₦airaland Forum

Daejoyoung:
For a developing country growing at 2% with a 400Billion dollars economy, it's not that bad relative to other developing countries,it becomes very bad only when we consider the growing population and that is the only problem with the Nigerian growth at 2%.
Kenya on the other hand should be growing above 10% for the next 5years since they look up to South Africa and want to measure up with them in 5-10 years.
South Africa with the same population as that of Kenya has a 300 Billion dollars economy and is growing at 2% as well, at that rate you can't compare that Kenyan 8% to the current South African situation ( which is still way better).

I have been trying to tell them but they always fall back to that same old rhetoric "your GDP is cooked"

mtisTheQubit:
Your economy is oil based so the future if grim for you guys

So said a faceless nameless someone on Nairaland.

tylann:
Just accept you economy is performing badly
For developing country like Nigeria growing at 2% that is extremely bad
Even your president confirmed recently that your economy is performing badly

I swear you guys lack comprehension. Did I say Nigeria's economy is doing alright, no! It's doing badly quiet obviously.

rvp20182:
You're just a fool.Your fake overcooked GDP halved and is now 320b..if we use real exchange rate or maybe 270b if we use black market USD rate...

Maybe you should do the calculations first before calling me a fool.

Let's use 270bn for Nigeria (conservatively) - 100bn for Kenya (liberal) that's 170bn difference.

Fast forward 2022. According to the picture provided by your fellow Kenyan, Nigeria growing at 2.pct will be 600bn (conservatively) let me be generous and put Kenya growing at 6.pct 200bn

600bn - 200bn = 400bn.

So no matter how you want to look at it, the gap keep increasing.

Kazikazi:
Tanzania
Kili golf and polo club

Stunning! Fantastic! Absolutely beautiful!

More than a certain country I know about. I have to say I admire you Tanzanians, with all this beauty yet you don't make mouth unlike your noisy neighbours.

Jonraid:
Contemporary definition defines second world countries as emerging economies.I hope you know what this countries are.

My understanding of second world countries is different from yours which is why I asked you the list of Second World countries.

But going by your definition, Nigeria is also a second world country then because it is also an emerging economy.

So is Kenya.

Again Kenyans look at it this way. Kenya's economy is growing almost thrice that of Nigeria's but the gap between Nigeria and Kenya keep increasing. From a difference of about 200bn today, it will grow to about 500bn 2022. Explain "that"!

Nigeria's 2pct is more than the value of Kenya's 8pct. To catch up Kenya need to grow 10-15pct.

Jonraid:
Forget about Kenya.Is Nigeria in this stage? Nigeria is still a developing country and so a 2 percent economic expansion shouldn't be tolerated.Fact is,your bosses at the treasury and even the president aren't happy about this.For Nigerians to treat a 2 percent growth as normal and equate it with the growth as seen in big economies is pure comedy gold!

Normal? Nobody said nigeria growing at 2pct is normal. What he is trying to say is that the value of Nigeria's 2pct is more than Kenya's 8pct.

Jonraid:
Are you in the league of SA? Is Nigeria a second world country? The answer is a definite NO!

Show me list of Second World countries.

planetx:
$3 million is not expensive? 98% to 99% of Americans don't have that in their bank account, that is big money anywhere in the world.

Brother help me tell am. Some people don't know how currency works. They think because your money does not have much value, things in countries with more value are cheaper.

hisexcellency34:
This fish is very rare to find. i have forgotten the name in my area. No matter how you cut it, once you throw it inside the river, it becomes whole again.

Chai! Chinekemeoooooo

Daejoyoung:
No way, this must be fake.

Sure, it is cooked using palm wine, Red oil, ugwu and mosquito meat.

Gross domestic product in billion U.S . dollars


Year *** GDP value in billion USD

2022* 649
2021* 572.28
2020* 504.57
2019* 447.01
2018* 397.47
2017 376.36
2016 405.44
2015 493.84
2014 568.5
2013 514.97

Sniffing the 400 billion US dollar GDP mark in 2019 with us now being of about 190-200 million Nigerians.

Things should look better in 2019!

mtisTheQubit:
forget about blogs dude

On Friday, the World Economic Forum on Africa presented the five winners of the conference’s challenge to find Africa’s top women innovators. The winners, whose innovations were from the areas including mobile health insurance, solar powered vending carts, bio medical materials and IT training as well as food processing, hail from Kenya, Rwanda, South Africa, Tanzania and Uganda.

http://venturesafrica.com/237058-2/

I don't know what you are talking about because I didn't mention any names. Now that you point out, come to think of it, Kenya is not on the list

Quartz is a blog? what an insult!

Two particular countries are missing from this list. Must be cooked surely

https://qz.com/africa/1513086/young-african-innovators-to-watch-in-2019/amp/

franchasng:
Shutup!!!

I blame white people for not wiping out entire black and Arab race of which they can do very easily using nuclear and chemical weapons.

People like you hate truth, you are the problem Nigeria has, instead of looking for ways to help curb the corruption and social vices in Nigeria, you are here giving excuses and pointing accusing finger to another nation, are u not ashamed of being a Nigerian and a black man with nothing tangible to contribute to global innovation, growth and development

No wonder great black men like Late Michael Jackson denied being black and tried changing their race, it hurts to be a black person born in West Africa

I am not making excuses, I am stating a fact.
Follow follow, keep following. It's your type politicians can feed sh*t and you will still be grateful.

And no I am not ashamed of being black or Nigerian.

Why don't you leave Nigeria then since you are ashamed and go and bleach or do plastic surgery so that you can become white.

In case when they decides to wipe us out as you said, they will spear you.

Ode.

This assertion is based ignorance. It is no where base on fact but perception.

1. Nigeria is not even the most corrupt country in Africa. Heck it's not even among top 10 most corrupt countries. Check Transparency International Corruption perception index.


2. While there is no approved metric for measuring internet fraud, it is generally believed that countries like US, UK and Switzerland, Russia loses more to internet fraud than Nigeria.

And to all those Nigerians who blindly believed what they heard and saw, with verifying first, may God deliver you.

jakeporeshenko:
“Ongoing” Asin being paid for in phases

OK.
Frustrating though.

gabng:
NN

Most of navy's procurement list is almost exactly like last year's. Hydro survey ship and landing ship tank, rhib boats, flat bottom boats e.t.c also appeared in last year's budget.

For those who like to knock our military unnecessarily, Just because something was budgeted for does not mean the fund was released. Navy's budget is basically a roll over of last year's.

jakeporeshenko:
just plain incompetence or lack of strategy and ability to adapt to the enemy.

I sincerely believe that if it's NAF Regiment guys manning those bases, we would be hearing a different story.

Their training should be the standard for every NA personnel.

Just passing through

jaycent:
Brotherly can you explain this for? You mean the number of people from different countries living in Nigeria

Nah, that's number of Nigerians living abroad

forgiveness:
The irony is, they claim Nigerians when doing their nefarious acts.

Not only Ghanaians. I read somewhere that an Indian claiming to be Nigerian was arrested for scam.

Also a white Nigerian prince was arrested in US too.
https://www.theroot.com/white-nigerian-prince-email-scammer-arrested-in-louis-1821658205/amp

This begins to let you wonder just how many people are posing as Nigerians out there.

jaycent:
Port Harcourt

Bros wetin be this nah, slow down abeg
























You want make all of them migrate come here

NSE unveils AI powered X-Bot to enhance market participation

The Nigerian Stock Exchange, NSE, has launched the X-Bot, an artificial intelligence (AI)-powered Chatbot that responds directly and automatically to enquiries through Facebook Messenger.
The X-Bot which is the first African securities exchange Chatbot is designed to provide market participants, especially retail investors, convenient, faster and real-time access to data and information from the Exchange.

Commenting on X-Bot, Mr. Oscar N. Onyema, CEO of the Exchange, noted that the introduction of X-Bot is in line with the NSE’s drive to improve market participation through greater access to market information.

“We aim for an Exchange that is easily accessible and actively matches investors’ increased thirst for information and detailed disclosure information to make sound investment decisions. With X-Bot, investors in our market can access on-demand market information, news and events on the activities of the Exchange and the various products and instruments that are listed and traded on it”.

“The Exchange has always been at the forefront of innovation, and the launch of the X-Bot marks yet another significant milestone in our continuous adoption of new technologies with a customer-centric focus to make financial services more inclusive and to provide a superior customer experience in the access and use of capital”, said Onyema.

On his part, Mr. John Adelana, head, Regulatory Technology (RegTech), NSE, stated that “Customer experience is a key priority for NSE and we are deeply committed to constantly improving it. With the launch of X-Bot, NSE becomes the first African securities exchange to launch a customer interactive machine learning chatbot, which contributes to facilitating and accelerating the process of providing information to market participants.

“We are particularly excited about the ability of X-Bot to learn through customers interactions and become better at providing our customers with more relevant and timelier solutions overtime”.

https://guardian.ng/business-services/nse-unveils-ai-powered-x-bot-to-enhance-market-participation/amp/

India Buys N719.2b Worth Of Crude From Nigeria In Q3

India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2billion of crude and N37.7billion of natural gas exports from the country. India also bought cashew nuts worth N4.7billion from Nigeria. Latest figures from the National Bureau of Statistics (NBS), covering July, August and September, showed that Nigeria imported motorcycles and cycles worth N29.2billion from the Asian country. Other imports were medicines, such as antibiotics to the value of N7 billion, agricultural machines worth N3.6billion, dried vegetables N3.6billion and treated mosquito nets N3.4billion. The NBS also listed Spain, France, Netherlands and China as Nigeria’s major trading partners in the statement titled “Commodity Price Index and Terms of Trade for third quarter, 2018. Spain was the second biggest buyer of Nigeria’s crude, after India. The European country bought crude worth N463billion and liquefied gas valued N52.7billion. Nigeria also shipped leather valued N4.3billion and cocoa paste worth N300million to the country. In return, Nigeria imported petrol or motor spirit at N25.7 billion, bitumen N3.7billion and petrochemical products N3.4billion. France is Nigeria’s third biggest trading partner, the NBS figures showed. France bought N422.5 billion crude and N74.2billion liquefied natural gas and N1.1billion of soya bean oil from Nigeria, during the period. Nigeria imported petrol, called motor spirit worth N54.6billion and lubricating oil, worth N16.1billion. Netherlands is also a major importer of Nigeria’s crude as it bought N260.7billion worth in third quarter. It also bought liquified gas valued at N5.6billion, cocoa beans N2.9 billion and frozen shrimps and prawns N1.9billion. Nigeria imported from The Netherlands motor spirit or petrol valued at N337.2 billion, gas oil, N48.2 billion, medical equipment N36.7billion and medicines, such as antibiotics N9.5billion. China, the fifth important country to Nigeria in terms of trade bought crude worth N24.5billion, gas that includes LNG and butane N48.6billion. Nigeria imported chips worth N14.6billion from China, herbicides N14billion, motorcycles N12billion, vehicle chassis N10billion, iron and steel N10billion. The NBS said the all products Terms of Trade (TOT) index rose 0.52 per cent during the period under review. TOT is the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods. The NBS said the increase in the TOT was driven by prices of prepared foodstuffs; beverages, spirits and vinegar; tobacco, footwear, headgear, umbrellas, sunshades, whips among others. According to the report, the all commodity group import price index decreased in the period under review by 1.76 per cent. It stated the decrease was due to change in prices of vegetable products. In addition, the report stated that all commodity group export price index rose by 1.26 per cent in the quarter under review. This, it stated was driven by prices of prepared foodstuffs, beverages, spirits and vinegar, tobacco, footwear, headgear, umbrellas, sunshades and whips among others. It further stated that all region group export index rose by 1.05 per cent as a result of trade with Asia. According to the report, the all-region group import index rose by 1.22 per cent as a result of trade with Oceania and Asian Regions. It stated that all regional terms of trade rose marginally by 0.10 per cent as a result of trade with Asia and other African Countries.

https://leadership.ng/2019/01/04/india-buys-n719-2b-worth-of-crude-from-nigeria-in-q3-2018/

Nigeria internet users jumped 14% in year to November 2018

…analysts link internet subscription rate to phone penetration


Nigeria internet users rose 14 percent in the year to November 2018, according to figures available from the Nigeria Communication Commission (NCC), regulator of the industry.

The number of internet subscribers in the country rose to 108.46 million last November, from 94.82 million a year earlier, according to NCC figures.

Active subscribers for data (internet) services on each of the licensed service providers utilising the different technologies showed that MTN reported 41.68 million internet users, while Globacom has 27.76 million subscribers. Airtel and 9mobile (formerly Etisalat) have 28.96 million and 10.6 million, respectively.

Among the mobile network operators, MTN and Airtel recorded the highest month-on-month increases in internet subscription with 1.7 percent and 1.5 percent increase respectively. For 9mobile total internet subscription of 10.1 million in October remained unchanged in November.



Omotola Abimbola, a research analyst at Ecobank, said the increase reflects smartphone penetration in the country. “Cheaper smartphones from Asia have been a boon to internet penetration in Africa in general and created a new and fast growing income line for telecommunications companies who are now recording double-digit growth in data revenue,” Abimbola said.

He said the increase in the number of internet users in Nigeria “could also be positive for the economy as internet penetration typically aids productivity and ecommerce.”

FBNQuest, a subsidary of the FBN group, said in its GoodMorning Nigeria publication on Thursday, January 3, 2019, that the increase in Nigeria’s internet users could have been due to the fact that “subscribers usually patronise dual-SIM mobile phones and stay connected via separate data packages on multiple networks, in order to “achieve uninterrupted internet access.”

FBNQuest said the increase in internet users “implies a density of 58 percent in a population estimated at 185 million, placing Nigeria well above the African average of around 16 percent as indicated by McKinsey.”

Data compiled from the NCC website show that the contribution of the telecommunications industry to Nigeria’s Gross Domestic Product (GDP) rose by 0.98 percentage points to 8.39 percent in Q3 2018, from7.41 percent in Q3 2017. However, last year’s third-quarter contribution was less than the 10.43 percent contribution to the country’s GDP in the second quarter of the same year.

Nigeria’s GDP grew by 1.81 percent (year-on-year) in real terms in the third quarter of 2018, driven by the non- oil sector, the country’s statistical agency said.

The non-oil sector contributed 98.62 percent of the growth in that quarter, with the oil sector contributing the remaining 9.38 percent, the National Bureau of Statistics said in a report released recently.

The number of active subscribers for telephony services on each of the licensed service providers utilising different technologies including GSM, CDMA, Fixed Wireless and landline, show that MTN had 66.97 million subscribers, which is 40 percent of the total market share, followed by Globacom with 43.27 million (26 percent) and Airtel having 43.12 million (25 percent).

9mobile, the telecommunication company which has Teology as it highest bidder has a market share of 9 percent with 15.36million active customers.

The new shareholders of Teleology are yet to fulfil all regulatory and financial requirements for the take-over of 9mobile, BusinessDay was told by a source familiar with the issue.

Umar Dambatta, Executive Vice Chairman of the Nigerian Communication Commission (NCC) confirmed this at the public hearing held recently at the instance of the House of Representatives Committee on Telecommunications chaired by Saheed Akinade-Fijabi (APC-Oyo) in Abuja.

According to Danbatta, out of the five regulatory and financial requirements, the new shareholders met only two conditions.

https://businessday.ng/exclusives/article/nigeria-internet-users-jumped-14-in-year-to-november-2018/

Customs generates N1.2tn, record 5,235 seizures in 2018


The Nigeria Customs Service on Friday said it generated the sum of N1.2tn as revenue for the 2018 fiscal period.

The service said this in a statement signed by its Public Relations Officer, Mr Joseph Attah.

The statement said the N1.2tn was an increase of N164.89bn over the 2017 collection of N1.03tn.

The Comptroller-General of Customs, Col. Hameed Ali (retd.), described the revenue collected as the result of various reforms implemented by the service.

He said the reforms were anchored on the dogged pursuit of what was right rather than being populist by compromising national interest on the altar of individual or group’s interests.

The CG said the reforms included the upgrade of the electronic systems from Nigeria Integrated Customs Information System I to NICIS II, which had blocked leakages.

Other reforms, he said, were the strategic deployment of manpower, strict enforcement of extant guidelines by the Tariff and Trade Department, robust stakeholder engagement resulting in increased compliance and increased disposition of officers and men to put national interest above selves.

The statement also said the NCS had reinvigorated anti-smuggling operations, adding that during the period, a total of 5,235 seizures with duty paid value of N61.54bn were recorded.

The seizures include arms, ammunition, over 59 containers of Tramadol and other controlled drugs and 320,709 bags of foreign rice.

The statement read in part, “Though smuggling remains a challenge, the service’s three layers security strategy continues to make smuggling unattractive to the would-be smugglers.

“While the service continues to deal decisively with smugglers, fellow citizens, especially border dwellers and port users are advised to support the NCS by reporting any smuggling activity to the nearest Customs formation.

“Together we can protect our economy and security by joining hands to fight smuggling and ensure that appropriate customs duty is paid on every dutiable import.”

The service called for support from the stakeholders to enable it to achieve its objectives in 2019.

https://punchng.com/customs-generate-n1-2tn-record-5235-seizures-in-2018/

NairobiWalker:
Please, next time if you have to use some silly Nigerian pidgin figures of speech, use them when addressing fellow Zoogerians. Thank you.

It's not a Nigerian pidgin though, it's pretty much standard English.

NairobiWalker:
It's interesting how zoogerians on this thread don't even understand what they post themselves.

Knock yourself out figuratively means: to make a considerable effort, to apply oneself energetically
So what I am saying is 'Kenyans Post away'!

Nam’s fragile economy boxed into a corner


Windhoek - Namibia’s small, open and fragile economy is boxed into a corner and despite the government’s efforts to take the country out of the current economic slump, it could take another half a decade to recover.

Despite austerity measures aimed at curbing public spending, domestic growth has remained stagnant while international investments into the economy has stalled.

This year, the country only recorded one significant international investment – the new R190 million Peugeot, Opel assembly plant in Walvis Bay – but even that is set to create only 50 jobs.

Revenue from Southern African Customs Union (SACU) has also dwindled, while public debt continues to rise.

Coupled with the weakening US dollar and low global commodity prices, the country’s economy faces a spell on the side-lines and is running out of options on how to evade the tough corner.

A recent announcement by the Namibia Statistics Agency that the country has faced 10 consecutive quarters of negative economic growth further confirms predictions that the worst is yet to come.

Economic analyst, Dr Omu Kakujaha-Matundu, said the economy is in a box because the formal sector is struggling for growth.

“There is trouble in the formal sector, as evident with the closing of some retail shops, and some uranium mines have gone on holiday (stopped working),” he said.

Namibia’s finance minister, Calle Schlettwein, who has not been denying that the country is in recession since 2016 told The Southern Times that although some sectors are struggling to record growth, others are showing positive signs.

He admitted that the retail and wholesale sectors are struggling for growth.

Schlettwein added that Namibia is easily affected by global effects due to its small open and fragile economy. As a small open and resource-based economy, with a trade to gross domestic product over 100%, Namibia is vulnerable to external shocks through the trade link.

Also, commodity price volatility exert pressure on economic activity, public revenue, international reserves and the external position.

“Equally, weak external demand in our main trade partners presents challenges for the export sector, which limits potential growth. As such, measures to improve the productive capacity of the economy as well as economic diversification are critical for Namibia to bolster resilience,” said Schlettwein.

The International Monetary Fund (IMF), which said the country risks the chance of going into an economic meltdown if nothing is done has advised the country to identify strategic policy decisions and specific measures to deliver the planned adjustments aimed at stimulating economic growth.

Moreover, the Fund encourages the government to combine expenditure and revenue measures to contain the short-term impact on growth, while safeguarding critical social and capital spending.

“There is significant room to undertake supply-side reforms to strengthen productivity and potential growth, and support job creation. This is in parallel with fiscal adjustment policies, as the government adjusts, special emphasis should be placed on strengthening the market operations of key public enterprises to improve the efficiency of the economy, and on establishing a well-structured wage policy for the public sector to better align wage dynamics with productivity growth,” last month’s report by the IMF states.

Schlettwein said he cannot tell for sure when the economy will recover but he was optimistic that the economy will eventually improve.

Namibia has also been struggling to collect tax at the desired rate mainly because of the ageing system. The finance ministry has now developed an online integrated tax administration system set to be effective in January 2019.

“At the moment, we are collecting tax as we have projected to collect from these sectors. Only the Valued Added Tax is a bit under pressure and is a little bit slow. The informal sector contributes 37% to the economy but it is not taxed. These people don’t pay tax but there are cash-based businesses in that informal sector that should at least be taxed and help grow the economy,” Schlettwein earlier told The Southern Times.

https://southerntimesafrica.com/site/news/nams-fragile-economy-boxed-into-a-corner

NairobiWalker:
Kazikazi?

We don't joke when we tell you Kenya is the alpha and omega of Tanzania dude. Everything Tanzanians do is to either complete or oppose Kenya. If you think you can lock Kenyans from a thread and have Tanzanians posting on it you're sick. We are the air that they breathe.

Did you read my post? Because I called on everyone, I even mentioned Kenyans specifically!

Ok Nairobiwalker, rvp2018, Maria, jonraid, tlann, and all 50m Kenyans are invited to post on this thread

https://www.nairaland.com/4940342/african-business-economy-infrastructural-development#74451572

Happy now?