i don't understand Nigeria's economy, everytime on fp I see people saying things like Nigeria's economy is dead, our economy will soon collapse, Nigeria is running on auto pilot and similar stuffs. But out of curiosity today I decided to check the GDP rank of all the countries and too my suprise the Nigerian economy improved a lot from the last time I checked. The last time I checked Nigeria was the 36th biggest economy with a GDP of 400 billion+ and slightly higher than that of isreal, but now we're the 27th biggest economy and with a GDP of 555 billion which is a very big change if I must say so myself.

now to the reason I created this post, how is our economy failing according to most people?
I'm confused, I need an answer.

Corruption.

If you supply water with a pipe to a house and there's no leakage, the occupants of the house gets full water supply.

If someone punches the pipe and small water is leaking, the occupants will still be getting water albeit not as strong as before.

But when some comes and slashes the pipe into two and channels the entire thing to his own house the occupants of the house will die of thirst.

That is what is happening in Nigeria.

foryourmindlol:
Corruption.

If you supply water with a pipe to a house and there's no leakage, the occupants of the house gets full water supply.

If someone punches the pipe and small water is leaking, the occupants will still be getting water albeit not as strong as before.

But when some comes and slashes the pipe into two and channels the entire thing to his own house the occupants of the house will die of thirst.

That is what is happening in Nigeria.

My brother who taught you this analogy

Nova1982:
i don't understand Nigeria's economy, everytime on fp I see people saying things like Nigeria's economy is dead, our economy will soon collapse, Nigeria is running on auto pilot and similar stuffs. But out of curiosity today I decided to check the GDP rank of all the countries and too my suprise the Nigerian economy improved a lot from the last time I checked. The last time I checked Nigeria was the 36th biggest economy with a GDP of 400 billion+ and slightly higher than that of isreal, but now we're the 27th biggest economy and with a GDP of 555 billion which is a very big change if I must say so myself.

now to the reason I created this post, how is our economy failing according to most people?
I'm confused, I need an answer.

A family is made of a man and his 15 wives and 50 children ...each of the wife earn 100k a year ...that's
1.5m a year , the children earns 400k a year on average ...that's 20 million

The total wealth of the family is 21.5 million yes

Compart that with a family of one man one wife and 2 children that earns 15 million yearly ...

Which of this two families is richer ?
Which is more comfortable ?

GDP means nothing
When the purchasing power is weak ...

Mercedes would prefer to open an office in noway with a population of 10 million where 6 million can afford a brand new car

Than Nigeria of 200 million where only 200k people can buy

What we have is gum ,candy , Noddles and used product market economy

foryourmindlol:
Corruption.

If you supply water with a pipe to a house and there's no leakage, the occupants of the house gets full water supply.

If someone punches the pipe and small water is leaking, the occupants will still be getting water albeit not as strong as before.

But when some comes and slashes the pipe into two and channels the entire thing to his own house the occupants of the house will die of thirst.

That is what is happening in Nigeria.

makes sense.