₦airaland Forum

geeez:
I've always tried to restrain myself from commenting on NL and just read through comments and refrain from commenting when someone types my mind but now I have to do this.

How is banking in Nigeria controlled by Delta Igbos?

You're just a fat lair and I've been following your irritating tribalistic and nauseating comments

FYI, Yorubas own and control most of banks in Nigeria from FBN to GTBank, Heritage, FCMB, Wema and Skye. Union and UBA are struggling in my opinion and Access still has a lot of Yorubas and Edos as owners

You can only lay claims to Zenith, Diamond and Fidelity

Now regarding the lies you posted as breakdown, you can click on the link below to see that Yoruba dominated businesses as well as foreign owned ones are the main sources of Lagos' IGR.

http://dailyindependentnig.com/2014/09/lagos-raked-n384b-revenue-2013/

Note that the SW got over 95% of FDIs into Nigeria last year because we've made the environment ideal for businesses to thrive.

And Ogun State currently generates over N6bn monthly from an average of N2.7bn monthly in 2013. It will take your erosion ravaged state 15yrs to catch up. Besides the state plans to generate an IGR of N10bn per month in 2015 which from all indications is possible

http://dailyindependentnig.com/2014/10/ogun-targets-n10b-monthly-igr/

And note that when Amosun became governor, the state was barely generating N730m monthly and he's still in his first term.

This was how Lagos started in 1999 and now everyone is rushing over to enjoy the benefits

Bro, are you taking the deluded bigot and charlatan seriously? All his kind are able to do is pull out imaginary figures from their azz for the sake of nothing else other than proclaiming mythical superiority over others. They, with the wild and shameless lies they tell daily, are probably the most discredited members of this forum.

Compare his silly figures with that below and you will realise that some folks should not even be allowed to discuss in an environment where fact-based truth is germane to the issues under inspection. These are the characters who have given us a reputation as a dishonest Country full of people ready to tell wild and ridiculous lies always.

The 419 ethnocentric and chest-beating "we own and control everything" lies:

kettykin:
Break Down of the IGR of Lagos

IGR from Banking, Insurance and Financial houses ---------- 20% ---------- Banking industry controlled by Delta igbos
IGR from Telecommunication firms and ISP ------ --- ------ 18%---------- MTN,Etisalat, Airtel foreign owned
IGR from Retail /Wholesale business ------- --- ---16% ----------- Retail and wholesale Business controlled by Igbos
IGR from the Oil and gas and service companies----- -- 30%------ Oil and Gas Industry is actually Niger Delta industry headquartered in Lagos
IGR from Dangote , BUA other top Northern businesses---- 7%------ Bulk importation of Sugar, Flour , Cement from the North
IGR from construction , Agents , land lords -------- 5% ------- construction , Agents , land lords controlled by ALL
IGR from taxi,Okada and bus drivers ------- 1%--------- Taxi , bus driving, Okada controlled by Yorubas and Aboka
IGR from tailors and agbo sellers --- ----- 0%--------- tailors and agbo sellers controlled by Yorubas
IGR from Baba Ijebu, bet9ja --- ---------- 1%---------- Baba Ijebu controlled by Yorubas
IGR from Hotels , bars, clubs , restaurants, eateries --- 2% -- controlled by ALL

The fact-based and statistics-supported truth and reality:

Seven different sectors dominate economic activities in Lagos State, led by manufacturing which, interestingly, contributes 29.60 percent of the state’s GDP figures. Road transport follows closely contributing an average of 26.47 percent of economic activities in the state. Other sectors in order of dominance include building and construction (19.60 percent); wholesale and retail (8.39 percent); telecommunications (3.71 percent); financial institutions (3.51 percent); and real estate (2.01 percent). The seven sectors account for 93.39 percent of economic activities in the state.

kettykin:
Break Down of the IGR of Lagos

IGR from Banking, Insurance and Financial houses ---------- 20% ---------- Banking industry controlled by Delta igbos
IGR from Telecommunication firms and ISP ------ --- ------ 18%---------- MTN,Etisalat, Airtel foreign owned
IGR from Retail /Wholesale business ------- --- ---16% ----------- Retail and wholesale Business controlled by Igbos
IGR from the Oil and gas and service companies----- -- 30%------ Oil and Gas Industry is actually Niger Delta industry headquartered in Lagos
IGR from Dangote , BUA other top Northern businesses---- 7%------ Bulk importation of Sugar, Flour , Cement from the North
IGR from construction , Agents , land lords -------- 5% ------- construction , Agents , land lords controlled by ALL
IGR from taxi,Okada and bus drivers ------- 1%--------- Taxi , bus driving, Okada controlled by Yorubas and Aboka
IGR from tailors and agbo sellers --- ----- 0%--------- tailors and agbo sellers controlled by Yorubas
IGR from Baba Ijebu, bet9ja --- ---------- 1%---------- Baba Ijebu controlled by Yorubas
IGR from Hotels , bars, clubs , restaurants, eateries --- 2% -- controlled by ALL

Why are you ethnocentric charlatan such shamelessly dishonest and emptily chest-beating liars? Are you guys never ashamed to pull out imaginary figures from thin air that keeps getting discredited daily? We live in an information age and the entire world has now moved beyond your 2-by-2-container-shop-parading-as-a-business-empire lies and delusions. Pathetic lies and empty chest-beating is all your kind are associated with today.

No one is fooled any longer by your claims of 'mansion ownership' and "we run Lagos" bullcrap. The truth is now out there for all to access. Compare the figures below with your grossly fallacious data which is driven by an innately dishonest nature and inferiority complex. This is why you guys are predisposed to making wild claims that are symptomatic of the delusions of grandeur you routinely suffer from. Shameless bigot.

http://businessdayonline.com/2013/04/examining-lagos-state-gdp-figures/#.VHRH5ousXL4

Examining Lagos State GDP figures
April 22, 2013 | Filed under: Analysis | Author: Editor
11
While Nigerians await the state-by-state breakdown of the country’s Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS), it is great to see that the Lagos State government has gone ahead to calculate its own estimated GDP. The move by the state is not surprising considering it has been in the forefront of economic development in the country. The state currently has one of the best and most complete economic statistics in the country.

The state’s GDP figures released in September 2012 provide some interesting insights into the Lagos economy. The state has a GDP figure put in excess of N12 trillion or $81 billion as of 2010. Its economic size is about 35.6 percent of Nigeria’s 2010 GDP but a significant 62.3 percent of Nigeria’s non-oil GDP.

However, on the African continent, Lagos State GDP figures rank fourth below Cairo ($145 billion), Johannesburg ($110 billion), and Cape Town ($103 billion). The figures show that the Lagos State GDP is higher than 14 of the 51 states in the United States of America. It is also estimated to be bigger than the GDPs of 22 of the 27 states in Brazil, and higher than 42 individual states in Africa, including Kenya with a GDP of $66 billion, Ghana with a GDP of $61.97 billion, and Tanzania with a GDP of $58.44 billion.

[size=14pt]Seven different sectors dominate economic activities in Lagos State, led by manufacturing which, interestingly, contributes 29.60 percent of the state’s GDP figures. Road transport follows closely contributing an average of 26.47 percent of economic activities in the state. Other sectors in order of dominance include building and construction (19.60 percent); wholesale and retail (8.39 percent); telecommunications (3.71 percent); financial institutions (3.51 percent); and real estate (2.01 percent). The seven sectors account for 93.39 percent of economic activities in the state.
[/size]
The Lagos State Bureau of Statistics also breaks down the state’s GDP based on sectors. Livestock is the biggest economic activity in the agricultural sector. This is closely followed by forestry, and then fisheries which is about half the size of the livestock sector. Crop production is almost insignificant in the agricultural sector, contributing just 0.004 percent of economic activities.

Road transport is the giant in the room in the transportation sector in Lagos State, making up more than 90 percent of economic activities in the sector. The road transport sector is only slightly smaller than manufacturing. Manufacturing and road transport activities actually make up an average 56 percent of all economic activities taking place in Lagos. This explains the Lagos State government’s emphasis on road transport infrastructure within the state as both sectors actually feed on each other. The roads need manufacturing goods and passenger traffic while manufacturing needs the roads to move goods from production centres to the market.

The financial services sector of the Lagos State economy is dominated by financial institutions, with the insurance sector almost a negligible player in the sector. Insurance sector’s contribution to economic activities in Lagos State stands at just 0.30 percent compared to 3.51 percent by financial institutions. In the communications sector, telecommunications dominates, with broadcasting and postal services making marginal contribution (0.03 percent).

Under utilities, electricity dominates, but it contributes just an insignificant 0.47 percent of economic activities in Lagos State, a reflection of the challenges faced in the sector in the country. The contribution by the water sector is even more insignificant at just 0.03 percent. In a more ideal situation, these two sectors would be ranking among the highest contributors to economic activities because they are essential to modern living. Unfortunately, this is not the case here. The negligible contribution of these sectors hides the strong growth potential of the Lagos State economy if both sectors are repositioned to play their proper role in economic activities.

Currently, the NBS is compiling GDP figures for about six states of the federation. Ahead of the release of these figures, which was expected in March 2013, BusinessDay research will soon be releasing its report on the states of the Nigerian federation. The report is an in-depth analysis of the macroeconomic environment and fiscal plans of Nigeria’s 36 states and Abuja. It shows what the states are going to spend and how they are going to spend it. It is also a deep analysis of the financial profile of each state, showing internal revenue projections and history, debt overhang, projections and sustainability, projected expenditure-to-consumption ratios, and major projects in each state.

Due to non-availability of the GDP figures for the 36 states and Abuja, BusinessDay Research will be using NBS figures on consumption patterns in the states as a proxy for GDP figures. The report is an invaluable guide to anyone seeking to do business with or in the states and also to state governments wanting to know how their expenditure plans and macroeconomic environment compare competitively with other states and to the needs of the states.

Note: If you want analysis or data on any company or any particular sector of the Nigerian economy or industry or have any other queries that BusinessDay Research Unit can help you with, kindly send a mail to research@businessdayonline.com or call 08185193932. We can also help you with your confidential market surveys and competition analysis at a cost.


ANTHONY OSAE-BROWN

Editor, BusinessDay Research Unit

anthony@businessdayonline.com

abdulwastecx:
What diversification are you talking about?
Crude oil still account for about 96% of our total government earning
recurrent expenditures still account for about 76% of budget
The clueless Jonathan still condoles corruption, stealing and Nepotism

To diversify the economy you need more investment in infrastructure like rail way network linking all the major cities in all Nigeria states
You need to generate enough electricity to support small scale- medium scale industries
you need have a strong financial sector that can lend money to small and medium scale entrepreneurs at a low interest rate
you need a strong engineering and technical educations comparable the level achieved in the west.

How many of the aforementioned has clueless jomathan been able to put in place?
we seriously need a change of government to save this beautiful country.

Long live the federal republic of Nigeria Long live Buhari- Fashola..... SAI BUHARI

Don't mind the dishonest urchin and ragged old fool. Senility is setting in and that is why he sees one thing when the whole World, even beyond Nigeria, sees something entirely different.

phantom:
pray tell,what strings or weight is akwa ibom pulling??
Oga many people here are too intelligent for this your petty argument.
please tell me how brand new stadium,library and cinema house will pay salaries in the akwa ibom civil service in coming months.

Precisely what I told the senile old fool previously. Silly 'agbayas' and charlatans like them should stop showing face on threads like this and leave discussions to sensible adults with a good grasp of pertinent issues. Perhaps if that begins to happen more then some of the intelligent posters who have left will come back and Nairaland will regain the 'form' that saw threads like this being a source of critically effective thinking, erudition and informative analysis instead of what obtains currently whereby cretinous lunatics have taken over the asylum.

The fact of the matter is that Lagos has emerged the only Nigerian State close to becoming self-financing entirely. It is the impressive IGR increase Lagos has gained under Fashola that now means Lagos would be the one of the biggest economies in Africa if an independent nation. Yet the FG, on the other hand, is now revealed, by falling oil prices, to be a hugely corrupt, badly exposed and unprepared failure. These near-illiterate simpletons think they can disparage the monumental achievements of Lagos, under Fashola and Tinubu, while simultaneously supporting the Jonathan-led ultra-gradualist FG that is corruption, ineptitude and indolence personified. Tragic comedy really the way some Nigerians are happy to persevere with mediocrity and sheer ineptitude while never willing to give credit where due or admit that others they love to hate are working admirably and commendably.

http://uk.reuters.com/article/2013/10/23/uk-lagos-megacity-idUKBRE99M04620131023

"WE CAN'T STOP THEM COMING"

If Lagos were a country its GDP would make it Africa's seventh biggest economy - more than twice the size of Kenya's. Its large consumer market is already well established for firms like Unilever, Heineken and Nestle.

One of Africa's biggest stock markets sits here, as does its second biggest market in government bonds. Industry is hampered by poor power generation, but the service sector is booming.

Lagos accounts for more than half the non-oil economy of Africa's leading energy producer, says economist Paul Collier, who sees it as key to breaking the country's dependence on oil.

"Lagos is Africa's best chance of a productive megacity," he wrote in The Plundered Planet. "As oil runs down and is replaced by a new economy ... Nigeria's economic future lies in Lagos."

OAUTemitayo:
I think you need to put aside your penchancy for hypocrisy and bare-facet lying.
If you have not jumped to the fray without your irritating ignorance you would have been able to decipher between REVENUE RECEIVED and REVENUE GENERATED.
The OP was talking about internally generated income not statutory allocation from the federation

Dude, ignore the charlatan. Who here is unaware he is a closet bigot only interested in seeking negatives about SW States while failing to give credit where due when the monumental strides of Lagos, defiant of the Nigerian reality, is highlighted? The message here is clear and simple enough. Lagos, by far, leads the way in IGR and is on course to becoming Nigeria's only self-sustaining State.

If Nigeria were not a horribly divided nation, full of prejudiced folks and bigots, then we would all be looking at the achievements of Lagos as a template we must present to our respective State Governors. Why is it that the world has no problem voting Fashola one of the 100 most influential global thinkers while at home ethnocentric mischief-makers (like the poster you quote) concentrate their effort on finding negative points, whenever positives about Fashola or Lagos is stated, when such are non-existent?

phantom:
I keep saying it that as Nigerians we must look beyond shiny objects, look at issues critically and objectively and proffer sensible solutions.
you want to kill a leader who taxes you to put good infrastructure in place but you have no problem relocating to a sane country like the UK and paying twice that amount in taxes.
this is a blessing. maybe we will be forced to hold our leaders by the jugular when they don't deliver after taxing the living daylights out of us because its inevitable.

I have made the same call too umpteenth times. Yet many Nigerians are too sentimental to the extent they are unable to focus on what matters. We must begin to plan for period like this more effectively. The sad reality is that most Nigerian States are now totally screwed if the falling oil prices continues and indeed low per barrel price of oil, below our budgeted benchmark, become the reality for the foreseeable future. This is not something we should play politics with. This is a time to ask serious questions and look critically at what leaders are doing.

Abagworo:
They keep quoting the figures but at the end of every fiscal year barely 40 to 60% of budget is achieved in most States. Wake me up when you achieve 80% implementation.

Well, you better wake up sir.

http://www.lagosstate.gov.ng/Y2014%203rd%20Quarter%20Budget%20Review.pdf

Highlights of Half-Year Y2014 Budget Performance
Q3 & Cumulative Y2014 Budget Performance
Appraisal 15
The Overall budget performance was 86%; below the
set benchmark of 100% but higher than 72% for same
period in Y2013:
Total Revenue - N199.479bn/86%
Capital Receipts - N17.793bn/153%
Recurrent Expenditure - N112.668bn/96%
Personnel Cost - N42.719bn/97%
Overhead Cost - N69.949bn/95%
Capital Expenditure - N99.071bn/78%
Financing - N5.533bn/-%
Capital/Recurrent Ratio was 47:53 as against
52:48 benchmark per Y2014 budget.

phantom:
halleluyah! shi.t is about to get real.

it is in times like this that one knows sensible and intelligent leaders.

kudos to fashola and even tinubu for seeing the future and taking measures on time.

kudos to amaechi for even shoring up rivers igr up to 90billion. I see no reason why aggressive tax drive cannot drive that value up to at least 150billion.
with drastic cut down in the states civil service, rivers will be just fine.

where is akwaibom? where are MY south eastern states.
its obvious governance goes way beyond building stadiums,swimming pools and viewing centers.

Well-said bro. The above in bold is precisely what I stated also in my post before this one. Shebi Nigerians all had time to be arguing inanely before? Now that 'austerity' is officially here we will see what strength or focus a hungry people will have to be insulting those doing very well while same set of hypocrites had the time and zeal to be supporting and making excuses for a failed federal government led by the one of the most corrupt, most insensitively profligate and most incompetent leader in the world.

Soon, money to browse Nairaland will be a problem for the charlatans who have supported the worthless GEJ government that has gotten Nigeria to this awful scenario where we are almost totally unprepared economically for falling oil prices because of hideous corruption,anti-people economic policies, leadership deceit/lack of transparency, copious looting of Nigeria's oil income through the NNPC and slack policies of Government and the promotion/perpetuation of a monumentally bloated democracy leading to recurrent spending running at around 70% of annual budget when this figure is under 10% in many developed Countries.

@Topic.


I am very proud of the achievements of Lagos. It is times like this that the reality of who is leading well, and who is failing, becomes crystal-clear despite how Nigerians like to play politics of ethnicity and sectional bias. Let oil fall to $10 per barrel. When Nigerians begin to suffer terribly then they will hopefully learn a lesson or two about putting sentiments aside to vote out terrible leaders who maintain ten air-planes,at hideously monumental costs, in a poverty-ridden nation .

The 2014 "austerity"reality clearly revealing the hideous failings of GEJ and Okonjo Iweala to plan adequately/proactively and shield the economy form oil-based vulnerability. They promoted runaway corruption and failed totally to reign in ten-plane profligacy and bloated governance. Now, there are virtually no buffers in place at all for the Nigerian economy and people because of corruption, economic cluelessness, lack of focus and sheer ineptitude and unacceptable indolence. Now I suggest you shamelessly dishonest TANdroids get out of this thread and let intelligent folks discuss the immense stride forward Lagos has made, under the APC and Fashola, while all PDP States have meagre IGRs they have failed to develop appreciable over many years.

http://allafrica.com/stories/201411181676.html

Nigeria: Mixed Reactions Trail Introduction of Austerity Measures



Lagos, Nigeria
By Francis Onoibholo, Philip Oladunjoye, Sylvester Enoghase, Bamidele Ogunwusi, Austin Adah, David Agba, Chinwendu Nnadozie, Oladele Ogunsola
Finance Minister and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, did not hide the fact that Nigeria's economy is in dire straits. She has announced a multi-pronged strategic response to mitigate the adverse effects of the decline in the price of crude oil in the global market.

Some of the new measures include proposing $73 oil benchmark for the 2015 budget, taxes on luxury goods as well as non-sponsoring of overseas training for civil servants and full implementation of the Oronsoye Committee Report on MDAs, amongst others. Some Nigerians have expressed mixed reactions on the new measures.

Reacting, constitutional lawyer, Itse Sagay, on Monday, advised the Federal Government to tackle corruption and increase productivity in the non-oil sectors of the nation's economy.

Sagay gave the advice in a telephone interview with the News Agency of Nigeria (NAN) in Lagos.

Sagay, however, said the oil glut could be a blessing in disguise for Nigeria.

He said that the country must stop its dependence on oil as the major source of its revenue and diversify into other sectors.

On his own, Yinka Farounbi, Chairman, Nigerian Bar Association (NBA), Ikeja branch, also called for the diversification of the economy.

"We have been saying this all along that our dependence on crude oil as the mainstay of our economy should be minimal.

"There are other natural resources that can enhance the country's internally generated revenue.

Also, Edo State Publicity Secretary of the All Progressive Congress (APC), Godwin Erhahon, said: "it is good that the FG has finally owned up that all is not well with the nation's economy, especially with her earnings from oil.

"What our economy is suffering from is the laziness and insincerity of our leadership.

"Is it not a shame that Late President Yar'dua was able to protect our crude oil from thieves, but stealing of crude thrives under President Jonathan unabated? The solution to our economic woes is not austerity but removal of a prodigal regime with its lazy and clueless leadership."

On his part, former deputy governor of Lagos State, Prince Abiodun Ogunleye, said the decision stemmed from bad leadership, which has failed to manage the economy properly. "We wouldn't have been talking of introducing austerity measures at this time if the leadership of the country was able to manage the vast resources properly," he said.

Ogunleye stated that the country is naturally endowed, "that we don't need to depend on oil. God has blessed this country that every part of the country has the needed resources that if properly harnessed, could turn around the economy of the country.

"When I came back from Korea in 1974, its Gross Domestic Product (GDP) of the country was the same with Nigeria but today, Korea is regarded as one of the Asian tigers and Nigeria's major exporting country".

The former governor expressed doubt over the success of the measure and urged the Federal Government to diversify the economy instead of wholly depending on oil.

Also, the Lagos Chamber of Commerce and Industry (LCCI)'s Director General, Muda Yusuf, while reacting to the inherent dangers that may befall the nation's economy following the introduction of austerity measures, stated that the salaries and wages would be adversely affected

He said: "The introduction of austerity measure by the Federal Government is inevitable in the light of the current situation of a decline in the price of crude oil, but the dangers in the policy would be a sudden reduction in spending and adjustments on capital projects as part of the sacrifice to the paid by Government."

Contributing, the organised labour, under the aegis of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) has warned the Federal Government to ensure the new policy does not inflict more hardship on Nigerians.

NLC General Secretary, Comrade Peter Ozo-Eson, while reacting to the new policy, stated that the Federal Government must be transparent enough to ensure that more hardships are not inflicted on the Nigerian masses.

In his reaction, President of TUC, Comrade Boboi Bala Kaigama, stated that there is the need for the Federal Government to tell Nigerians the relevance of the policy that never favoured the nation's economy during the administration of former President Shehu Shagari.

According to Oscar Odiboh, publisher of Newsletter and a consultant in the auto industry, people knew that the economy was unstable, saying that Okonjo-Iweala has been at the vanguard of defence and denial of the fact that the economy was not working well.

According to him, the fact is just manifesting, noting that the economy has been bad. He said Okonjo-Iweala, by her pedigree, should not have put her hands in it.

On his part, Kehinde Olawumi, a chartered accountant, said the situation was as a result of insensitivity of the government to the people. He said the country has relied too heavily on oil, which they don't have control over the price.

For Wale Omole, President of Peoples Problems and Solutions, a non-governmental organisation, which assists Nigerians in poverty eradication and other economic problems, the move has shown that the current government has failed in its responsibilities to Nigerians and Nigeria as a country.

His words: "Austerity measure is not a bad thing on its own. It has been used by governments in the developed world of recent to redress their spending and return their economies back on its feet, but the problem with Nigeria is that we are not suppose to be experiencing this. The way we waste money on frivolities in government has led to this state.

Jude Udeozor of Financial Initiatives Limited told Daily Independent that: "Even Dr Okonjo-Iweala knows it that she can only bark but she cannot bite; all what they are doing is playing to the gallery and they would always protect themselves.

"Some others said, 'if the government was truthful and ready to protect the masses, all those driving expensive cars would be made to pay heavy duties and taxes on those facilities as this is the only way that the poor would be protected."

tomakint:
The diversification of the economy by the Jonathan-led government will on the longrun absolve us from this impending economic challenge, however, it is high time Nigerians started to listen to Dr. Ngozi Okonjo-Iweala, she is really an Amazon. Nigeria will flourish no matter the scheming of the enemies within. By the way, where is lettykin, Frank-C, taharqa, when you need them?

What nonsense is this baba arugbo talking? Is senility setting in already? I don't know why you TANdroids are all so routinely and shamelessly dishonest. Failure to diversify the economy, and move it away from a reliance on oil earnings, has been a constant criticism of the GEJ Government. Economic experts have always stated that the 419 'achievements' of GEJ is nothing more than dubious propaganda not seen or felt anywhere on the ground. Now the current tragic state of the Nigerian economy is proof of the total mismanagement of affairs by GEJ.

Next time kindly keep your old mouth shut instead of opening it to lie. Respect your age. GEJ has failed woefully to diversify the Nigerian economy and he has performed abjectly in relation to aiding the growth of the SME which is the lifeblood of most successful Nation's economy. When you want to lie, then try little lies first because there are too many posters here who are far more intelligent, more honest and better-read than you are.




http://www.nigeriaintel.com/2012/09/03/worries-over-greater-reliance-on-oil-neglect-of-real-sector/

Worries Over Greater Reliance on Oil, Neglect of Real Sector
Posted by Editor on September 3, 2012.
By: Moses Ebosele and Femi Adekoya.

ALTHOUGH Nigeria’s revenue from oil is still rising, some key players in the economy have expressed concern over the nation’s increased dependence on oil and called for an immediate diversification of the economy.

In their appraisal of President Goodluck Jonathan’s economic policies at the weekend, the experts claimed that nothing serious had been done to diversify the economy.

According to them, opportunities in the wider sectors of the economy, particularly agriculture, have been untapped contrary to the claims by the authorities that significant progress had been made.

http://nigeriantimes.ng/news/25-of-smes-have-failed-in-5-years-expert/

25% of SMES have failed in 5 years – Expert
July 4, 2014 1 Comment

Prof. Fidelis Oditah, Managing Director, Fidelis Oditah and Co, on Thursday said that more than 25 per cent of viable Small and Medium Enterprises (SMEs) have collapsed in the last five years.

Oditah made the assertion in an interview with the News Agency of Nigeria (NAN), on the side line of the Annual Conference of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN).

He said that SMEs have become victims of economic recession, poor access to funds, dearth of infrastructure and poor management framework.

According to him, the formulation of sustainable policies for SMEs’ would grow the country’s Gross Domestic Product (GDP) by 40 per cent annually.

He urged government to walk their talk by providing effective support for the SMEs, to drive the nation’s economic development.

“Small businesses mostly have been victims of economic recession and they are faced with major challenge of access to funds, dearth of infrastructure and poor management framework.

“Insolvency of these businesses due to these challenges is not because the businesses are not viable, but because there are no rescue mechanisms to rescue the failing ones.

“A business can just fail due to bankruptcy, or lack of funds while growing, so a ‘fresh start policy’ and a personal property security law should be put in place,” he said.

pendy79:
Cc gbawe, barcanista, obiageli, berem, ilugunboy, OrlandoOwoh, arresa, cleverly, lestylo, mrmetoo1.

This thread has been sent to travel. Won't you just love nairaland and its owner and the moderators.

Amaechi false story on paying indians was not only left on politics but sent to frontpage

Sure they will go and remove it from all newspapers too

To be honest, I am tired of the shenanigans of Seun and his partisan mods. After the elections, and especially after a GMB win, I am out of Nairaland for good as this forum is no longer what it used to be anyway. I gain nothing being a member of Nairaland today whereas I used to enjoy discussing with and learning from the likes of Katsumoto, Pukkah, Eguerilla, Kilode and many other intelligent and interesting posters who have simply left and have stayed away . There is no reason for any productive Nigerian to post here when the place has been taken over by cretins with the tacit support of those who moderate and run this forum. They do not even hide the backwardness they wish to entrench. It is the Nigerian way my brother. The more you look the less you see.

cyril10:
I just wonder o, some people can be so desperate sha.

He can be as desperate as he wants. The reality is that ordinary Nigerian do not believe in Atiku. They never will especially considering what Nigeria has gone through in the 5 years under GEJ which reveals to even a child that we need an individual totally disinterested in and disconnected from the current Nigerian system of hideous greed that means eventual Aso rock occupants are usually pro-elite mercenaries interested in multi-billion business empires for themselves and their cronies rather than fighting for what will develop and elevate the masses.

People think the current popularity and desperate demonization of Buhari, by those who realise he will end 'business as usual" , is a coincidence. Big NO. Issues today are a convergence of the lessons Nigerians have learnt leading them to decide, by all means,to vote for for a man who has always shown he is on the side of the people.

In my opinion,Nigerians are not ready to tolerate another deceptive character who "had no shoes" or is only about flashing his PHD/bright ideas in their faces without the attendant history or personal character to deliver upon the numerous flowery promises. GEJ did this to now leave Nigerians a cynical people. Nigerians, whether we want to admit it or not, are now seriously attracted to Buhari's character as one of the few leaders ( alongside Balarabe Musa, Jakande,Tam David West et al) who have an abiding interest in the welfare of Nigerians and zero interest in garish materialism, private jets, mansions and Abuja multi-billion Naira property portfolio. Atiku can be desperate to be President but everything he is personally and everything Nigeria is today tells me it will not happen.

Atiku, ultimately, is not a terrible choice for Nigeria because he is a deliberate and willing candidate with his own ideas and conviction unlike accidental and 'anointed' Presidents like GEJ and Yar Adua respectively. Nonetheless, he cannot win the trust and votes of Nigeria for where we are today. Nigerians have gambled on "the boy with no shoes" and lost woefully. They will not take another gamble on a man who is filthy rich and an example of Government-aided wealth in favour of a few individuals which always inversely leads to poverty for the masses.

Atiku, for example, is the owner of the Mikano group which is the biggest importer of power generating sets in Nigeria. How can such a man take a decision that will cripple/bankrupt his business yet benefit many millions of Nigerians? Can we compare Atiku to Buhari who was in much greater positions than Atiku to make himself hideously wealthy yet shunned materialism to then leave leadership as one of the poorest former President/heads of State our nation has ever had? Buhari's landlord in Abuja testified to how Buhari chose to move out and 'downsize' rather than owe rent or call on anyone to help him pay his rent despite his considerable influence which means many will be happy to pay just to keep the general in his Abuja home. Even Babangida's maid is richer than Buhari while OBJ's "son" (Andy Ubah) could probably have dashed the General the 'peanut' N27 million to buy his APC declaration form !!!!

As citizens of a very corrupt nation, full of greedy politicians ready to destroy the future of millions for their own pocket, do we truly understand that Nigerians are now aware that perhaps the best leader our nation can gain today is an individual who is only interested in the development of ordinary Nigerians and not corruption-assisted business empires, several private jets, numerous mansions worldwide, fleets of luxury cars and garish opulence when most Nigerians cannot even afford a bicycle or a shed to sleep in?

Not many will vote for Atiku. He is another candidate who will appeal to the elite and exposed minority in the Nigerian electorate yet is dead on arrival to the average folks who are the majority by far and the real kingmakers. Jonathan won in 2011 because he was perceived to be on the side of the masses because he "wore no shoes" like the average Nigerian and suffered as they did. Nothing connects Atiku with the ordinary Nigerian and he stands as a symbol of the elitist greed of a filthy-rich few that has ensured the masses are denied what is due to them year in and year out. Atiku, in my opinion, can never get the support of the average Nigerian.

When we tell ill-expose TANdroids who have never left their villages, let alone set foot on a plane, that the 'airport achievement'of GEJ is a big ruse they will begin shouting like lunatics. Here we have conclusive proof. For those who travel frequently, they will know our airports deserve their woeful ranking in relation to others in Africa and the world. I was one of those who bitterly questioned why MMIA , of the over 30 international airports I have used, is the only one a non-refundable fee is collected from passenger for trolley usage. For god sake!!! That sort of blatantly unchecked greed and exploitation of passengers ruins the user experience for travellers - especially when coming from other airports where things work smoothly and passengers are assisted rather than harassed,robbed and exploited !!!

Three Nigerian airports, including our premier International airport, are amongst the worst ten in the entire Africa !!!! Shame on Nigeria and shame on the failed government that is 5 years old especially when 'airport reforms' were one of the touted "achievements" of this current administration !!!! This, without mincing words, is unacceptable failure. 5 years worth of failure actually. All those supporting GEJ are just enemies of Nigeria's progress and ethnocentric clowns because the man is clearly out of his depth and only capable of delivering failure everywhere.

lanrefront1:
Crap and bullshit..... full of half truths, twisted logic, stating so many speculations as if they are facts, even giving prophecy on flawed and severely biased analysis.

The writer is nothing but a paid character assassin pretending to be a patriot and concerned neutral citizen.

If Buhari is so terrible that even the Hausas knows, then why all the bother. why not just leave him and let him fail.

Please keep advise and stuff down your..... I'm sure you know where..

Spot on. The whole thing is nothing but the same repetitive scaremongering and tired horse dung most Nigerians no longer fall for. Why are they scared of GMB? Is it because they know he ,more than any other candidate, is assured of sweeping the North and is now , unlike before, capable of doing well in other parts of Nigeria courtesy of GEJ's abject misrule and hideous looting/corruption? Why not simply meet Buhari at the polls if he is the APC candidate?

bitterpenis:
Na Jonathan fit to contest abi? Rubbish

Don't mind them. I don't understand why TANdroids cannot just devote themselves to meeting GMB at the polls if he emerges APC candidate. Instead of selling their candidate to Nigerians ,when he is an incumbent who should have no problems if he has performed, they fully concentrate all effort on trying to scare Nigerians away from GMB and listing numerous bogus 'reasons' why Buhari should not run.

At the end of the day, this writer is entitled to her opinion as long as TANdroids understand that no one's personal opinion is binding on others. Same way many of us can list why GEJ should simply throw in the towel and head back to Bayelsa today. Yet why bother when we accept, unlike TANdroids, that every Nigerian has a right to vote or be voted for.

zomby:
Well put together... Well done brother.

I see great things coming towards this brother.

Sai Buhari 100% !!!!

Indeed. I stand to be corrected but I don't think any non-Northern musician wrote a song for Buhari's candidacy in 2011. This is an indication of the hope reposed in Buhari today and the greater goodwill Nigerians have for him after "the boy with no shoes" has completely destroyed the faith many Nigerians had in the belief that a "young and educated" President , from a minority ethnic group and a poor background, would be the messiah. Now many Nigerians know better and appreciate that nothing beats relying on the character a man displays, day in and day out, to judge his ability to lead. No more "boy with shoes" ruse or " I walked 100 miles to school" mago mago.

Good of this young man ojare. He is making his own unique contribution towards a GMB win and a better Nigeria. It is time for all purposeful Nigerians ,any way they can, to begin doing their bit for a better future for themselves and generations unborn. We cannot carry on with a man(GEJ) whose sole mission is to loot Nigeria dry and create, at the expense of ordinary Nigerians, an ultra-corrupt group of hideously rich folks who buy private jets the way ordinary Nigerians buy second hand bicycles.

hugoart:
It's obvious to Jonathan propagandists that 2015 is the year of reckoning.

The chicken will happily come home to roost.


The broom will dutifully sweet away the morons.

Clueless will be surprised.

Let's join hands and minds and souls and body and heart,and bring back Nigeria from the afflictions of the pdp(the most corrupt party in the world) .

I say a big YES to that.

edozie04:
Come 2015 GEJ must go

Indeed. What has GEJ done in regards to the major problems of Nigeria if not worsened most of them? We all know the problems that will, if unresolved, continue to prevent Nigeria from growing and developing adequately.

Do we like that we are no closer to refining our crude endowment optimally 5 years after GEJ has been President? Do some people know what Nigeria can achieve economically if we refine our crude optimally to the extent we meet domestic need and have surplus to sell?

Who can be happy, given how pivotally important power supply is, that all GEJ could deliver over 5 years is crony capitalism, enriching AGIPs and friends of Government, packaged as "power privatisation". A considerable time after the sale of power assets, have Nigerians not only noted worsened power supply? This is direct sabotage of Nigeria's future by GEJ.

Do we need to mention oil bunkering and how GEJ disgracefully created a "'conducive' environment for the greatest volume of oil theft in Nigeria's current history? Who awards pipeline protection contract to militants like Tompolo for god sake if not an economic saboteur?

Do we even need to mention corruption which is one of the biggest impediment to the growth and development of Nigeria and most African countries? While we see what other Africans are doing to fight this scourge our own President is a brazenly direct promoter and ally of corruption. The likes of Ifeanyi Uba who should be in jail for treasonous corrupt act that could cripple Nigeria (fuel subsidy scam) are today sponsors and coordinators of the TAN fraud seeking to return GEJ to power. Emphatically the world over, the conclusion is that GEJ is corruption and corruption is GEJ.

How about the need for strong and independent institutions? Did Obama not tell us that Africa needs strong institution and not strong men? In 5 years under GEJ, how has Nigeria fared strengthening her institutions? A big F9 is the only grade suitable if a worse category cannot be created for jonathan. Under GEJ, Nigeria's most influential institutions and parastatals now do not bother pretending to be anything other than an arm of the PDP ready to do and say anything in support of the Party's woeful leadership of Nigeria. This is one of the most tragic and harmful development the GEJ Presidency has brought which will take decades to reverse.

Shall we talk about the unfeasibly high cost of running the affairs of government in Nigeria which consumes around 70% of our budgeted yearly spending ? How many analysts and economic experts, home and abroad, have told us that Nigeria can never grow and develop effectively committing so much to recurrent spending (70% or more) while devoting a relatively puny amount (30% or less) to capital spending? When reality show that only serious cost-cutting and money-saving reforms is the way forward, how has GEJ responded in 5 years as President? By buying planes, literally swallowing billions down his throat, entrenching further waste and profligacy everywhere and generally worsening the problem of bloated governance Nigeria has always suffered from. Our democracy has seen zero 'streamlining' under GEJ. If anything, and au contraire, the nightmarish notion of perennial bloated governance is now a greatly worsened reality under GEJ.

What of badly needed reform of our armed forces to make them more efficient at carrying out their primary duty of protecting Nigerian lives and porperty? The NPF and secret services, DSS for example, are now nothing but glorified mouthpieces and errand boys/gatemen plus election 'orderlies' of the PDP. The army,under GEJ, can only record serious low morals, poor motivation and serious under-equipping caused by the monumental corruption GEJ is known for which facilitated the disappearance of over $18 billions disbursed to help our army confront and defeat terror !!! Our oga will not even consider State police yet he has no interest in improving what he has and turning it into a modern, well-trained and wel-equipped force able to protect Nigerian lives and property !!!!!!!

I could go on all day yet the message, for sensible folks, is obvious. Only devilish and highly anti-Nigerian enemies of progress will want GEJ to continue beyond 2015. They will brandish all manner of cheap cosmetic 'makeover' as "achievements" whereas some of the relatively few issues I raised above (o yes there are many more) make it obvious Nigeria is currently led by a man who is, by far, the worst leader possible. Nigeria vote wisely next year and do not sell yourself further into the elite-driven slavery GEJ is championing. Jonathan is only working for corruption, militants, terrorists, scammers, AGIPs (any government in power), anarchists, gun-totting criminals and the private jet oligarchs entrenching greater poverty and socio-economic misery for the masses.

ayukdaboss:
You're fooling yourself.

Don't mind him. The reality is that most Nairalanders and indeed Nigerians are too sentimental than is good for any adult. This leads them to ignore facts and reality to then be peddling falsehood and self-defeatist hogwash. The truth is that all intelligent and critically-aware adults know the major problems Nigeria has to overcome to make sustainable progress and attain socio-economic development which will elevate us to the status of being one the most developed societies known to man.

It is not cassava bread deception or such 'trivial pursuits' we should be touting as achievement if a nation of educated and balanced people who know how to think effectively and critically. The list of our major issues I put up above, which GEJ has mainly worsened, are even a tip of the iceberg. These are the issues which a sophisticated electorate would be discussing because it is clear to them that their nation is going nowhere until those problems are adequately resolved. Yet me and you know the reality of Nigeria to appreciate majority of our emotional people will focus on all sorts of prejudice which clouds their outlook to make them pronounce that white is black or that the Sky is burgundy-coloured. GEJ is a big failure in so far as he has had nil impact on our major problems and even directly worsened most of them. This is the fact-based reality all balanced adults will not/cannot deny

@OP

You have not even touched on the main issues. Nigerians should begin asking themselves if GEJ has effectively tackled a single one of our major problems. Let us stop fooling ourselves. Worldwide, the major problems of Nigeria are known . They are the specific set of perennial problems that will always ensure Nigeria remains underdeveloped if they are not tackled effectively. The truth is that GEJ has worsened virtually all these major problems.

It is a personal shame to me, and an indication many Nigerians are dishonest hacks, to always read a list of 'achievements' of GEJ on these sort of threads which in reality, and in relation to the real solutions Nigeria need, amount to compete frivolities. How, if we are not insane, are we not united in seeing that this man must be booted out for worsening the major problems keeping Nigeria down?

Do we like that we are no closer to refining our crude endowment optimally 5 years after GEJ has been President? Do some people know what Nigeria can achieve economically if we refine our crude optimally to the extent we meet domestic need and have surplus to sell?

Who can be happy, given how pivotally important power supply is, that all GEJ could deliver over 5 years is crony capitalism, enriching AGIPs and friends of Government, packaged as "power privatisation". A considerable time after the sale of power assets, have Nigerians not only noted worsened power supply? This is direct sabotage of Nigeria's future by GEJ.

Do we need to mention oil bunkering and how GEJ disgracefully created a "'conducive' environment for the greatest volume of oil theft in Nigeria's current history? Who awards pipeline protection contract to militants like Tompolo for god sake if not an economic saboteur?

Do we even need to mention corruption which is one of the biggest impediment to the growth and development of Nigeria and most African countries? While we see what other Africans are doing to fight this scourge our own President is a brazenly direct promoter and ally of corruption. The likes of Ifeanyi Uba who should be in jail for treasonous corrupt act that could cripple Nigeria (fuel subsidy scam) are today sponsors and coordinators of the TAN fraud seeking to return GEJ to power. Emphatically the world over, the conclusion is that GEJ is corruption and corruption is GEJ.

How about the need for strong and independent institutions? Did Obama not tell us that Africa needs strong institution and not strong men? In 5 years under GEJ, how has Nigeria fared strengthening her institutions? A big F9 is the only grade suitable if a worse category cannot be created for jonathan. Under GEJ, Nigeria's most influential institutions and parastatals now do not bother pretending to be anything other than an arm of the PDP ready to do and say anything in support of the Party's woeful leadership of Nigeria. This is one of the most tragic and harmful development the GEJ Presidency has brought which will take decades to reverse.

Shall we talk about the unfeasibly high cost of running the affairs of government in Nigeria which consumes around 70% of our budgeted yearly spending ? How many analysts and economic experts, home and abroad, have told us that Nigeria can never grow and develop effectively committing so much to recurrent spending (70% or more) while devoting a relatively puny amount (30% or less) to capital spending? When reality show that only serious cost-cutting and money-saving reforms is the way forward, how has GEJ responded in 5 years as President? By buying planes, literally swallowing billions down his throat, entrenching further waste and profligacy everywhere and generally worsening the problem of bloated governance Nigeria has always suffered from. Our democracy has seen zero 'streamlining' under GEJ. If anything, and au contraire, the nightmarish notion of perennial bloated governance is now a greatly worsened reality under GEJ.

What of badly needed reform of our armed forces to make them more efficient at carrying out their primary duty of protecting Nigerian lives and porperty? The NPF and secret services, DSS for example, are now nothing but glorified mouthpieces and errand boys/gatemen plus election 'orderlies' of the PDP. The army,under GEJ, can only record serious low morals, poor motivation and serious under-equipping caused by the monumental corruption GEJ is known for which facilitated the disappearance of over $18 billions disbursed to help our army confront and defeat terror !!! Our oga will not even consider State police yet he has no interest in improving what he has and turning it into a modern, well-trained and wel-equipped force able to protect Nigerian lives and property !!!!!!!

I could go on all day yet the message, for sensible folks, is obvious. Only devilish and highly anti-Nigerian enemies of progress will want GEJ to continue beyond 2015. They will brandish all manner of cheap cosmetic 'makeover' as "achievements" whereas some of the relatively few issues I raised above (o yes there are many more) make it obvious Nigeria is currently led by a man who is, by far, the worst leader possible. Nigeria vote wisely next year and do not sell yourself further into the elite-driven slavery GEJ is championing. Jonathan is only working for corruption, militants, terrorists, scammers, AGIPs (any government in power), anarchists, gun-totting criminals and the private jet oligarchs entrenching greater poverty and socio-economic misery for the masses.

Much as it is desirable for the progress of Nigeria, the impeachment of the 'Escobar' of corruption, I.e GEJ, will not happen because too many unprincipled legislators have their political fortunes directly tied to GEJ making it to the general elections . Those wishing to cut deals securing their future are not principled enough to think of what is best for Nigeria.

Nigeria should be the quintessential case study for politcally destructive avarice whereby the self-preservation instinct of a very small number of people, at the detriment of the majority by far, always carries the day. Nigerians who want GEJ out should not waste their own time dwelling on the hope he will be impeached. Better to ensure you focus on contributing your own vote towards the total needed to remove the destructive nuisance GEJ has become to all corners of Nigeria.

drnoel:
OMG another one of those lunatics just quoted ma post above me. Foolishness will not gain u marks. Neither will playing on lunacy. U need to see a doctor. I can suggest one of my colleagues. Ediot.

See how deranged you are? Psychosis has destroyed your power of memory to the extent you cannot even remember who quoted who first. Mad f00l.

drnoel:
Wat rubbish are u spewing. [b]Where u there? If u were there give us proof of a video showing ur person. [/b]If not shaddup

Lawd, what is this one saying? Are you okay? Too many lunatics running around on NL. I blame cheap broadband and mobile browsing.

moneybag100:
The scene yesterday ridicule david mark because nobody give a mess with what he was saying...
The members think he's just one of Jonathan puppet.

This was what I was saying on another thread but TANdroids are incapable of even the most simple of logical thinking. Would a well-respected senate President, seen as a genuine defender of the sanctity of the legislative arm of government, ever be treated how Mark was?

The fact is that Mark is now seen as a 'yes sir' puppet of GEJ. Not many respect GEJ today and Mark has suffered as a consequence of this reality and the choices he personally made to compromise himself when, even if he will not fight for the Nigerian people, he must never be deemed a traitor to his own legislative colleagues.

Billyonaire:
There he goes; True to characters of Amaechi and the janjawee.d Boko Haram. Full of Anger and Vituperation. Yahoo Yahoo or Google Google isnt the reason you are a failure in life. Learn to join the monkeys' club so you can jump to success. Poverty breeds bitterness, red-eyed Gbawe. You will NEVER taste Aso Rock till you DIE. Amen. Keep jumping the fence though, next time there will be accidental discharge on you guyz. And tell Amaechi to learn from Abiola, you can not form parallel Government here, you will perish.

This poor sap has lost it. Pele. Go and ingest some of whatever it is that gets you 'high' and stop disturbing us here.

Billyonaire:
Mind your language, little man. I actually am referring to jumping fences.

Shut up yahoo yahoo boy. Is this thread about jumping fences or are you just lying shamelessly now it is revealed it was a PDP legislator that accosted Mark? Mumu.

Descartes:
Elder Gbawe, the epistle writer, are you in support of this brazen act?

I have made it unequivocally clear that I do not support the assault of the senate President. Nonetheless we must blame those who instigated the chaos seen in the first place through the discriminatory and condemnable use of the NPF in clear violation of the separation of power the legislative arm must enjoy.

Billyonaire:
APC needs to put their house in order, they are behaving more like desperate rascals than normal humans. Tufiakwa!

Are you on drugs? How many times must it be repeated that Mark was manhandled by a PDP legislator?

Collynzo9:
Stories that suit the soul.
There is absolutely no excuse or justification for that slap no matter how hard you try.

Continue deluding yourself. I have already told you on another thread that I do not endorse the assault of our Senate President. My point to you and others is that lawlessness and chaos can quickly become the order of the day if mindlessly dictatorial actions and provocative abuse of power is not checked and/or condemned. If you start a war why complain hypocritically about casualties?

Your dishonesty is obvious with how you want to focus on the assault on Mark whereas you do not acknowledge a big and very pivotally dangerous development for Nigeria the entire world has condemned. I.e the clearly biased use of the NPF to truncate the sacred principle of separation of power.