₦airaland Forum

LOL, that's not Thabo Mbeki. Thabo was fired some years ago.

The half understanding of simple economic principles by Agaugust and Souldust is embarrassing. From their arugment it seems like they are confusing foreign reserves with sovereign wealth funds, afterwhich they put this confused understanding into a subtraction equation with government public debt which gives them an outrageous conclusion that has no serious economic sense.

It's evident that they don't know the purpose of foreign reserves which are handled by reserve banks. In well managed countries these banks are independent and receive little government influence, this means that government does not decide on the amount of reserves to be kept. It is merely monetary decisions made by the bank. In SA for instance the South African Reserve Bank(SARB) is privately owned, it has shareholders who appoint the directors who run the bank. It used to be listed on the Johannesburg Stock Exchange but share can now only be bought off counter. Government has soft influence in that it appoints the governor of the bank and one or two other officials.

Unlike in Nigeria where the minister of finance Ngozi regularly announces foreign reserves values, our finance minister Pravin has no clue how SA foreign reserves are handled. This independence is best displayed when the SARB raises interest rates and we have government quietly complaining that this will hurt the economy.

My advice to the two wannabe economists: please educated yourself on the function of foreign reserves before you use them as your standard of government wealth. Or maybe they should stick to discussing military issues.

zetdee: I don't know why we were still importing middle eastern oil while there are two big oil exporters on the continent.

Our refineries are built to cater for middle east oil, particularly Iran oil. Hence a quarter of oil imports where from Iran only. Importing oil from Angola and Nigeria will make refining it a little more expensive than oil from far away middle east.

Lets hope the new refinery that they're planning to build will be designed for optimum refinery of Namibain, Angolan, Nigerian and soon to be discovered South African oil.

agaugust: .
https://www.ongreen.com/sites/ongreen.com/files/images/dollars.jpg

[size=16pt]south africa is NOT richer than nigeria[/size]

http://allafrica.com/stories/201209120083.html
http://data.worldbank.org/sites/default/files/gdf_2012.pdf
http://www.resbank.co.za/Pages/default.aspx

GDP is a poor measure of wealth. Net-worth in terms of dollar/other forex cash reserves minus debts is a better measurement. Regular cash in-flow per month is also very important.

the above is the easiest way to determine which country is richer, other methods do not show real purchasing power and savings.

both countries have about the same dollar/other forex reserves, but south africa has external debt about 7 times that of nigeria !

south africa's external debt is about $47 Billion

nigeria's external debt is $7 billion

both countries have dollar/other forex cash reserves about $50 billion

cash net-worth south africa about $3 billion

cash net-worth nigeria about $43 billion

the above means each south african citizen is truly worth $57, while each nigerian citizen is truly worth $243.

GDP does not show a country's real financial power. you cannot buy goods from europe/america/china and pay with your GDP, but you can pay with your dollar cash reserves, or your monthly cash flow

as usual, south africa is over-rated. subtract their external debt from their dollar/other forex reserve and south africa is cleary in deficit/negative funds. do same for nigeria and we have a surplus of about $40 billion

[size=16pt]Nigeria is actually richer than South Africa.....by about $40 billion ![/size]

Your economics is bad.

This is what white South Africans think.

www.mybroadband.co.za/vb/showthread.php/520195-Apartheid-never-happened

This is the history, although not comprehensive.

www.youtube.com/watch?gl=ZA&hl=en&client=mv-google&v=IKDrRdfvUg8

We seem to piss off a lot of people by just staying in our country and minding our own business.

All4naija is not the first Nigerian to be obsessed with South Africa. I doubt he's the last. What we need is a South African who will display the same kind of obsession with Nigeria, for the sake of equality.

Nice pics. But you guys drive on the wrong side of the road.

It's becoming common

www.justcurious.co.za/2013/01/spotted-fab-wedding-in-soweto/

I took the time to read Monthlyspectator's comments in full. Not wanting to descend to his uppish type of analysis, I will succinctly share my impression then provide a challenge:

Monthlyspectator is good at analysing chopped text but he sucks at understanding context. Lost in detail.

If, like Cap28, you believe that whites stole South African land and resources and that blacks should make them payback then I challenge you to give reasons so that I can respond to them.

I wont respond to your straw man evaluation of segments of my posts that didn't snuggle well with your emotions.

I seem to have hit a nerve.

Morpheus has a strange affinity to Xhosas. He was once adamant that Swati born Lindiwe Mazibuko is Xhosa.

Big up to Sithwell. Some hardcore reasoning although I differ here and there.

All4naija try to say something positive about Nigeria. Educate us about Nigeria the same way that us South Africa have been educating you people about our country.

I think that you people should use google streetview to get a real view of Capeflats

[img]http://southafricamtse2013.files./2012/10/cape-flats_resize2.jpg[/img]

I think this is the best picture of Cape Town

https://web.uct.ac.za/depts/geolsci/dlr/106s/d28.jpg

To be honest I don't mind the SA Naija fights. I find them entertaining, at some point there was argument about differences in fashion. LOL

I got all those numbers from the websites of those shopping malls

It's not about your perception of size as you walk through the mall, it's about the actual number of square meters of retail space and as things stand Gataway has floor space of around 180 000, Sandton City(excluding Mandela Square) with its upgrade is now around 150 000 and Canal Walk is around 140 000. Eastgate has about 120 000 square meters of retail space which was comparable to Sandton City before it got a 30 000 square meter upgrade. Menlyn Park is smaller than Eastgate