₦airaland Forum

softtorce:
I tot all the foolish ipob lunatics insulting Lagos have regular water supply in any of their Igbo state ? All this foolish lunatics self...

the issue is peculiar to enugu because of the coal soil. I don't think Anambra has that issue.

Truth is for me, there is no part of Nigeria that I can live in other than SE, Enugu in particular.

Every time my plane from abroad lands in Lagos, I just feel like I'm in a strange place. I never truly feel at home than when I'm in Enugu or Anambra.

If Nigeria divides, Enugu will remain my home.

Dtribeless:
if you can type up all you do you can research. Put this in google — I’m not obliged to educate you.

Then you shouldn't be on this thread, sorry.

LandMann:
1. Are you aware that UK or Great Britain was already established before USA?

2. How many countries did Britain colonise? How many did USA colonise?

3. You think GDP or GNI is the complete picture of a nations wealth? Well, if all the UK companies in Nigeria and all other former colonies of Britain and elsewhere tabulate their asset value together, do you think UK will look so small compared to the US?

4. Kuwait is among the top three least indebted countries in the world. If Kuwait is not borrowing like your Nigeria, if Kuwait is one of the largest exporter of crude oil and earns a lot from it, why do you think that it's currency should be lower in value compared to countries like USA and UK that are heavily indebted and UK that is highly dependent on its neocolonial economic dominance policy which is not discussed in public?

5. Like I clearly stated earlier, factors determining exchange rate are multivariate. You need to be a strong productive and economically independent country before you can use political policy to fix your exchange rate. Otherwise it's other countries or organisations that will be doing it for you indirectly, and they'll do it to put you at a disadvantage.

Comparing countries that are in same class will not help you understand, especially if you don't know history as well... Nigeria cannot wake up tomorrow and declare that $1 is equal to N1. If Nigeria does this, it will be very beneficial to Nigeria.

But Nigeria cannot. Do you know why?

I doubt if you would like to know.

If economics is written anywhere on the certificate you were given please return it and ask them to write only accounting. You don't know anything about economics. You bring nothing but shame to Economics when you argue illogically and blindly.

1. Your first point is infantile. No need to answer that as it has no bearing on the matter.

2. If it's by colonies, Euro should be stronger than pounds since it's members together, colonised more countries than UK. Lol another infantile comment

3. There are more American and European companies in Nigeria than British. Hell UK is not even a major trade partner of Nigeria or West Africa in general. Apart from Cardbry and Shell BP, which other British company that makes sense?

4. Congo DRC is also one of the least indebted countries, does it have a strong currency? Lol

5. Your 5th point is exactly what we are talking about and I say a lot of politics are involved in currencies matters

Brother, are you sure you understand this topic because your points are a bit shallow honestly

Xisnin:
Ecowas doesn't need to meet any targets whatsoever to have a unified currency.
If all the members agree today, we can have the ECO currency tomorrow.
This is a basic knowledge for any informed person, let alone an economist.


Here is pre-economics 101.
You see a person earning 1 million Naira per month has the option to spend 50K per month or upgrade to 500K per month,
but a person earning 30K per month have no option to upgrade above 30K without significant and crushing borrowing.
That is the case with strong vs weak economics and who has the capacity to devalue or revalue at will.


Our Naira can be stronger than the dollar today should the government be ready to do it.

quote]
I see a few people quoting me to tell me China deliberately devalues its currency. Well that is exactly the point of my post. That currency valuation is more politics than economics. Do you get it now?
No.
It is you who don't get it.
Currency valuation is 100% economics, the fact that a country does opposite of what another did
based on economic power or lack thereof doesn't imply politics.
There is no omnipotent god of economics that dictates how a nations currency should be valued, don't confuse
IMF advise for order. IMF is a bank and it always advise, countries, which are mostly ignored unless for those
in financial problems and desperately need to borrow.
Moreover, economics is not a real science, a country can run it however it likes as long as it is satisfied with the results.

Suppose you reduce the price of your goods in order to sell more than your competitors, are you playing politics
or are you making an economic decision?

By your logic, a person who buys a Tecno because they can't afford iPhone is playing politics.
While a person who can afford iPhone but chooses Google Pixel must be playing politics too.

The only way your submission makes sense is if the meaning of the word "politics" has changed.

lol how do I start replying to this post that is already full of contradictions. I will only point you to what Ecowas said about the Eco which you obviously didn't know about.

For the Eco to be implemented, ten convergence criteria, set out by the West African Monetary Institute (WAMI), must be met. These criteria are divided into four primary and six secondary criteria. Up to the fiscal year 2011, only Ghana has been able to meet all the primary criteria in any single fiscal year.

The four primary criteria to be achieved by each member country are:

A single-digit inflation rate at the end of each year.
A fiscal deficit of no more than 4% of the GDP.
A central bank deficit-financing of no more than 10% of the previous year's tax revenues.
Gross external reserves that can give import cover for a minimum of three months.
The six secondary criteria to be achieved by each member country are:

Prohibition of new domestic default payments and liquidation of existing ones.
Tax revenue should be equal to or greater than 20 percent of the GDP.
Wage bill to tax revenue equal to or less than 35 percent.
Public investment to tax revenue equal to or greater than 20 percent.
A stable real exchange rate.
A positive real interest rate.

LandMann:
It is because of the factors I already explained earlier. If you see my exposé is insulting that's because you are actually stupid. Despite the lengthy explanation you still ask a rhetorical question to justify your belief or conviction even though it is wrong. Only stupid people do that.

Pounds is stronger than the dollar and euro because Britain has a better economy compared to the US and Europe in general (lower inflation, lower debt, lower unemployment, higher productivity)... Plus Britain has a lot of companies operating in foreign countries (especially in their former colonies), making money and repatriating their profits home... This is called net income from abroad in GDP computation.

Think of all the British companies operating in Nigeria and all other countries Britain colonised. Think of how much these countries return home every year.

Kuwait currency is strong because of similar factors as well as the policy stance of the country. Kuwait economy is very strong and they have and export large amounts of crude oil...the country doesn't impose taxes on citizens which encourages more productivity... Best of all, with its strong currency, Kuwait can import machinery and other inputs it needs cheaply incase their home based companies can't produce it.

My last engagement to you as you do not understand the dynamics of civil discuss or actually know anything about what you are talking about.

1. U.S unemployment rate in 2nd quarter of 2024 was 4.1% while UK was 4.3% and Europe was 5.9%
U.S inflation is 2.6% while UK was 2.6% and europ is 2.0%
U.S GDP Growth Rate 2023 was 2.5% while UK was 0.1% in Europe = 0.8%
UK public debt was 98.5% of GDP at the end of September 2024 while U.S was 123% in Europe it was 88%

From the above can you tell me how uk is particularly doing better than Europe or U.S?


2. Your second point about UK companies working abroad can be calculated with a metric called Gross National Income. (Please google it). The GNI of the U.S is 26 trillion dollars while the U.K is 3.9 trillion dollars. The UK companies working abroad are very little compared to European and American companies. Think about Facebook and other tech companies alone.

3. Kuwait is among the worst performing economies within the GCC. It is expected to grow in 2025 by the second least amount ( the least growth is Qatar) Its GDP per capita is low compared to Saudi, UAE and Qatar. It doesn't have any recognisable brands like its neighbours and its also one of the most unstable politically because of its proximity to Iraq.

You obviously do not understand the topic being discussed as well as you think and I'd rather not engage with you anymore. Unless you say something really intelligent next

Besides, I don't like Tinubu either so I'm not sure what the rest of your post is about

jedisco:
Exchange rate means little. It can be set arbitrarily like many countries have done. Some have even rebased their currency but without the right fundamentals, the slide would only continue.

What matters is stability not the nominal exchange.
Its stability that determines the strength of a currency and investor confidence

This is the person who answered the question best. Nominal exchange rate means little. If Nigeria wants today, it can discontinue all naira denominations above 100 naira and peg the naira to be equal to the dollar. However that will probably not last long as economic forces would again start sliding the naira down almost immediately. The most important aspect of currency valuation is stability. That is the reason I was telling someone the other day that if I was president, I would work on valuing the naira at say 2000 naira to a dollar and pegging it there for the duration of my term.

lionshare:
Using your logic, why is Kuwait currency stronger than the UK’s? Or why is the British Pound stronger than the American USD?

leave the guy. The funny thing is that he just accepted in his own post that politics play are large part in currency valuation. That was my point. The only question now is the percentage of influence politics plays. I'd say over 50% because if it is purely economics, U.S dollars and Euro would be by far the strongest currencies in the world, followed by Chinese yaun

Dtribeless:
British pound -- better fiscal and monetary management than US dollar, meaning fewer pounds vs assets. Kuwait Dinah -- very positive balance of payment. Apologies for the initial slight.

This is vague. Can you detail further how Britain that is broke and had been bailed by IMF in the 1970s has better monetary management than U.S. The UK leadership themselves have admitted that the UK's economy is broken currently.

And if balance of payment leads to strong currency, does Kuwait have the strongest balance of payment in the world to have the strongest currency?

LandMann:
This post is as a result of the comment of the user below:



It's a shame that bede2u can boldly claim to have studied ECONOMICS and accounting, yet has no basic understanding of how currency valuation works globally, and how politics plays a role in it.

1. If you are the only country in the world, then you definitely have no business with currency valuation and exchange rate... Why? Cos you are the only country in the world and there's only one currency.

2. Immediately you split the world into many different countries and these countries have to trade with each other with different currencies and different policies (which is largely determined through POLITICS), you open the pandora box of exchange rate valuation... How do we determine the rate at which one currency exchanges for another?

3. There are many many factors that determine exchange rate, but the most important ones are a country's level of productivity, it's level of exports compared to imports, the level of inflation and unemployment in the country and a country's policy stance.

4. The big question is how do these factors (productivity, export/import, inflation and unemployment and policy stance) determine exchange rate? Which of these factors are based on economics and which of them are based on politics?

5. Well, if you think about it from a rational and logical perspective you will notice that some of these factors are based on economics (productivity, export/import, inflation and unemployment) while policy stance is based largely on politics.

6. HOWEVER, policy stance, which arises from POLITICS can influence all the other economic factors to determine exchange rate. How?

7. In general terms, the better your country's politics and policy stance, the better your country's level of productivity, inflation, unemployment and level of export compared to import, the better your country's currency and exchange rate compared to another country's currency.

8. So, compare Nigeria vs UK, which is more productive? Which has lower inflation and unemployment? Which exports more than it imports (how much does one earn from export compared to the other)? I'm sure you don't need a prophet to tell you that at present the UK beats Nigeria hands down in all these factors.

9. If you compare UK to China, you won't get same result but you will discover that China's exchange rate is not so bad compared to UK cos China is performing well in terms of productivity, exports, inflation and unemployment. In fact, China's currency should be more valuable than the UK currency given that China outperforms the UK in several of the economic factors. But this is not case. Why?

10. China maintains a policy of keeping it's currency value low by sometimes devaluing it because China wants its export to remain cheap. In other words, China wants other rich countries to be able to buy from them always. China wants its exports to always outperform it's import. If you export more, you earn more money and you have more employment and productivity in your own country. If China decides to allow it's currency value to skyrocket, soon its goods and services will become too expensive for others to buy... Meaning, China's exports will fall.

11. So, you see that policy and politics can influence exchange rate but to a large extent you have to keep the economic conditions very good otherwise depending so much on policy and politics to set your exchange rate will destroy your country's economy.

13. Now, let me say these to you personally, based on your arguments... You're showing me that accountants have very limited understanding of economics and politics.

14. Tinubu is a so-called first class accountant but his understanding of economics is very very poor. That is why Tinubu has destroyed Nigeria's economy and exchange rate in such a short time. How?

15. Tinubu removed subsidy on fuel which allows Nigerian made goods and services to be cheap. In a country without stable electricity and cheap fuel to run factories, expensive fuel will increase production cost. This move caused inflation to skyrocket in Nigeria.

16. Tinubu also devalued the Nigerian currency to discourage imports and other so-called "corrupt" practices. However, Tinubu forgot that Nigeria has not attained the level of productivity to do so. Nigeria is still highly dependent on imports for critical components in its manufacturing sector... Nigeria does not produce manufacturing equipments from scratch... They are all imported... Only some outfits assemble these imported components together in Nigeria but the high cost of energy used in production makes their final products too expensive for exports... not to mention the quality standards of goods manufactured in Nigeria... The end result is the devaluation move by Tinubu the first class accountant also caused inflation to increase in Nigeria.

17. Finally, you and Tinubu have shown me that people who studied accounting are dumb when it comes to understanding economics. You may certainly be good with tracking and reporting accounting data but you lack understanding of how an economy works, so left alone you guys can destroy things without knowing it.

18. Tinubu's policies has destroyed multiple generations of Nigerians... No matter how good Tinubu's policies are intended to be, It'll take 20-30 years of staying on this path of subsidy removal and exchange rate devaluation, improving education, healthcare, security and seriously eradicating corruption before Nigeria can begin to see any progress from such reforms. Anything less and it'll be suffering upon suffering for Nigerians till God knows when.

19. Do you see Tinubu eradicating corruption in Nigeria, improving public education, health and security now? No.

Tinubu can only rule for a maximum of 8 years, therefore leaving the problems he's created for someone else to solve.

20. Never trust an accountant in top political leadership position in Nigeria. They don't know anything. And if they're corrupt, they'll plunge their domain into a heavy mess so that they'll steal without anyone realising it.

So why is the British pounds stronger than the U.S dollars or the Euro and why is Kuwaiti Dinah stronger than the British pound and why do you feel the need to throw cheap insults about?

tutudesz:
MadPolitician seriously you need help What about the South South people Ojukwu killed Or The Ijaw youths Ojukwu killed when they demanded Niger Delta Republic

has any national monument been named after Ojukwu? You people can't even do this your whataboutism with sense?

Dtribeless:
Because the British run a tighter fiscal and monetary policy than the US which must run huge deficits as the reserve currency. I try?

lol you try and Kuwaiti Dinah?

jedisco:
The 'exchange rate' of a currency matters less. Whats more important is its stability.
The naira has lost an average of over 10% against the dollar per annum for over 2 decades now. That simply means that as the currency continually looses value, the people get poorer as pay cannot keep up.

The average Nigerian is more focused to on $1 = N1 which means little. That comes into play with stable economies who sometimes devalue their currency to encourage export.

obviously everyone knows about stability and how it affects wealth, however if you understand the post, you will know it's about exchange rate than stability

Alusiizizi:
Your first point: I did mention something about credit, networks and alliances being important in determining the strength of currency. In this case the U.K has the benefit of both EU and NATO. It also helps that they were once a former colonial empire and have largely maintained economic ties with former colonies. The other big advantage that the U.K. has is its connections with the biggest super-power on earth, i.e, the U.S.A. In fact, of all the European countries, the U.K. has the closest ties so it is hardly a surprise that GBP is "stronger" than EUR. EUR is more demanded than GBP because it is accepted in every part of Europe including the U.K. Another thing, EUR is a relatively recent invention(if memory serves correctly this happened in the late 90's) while the British pound is almost as old as Britain himself which further adds to the value of GBP. You've got to understand that just like the power that presidents, kings, despots and such likes come from impression and image, so does the power of any particular currency. The Kuwait Dinah is a different matter though and I'll have to do more research into Kuwait and their economic history as I am totally unfamiliar, but I suspect that the United Arab Emirati league of nations have a lot to do with it.

Your second point: No, I absolutely do not agree with you here. What China is doing with it's currency is a very risky strategy that should have blown up in their faces a long time ago and is definitely not sustainable. Basically what they are doing is turning their citizenry into slaves, having them working for almost nothing and there are many reasons why this can fail. The Chinese are banking on the hope that they will destroy the competition before they destroy themselves and this has nothing to do with politics and everything to do with economics. I will have you know that at the proletariat level these sort of tricks are not uncommon(in fact, it became such a problem in the U.S. where a given player artificially deflates the price of goods just to kill off a competitor) that the U.S. feds had to ban the practice, placing it under the umbrella of anti-monopoly laws. My point is that China's strategy has very little to do with politics and everything to do with economics.

Your third point: Once we gained independence so did our Naira. What kept the Naira afloat until the coming of oil was Nigeria's long history of trade and export with Britain, palm oil and other related products being by far the most important. Note that during this time Nigeria was the largest exporter of palm oil, so once again, economics and not politics determine currency strength.

lol...these are not all correct but i won't write much than to say, how come GBP is stronger than U.S dollars? In any of the points you made, what explains GBP being stronger than dollar?
Also, the idea that by selling palm oil, Nigeria was able to have a currency stronger than the U.S dollars is indeed interesting

If you breath for a minute and forget argument, you will realise that there is truly no explaining why some countries have strong currencies and others don't. As you said, go study about Kuwaiti Dinah and explain why its stronger than it's neighbours who have way larger economies.

Alusiizizi:
It's called the law of supply and demand, you studied economics so you should be familiar with this. When you import rolls-royce, pharmaceuticals, various motorcycles and products that are made in the U.K. you must pay them in pounds. When you need to import the refined petrol that the U.K used your crude oil to produce, you must pay them in pounds, not Naira. It hardly stops there. Everything, from their society that breeds a demand to visit/emigrate to the U.K. all the way to the credit/connections that the U.K has managed to cultivate because it produces(and a lot if I might add) all contribute to the demand for the pound sterling.

China deliberately devalues their currency in order to kill the competition. How does this make any sense? It makes sense because if your currency is "weak" then your product will be cheaper, making it more difficult for your competition to keep up. Because of this, the competition dies a slow death, at which point the currency may or may not be revalued, the point is that with no competition you gain full control of the market which is a far more valuable return that strengthened currency. P.S. it is regular Chinese citizens that are paying for this Chinese "investment" and in many ways it's similar to the so-called "ways and means lending" magic money policies being practiced in Nigeria that has wreaked disaster to our economy.

Our Naira was stronger than the Dollar in the 80's because there was a long period of energy crises where crude oil prices were relatively very high, oil had not yet been developed to today's extent in the U.S.(keep in mind that back then OPEC was the only game in town when it came to oil and gas) and Nigeria export was not limited to just oil(anyone here still remember the infamous "ground-nut pyramids", so yes, the Naira was quite a bit stronger than the $$. All that started to change in the mid 80's when the price of crude oil started to collapse(does anyone remember Babangida and his S.A.P.(Structural Adjustment Program) economic policies?). Things would not have been so bad if Nigeria almost simultaneously started slipping in agricultural production and exports.

Good points, however...
1. I know demand and supply but i also know that the U.S dollars is more demanded than the British pounds. Even the Euro is more demanded. Both Euro and dollars are backed by heavy economies that dwarf British economy. New York is a bigger financial centre than London. Why is GBP valued more than euro and dollars? And why is Kuwait Dinah valued more than GBP? Who demands it?

2. Since China deliberately devalues its currency, that means you already fully agree with me that currency valuation is politics and not economics. No much else to say here.

3. Our naira was high in 1980 because it was still pegged to the GBP. Not because of oil. It was high in 1950s too, long before oil became a thing in Nigeria. It stopped being pegged to the GBP after structural adjustment program.

naptu2:
I did this as a game back in 1990. I listed what each nation produced, the brands and multinationals that were domiciled in their countries, etc, Britain produces a lot in terms of goods and services and they do have a lot of multinationals. It is wrong to say that they produce nothing.

Where does Guinness come from?

Guinness is Irish. Plus Britain doesn't produce more than China or Europe with weaker currencies

Dtribeless:
You're an embarrassment to Australian education if, having not understood much in class, you cannot research for information.

i take it you have researched it? Can you then tell us why the British pounds has more value than U.S dollars? Or why Kuwait's Dinah is stronger than British pounds? Just explain, no insults

diamond68:
when I say the size of your nukes I mean THE STRONGER YOU ARE MILITARILY YOU GET TO BULLY YOURSELF INTO HAVING THE STRONGEST CURRENCY. ITS RIGGED. It’s white man voodoo economics

i studied Economics and Accounting in Australia and I am a student of history but I still do not understand currency valuation. In truth it is white man's voodoo politics (not economics).

For instance, Ecowas has been trying to initiate a single currency for the sub region forever with no success because they say countries must achieve certain inflation, monetary and fiscal targets to qualify. My question is, when the UK imposed their pounds on bush African communities in 1890, did those bush communities meet those inflation targets?
As bad as naira is currently valued, it is still way higher than Indonesian rupee despite Indonesia being a larger and more stable economy.
China produces more than many countries but still has a lowly valued currency.
Currency is a political tool rather than an economical one.
Our naira was stronger than the dollar in 1980, then IMF suggested we start devaluing it because it's value was inflated. Question, why didn't imf suggest to the British to devalue the nigerian pound when the British were incharge, considering that our economy in 1980 was way larger than our economy under British rule.
Politics

Modified
I see a few people quoting me to tell me China deliberately devalues its currency. Well that is exactly the point of my post. That currency valuation is more politics than economics. Do you get it now?

Those who wanted to plunge Nigeria into a war 10 years ago are now emergency patriots.

Fool me once.....

Enugu my home

Noblechykk:
Speechless. Well, let's wait to know why the soldiers did what they did.

would it be anything other than a senior officer's house was demolished for illegal structure.
Criminals in uniform

tamdun:
Dele Farotimi tweeted that his secret wet dream is to be sued for libel, could all these be intentional?

Lol. Libel in most countries is almost always a civil case. No need to lock someone up for libel or defamation. Just sue for damages.
Nigeria own dey always different.

zereuwa:
The

“The arrested suspects include Ismaila Isah (aged 23), Sadik Ahmed (a dismissed soldier, aged 28), Abbas Usman (aged 33), Mubarak Garba (aged 24), Abubakar Haruna (aged 23), Abubakar Sani (aged 32), Obiri Chukwuebuka (aged 22), and Bright Omeniru (aged 22).:

The bolded shows something about the current insecurity in the East

sulaak:
Rebasing the economy against the unproductive informal sector doesn't make any sense





https://nairametrics.com/2024/11/16/fg-to-rebase-inflation-gdp-data-in-2025-to-drive-policy-accuracy-investment/

The informal sector is not unproductive. A farmer for instance is within the informal sector but some of his products may end up in UK, as a meal to a Nigerian family in UK and earns the country forex.
A plumber helping me build my house is in the informal sector but I still send money in dollars when I want to pay him.
Nigeria's economy is worth much more than Wikipedia shows bro

Yorubas are sad little people with an Igbo obsession

Yorubas are sad little people with an igbo obsession.
People who could be from any of the 270 tribes in Nigeria are discussing Yorubas girls on twitter and the obsessed foo.ls can't wait to link igbos to it.

JagabanB:
Nigeria once had hope?
It's like you were not aware of yourself before APC or you are just trying to be mischievous.
Nigerians once had hope my foot.

I personally had hopes that I can stay in Nigeria, get a good job in a bank and build my career. That was before violence and chaos took over every state including lagos and abuja. Today most Nigerians can't wait to japa

Cruise777:




Fact no capping

Fabura is a dull guy

It takes money to sustain local Politicians and supporters at ward and LGA level

He is fighting lawmakers and think it will end well


Tinubu Jagaban GCFR kept Mudashiru as State House Speaker for a reason, Lagos lawmakers all get pampered




.

This is the change you guys wanted? You guys should never have happened to Nigeria. Nigerians once had hope but you guys in APC have crushed it completely with your style of politics.

I remember you guys were happy saying wike is silent and hasn't spoken a word. Well he has spoken and spoken like a small pikin. Now you have changed goal post.

It will be interesting to see how the bromance between Yorubas and Reno ends. He is constantly pressing their mumu button these days

Also interesting is that Yorubas that were fighting wars for 100 years to the extent that they willingly submitted to be colonised are now models of peace? OPC terrorists

Philipponzaghi:
Then give APC 16 years and see what level the naira will be before you judge them.

Yes, Nigeria was the fastest growing economy in Africa back then too. Especially during the oil boom back then.

you already have 16 years. Let's see what you do with it.

JagabanB:
Fastest growing economy due to high demand for crude oil, dollar was being backed by foreign reserves under those government, this government is not doing that.
To show u that the previous governments is not better than this, the only thing u folks keep talking about is dollar, price of fuel, price of rice.
Why don't u talk about industries the previous governments built?
Why don't u talk about infrastructures?
Why don't u talk about businesses and start ups they created for Nîgeriàns?
Because u know they didn't do any of those abi?
The difference between South Africa and Nigeria today is that those years PDP wasted looting and sharing, commission a project and abandon it but the money will disappear, South Africa was busy building standard roads, schools, hospitals and attracting businesses.
The only thing u all can talk about is dollar, dollar, dollar.

yes let's talk about that. Our telecommunication and banking industries were founded by PDP. The two industries were nearly non existent in 1998. Soludo and MTN changed that.
Our cement industry was non existent in 1998, today Dangote alone makes more cement than South Africa which used to be number one in Africa.
Let's talk about Hollywood and entertainment industries. Let's talk about Abuja and how PDP built it.
What are you talking about?

And no Nigeria economy was not fastest growing in Africa by 2007 just because of oil demand. That was in 2014. 2007 was because of industries.