Below is the photograph of a man, Femi Awoyemi, selling books at a roadside stall as he waits for customers in the Lagos Island district March 26, 2012.

Story on the next page.

Nigeria is not a wealthy country.
What is your criterion of labelling Nigeria a rich country?
You only have wealthy rogues.

Lets hope Buhari has great ideas and the vision to address this problem.

Femi Awoyemi, in a lucid and thoughtful article in the April 5 Leadership (Abuja) highlights that more than ninety percent of Nigeria’s population is poor “and exists largely at the mercy of fate.” In his “Nigeria: Paradox of the Country’s Economic Growth and Poverty Levels,” he highlights the results of the Harmonized Nigeria Living Standards Survey prepared by the National Bureau of Statistics. This survey shows that that 69 percent of the population fits the “Nigeria poverty profile,” and that poverty and inequality have increased since 2003/2004. Yet, ostensibly the country’s economy is growing at the rate of seven percent a year.

If Nigeria is getting richer, how can Nigerians be getting poorer?

Drawing on the statistical data, Awoyemi observes that much of the growth is related to oil, telecoms, finance, the stock market and real estate. And civil servants and corrupt politicians are also doing well. Yet none of these industries are labor intensive and do little to reduce the country’s very high unemployment rate. A consequence is that the distribution of income is getting worse, not better.

Citing Central Bank governor Lamido Sanussi, Awoyemi observes that Nigeria’s macro-economic policies have encouraged import consumption rather than local production. To address increasing poverty, Nigeria needs a “growth inclusive” model that will emphasize domestic production of goods consumed and that will reduce unemployment.

Source

Callotti, Oh my, I just saw your profile pic. Hope you didn't fall down from tripping. Pele o.

ndu_chucks: Callotti, Oh my, I just saw your profile pic. Hope you didn't fall down from tripping. Pele o.

No dear.
I was only exercizing my beautiful akpu/hair-free. . .feminine muscles.

No quench o!

How can Nigeria be "so rich" when the states and LG's generate zero revenue?
It is Friday night sha, so the OP might be suffering from brain f[i]a[/i]g.

Beaf: How can Nigeria be "so rich" when the states and LG's generate zero revenue?
It is Friday night sha, so the OP might be suffering from brain f[i]a[/i]g.

More like Friday night Kunu overdose.

Statistics appear to grossly under-estimate the immensity of poverty that define Nigeria’s paradox of ‘rich country with poor masses’. More than 90% of Nigerians are poor and exist largely at the mercy of fate.

These realities are much more obvious in rural areas and slums. In these places people die because they cannot afford N500 to purchase needed medication or basic public healthcare.

It is a very obvious reality in today’s Nigeria! As strange as it may sound, this is going on side-by-side with ostentatious living by the 1%

Beaf & Onlylies, get lost, olodo

We have a large cotton belt but import textiles from China (thus keeping their subsidized factories open and jobs in china).


We are the world's number one producer of cassava but import cassava starch from Europe.

We have a huge tomato belt in Kadawa, Jigawa and Chad Basin but are the world's largest importer of tomato paste - from China and Italy.


We can produce rice but we import rice from Thailand and India-most of it from grain reserves that have been in stock for over 5 years.

What are GEJ's plans to address these issues? Inquiring minds wanna know.

GEJ's friends who financed his presidential campaign are beneficiaries of the status quo. We can be rest assured that these issues will not be addressed promptly. Their focus is oil, oil,oil, subsidy, subsidy, subsidy!!!

One sure thing is that, Buhari would not cater to these enemies of progress. GEJ on the other hand, though a very good human being is joined at the hips to these subsidized enemies of progress.

SMH

2012 Budget contains N78.98 Billion for Agriculture. This is more than enough to support tomato farmers very aggressively. A Tomato czar should be appointed to transform that industry. Imagine if only 50% of the money we spend by being the world's largest importer of tomato paste, stays inside of Nigeria!!

GEJ, this area alone could produce quick wins for your administration - its not too late sir. You are our President and we want you to succeed.

Insha Allah, our visionary leader shall emerge.

My broda, you are slowly turning "Musiwaic" and having a conversation with yourself.
Abeg, go and rest. You are tired and your battery is weak.

Beaf: My broda, you are slowly turning "Musiwaic" and having a conversation with yourself.
Abeg, go and rest. You are tired and your battery is weak.

Would you happen to know what GEJ's plans are for the following problems? There is nothing st.upid about the problems. I'd be surprised if you don't agree that these issues can be resolved rather quickly with good leadership. I know you get bent out of shape when you think GEJ is being criticized, but you should know that some criticisms are constructive.

I'm not here to pick a fight buddy.

We have a large cotton belt but import textiles from China (thus keeping their subsidized factories open and jobs in china).


We are the world's number one producer of cassava but import cassava starch from Europe.

We have a huge tomato belt in Kadawa, Jigawa and Chad Basin but are the world's largest importer of tomato paste - from China and Italy.


We can produce rice but we import rice from Thailand and India-most of it from grain reserves that have been in stock for over 5 years.

LMAO @ the text on the wall.

Who said Nigeria was rich? How much did NOI say we have left in the reserve?

Politicians are rich, not the people. I mean, how many men can say they had no shoe while growing up, now they have free oil pocket money?

Reasoning based on false assumptions.

Nigeria is not rich...it is poor

Nigeria is not rich !

Very good. People are slowly getting it.

The title of the thread implicitly questions the notion that Nigeria is rich. Subsequent posts point out some of the reasons for poverty in Nigeria and itemize some problems that could be solved relatively quickly.

Please note that the title is not, "Since Nigeria is very rich, why are Nigerians so poor?"

ndu_chucks: Very good. People are slowly getting it.

The title of the thread implicitly questions the notion that Nigeria is rich. Subsequent posts point out some of the reasons for poverty in Nigeria and itemize some problems that could be solved relatively quickly.

LOL, not to say Nigeria cannot be rich but when we have people like Beaf's Ideology you can be rest assured Nigeria would be poor.

Lmao at "slowly getting it."

There is nothing revelatory about this.

Like, most of us know that Nigeria is not a rich country, lol.

The question is, how does one turn a poor country into a wealthier one? How does one create wealth?

ekt_bear: Lmao at "slowly getting it."

The question is, how does one turn a poor country into a wealthier one? How does one create wealth?

Indeed, this is the conversation I am hoping the thread would encourage.

As I stated, GEJ can command some very quick wins in the area of Agriculture itemized earlier. The $1 Billion slated to be spent on oil exploration this year alone is ill advised - half of that should be used towards the Agric sector.

I don't think there are any real quick wins.

Nothing good comes easy...anyone expecting Nigeria to be turned around in a day is fooling themselves.

So what is your argument for why the $1 billion spent oil exploration is a bad idea?

What would you do with the money, if it were you?

Speaking of which...who is spending the money? Nigeria or the oil companies? To my knowledge, typically it is the latter who spends money on exploration..

Beaf: How can Nigeria be "so rich" when the states and LG's generate zero revenue?
It is Friday night sha, so the OP might be suffering from brain f[i]a[/i]g.

You're smarter than this Beaf. Take politics out of this - and look it as a Nigerian.

shymmex:

You're smarter than this Beaf. Take politics out of this - and look it as a Nigerian.

Maybe you know the magic formula of becoming rich by producing nothing? Please tell me, cos I wanna be rich doing nothing.
Countries are rich, because their equivalent of states and LG's are productive, up and doing.

ndu_chucks:

Indeed, this is the conversation I am hoping the thread would encourage.

As I stated, GEJ can command some very quick wins in the area of Agriculture itemized earlier. The $1 Billion slated to be spent on oil exploration this year alone is ill advised - half of that should be used towards the Agric sector.

GBAM!

We need to diversify the economy - and feed the people. We're not an industrialized nation - we need develop sectors like Agriculture - where we can compete with other countries.

Which kyn mindless "GBAM" be this?

So without seeing ANY numbers, ANY plans for the two choices, anything at all, you've concluded that one is better than the other?

ekt_bear: I don't think there are any real quick wins.

Nothing good comes easy...anyone expecting Nigeria to be turned around in a day is fooling themselves.

So what is your argument for why the $1 billion spent oil exploration is a bad idea?

What would you do with the money, if it were you?

Speaking of which...who is spending the money? Nigeria or the oil companies? To my knowledge, typically it is the latter who spends money on exploration..

When I say quick wins, I am speaking in relative terms. I believe half of that $1 billion would generate positive results if spent on the Agric sector (specifically Tomato production and tomato paste factories) quicker than what the same amount would generate in exploratory activities which are not guaranteed to yield any positive results.

Once again, we are the worlds largest importer of tomato paste for goodness sake. We have a ready market for the product, we have the land to produce the tomatoes - why not agressively go after the quick win?

Beaf:

Maybe you know the magic formula of becoming rich by producing nothing? Please tell me, cos I wanna be rich doing nothing.

All the monies we kept wasting in developing the oil sector - why can't we use part of it - in diversifying our economy? We can develop the agric. sector, solid minerals etc. - thus, creating more jobs for the masses. We need to cut the cost of governance, and develop our transport, and power sector as well.

More to the point...if you plan on leaving poverty through agric, then you'd better also find a way to reduce the population of the country to 5 million people or something, lol.

Long story short, if agric is the only idea you have for escaping poverty, prepare to remain a third world nation for the next several hundred years...

Industrialization is the answer, not really agric.

Agric is a game for rich folks anyways, not the poor masses (at least if they want to really make a killing from it)

ndu_chucks:

When I say quick wins, I am speaking in relative terms. I believe half of that $1 billion would generate positive results if spent on the Agric sector (specifically Tomato production and tomato paste factories) quicker than what the same amount would generate in exploratory activities which are not guaranteed to yield any positive results.

Once again, we are the worlds largest importer of tomato paste for goodness sake. We have a ready market for the product, we have the land to produce the tomatoes - why not agressively go after the quick win?

Who is spending this $1 billion? Nigeria, or the oil companies? Once again, you are arguing based upon the assumption that it is out of Nigeria's pocket this money is coming from.

Is this accurate? If so, provide some evidence that Nigeria is spending this much (rather than it actually being Shell spending the money on exploration.)

Then show that it is a bad investment relative to tomato production.

Now, with which electricity do you plan on powering this proposed tomato paste factory?

ekt_bear: Which kyn mindless "GBAM" be this?

So without seeing ANY numbers, ANY plans for the two choices, anything at all, you've concluded that one is better than the other?

So, you want us to continue to invest in the oil sector - whilst ignoring other sectors? We've done that for over forty years, and how has it improved the lives of Nigerians? I don't care about NUMBERS - I only deal with PRACTICALITY. Any one can just put numbers out there for all I care.

ekt_bear: More to the point...if you plan on leaving poverty through agric, then you'd better also find a way to reduce the population of the country to 5 million people or something, lol.

Long story short, if agric is the only idea you have for escaping poverty, prepare to remain a third world nation for the next several hundred years...

Industrialization is the answer, not really agric.

Agric is a game for rich folks anyways, not the poor masses (at least if they want to really make a killing from it)

Come on! No one is saying that agric is the only idea for escaping poverty. Agric is an area of opportunity that is not getting enough attention. Population control cannot be ignored as well.