₦airaland Forum

rvp20182:
Now you've ran out of time .You can name one!!

Clearly there is none. I know what you mean by "business men". You mean informal traders operating kiosks and perhaps "manufacturers" re-packing chinese finished goods & selling them in their small pop & mom shops . That is what I know happens in Nigeria. You're not capable of building companies like BIDCO, HACO, INTERCONSUMER, BROOKSIDE - that can rival UNILIVER, PROCTER, NESTLE, JOHNSONS & PZ CUSHONS in the Fast Moving Consumer Goods - in EAST, SOUTHERN & CENTRAL AFRICA --soon West AFRICA.

Of course we know all those concepts are too complex for people who receive one of worst education in the world.

I guess Dangote is just a hoax, Let's hope that he opens a factory in Kenya as he plans... Kenya was even willing to build a power plant just so Dangote could build a factory in Kenya
That's how bad Kenya wanted Dangote

rvp20182:
:LOL: once again - you bring the predictable list of Nigerian "MANUFACTURERS". You guys cannot manufacture even a button. Those guys are just re-badging finished Chinese goods. You cannot manufacture military cars or computers. PLEASE - next you'll manufacture a nuclear sub-marine

If you were to trade with any country - no country would accept NIGERIAN CERTIFICATE OF ORIGIN - what local content is in there - apart from the paint work & the badge

Maybe the cable thing - We got many of those - East Africa Cables -- that have factories all the way down to South Africa - owned by black kenyans.

Once again Kindly manufacture a button, make it your own brand and dominate west Africa - and then come & compare yourself with kenya - if you come and pull that nonsense in functional country like kenya - eti you can manufacture a armoured car when you don't even have a steel industry to manufacture iron sheets - you'll get slapped very punitive taxes,'

I know it an ECOWAS thing - some idiot in Ghana who is also a pastor - alleges to manufacture cars (Kantrara or something) - and therefore you've made huge mess of what manufacturing really out to be - therefore Nigeria CANNOT DEVELOP. If you were to trade with other countries...we will come there and determine the "local content" of the chinese finished goods that you re-badge and re-package & charge you taxes accordingly. More tragically nobody will ever trust a "MADE IN NIGERIA" - Certificate of Origin - so your industries will never develop!!.

West Africa Jungle - Re-badging & re-packing chinese finished goods - KANTANKA
https://citifmonline.com/wp-content/uploads/2015/11/Kantanka-SUVs-Colour-red-wine-black-Ghana-Made-cars-600x330.png

very soon you'll see innoson cars in Kenya... Even Proforce miltary vehicles was used by UN.. THey also export to other african countries.. once Al-shabab rears up in Kenya again, you'll start seeing Proforce vehicles in Kenya...

rvp20182:
Some me Nigerian brands that are rivalling Uniliver Nigeria - which of you companies say rivals Uniliver Omo's in detergent. Let start there. Then can a Ghanian name any 10 or so brands from Nigeria? How many are those Nigerian brands in super-market in Nigeria and regionally in ECOWAS - I am told NADA - Shoprite has to import tiger products from South Africa

Zenith bank
Dangote
Globacom(Nigerian Telecom)
Access Banks
GT bank
First Bank
GlaxoSmithKline
Intercontinental Bank
Equity Assurance
Charterhouse

Nigerians are like South Africa in Ghana. We're big investors in Ghana... even their film and music industry is propped by Nigeria

Nigerians no doubt play a big part in the Ghanaian economy; in fact Nigerians are rated third biggest investors on the Ghanaian economy. We must commend them for the work they are doing for Ghana but for Ghanaians this should inspire us, we still have a long way to go in empowering our citizens to greater heights so that we can also become competent just as them.

https://ameyawdebrah.com/revealed-meet-nigerian-tycoons-running-ghanas-economy/

rvp20182:
Nwoke,

Innoson like Ghana's Kataranka or something close to that --- are not car manufactures - and if they were to try sell those car outside Nigeria - won't get "Certificate of Origin". Those one rebadge chinese cars - let not argue over rather obvious things.

Now when you come to real manufacturing - Uniliver type - you're splitting the hairs - 200 or 250M is very little money. I can tell you Kenya's Bidco which rival Uniliver makes sales worth 500M USD (aiming for 1B dollars in next few yrs). It hard getting Unilver industries revenue in kenya (only Uniliver Tea is listed) but I can bet they also make more sales in Kenya than in poor Nigeria.


Now if all your big industries...Unilver/Nestle/PZ CUshon/...all combined are struggling to make 1B dollars...where will you get 39B dollars...for you to declare you manufacturing is 10% of 400/500B - over-cooked GDP.

Kenya which has more sophisticated manufacturing with homegrown companies like Bidco, Brookside, Mabati Rolling mills & many others along the agricultural value chain - are claiming 8B dollar worth of manufacturing -- while Nigeria stats office is over-cooking their nascent industry to crazy figures like they do to their yams & cassava!

Innoson exports his cars... Apart from Mali he also exports to other African countries.. And he plans to go continental

This was last year

Innoson motors has transformed into a continental business venture, with the Mayor of Bamako leading a delegation from Mali to the automobile manufacturing plant in Nnewi, Anambra State, to purchase about 400 vehicles.

Notice that the mayor inspected the manufacturing plant before he could purchase the vehicles

14:
You are almost correct, if you take the parallel market exchange rate, which is more acturate than the government controlled FX, Nigeria's GDP is roughly $270bn.

I am suprised why the Nigerian government use the controlled FX to calculate their GDP, which is not a teue reflection of what is happening on the ground. someone might even call it cheating.

The flip flopping of the nigerian stats department is leading the maltinationals leaving nigeria in droves. These investors gets the stats and analyse them and assume they would make a killing when they do invest in Nigeria, little do they know that the stats are not reliable and they get the shock of their lives when they struggle to survive in nigeria and at the end they divest.

Nigeria economy is 80% informal, so how do you calculate an informal economy GDP? Its a challenge to the government, hence they only raise some of the smallest Budget on the African continent, a $24bn budget for 180m people, thats criminal. if the status core continues, Nigeria will never pull itself out of poverty with such budget for a huge population. The biggest challenge for nigeria, in order to compete with some progressive countries in africa, they need to find way to formalise their economy. Informal economy is not sustainable, it does not produce quality jobs, as a results, you will never have a viable middle class.

Coming from a South African, The South African poverty rate is higher than 50%...

According to 2015 stats:

According to new data released by Stats SA, poverty is on the rise in South Africa. The latest “Poverty Trends in South Africa” report shows that, despite the general decline in poverty between 2006 and 2011, poverty levels in South Africa rose in 2015. More than half of South Africans were poor in 2015, with the poverty headcount increasing to 55,5% from a series low of 53.2% in 2011. The figures are calculated using the upper-bound poverty line (UBPL) of R992 per person per month (pppm) in 2015 prices. This translates into over 30.4 million South Africans living in poverty in 2015.

http://www.statssa.gov.za/?p=10334

More poverty is seen among the Blacks, so you have a huge inequality problem there..

Then for your claim that 80% of Nigeria's ecnomy is informal. It's more like 60%

The informal economy in Africa is big business. The International Labour Organisation (ILO) estimates that its average size as a percentage of gross domestic product in sub-Saharan Africa is 41%. This ranges from under 30% in South Africa to 60% in Nigeria, Tanzania and Zimbabwe.

https://qz.com/599483/dont-underestimate-the-power-of-africas-informal-sector-in-a-global-economy/

As Nigeria's economy grows, the formal economy is bound to grow as well and the informal economy decrease(And Nigeria getting serious about regulation)...
Plus some of the informal economy isn't even included in GDP calculation suggesting Nigeria's GDP might even be higher... but that's story for another day...Yes, The informal contribution to GDP is too high

Yes, Nigeria's budget is wayyyy to small. Oil has made Nigeria lazy... About 80% of government revenue comes from oil... And oil accounts for about 90% of Nigeria's exports(FX). Oil has made Nigeria very lax about tax... Nigeria has the lowest tax to GDP ratio in the world at around 6%... Even multinationals avoid paying tax in Nigeria and get away with it lol

What this means for Nigeria is that Nigeria has to get super serious about tax(especially since oil is about to get less relevant), and diversify exports especially from primary products like crude oil to manufactured goods...

From what I'm seeing Nigeria seems to be getting more serious about tax especially since the oil crash... Diversifying exports still seems hazy but players like Dangote seem set on changing that

Also I haven't heard of multinationals leaving Nigeria in droves because of fake GDP or stats... If you're talking about the South African companies leaving Nigeria, this was due to a bad recession which left Nigerians with a lower purchasing power... Other reasons why companies might leave Nigeria is due to ease of doing business... Nigeria ranks very low in ease of doing business... everything from corruption, bad electricity, bad roads, and general dilapidated infrastructure...
Investors are more interested in Nigeria's large population(biggest in Africa, seventh largest in the world--soon to be the 3rd largest by 2050) rather than GDP or stats. Investors see the huge potential

Yes, I understand South Africa is a more advanced economy than Nigeria(perhaps due to the large European white influence, and an older economy)... South Africa still has some ways to go though... SA is stuck in the middle-income trap and recently I heard about issues with white farmers... more and more whites seem to be leaving the country

You guys talk as if GDP is all in all... India's GDP is very large(3rd largest in the world going by PPP) yet India is more recognized for its poverty and open defecation
South Africa has a bigger GDP than Finland but Finland is way more advanced