₦airaland Forum

jl115:
GDP is based on a fix price of goods and services in a specific base year..... Currency fluctuations don't have a short or mid term impact on GDP

Okay.

jl115:
@shma @rvp2018

South Africa's GDP nominal is officially $419 million as per the IMF

If the naira gets devalued from 417 naira to a dollar, South Africa would definitely go higher.

JamaicanRum:
Tanzania is a really nice country compared to some of the countries I visited in West Africa. I'm not saying they are terrible but what I saw especially in Nigeria and Mali was really not pleasing to the eye. It was only a short trip but those two nations are in a dire state and something needs to be done Asap.

I'm half Moroccan half Mexican by the way but I spent a significant part of my life in Frankfurt Germany. I've been observing from a far but I'll be chipping in once in a while to give my honest unbiased opinion.

What did you see in Nigeria and where did you visit?

jl115:
we are talking about poverty figures not GDP per capita..... Please bru!! Don't be this ret@rded

And it doesn't make sense to have on the one hand such poverty rate in terms of PPP and on the other hand such a GDP per capita in terms of PPP. Don't argue in simple terms, try to see the point I am making. I know there's a difference between GDP and poverty rate.

jl115:
yes it does:

A 70% poverty rate (said to be 4th in Africa) by Purchasing power parity does not tally with a GDP per capita of 5500 dollars (PPP) when you compare us to the other 5 countries amongst the countries on your list. It's just logic.

jl115:
ppp means purchasing power parity....as in prices of local goods and services have been taken into account along with the absolute purchasing power of the local currency.

In other words poverty figures won't be higher in countries with cheaper goods and services simply because of a stronger doller

So this is what you think I don't know? .Even in my last post you quoted, I already mentioned Purchasing power parity. Was thinking you were going to bring something different or not common knowledge.
So how does this go against my post and how did they take this into account with the 70% poverty rate?
BTW Nigerian poverty rate is 40% not 70%.

jl115:
omg you have no idea what ppp is

Ad hominem. Make your point and stop with the deflection.
If you think I don't, then show it here at least to educate others.

jl115:
do you know what ppp is?

Our GDP PPP is 1.1 trillion dollars. Purchasing power parity of 70% is old recycled data. The correct data is 40%.

jl115:
do you know what ppp is?

Yes

jl115:
poverty figures factor in ppp thus the above is irrelevant.

Still my point stands, it doesn't matter. In PPP the per capita is over 5000 dollars, so how does that make Nigeria also the 4th poorest in Africa as shown in the table? Do the maths, and notice the inconsistencies yourself.

jl115:
that's our national poverty line.... If we use the international poverty line of $1.90 a day then it's 17% which is 4th lowest in Africa..... Nigeria is @ 70% using the same baseline....

Why I don't discuss poverty data is that Nigerian currency is very down at the moment and even with the inflation, the purchasing power principle still applies majorly. Someone recently did a YouTube video to show food he ordered for 3500 naira in Nigeria (about 7-8 dollars at the black market) and it was a lot compared to what you get in the U.S for thesame price.

To be honest, if we start manufacturing for ourselves more than we do (even with fewer exports) and have way lesser imports, I would have no problem with our currency and wouldn't care so much about so called world poverty data. A poor man (living below 2 dollars a day) in the U.S is most likely homeless or suffering terribly. A poor man in Gombe with 800 naira a day (less than 2 dollars) would not suffer that much. He would be earning about 25,000 naira monthly. He can rent a decent 1 room apartment in Gombe close to the rural areas for less than 100,000 naira a year. Northern Nigeria in some places have more stable power than even Lagos, he can afford many things in the Gombe market, he would not see himself as suffering.

We Africans should get to a stage where we don't measure ourselves completely by Western standards (whether positive or negative). Data Analysis is definitely important and necessary, but how we interpret the data in our own context to make changes that benefits us is what matters.
This is why most African countries went the IMF way in the 1980s and it turned out that for some, it didn't suit their situation.

Balogunodua:
Starlink is a satellite internet constellation operated by
SpaceX, providing satellite Internet access coverage to 32
countries where its use has been licensed. It aims for global
coverage. Starlink started launching satellites
Starlink approved by Nigeria �� & Mozambique

Generaldae obaaderemi samorobo Jamestown123 what do you guyz think...

Not bad at all. I believe at first it would be targeted at the rich and then they would have several plans for others.

Shma:
As compared to Nigeria, with a bigger economy, it does.
Now that is the reason why I don't take GDP very seriously. How can Lagos be more economically advanced than morocco, or Kenya?
Check productive population in Kenya and Morocco - the only two powerful nations whose economy is a non- mineral.

Our non mineral economy is also big even bigger than that of Kenya. Tell me, what manufacturing industries fuel the Kenyan economy? For Morocco, it's mainly automobiles.
Our ICT and banking sectors are big. Even the mining sector ( though not yet matured ) is there. Our Agricultural sector is bigger than that of Kenya and even in Tourism where you think you have an edge, you don't.

Shma:
Your economy should not be in the picture. Don't place SA with Nigeria in the same sentence.
SA n economy is reflected on the ground: Low unemployment rate, high HDI, low poverty rate, proper infrastructure, a low percentage rate of slum dwellers, etc.
If lagos economy is bigger than Morocco's, then GDP should be withdrawn in any indices that measure development.

South Africa doesn't have low unemployment rate.
Lagos economy is bigger than Morocco. It definitely has more business activities going on in it (formal and informal) than Kenya. That is a fact.

samorobo:
Is pop growth up to three,the last time I checked it was about 2.6%

Correct. I approximated for margin of error (worst case scenario).

jl115:
your infrastructure gap is 11% of GDP ours is 0.6%......

Also our GDP growth rate will never reach that of developing countries with high population growth rates like Kenya.... We are aiming for 5%

What they forget is that a 5% growth rate in Nigeria or South Africa is more than a 10% growth rate in Kenya. The only thing with Nigeria here is that the population growth rate is around 3% and gdp growth is also 3%.

Kuruptnigga:
Lol Okomu oil company in benin. My no talk sha

I don't like the company too from all on the list (based on their reputation so far), but they made 14 Billion naira profit.

tylann:
2019 census figures 47 million

All sources online put your population around 55 million. How come?

tylann:
That's not correct
Kenya's current population is 47 million
Unless you south Africans will not give birth for a long time

Kenyan population is 54 million, how did you reduce to 47 million suddenly?

tylann:
Oooh the race card

Uhuru kenyatta and his fellas are very rich

Uhuru Kenyatta is a politician, the politicians in virtually all African countries are definitely the richest.

gallivant:
Why does it matter? Dangote is just milking Nigerians dry with monopolies. That's nothing to celebrate..

Dangote's biggest business which is the refinery has 20% Nigerian Government stake and the project has a lot of borrowing (debts) from Nigerian indigenous banks.

tylann:
Dangote refinery and other short stories

Who are the top black Kenyan businessmen in Kenya and what are they investing in?

samorobo:
Oil price was down last year but this same country that is said to be dependent on oil proved imf wrong and grew at 3.9%. That’s show we’re are slowly shifting from oil dependency.
An on top of that Gid has chosen to pit countries against each so oil price can soar wickedly high and stay high(albeit before the Russian-Ukrainian brawl oil price was already above 80bdp, the war just took it higher). Expect a 5.0% this year if not higher.

And with Europe losing their major gas supplier which is Russia they are now looking at that nigeria to feel up that void. Once the Nigeria AKG gas project is completed this year we would have the whole of Europe at our mercy. Now Expevt as high as 8.5% in 2023 when you also factor dangote refinery and the lekki deepseaport (80% of west Africa and central Africa cargo business will be handled by Nigeria) that should be operational by then.

The new Nigerian focus for the economy is gas not evil oil. Russia is 8th in terms of largest gas reserves in the world and Nigeria is 9th.
Unfortunately the immediate Governments after Obasanjo did not continue with the NLNG Train 7 Project where he left it until Buhari. Also the AKK Gas pipeline only began around end of 2020.
One good thing to note here is that these gas projects are being carried out by indigenous companies.

Shma:
I'm taking of catching up with the current SA.

What da hell are you smoking man .

tylann:
Lamu port will dwarf any port in subsaharan Africa

Including Lekki deep Sea Port?? Note that the construction of Africa's largest deep sea port (Badagry deep sea port) started officially in March 2022.

Most profitable companies in Nigeria in first quarter ( Jan to March) 2022 and the profits they gained.

We have 3 cement companies in top ten and this has been the case since 2021. Construction in Nigeria is at another level.

Dangote Cement 183Bn
MTN. 179Bn
Seplat. 42Bn
BUA Cement. 42Bn
Nestle. 26Bn
Nigerian Brew. 24Bn
Lafrage. 22Bn
Dangote Sugar. 17Bn
Flour mills. 16Bn
Okomu oils. 14Bn

Shma:
Help me with the source... Especially from their ministry. I want to read.

And also, Kenya's economic growth has been consistent on a growth trajectory since time immemorial. We're now counting a decade with a +ve growth rate.

Also, don't compare Ethiopia with Kenya. Ethiopia has a history of colonial and political unrest, also, the refugee crisis should not be overlooked. Those are major challenges that are wreaking havoc in Ethiopia, and they won't end soon since some of the acts perpetrated there are intrinsic.

We will catch up soon; If all factors remain constant

Okay I'll check for the source again but I read it from their website around thesame time it happened in 2020.

Shma:
Yet to find the data - the only data I have says $345B, 2021.

Okay now I see. In 2020, when they rebased it, they arrived at 370 Billion dollars, just 5 Billion dollars short of Nigeria which was at 375 Billion dollars then.
Kenya is growing but I don't believe they would surpass South Africa anytime soon. Ethiopia was also growing at a very fast rate at one time.

Shma:
Don't allow that man to deceive you.

In 2022, the SA economy Is thrice ours.

In 2020, when covid19 wreaked havoc, SAn economy was $301B. The economic growth rate by then was -7%. In 2021, it jumped to 4.5%, ...then shrank to its normal playground, which is 1.2 - 2.1%,... Their Finance minister has even confirmed their economy will be trending @ 1.8% in the next 3yrs, from 2022.

The country's real Gross Domestic Product (GDP) is expected to grow by an average of 2.1 % in 2022, finance minister Enoch Godongwana said on Wednesday. However, GDP is expected to grow by an average of 1.8 % over three years.

So, the 425- 435 he's giving you is guesswork. Kenya's economy is now sailing at 10% growth rate. That is enough evidence that the curve is moving at a convergent state and the meeting point is just a matter of time - if all factors remain constant.

South Africa rebased their economy to get to 435.

Just40 and Vankelvin, the current flooding in Accra at the moment reminds me of the Lekki floods, lmao . But this is serious mehn.

rvp2018:
Less than Kenya MPESA - now close to 300B dollars - mobile money transaction alone.

Safaricom records show the mobile money platform increased the total value of transactions by 34 per cent last year to hit the Sh29.5 trillion mark for the financial year ended March 2022.

This saw earnings from the platform increase to Sh107.7 billion having grown from Sh82.6 billion in 2021, indicating the increasing importance of M-Pesa to Kenya’s financial sector.
https://www.pd.co.ke/commerce/m-pesas-transactions-hits-sh30-trillion-126812/

Kenya's Q1 mobile money use is 15.6 Billion dollars.

https://english.news.cn/africa/20220524/9c004d1e81d74cf7b78fca452e03dc33/c.html

Mpesa transactions just only more than half of Kenyan GDP ( probably 60 Billion dollars)

https://fortune.com/2022/03/08/mpesa-fintech-safaricom-innovation-kenya-africa-mobile-money-unbanked/

Cashless transactions in Nigeria rose 44% year-on-year in Jan-April 2022, to hit 117.33 trillion naira (280 Billion dollars). This is 35.79 trillion naira more than the 81.54 trillion (194 Billion dollars) in Jan-April 2021.

Source: NIBSS NGR.