₦airaland Forum

AfriqueDuZuid:
our own car manufaring is bigger than your entire exports

Let that sink in

I swear down. From what I've seen, it seems Kenyan entire export is max 3.5 Billion dollars. That's fvcking small.

Modified: Okay it's 11.66 Billion dollars.

Kenya exports for 2021 was $11.66B, a 20.19% increase from 2020.
Kenya exports for 2020 was $9.70B, a 15.41% decline from 2019.
Kenya exports for 2019 was $11.47B, a 0.8% decline from 2018.
Kenya exports for 2018 was $11.56B, a 10.68% increase from 2017.

AfriqueDuZuid:
$6 billion worth of NEW cars and export $9 billion

Mehn I never even knew the tea they export was just 1.1 Billion dollars . Damn, this is a revelation.

rvp20182:
I checked the Hyudai - led me to some slum in Ikeja

Address: 645 Oshodi, Agege Ln, Shogunle, Lagos, Nigeria

Keep checking them. When you are done, I would add more. I have more.

rvp20182:
Our economy generates 20B dollars in taxes. Export is not everything. Our domestic economy is strong.

So now you know export is not everything . Puahaha

rvp20182:
Manufacture Okada and rickshaws first - then generators - then now manufacture aircraft parts. Anybody who trust nigeria data is crazy. The whole of your GDP data is totally insane. You cannot beat south africa or egypt. Your real GDP is something close to 200B.

Your highest export is flower at 1.4 Billion dollars. Second highest export is tea at 1.1 Billion dollars, for a 113 Billion dollar economy of just 54 million people?? Something doesn't add up here.
Nigeria with 206 million people have the second highest export in Africa as at 2021 at 47Billion dollars in total. Highest export is crude oil of 30 Billion dollars.

rvp20182:
Manufacture Okada and rickshaws first - then generators - then now manufacture aircraft parts. Anybody who trust nigeria data is crazy. The whole of your GDP data is totally insane. You cannot beat south africa or egypt. Your real GDP is something close to 200B.

I can help you do part of the assignment for free.
There are many ship building companies in Nigeria (maintenance and everything included). These are some, do more research yourself. They include both local and International companies. The navy is also involved and they manufacture Gunboats, Ships, etc.

HYUNDAI HEAVY INDUSTRIES COMPANY NIGERIA LIMITED
Country: Lagos, Lagos,
Nigeria
Sales Revenue ($M): $150.83M
DELATTRE BEZONS (NIG) LTD
Country: Lagos, Lagos,
Nigeria
Sales Revenue ($M): $11.79M
AMNI INTERNATIONAL PETROLEUM DEVELOPMENT COMPANY LIMITED
Country: Lagos, Lagos,
Nigeria
Sales Revenue ($M): $8.64M
PEM OFFSHORE LIMITED
Country: Port Harcourt, Rivers,
Nigeria
Sales Revenue ($M): $7.17M
GEOPLEX DRILLTEQ LIMITED
Country: Victoria Island, Lagos,
Nigeria
Sales Revenue ($M): $4.85M
YINSON OPERATIONS & PRODUCTION WEST AFRICA LIMITED
Country: Port Harcourt,
Nigeria
Sales Revenue ($M): $4.58M
NIGERDOCK NIGERIA LIMITED
Country: Apapa, Lagos,
Nigeria
Sales Revenue ($M): $4.54M
RIPEN MARINE CONTRACTORS LIMITED
Country: Lagos, Lagos,
Nigeria
Sales Revenue ($M): $4.48M
NEW ENERGY SERVICES COMPANY LIMITED
Country: Lagos,
Nigeria
Sales Revenue ($M): $2.23M
MARINE ASSETS AND OFFSHORE EQUIPMENT LIMITED
Country: Bayelsa,
Nigeria
Sales Revenue ($M): $2.23M
WEST ATLANTIC SHIPYARD LIMITED
Country: Port Harcourt, Rivers,
Nigeria
Sales Revenue ($M): $2.23M
GOTTES ENGINEERING SERVICES LIMITED
Country: Rumuodara, Rivers,
Nigeria
Sales Revenue ($M): $2.23M
FMG RESOURCES LTD
Country: Kilo,
Nigeria
Sales Revenue ($M): $2.10M
ASSTON MARINE AND OFFSHORE LOGISTICS NIG. LTD
Country: Port Harcourt, Rivers,
Nigeria
Sales Revenue ($M): $1.10M
WEST LAKE MARINE SERVICES LIMITED
Country: Lagos,
Nigeria
Sales Revenue ($M): $0.93M
BLUEMALC LIMITED
Country: Parkview, Lagos,
Nigeria
Sales Revenue ($M): $0.47M
RED-HOT ENERGY DRILLING SERVICES LIMITED
Country: Port Harcourt,
Nigeria
Sales Revenue ($M): $0.13M
GOLDFISH OFFSHORE AND LOGISTICS SERVICES LTD
Country: Port Harcourt, Rivers,
Nigeria
Sales Revenue ($M): $0.03M

Lekki again??

BUA's detergent factory in Lekki nears completion.

Nearby is Ariel Food Factory (the largest ready-to-use therapeutic food factory in Africa commissioned in 2020).

Statement by the IMF Spokesperson on Egypt
October 15, 2022

Washington, DC: Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), issued the following statement today on Egypt:

“IMF staff and the Egyptian authorities have held very productive in-person discussions on the margins of the IMF and World Bank Annual Meetings and made substantial progress on all policies including the following:

“A continued fiscal consolidation path that will safeguard public debt sustainability and ensure a steady decline of the debt-to-GDP ratio over the medium term. Additional fiscal and related structural policies that would further expand the social safety net for the most vulnerable, improve the budget composition, and enhance fiscal transparency.

“Monetary and exchange rate policies that would anchor inflation expectations, improve monetary policy transmission, improve the functioning of the foreign exchange market, and bolster Egypt’s external resilience. This would enable Egypt to gradually and sustainably rebuild foreign reserves.

“The implementation of the authorities’ comprehensive structural reform agenda would gradually enhance the competitiveness of the economy, reduce the role of the state in the economy, level the playing field for the private sector, improve the business climate, and foster transition towards a greener economy.

“IMF staff and the Egyptian authorities have agreed to finalize their work to reach a Staff-Level Agreement very soon."

Ebonyi International Airport

Ebonyi shopping mall (98% complete)

Kaduna and Akwa Ibom. Two top states getting better and better in Nigeria.

Mkenya2019:
I missed Angola. Right they were at 140B before the collapse of the Kwacha. This year I expect Ghana and Ethiopia will take a hit - not sure of Nigeria - if they will eventually devalue - but their black market rate say they should - Nigeria GDP could half

What you should know is that the Nigerian central bank is injecting a lot from her external reserves to maintain that very wide gap between the black market and official rate and the reserve have been going down because of that, now 37 Billion dollars. So it's almost thesame thing.

Mkenya2019:
So Nigeria 490B, Egypt 460B, South 413B, Algeria 180B, Morocco 142B, Kenya 113B.

If we go by this data also, Angola is 114 Billion dollars. Angola can't thank their stars enough for this relative oil boom . They have grown so much from 75 Billion dollars early last year .
Even their currency have improved 30%.

obaaderemi:
You mean from the live GDP?

Yes. Don't know the source of their data though but it doesn't look far off from facts.

obaaderemi:
European economies are so complex. I'm not sure the Europeans understand it fully themselves. And look at Russia with all that output and technology, it's GDP is still nothing to write home about compared to the GDP of countries like UK and Italy. How can Italy's GDP be higher than Russia's?

Actually Italy's GDP is lower than Russia's from what I see.

obaaderemi:
European economies are so complex. I'm not sure the Europeans understand it fully themselves. And look at Russia with all that output and technology, it's GDP is still nothing to write home about compared to the GDP of countries like UK and Italy. How can Italy's GDP be higher than Russia's?

Russia have truly underperformed. The reason they are not totally wasted is their landmass/ resources. Also the fact that they were once Soviet Union.

Live GDP

So many countries in Europe in red (receeding). Russia still going strong .


https://www.youtube.com/watch?v=8pcUy-QUK-Y

Mkenya2019:
Nigeria also going bankrupt.

Nigerian alleged debt restructuring is false

Our attention has been drawn to the recent report by Bloomberg attributing statements to the Honourable Minister of Finance Budget and National Planning, that Nigeria is planning to restructure its debt. We wish to state that the Minister’s statement was taken out of context.



Over the years, Nigeria’s Debt Management Strategy has always highlighted the need to utilize appropriate debt management tools to streamline the cost and risk profile in the debt portfolio.



Towards implementation of these strategies, Nigeria has typically availed itself of concessional loans; the spreading out of debt maturities to avoid bunching; and, re-profiling of the debt maturities by refinancing short-term debt using long-term debt instruments. All of these, none of which constitute debt restructuring, are already being implemented.



The Nigerian Government is also looking forward to exploring other appropriate debt liability management options, such as bond-buy back and bond exchanges.



We want to assure local and international investors and creditors that Nigeria remains committed and will meet all its debt obligations.

https://proshare.co/articles/honourable-minister-of-finance-budget-and-national-planning-clarifies-on-bloombergs-report-on-alleged-debt-restructuring?menu=Economy&classification=Read&category=Nigeria

Nigerian alleged debt restructuring is false

Our attention has been drawn to the recent report by Bloomberg attributing statements to the Honourable Minister of Finance Budget and National Planning, that Nigeria is planning to restructure its debt. We wish to state that the Minister’s statement was taken out of context.



Over the years, Nigeria’s Debt Management Strategy has always highlighted the need to utilize appropriate debt management tools to streamline the cost and risk profile in the debt portfolio.



Towards implementation of these strategies, Nigeria has typically availed itself of concessional loans; the spreading out of debt maturities to avoid bunching; and, re-profiling of the debt maturities by refinancing short-term debt using long-term debt instruments. All of these, none of which constitute debt restructuring, are already being implemented.



The Nigerian Government is also looking forward to exploring other appropriate debt liability management options, such as bond-buy back and bond exchanges.



We want to assure local and international investors and creditors that Nigeria remains committed and will meet all its debt obligations.

https://proshare.co/articles/honourable-minister-of-finance-budget-and-national-planning-clarifies-on-bloombergs-report-on-alleged-debt-restructuring?menu=Economy&classification=Read&category=Nigeria

samorobo:
You are a joke, there is nothing to be scared of. Your pension fund is just $4.4bn. I’m a country where poverty is high abd inflation off the roof,I doubt if people will be tapping into pension saving to buy a house.
Your meagre p

Don't mind him. I wonder what's there to brag about the pension. I found out that their single largest pension fund Consortium in Kenya is worth 4.4 Billion dollars.

KEPFIC is a consortium that has 24 pension schemes with a portfolio of approximately 500 billion shillings (about 4.4 billion U.S. dollars) in aggregate.

https://english.news.cn/africa/20220218/c53f374bfde94b3c8ca911391e9d574a/c.html

While their total pension fund they brag about is 13 billion dollars not 18 billion dollars.

Below are the seven African countries with the highest pension fund asset growths, according to the OECD. The list is presented in no particular order of priority.

Egypt: Egypt's pension fund asset grew by 8.0% to $6.2 billion, representing 1.5% of the country's 2021 GDP.
Ghana: Ghana's pension fund asset grew by 27.2% to $4.7 billion, representing 6.3% of the country's GDP in 2021.
Kenya: The country's pension fund asset grew by 10.6% to $13.7 billion, resenting 12.9% of the country's 2021 GDP.
Namibia: This Southern African country's pension fund assets grew by 17.6% to $11.8 billion, representing 103.0% of the country's 2021 GDP.
Nigeria: Nigeria's pension fund assets grew by 9.1% to $32.6 billion, representing 7.6% of the country's GDP.
Uganda: Uganda's pension fund assets grew by 15.8% to $5.3 billion, representing 12.4% of the country's GDP.
Zimbabwe: Zimbabwe's pension fund assets grew by 285.8% to $2 billion, representing 7.6% of GDP.
https://africa.businessinsider.com/local/markets/7-african-countries-with-highest-pension-fund-asset-growth/tel9v3r#:~:text=Kenya%3A%20The%20country%27s%20pension%20fund,of%20the%20country%27s%202021%20GDP.

preciousmetals:
If you truly understand what is happening in Ghana now you can never say Ghana is better than Nigeria, the only thing people in Ghana are enjoying is light and security, Ghana economy have collapse and a lot of people are going through hard time, I have live in Ghana for 27 years, my wife is a Ghanaian, all my children including myself are all Ghana citizens, so let no one deceive you

Ghana's economy has not collapsed. They would get on board with the IMF soon and use that to gain legitimacy in their debt reforms when they want to borrow again, or they may also be able to look inwards long term for other avenue of resources.

samorobo:
You should be competing Rwanda with the likes of Namibia,Botswana that way it can get her ass whooped.


I don’t even think Kigali is even the cleanest city in Africa,I think they should be Windhoek or Gaborone. Kigali that barely has road is what is lifted as the standard of cleanliness in Africa.

As in ehn . Everytime I see that Rwanda on YouTube, I say to myself: what's so special here? except they are applauding them for recovering from the war so efficiently, if not I don't get the hype.

brandsoncharlie:
My brother they're not doing well, exchange rate is sky rocketing against the USA dollars (11.45 cedis to a dollar covert it to naira)
Food prices highest in Africa as we speak.
Cost of electricity is 130 % increased recently to avoid collapse on their electricity sector.
Taxes for a start up is nothing to right home about, imagine paying for covid 19 tax and other unnecessary tax.

The economy has been downgraded by the international credit agency (FITCH) to CC .
The last thing you don't want to hear is there are on their way to IMF.
The economy is no longer in control by the government.
The worst performing currency in the world behind Zimbabwe.

Soon many countries in Africa would take advantage of various forms of IMF programs. Nigeria would most likely not do that but with the recent damage from the floods especially to farms across the country, we may consider.

samorobo:
Ikeja- one if the most underrated part of Lagos.
I will say this here,I prefer living in ikeja to living in most places on the island(lekki and the likes). Island just has all the hype but there isn’t anything you would get there that isn’t on ikeja.
The video didn’t even show 1/4 of ikeja. I can’t see areas like Allen avenue,openi and the likes.

https://www.youtube.com/watch?v=eXMY6oONW9o

Hmm, I don't live in Lagos but Ikoyi should be my favourite . Then Ikeja and Victoria Island.

crazyiguana:
Kenya Gun Factory

So your president now commissions apparels and gun factories?Anyway congrats on these but do they export these products now?

Nigerian Agriculture in Kano is fvcking big and employs so many people. Just too informal and lacking infrastructure for widespread distribution. Here in this video, we hear from these small scale manufacturers that many produce are also distributed to Cameroon, Niger, Chad etc.


https://www.youtube.com/watch?v=79gWKeZCnso

Subsaharan:
For Calabar like this, I dun de see people de hawk Baga fish oo

God bless the economy of Borno State

God bless Nigeria.

If the Economy of Borno State is fully activated millions of people would be lifted out of poverty

The boom has already began

Let things just stabilise a bit for grain production, , livestock, commerce and construction would follow.

Borno is a good place to be in if you're business minded o

Maiduguri would host the largest commodity markets in the region(C.africa) like Kano for W.africa

If you have cashflow begin to think o

Borno would be completely free. Although ISIS from Iran through ISWAP joined the fight years ago and send commanders who are killed and then they send again because they seem to believe West Africa belongs to them.
Buhari has spent billions of dollars already for the purchase of more air equipments and these things take time after ordering.

rvp2018:
He controls the market then ask Abuja to ban cheaper imports. And they do as he wishes.

Dangote Cement controls 61 per cent of the market share, Lafarge Africa 22 per cent and BUA Cement the rest

Why dont you allow imports to come in freely if Dangote is competitive.

Why allow imports, when we are by far the largest producers of cement in Africa?

rvp2018:
Cost of refining crude is 3-5 dollars a barrel. Only Dangote will eventually become very rich. I dont see much impact on Nigeria economy. Going by 20B investment - that he will need to recoup - it will become another cement or rice - more expensive internally - than imported. Dangote will ask Abuja to ban import of cheaper refined products so he can monopolize it - and will load his expensive refined products on Nigerians.

Until you reform your economy from the Northern Elite Capture of Abuja led by Dangote - expect to see few fat cats and a HUGE ZOO.

In simple English - just like you buy cement or sugar or any Dangote product very expensively - expect the same on his refined fuel - as he will load his cost to poor Nigerians.

On the bolded, there is nothing Dangote sells astronomically higher than other suppliers in Nigeria.

rvp2018:
Cost of refining crude is 3-5 dollars a barrel. Only Dangote will eventually become very rich. I dont see much impact on Nigeria economy. Going by 20B investment - that he will need to recoup - it will become another cement or rice - more expensive internally - than imported. Dangote will ask Abuja to ban import of cheaper refined products so he can monopolize it - and will load his expensive refined products on Nigerians.

Until you reform your economy from the Northern Elite Capture of Abuja led by Dangote - expect to see few fat cats and a HUGE ZOO.

In simple English - just like you buy cement or sugar or any Dangote product very expensively - expect the same on his refined fuel - as he will load his cost to poor Nigerians.

Dangote is heavily indebted to Nigerian Banks for the project after the cost increased from his initially planned 12 billion dollars to 19 billion dollars because he had to build his own small Dangote deep port in lekki and provide some road infrastructures amongst other additional infrastructures due to problems that arose from 2016 after the initial planning and design.

However, by the time the proceeds (with interest payments) from the refinery start flowing back to Nigerian Banks who provided Dangote over 90% of the debts, that would be beneficial to the Nigerian economy.

Nigeria would not have to pay subsidy, that is beneficial. If Dangote buys crude in naira, it would improve the naira, even if we only supply 500,000 barrels per day to the world from our usual 1 million barrels, we would still benefit because oil prices are still likely to remain high for a while. If the other refineries owned by NNPC come on board within the next two years and we fix power supply, we may not even have to depend on Dangote for local supplies, he'll just export.

No matter how you look at it, it's very beneficial to the Nigerian economy.

Mkenya2019:
Learn to distinguish DIVIDEND and TAXES.

NLNG is not owned by Nigeria gov.
It's own by NNPC(49%)
Which has never remitted any divided to Nigeria gov in it's 45 years of history.

What you earn from NNPC and NNLG is taxes and royalties.

Safaricom bring in 600M dollars in taxes - and further 200M in dividend (for 35% ownership kenya gov has).

In short Nigeria gov probably get ZERO dividends from all its SOES.

Which has never remitted any divided to Nigeria gov in it's 45 years of history.

This is false. It only stopped remitting to Government account from February this year.

obaaderemi:
One would think the removal of the fuel subsidy was Ruto's doing.

Kenya is in the pocket of the imf.

I swear down and they are mocking Ghana.