Nigeria Targets $900B GDP By 2020 - Minister - Business - Nairaland
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| Nigeria Targets $900B GDP By 2020 - Minister by ektbear: 3:51am On Nov 11, 2011 |
Nigeria Targets $900b Gdp By 2020, Says Minister By Our Reporter 3 hours 44 minutes ago Font size: Shamsudden Usman • Country better than BRIC-Dangote NIGERIA intends to achieve a Gross Domestic Product of $900 billion by 2020, the minister/deputy chairman, National Planning Commission (NPC), Shamsudden Usman said yesterday. This projection came hours before the president of Dangote Industries Limited, Aliko Dangote said Nigeria was a much better than the BRIC countries in terms of doing business. The BRIC countries are Brazil, India, China and South Africa. Speaking at the 17th Nigerian Economic Summit (NES) in Abuja, Usman said foreigners are more optimistic and concerned about the positive projection and plans of Nigeria’s Vision 20:2020. Earlier, Usman said that the Vision 20:2020 target is to attain a Gross Domestic Product (GDP) of not less than 900 billion and per capital income of not less than $4,000 by 2020. “It is not Shamsudeen’s vision; it is not even President Goodluck Jonathan’s vision. It is a Nigerian vision crafted by over 5, 000 of most articulate and influential Nigerians. “We are almost working from the answer to the question. We have already claimed three steps almost without doing anything. When we started in 1999 we were in number 44. Now we are in number 41 so we are making progress because while we are growing rapidly other countries are not growing as fast as.” At a dialogue with President Goodluck Jonathan alongside Chief Executive Officers of companies at the Summit, Dangote insisted that the international communities believe that Nigeria is “the safest country to do business without fear despite the security challenges.” He said there must be that political will to develop the economy, adding: “The perception has not really been fair to Nigeria because the benefits of investing in the country is there. This is because sometimes people are just a bit too lazy to go out and find out the real situation of the issue. “Are you saying that Brazil is safer than Nigeria? Definitely no. Sometimes I drive myself around in Lagos. We are all global investors and we know that somebody who just shares my name cannot drive in a car in Brazil. He has to do that in an helicopter. I mean with due respect I am just comparing. Even Iraq, which has not been stable for some years now just had an investment forum in London, it was over booked. We are even lucky. We were eight in number that went but they could only accommodate four of us. “People forget that whoever captures Nigerian market actually capturers the entire ECOWAS region’s market. It means you are producing for over 300 millions of people. I keep on telling people that if I have $20 billion I will invest everything in Nigeria because there are so many sectors one can invest in.” http://www.thenationonlineng.net/2011/index.php/business/25951-nigeria-targets-900b-gdp-by-2020-says-minister.html |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by ektbear: 3:52am On Nov 11, 2011 |
2020 is less than 9 years away. I don't think that this is possible. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by Beaf: 4:05am On Nov 11, 2011 |
I don't really think we need to do much to make the top twenty. The size of our economy is already bigger than that of quite a few European countries; all we need do is wait for Europe to finish its economic implosion. Lol! The next 5 years should be interesting ones for the World economy. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by manny4life(m): 4:11am On Nov 11, 2011 |
I honestly think this is possible only IF Nigerian plans and execute accordingly. Aggressive Infrastructure and Development, combined with robust financial economy, it is achievable. Hey ekt_bear, I really want to start compiling financial data such as (GDP figures, Revenues, Debt profile, Population, etc). I really want to know how yall can help. Oh btw, I want request records by mail from the Nigerian Bureau of Statistic, but I just don't know how much data they have. Besides, from the request mail, it looks like I have to be in Nigeria because they are requesting for GSM #. Does anyone know how to help?  |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by igbo2011(m): 4:25am On Nov 11, 2011 |
We need to invest in tourism, agriculture, infrastructure, manufacturing and sports Then this can be a reality. But the government needs to be SERIOUS!! Stop stealing and invest!! At least put your corrupt money in a Nigerian bank then the money can circulate. BOKO HARAM MUST STOP!!!! DAMN if the FG would have given free education to everyone there would be no boko haram problem.Neo-liberal policies messed up Nigeria. 1. Tourism in Calabar has potential to have 10 million people come a year. 2. In agriculture we have enough arable land to make a loto f food for the world. We can export, all we need is education and technology. 3. The sports industry is low but it has potential to become huge. Fashion, Nollywood, and music are already big, it is time for sports. 4. China got big because THEY HAD IN FRACTURE. Power, good roads, sea ports and airports. It is our turn. 5. Once the infrastructure is in, the manufacturing will be amazing in Nigeria. People need to invest in these and see high returns. All these industries will create millions of jobs, attract foreign exchange, internal government revenue, and increase the GDP. The FG needs to be serious. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by Nobody: 6:33am On Nov 11, 2011 |
vision 2020 mdg we have heard this all before |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by BoOOosHBoy: 10:43am On Nov 11, 2011 |
This dream whatever it is, cant be achieved |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by Johnpaul2k2(m): 10:46am On Nov 11, 2011 |
i wonder how Nigeria economy will be like with the followings, Stable light employment minus boko haram, mend |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by aribisala0(m): 11:41am On Nov 11, 2011 |
it is possible but we are not on the right road to achieve that. if we started refining oil,get a national airline carrier that works and double our electricity generation we won't be far off. a national carrier that works will bring in billions that currently goes to countries like britain france and UAE and create thousands of jobs those things are not miracles but i do not thin GEJ can deliver on those aspects that require government input. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by ideylaff: 11:42am On Nov 11, 2011 |
NIGERIA intends to achieve a Gross Domestic Product of $900 billion by 2020, the minister/deputy chairman, National Planning Commission (NPC), Shamsudden Usman said yesterday.    We like to talk a lot with no action that is the problem.When last did you see any of the BRIC countries doing some sort of comparison with Nigeria, No All they did was put their hands to the plough and got on with the job, we are still basking in the silly Giant of Africa Status we keep giving ourselves, That's the problem Too much talking an no action. Even as Europe is imploding they have the things in place to minimize the damage bn done as it is. They don't have power, infrastructure and any other problems that still seem to bug us down as a nation. Dangote is just one big fish in a massive pond. The bread and butter of growth is not 1 massive conglomerate in control of most things with 1 Billionaire at the helm of the affairs, no, its The SME's that grow a country. The Small Medium Enterprises are the real indicator of growth Until we start to address and bring them along we are moving nowhere. Dangote can afford to by Diesel/generate power and run his factories/his business all night and pass the cost over to the cconsumer but the average SME cannot afford to do that. In conclusion we can all get mouthy as much as we want, so as much seminars as we want. if we don't address and fix these concept accordingly, growth will be minimal. I mean we are mouthing and making fun of Europe while even out Stock Exchange is not even in the top 3 in Africa, while most of our reserves reside in this crashing European economies we are all taking pokes at. Europe can plan ansd see their growth cos they have the Demographics and things in place to mitigate the damage. We move our money out "stolen" and head off to Europe and US to keep it/help their economy and we want to grow bigger than the BRIC nations, LOL I laff in NGR, NB: National Planning Commission (NPC), another waste of space parastatal that does nothing but quote figure without thinking, where are the demographics used to speculate and drop all these they keep quoting. Yet the parastatal (Chairman+ Committee members) all travel all over the world and claim estacode with no real work bn done, Issshhh Tschewwwwww |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by Baawaa(m): 11:59am On Nov 11, 2011 |
Earlier, Usman said that the Vision 20:2020 target is to attain a Gross Domestic Product (GDP) of not less than 900 billion and per capital income of not less than $4,000 by 2020. “It is not Shamsudeen’s vision; it is not even President Goodluck Jonathan’s vision. It is a Nigerian vision crafted by over 5, 000 of most articulate and influential Nigerians. 5,000 out 170,000,000 plus.Usman is telling us indirectly that those that are punishing this country are not more than 5,000.hmmmmmmmmm |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by wellheads(m): 12:38pm On Nov 11, 2011 |
guys, make una wait first. What is our current GDP? By what rate and value do we intend to grow in 9 years (or even 8 years ) to reach $900B. Na wa o! |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by aribisala0(m): 12:57pm On Nov 11, 2011 |
based on 300 billion you need to grow 13% year on year to achieve 900 in 2020 |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by wellheads(m): 1:28pm On Nov 11, 2011 |
and you sincerely think this is feasible. You see, this is my problem with the government. They are quite convinced that they can't achieve even half of the target, yet they run their mouths. Mumu peiople |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by igbo2011(m): 2:04pm On Nov 11, 2011 |
We need power to boost the factories then this can be a reality. There are too many people in the informal economy who can join the formal economy and be taxed. Create internal government revenue, less crime, more jobs, more forex, more GDP. Nigeria can grow at 20% honestly. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by manny4life(m): 2:24pm On Nov 11, 2011 |
wellheads: This is how you calculate the Constant Annual Growth Rate (CAGR) whether it's for a business, economy, GDP etc. as long as the components are present such as 1. Ending Value (projected year 900 Billion ) 2. Start Value (Current Year 300 Billion) 3. Ending Period (2020) 4. Starting Period (2011) CAGR: = (End Value/Start Value)^(1/(Ending Period - Starting Period))-1 x (100) = (900Billion/300Billion)^(1/(2020-2011))-1 x (100) = (3)^(1/9)-1 x (100) = 3^(0.1111)-1 x (100) = 1.129 - 1 = 0.13 x (100) = 13% Better yet, if you're familiar with Excel, you can use the "RATE" function. The only thing is you use rate to calculate payment, but since we have no payment, (PMT) = 0 Given the data available, just enter as follows = RATE(9,0,-300,900) Where 9 is the difference in time periods, 0 is well no payment(PMT), -300 is negative present value (PV), while 900 is the future value (FV). Given the formula above, you can substitute the variables such as from 9 to 8 years, or if the 300billion is incorrect, you can change it to about $320 to $350billion which if I'm correct, that's the correct range. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by aribisala0(m): 2:34pm On Nov 11, 2011 |
aribisala0: i already did the calculation above. anytin new i too know |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by manny4life(m): 2:43pm On Nov 11, 2011 |
aribisala0: Chei, I did not know you had pepper body,  If you calculated it, (obviously with random internet formula) lls, why didn't you post it? The dude asked for other variables, where did your pepper do it, New that you did not know how to do it. lol, [size=20pt]quack doctor with false claims of 20+years experience[/size] :- [size=14pt]who has no clue about his own profession[/size], , I can't laugh enough  [size=36pt]PEPPER BODY [/size] MIND YOUR BUSINESS. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by dempeople(m): 2:45pm On Nov 11, 2011 |
Interesting figure. $900bn? With the minister's optimism, its possible pigs can fly by him. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by aribisala0(m): 3:08pm On Nov 11, 2011 |
manny4life:yep calculated it with "random internet formula" did you use a NASA formula? did it give you a better answer we don't want to clutter our minds with redundant information. i asked "anything new" ? do you have a contribution to the discussion?? |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by manny4life(m): 3:21pm On Nov 11, 2011 |
aribisala0: [size=20pt]AGAIN PEPPER BODY, PEPPER BODY WILL NOT KILL YOU, SAY AMEN! [/size]Yes as u can see that I know what you did; I put it to you that you [b]@aribisala0 used "RANDOM INTERNET FORMULA"  where you enter in variables and the system returns a result, trust me bro, I know my sh.it because anyway why am I telling you? Yeah, it sure ain't no NASA formula, but it sure ain't your so-called "RANDOM INTERNET FORMULA" calculating engine . When you have the real formula, you can tweak it how you wish, explore with various variables and ask SO MANY QUESTIONS that you don't know.  There are other ways to solve it, again your pepper body will not allow you to learn, other than rush to Google to find answers.  [/b] Please, carry you QUACK MENTALITY AND MOVE FORWARD. It's only redundant to the redundant minds, as you can see, you CANNOT blame me for your redundant mind and memory. Again, something new is that you learned something new today rather than you "random internet formula".Please, I am appealing to you, LEAVE ME ALONE, I'M NOT INTERESTED IN QUACK REDUNDANT MINDS. STOP STALKING ME ALL OVER NAIRALAND, I have my own di.ck and definitely not looking for your. QUIT STALKING ME. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by paniki(m): 3:40pm On Nov 11, 2011 |
GDP is meaningless without a rise in standard of living. India currently has a GDP close to $2 trillion. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by aribisala0(m): 3:41pm On Nov 11, 2011 |
manny4life:feel free to make a meaningful contribution. to the discussion . i answered the question and so all your verbiage is of no moment. if i used the internet as you claim it is a legitimate tool and anyone should be proud of using tools properly. whether i did that or asked my son to do the calculation is immateral.i do not need to explain how and really it is irrelevant. i do not need to know everything what is important is i know where to go when i need knowledge i don't have. the point is a GDP of 300 needs to grow by 13% year on year. whether you use an abacus or calculus it won't change that. so again, anything new?? |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by manny4life(m): 4:00pm On Nov 11, 2011 |
aribisala0: Chei, I pity the fool, I did not know that the mods made you in-charge of this particular thread I did not know that you were responsible for what people post on the thread nor how it's any of your business to judge what people contribute to the thread.[size=20pt]PEPPER BODY [/size] LMAO Now you see how you are a product of the Nigerian education system; one which you claim to be. I can see that's why you are so much of a QUACK DOCTORS, who has NO CLUE about his own profession but puts his eyes on other people. Yeah if it legitimate, WTH, he'll go for it. Explains how you went through school yet you don't know JACK. Again, I pity the FOOL. If the Random website formula answers it, you could really give a sh.it how it was calculated, explain why you're so SMART Anyways, you can see why people differ; you love to give the fish or better yet want the final product, me on the other hand I love to teach people how to catch that fish, better yet ask how to gather resource to produce final results. Now, that's something NEW and DIFFERENT from YOU and I Dude, get off your high horse and get it together, 1. The calculation WAS NOT directed at you, so why the headache? Chei, that's PEPPER BODY in action 2. The last time I checked, I did not think you were responsible over my opinion let alone decide what I post, very unfortunate 3. Anything new? How many times have I told you, YOU aribisala0, learned something NEW today. [size=16pt]4. Please, leave me alone and QUIT STALKING ME, I'm definitely NOT interested in your redundant brains. [/size] |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by aribisala0(m): 4:14pm On Nov 11, 2011 |
can you use bigger fonts please. i am proud that i went through the nigerian education system when i did and your verbigeration will not change that. i do not need to impugn you or your education you are doing a good job yourself . the "fool .quack " routine is a bit hackneyed and worn at the edges. do you know any other tricks. like barking while holding your breath?. i thought your last effort was rather brief. can you tell us a bit more about how angry you are? |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by ektbear: 4:20pm On Nov 11, 2011 |
Guys, please don't derail this thread. Anyway it doesn't matter how one calculates it, is it a pretty easy calc. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by manny4life(m): 4:29pm On Nov 11, 2011 |
Use of bigger fonts is for them slow redundant fellows like you, since you requested I use them, I will go further to enhance them. Oh yeah, it's good to be part of the Nigerian Education System, question is was the Nigerian Education System part of you or NOT? Wait, did you say I will not change it? Damn, that must be frustration talking; dude, by his grace I sure ain't changing anything. Redundancy CANNOT BE CHANGED, if at all it needs serious overhaul, apparently, I cannot. Quack, Fake, or whatever floats your both, I could really care any less, it wont change the fact that YOU, are nothing but a QUACK DOCTOR (at least I have learned from Nairaland ), Don't worry about education, I'm not claiming 20+ years expertise without nothing to show forth other than regular internet bickering, Barking while holding my breath? Damn, I must be really scared that I might pass out, Shoot, dude you need a serious mental overhaul and QUICK. Did u say angry, LMAO. Angry? I wasn't the one who was angry and was in a rush to reply, was I I am so much happy and blessed and need not worry about fake as.s people with redundant brains. Your body is so hot, VERY HOT that you couldn't wait for my reply, ummm, I did not know I gave people like you sleepless night. [size=16pt]PEPPER BODY, HOT BODY,[/size], LOL, LLS For the last time, king of electronic redundancy, get of my back [size=16pt]Please, leave me alone and QUIT STALKING ME, I'm definitely NOT interested in your redundant brains. [/size] |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by manny4life(m): 4:32pm On Nov 11, 2011 |
ekt_bear: Exactly, it's very easy and I put it out there because not everyone is familiar with it; yet he's quick to attack me. You know from my previous post, I often better explain with formulas and example to explain what I have to, Anyway I hear you, I won't give in to his bickering any further. Please, I asked you a question in my previous post, can you help? |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by ektbear: 5:05pm On Nov 11, 2011 |
^-- Honestly, I don't know where most of this naija economic data is. There is some stuff on the CBN website. But there isn't a central repository. There are some private research companies you can pay for data though. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by aribisala0(m): 5:17pm On Nov 11, 2011 |
no one is asking for arithmetic lessons for a most elementary calculation and so there is no need for self indulgent aggrandizement we got the answer to the question can we discuss the substance of how we can reach a GDP of 900 and not get bogged down in matrix mechanics and wave mechanics theory |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by manny4life(m): 5:45pm On Nov 11, 2011 |
ekt_bear: Do you know of anyone? If their fee is minimal and they have what I got, I really don't mind I'll go for it. |
| Re: Nigeria Targets $900B GDP By 2020 - Minister by ektbear: 5:47pm On Nov 11, 2011 |
Here is one: http://canback.com/ This is where the Wikipedia GDP data for Nigeria was sourced from. They charge a sh1tload though, like $3k+ (if I remember correctly. May need to contact them to get a quote.) There is are a few others as well. |
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