₦airaland Forum

NEWS, OCTOBER 3 2023 | -- Nigeria’s Gas industry currently accounts for over 12.89% of the $504bn economy. Last year about 45bcm of gas was produced from one of Nigeria’s 160 petroleum fields, data accessible to the Naira Economist show.

Gas prices averaged $1.45 per cubic meter in 2022 or $65bn for the overall industry. Of the 45 bcm produced, 18 bcm were domestically consumed with the rest assumed sold off in LNG exports or to Gas power companies. Nigeria has a Gas-To-Liquids plant at Escravos, in Delta State.

The oil industry however failed to capitalise on the same momentum. Last year, oil prices averaged $85 per barrel and Nigeria produced about 1.14 million barrels per day on average ($35.4bn). The sector contributed 7.0% to the economy. This year, production has been fairly the same at 1.1 million barrels per day per average. The Bonny Light currently sells at $87 per barrel, and this has been the annual average. The overall production is so far quite the same. Oil production is projected at $34bn in output and 7%-8% of nominal overall economy.

Agriculture accounted for 22.9% last year at $115bn, services 53.4% and manufacturing 18.19%.

This year, the economy is projected to exceed N200T (in naira terms) by the National Bureau of Statistics.

MOBILE TECHNOLOGY, October 2nd, 2023 | -- The most ever sold mobile and smart phone were the Nokia 1100, with over 250 million units sold worldwide, and the iphone 6 with 220 million units.

The Nokia 1100 was released in 2003 and was a huge success due to its affordability, durability, and long battery life. It was also one of the first phones to be widely available in developing markets, which helped to drive its sales.

The IPhone 6 (and iPhone 6+) was an Apple model (8th generation) released on September 19 2014, with improved LTE, wifi connectivity, processing and nearby communication fields payments capabilities. It sold 4 million units on the first day of release.

So what have been the most sold out phones of all time?

Nokia 1100 (250 million units)
Nokia 1110 (248 million units)
Apple iPhone 6 and iPhone 6 Plus (222 million units)
Nokia 5230 (150 million units)
Samsung E1100 (150 million units)
Nokia 1200 (150 million units)
Nokia 6600 (150 million units)
iPhone XR (151.1 million units)
iPhone 11 Series (159.2 million units)
Nokia 3210 (161 million units)
It is worth noting that the list above is based on estimated sales figures, and there is some variation in the numbers reported by different sources. However, the Nokia 1100 has consistently been ranked as the best-selling smart or mobile phone of all time.

BUSINESS, NAIRA ECONOMIST | — The US has 22 million USD millionaires out of its 164 million workforce, or 1 in 8 adults of the working bracket. It accounts ratio of high worth individuals globally – over 40% of global share. According to Credit Suisse, there are about 59 million millionaires gobally as for 2023; 40% in the US, 6.2 million in China, 796,000 in the whole of India and 16 million in Europe. At a country ratio, millionaires form 13.4% of US work capable force. Who are these by estimate, and how exactly do they spread themselves?

Net worth: The average net worth of a millionaire in the US is $2.2 million, according to Charles Schwab’s 2022 Modern Wealth Survey.
Age: The median age of a US millionaire is 62, according to the Credit Suisse Global Wealth Report 2022.
Gender: 76% of US millionaires are men, while 24% are women.
Race/ethnicity: 76% of US millionaires are white, 8% are Asian, 8% are Black, and 7% are Hispanic or Latino.
Education: 88% of US millionaires have a college degree or higher.
Occupation: The most common occupations for US millionaires are business owners, executives, and professionals such as doctors and lawyers.
Location: The majority of US millionaires live in urban areas, with the highest concentrations in New York, Los Angeles, and Chicago.
Other notable demographics

Inheritance: About 20% of US millionaires inherited their wealth.
Self-made millionaires: The majority of US millionaires (80%) are self-made.
Women: Women are becoming millionaires at a faster rate than men.
Millennials: Millennials are the fastest-growing group of millionaires in the US.

MBAs: According to the US Federal Reserve Bank, about 19% of all US millionaires were holders of MBA degrees.

NLC, TUC suspend planned strike for 30 days | FG commits to procure CNG buses; visit refineries - Naira Economist

State House
The leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) has suspended the planned indefinite nationwide strike.

The labour bodies announced the suspension of the planned strike which was scheduled to take off on October 3, after a meeting with the representatives of the federal government at the State House, on Monday.

The labour leaders reached the agreement to shelve the planned action in a memorandum of understanding (MoU) issued and signed by Joe Ajaero, NLC president, Festus Osifo, NUC president and representatives of the federal government, Simon Lalong, minister of labour and employment, at the end of the meeting.

The federal government on Sunday called an emergency meeting to engage the unions as a measure to avert the nationwide strike, which is meant to be a protest against the removal of the petrol subsidy and economic hardship in the country.

N35000 wage increment from September

At the end of the four-hour meeting on Sunday, President Bola Tinubu approved N35,000 as the provisional wage increment for all categories of federal workers.

N100bn for CNG Buses
It was also agreed that the government would allocate N100 billion for the procurement of high-capacity compressed natural gas (CNG) buses for mass transit in Nigeria.

“Provisions are also being made for an initial 55,000 CNG conversion kits to kick start an auto gas conversion programme, whilst work is ongoing on state-of-the-art CNG stations nationwide. The rollout aims to commence by November with pilots across 10 campuses nationwide,” the MoU reads.

Visit to refineries
They also agreed that a joint visitation would be made to the refineries to ascertain their rehabilitation status while all parties committed to henceforth abide by the dictates of social dialogue in all future engagements.

Nigeria produces an estimated $119bn of food annually, leading the next agricultural competitor in Africa (Egypt) by over $80bn.

The sector accounts for 22% of the country’s gdp, the highest after services and still doesn’t account for include such as wheat, milk, fish which are currently in little production in the country.

By gdp share, Nigeria ranks in top tier at 22.0%, while Equitorial Guinea was least at 2.2%.

The value (USD) of the top 10 agricultural GDPs in Africa in 2022 were as follows:

Rank Country Value (USD billion)
1 Nigeria 119.4
2 Egypt 37.8
3 Ethiopia 36.3
4 South Africa 24.8
5 Kenya 18.7
6 Sudan 16.2
7 Tanzania 15.1
8 Ghana 14.6
9 Morocco 14.4
10 Ivory Coast 13.8

These countries accounted for over half of the total value of agricultural GDP in Africa. Agriculture is a growing sector in Africa, providing transactions, food security, and export revenue.

It is important to note that these figures are estimates and may vary depending on the source. However, they provide a useful benchmark for understanding the size and importance of the agricultural sector in Africa.

The Nigerian Cocoa industry in 2023: Opportunities for entrepreneurs

ABUJA, September 30 | — Nigeria is the fourth largest producer of cocoa worldwide, reportedly Côte d’Ivoire, Indonesia, and Ghana. The cocoa industry is a considerable contributor to the Nigerian agricultural economy, accounting for about 0.5% of the agricultural GDP and about 0.1% of GDP as a whole. Agriculture represented 22.6% of Nigeria’s $500bn GDP in 2022.

Nigeria exports over 90% of its cocoa produce – and that is the problem. About $330m in value. It utilises next to none, some of the remnant portions (10%) perhaps used by the farmers themselves. But the opportunities are huge.

The US imported about $5bn of cocoa and cocoa products in 2022. The same year over $53bn worth of chocolates and other cocoa products were consumed in the country. The opportunities for the Nigerian enterpreneurs and populace market are huge. Just needed are diligence, marketing, effort and threshold quality. Cocoa products are a thing that would be readily consumed by the Nigerian market. At an over $32bn home potential, the market will absorb any incremental share above the $330 million currently in circulation.

Cocoa products are very health beneficial. They help improve overall blood quality, have high calorie intake and could boost overall body responsiveness. They are rich in iron and magnesium and could be taken almost every week. Iron helps in blood production and magnesium helps in the formation of the bones and teeth. Cocoa products are good for breakfast especially in non-sugar added forms (check products). The US consumes about 9.0 kg of cocoa per person annually and Switzerland, 11.88 kg. Nigeria currently consumes 0.3 kg per person. The opportunities ahead are huge.

Nigeria produces an estimated $119bn of food annually, leading the next agricultural competitor in Africa (Egypt) by over $80bn.

The sector accounts for 22% of the country’s gdp, the highest after services and still doesn’t account for include such as wheat, milk, fish which are currently in little production in the country.

By gdp share, Nigeria ranks in top tier at 22.0%, while Equitorial Guinea was least at 2.2%.

The value (USD) of the top 10 agricultural GDPs in Africa in 2022 were as follows:

Rank Country Value (USD billion)
1 Nigeria 119.4
2 Egypt 37.8
3 Ethiopia 36.3
4 South Africa 24.8
5 Kenya 18.7
6 Sudan 16.2
7 Tanzania 15.1
8 Ghana 14.6
9 Morocco 14.4
10 Ivory Coast 13.8
These countries accounted for over half of the total value of agricultural GDP in Africa. Agriculture is a growing sector in Africa, providing transactions, food security, and export revenue.

It is important to note that these figures are estimates and may vary depending on the source. However, they provide a useful benchmark for understanding the size and importance of the agricultural sector in Africa.

According to a recent report by Mustard Insights, there were 89,000 software developers in Nigeria as of September 2022. This makes Nigeria the third largest country in Africa in terms of the number of developers, after Egypt and South Africa.

The demand for software developers in Nigeria is high, and is expected to continue to grow in the coming years. This is due to the rapid growth of the tech industry in Nigeria, as well as the increasing number of internet users and mobile phone users in the country.

Many Nigerian developers are highly skilled and experienced, and are working on a wide range of projects, from mobile apps and web applications to enterprise software and financial technology solutions. Nigerian developers are also increasingly being hired by companies outside of Nigeria, as they offer a good combination of skills, experience, and competitive rates.

The Nigerian government is also taking steps to support the growth of the tech industry and the development of software developers. For example, the government has established a number of initiatives to provide training and support to aspiring developers.

Overall, the Nigerian software development industry is thriving, and the number of developers in the country is expected to continue to grow in the coming years.

There are three USD billionaires in Nigeria in 2023, according to the Forbes World’s Billionaires list. They are:

Aliko Dangote, with a net worth of $13.5 billion
Abdul Samad Rabiu, with a net worth of $6 billion
Mike Adenuga, with a net worth of $5.7 billion

Other former USD Billionaires such as Tony Elumelu (fmr. $1.4bn) and Funsho Alakija (fmr. $1.1bn) have been assumed kicked off the Forbes scale with the new Naira value in September 2023.

Dangote is the richest man in Africa, and he made his fortune in the cement and sugar industries. Rabiu is the founder of BUA Group, a conglomerate with interests in cement, sugar, and real estate. Adenuga is the founder of Globacom, Nigeria’s second-largest mobile phone operator.

Nigeria is the third-wealthiest country in Africa, after South Africa and Egypt. However, the country is also home to a large number of poor people. The World Bank estimates that over 40% of Nigerians live below the poverty line.

The Nigerian government is working to reduce poverty and inequality in the country. However, there are still many challenges to be faced, including high unemployment and corruption.

onumadu:
God is only saying that whatever we allow on earth is allowed in heaven.
Whatever we reject on earth is rejected in heaven.
Period.

Razgas:
read my post and read yours. The stupid person becomes clear instantly!

Razgas:
While this is bad, I will make the following points clear.

1. Dealing drug internationally is not what brings shame to Nigeria. The biggest drug smugglers are from Mexico, Brazil and Columbia. Those countries are not treated shamefully on that account. Where a market exists, people with entrepreneurial minds take advantage. Who consumes the drug?

2. What brings shame to Nigeria and indeed Africa is the shear size of its underdevelopment and poverty. Who are mostly to blame? Leaders!

3. Igbos are the most entrepreneurial of Nigerian tribes. Self starters who are never contented with poverty. The negative aspect of this mindset is what you see here. The positive aspect lies in the millions of igbos who picked up themselves and caught up economically with those who killed their parents and schemed them out of power.

4. If you are Igbo, don't let the mean words of the racist police officer bring you down. He was trying to sound intelligent but no truly intelligent person will single out a group of over 20 million people to call them derogatory names because he met 20 of them.

oyatz:
So all certificates carry full names?


So nobody uses Emeka (instead of ChukwuEmeka) , UCHE (Instead of Uchenna) , Femi (instead of Babafemi), Kayode (instead of Ogunkayode) on their certificates?

seanfer:
Truly Bola is not a stand alone name so also many Yoruba names, but the bearer can choose how he or she wants his name to be called.
I have friends who remove Oluwa and Ade from their names and their certificates have the shorter names on it. E.g Oluwadamilare can be called Damilare or Dare…. Adeyemi can choose to use Deyemi or Yemi. Adebola can choose Debola or Bola. Same thing when ChukwuEbuka choose to use only Ebuka.

turmacs:
How i wish someone as rich as this guy can come and marry me like this, heiii God i will sing praises to thee for the rest of my life..Oh lord, he doesn't have to be a young man, even if he's in his 60's or 70's, I'll forever be grateful...Ohh, Lord, i don't want to end up with a broke ass Nigeria man boy, who's older than 23 years, but doesn't have a car, a house, and not upto 100 million naira in his bank account, keep me away from such failures in da mighty name of Jesus, amen..

NOETHNICITY:
You people sick. Hate filled bigots with no humanity left in them. Bunch of hypocrites. You people always wanna know why ibos are disliked everywhere, this is the reason. Una brothers pack themselves full Lagos and Kano doing business without any problem, but you people cannot tolerate the sight of Fulani and yoruba in your community.

Femmyfamous4u:
He has Bsc and MSc in Economics. He is qualified for the position.

AlexBells:
The Hypocrisy is alarming, Igbos can't vote in Lagos a former FTC but Wike can be FTC minister despite there being several individuals from the Middle belt or even Abuja that Tinubu can pick. This is really negligence to the middle belt and the greater Northern Nigria. Tinubu has been treating the North like Orphans and traumatizing them with the threats of war.

There's ominous silence from the North, fear rents the air, they can't fight, they have been betrayed, they have betrayed the East in the past so there's distrust and no one can help them, they have divided and defeated the North, retired politicians like Elrufai who now almost in a voluntary exile in solitude. I don't like the way North is being treated, I'm being honest here. Tinubu should temper revenge with mercy. The greatest fear of the North have happened.

Blaze14k:
I would like to use this opportunity to seek guidance based on the issue I have on ground

bender79:
He should go and sit down. He thinks north is like Rivers

Slurity:
THERE IS A REASON THAT BIBLE WARNED THAT WOMEN SHOULD NOT LEAD OR SPEAK IN CHURCH OR BE IN CHARGE.