glorious economy of Africa


Get a Cassava Cornbine Plantation Plan for free today: kingolusola@gmail.com

and yet we are begging dr ngozi okonjo-iweala to become our economic czar, that makes her jonathan's saviour and he's going to pay her in dollars even though she's worth it. how can we be one of the fastest growing when all condiyions of living are not met by the govt.

manny4life:

How do u mean by main factor behind growth? Also, explain how u mean by 80% of budgetary revenues?

I checked on the economy of Nigeria at Wikipedia (http://en.wikipedia.org/wiki/Economy_of_Nigeria)

. . . . The oil boom of the 1970s led Nigeria to neglect its strong agricultural and light manufacturing bases in favor of an unhealthy dependence on crude oil. In 2000, oil and gas exports accounted for more than 98% of export earnings and about 83% of federal government revenue. New oil wealth, the concurrent decline of other economic sectors, and a lurch toward a statist economic model fueled massive migration to the cities and led to increasingly widespread poverty, especially in rural areas. . . .

Eleven years on, I don't think the situation is significantly different.

Rossikk:

The economy is booming. Many of these loafers here moaning about this and that probably need to spend less time on NL and more hustling like their mates, many of whom are doing very well thank you, compared to ten years ago.

ROSSIKKE?

Chongaiman:

I checked on the economy of Nigeria at Wikipedia (http://en.wikipedia.org/wiki/Economy_of_Nigeria)

Eleven years on, I don't think the situation is significantly different.

First off, I am not a likely fan of Wikipedia, information on that site is written by peeps like you and I. There is no way such information can be validated. As a matter of fact, if you're a wiki member you can edit, cite and so some other stuff to the original written article.


Still doesn't make any sense, I want to know how oil accounts for 80% and more of Nigeria's Budget (Revenues).

Question, how much is Nigeria's Budget revenue? How much is Nigeria's oil revenues?

^^^
I guess you could redirect your questions to the Federal Office of Statistics then.

Chongaiman:

^^^
I guess you could [b]redirect your questions [/b]to the Federal Office of Statistics then.

Redirect my question? If you gonna quote something particularly when making assumptions on numbers, in my experience, you must have your facts and figures handy and accurate. I guess that answers my question? Unknown and unverified facts.

Curiosity got the better part of me when I read the post about the 80% revenue stuff. I decided to Google it before sharing the information I got. Why not verify for yourself?

Chongaiman:

Curiosity got the better part of me when I read the post about the 80% revenue stuff. I decided to Google it before sharing the information I got. Why not verify for yourself?

Oh well, I guess that's how u do your own research after all, don't you? When your instructor questions u like I did, u tell him to verify it himself / herself, not uncommon but quite unfortunate. IMO, when u put up stuff, make sure u can validate else it's just like regular bs that the internet spits out.

lol

Sound to me like "tell them what they like to hear even if they can't see it, it would be on nairaland front page"

The world awaits the real financial crises which is the crash of the US dollars. Countries who know what's up are buying gold and disbursing the USD while others are investing with their USD ( particularly in natural resources) but unfortunately Nigeria still prides herself of having some foreign reserve in USD and now being deceived I guess. The earlier we invest in infrastructre the better. 4th fastest growing economy sounds good though I only hope BokoHaram did not contribute to the high ranking

Mr Knowall/Cyberinstructor
Seeing your student has failed, would you now empirically prove or disprove the percentage of the derived oil revenues in the budget?

You all here love Nigeria but honestly speaking, i am sure that Nigeria itself and his Government hates you guys, so why killing yourself on this propagada?

Guess whose Cousin is that?

Any one who doubts Dangote's industrialist credentials should see this video


https://www.youtube.com/watch?v=0mzkXXWlNQM

That report must have been produced by consultants whose methods need to be properly scrutinised.
Economic growth?
When we are producing nothing, and importing virtually everything.

Chongaiman:

Mr Knowall/Cyberinstructor
Seeing your student has failed, would you now empirically prove or disprove the percentage of the derived oil revenues in the budget?

Mr. stop making a fool of yourself, u sound ignorant. First off no one is claiming know-it-all here, neither is anyone's cycberinstructor. Since u have problems deducting what I was trying to say, in lay man's terms, I was comparing the situation to a real life scenario for which u could not provide answers to; you're instead justifying your post and asking me to verify it myself. STOP being ignorant. Since u have admittedly accepted failure, I will accept the fact that most the information is untrue. For the record, I really don't have the time to looking for numbers that doesn't really affect me. So when u have the time, u can look it up yourself and then back up ur claims.

Piece of crap.

Yeah piece of crap. The whole thing.

whats the kind of indices used in there asertion