₦airaland Forum

seguno2:
How many countries do you know that have 18% GDP growth rate

Rossikk:
^^^^^ As you can see, 18% is not unachievable if they mean business.

Interesting to see that 12 of the 20 fastest growing economies on Earth are black countries.

Economy of Guyana

Guyana’s long-struggling economy was radically transformed in 2015 with the discovery of a rich offshore oil field in the country’s waters about 120 miles from Georgetown. By the end of 2020, another 17 oil fields had been found in Guyana’s Stabroek Block, and it was projected that by 2025 these fields would be yielding some 750,000 barrels of oil per day. Exxon, which made the discoveries, entered into a partnership with Guyana, and in December 2019 it began production in the first field discovered. Burgeoning oil production promised to spur growth in other economic sectors and to dramatically raise the country’s standard of living.

https://www.britannica.com/place/Guyana/Government-and-society

Rossikk:
^^^^^ As you can see, 18% is not unachievable if they mean business.

Interesting to see that 12 of the 20 fastest growing economies on Earth are black countries.

seguno2:
Many thanks for sharing this information.
The spectacular Guyana growth rate seems to be from newly discovered oil reserves that they must be managing very well, unlike our own case for the past decades.

BigIyanga:
What misinformation? Major economic proposal of BAT is to move Naija economy to $1tn in 8 yrs as enunciated by CBN governor and economic advisers. So for you to do that, you would have to grow the economy at annual rate of 15-18%. So they’re saying the same thing.
CBN is already telling banks to recapitalize in anticipation of $1tn economy.
If BAT said that economy would grow at 3.7%, how does he allow his CBN governor to be misleading the public with this unrealistic $1tn GDP projection ?

Gerrard59:
The drilling has just started, and royalties paid. So we should wait to see how the funds would be utilised.

tsdarkside:
you dont understand something....
they will borrow according to this growth projection....

Gerrard59:
While that is true, I hope Guyana learns from another black country - Ghana - who did exactly what you stated there. Ghana borrowed and borrowed and borrowed, but as commodities prices, especially oil, plummeted and interest rates soared, she found it hard to finance her debts. In reprieve from the IMF, she got rescued, for the 17th time since independence in 1957.

Vision101:
@WhisperedNoise

You don't wish for 18% GDP growth by purchasing cars of billions for your cronies. Neither do you do it by saying empty parables.

How will you sustain GDP growth when there's no infrastructure? No electricity, expensive fuel, bad roads and terrible security.

You can't wish these things into existence. Buhari said way more than these and the economy nosedived under his evil purview.


@me
So until these things that you listed are achieved the GDP growth should be zero?

Wonderful economist. Anyway your name is whisperednoise.

Gerrard59:
I really hoped OgaFactCheck responded to this, but till now, nothing don comot.

OgaFactCheck:
can grow to 1 trillion USD by 2026 does not mean it will. It is not even a promise. It is a statement of hope. Nothing is wrong in setting ambitious target. It is motivating to do that.

Personally, I don't even see anything wrong in what he says. He said can grow, and not will grow. There is a difference between the two. Besides, he was marketing Nigeria to the world when he uttered the word. You don't expect anything less from a sales pitch if you are into marketing. Would you rather have preferred him say Nigeria economy wl barely grow next year to a potential investors in a foreign land or say Nigerian youths are lazy? Huh!

lastkingsman:
You are mad.

All agbadorians are crazy.

So you mean this is the usual APC lambas like "Dubai visa has been lifted"?


Tufiakwa

grandstar:
This is a joke.

The increase in petrol price will constrain demand and will take about 2 years for the country to digest. Secondly, the petrol subsidy is back. The president should have targeted the full deregulation of the petrol price as done with diesel and kerosene.

The price of electricity too should have been deregulated. This would attract investors into this sector, especially now that the Disco licenses have expired. Present license holders who have underperformed would have their licences revoked and handed over to new players.

In addition, the CBN refuses to fight double digit inflation with gusto. Presently, interest rates are below inflation and this is a red flag. Experienced investors will be discouraged from plowing money into the economy.

The government needs to lower company tax rates to 15% or less. Low tax rates have proven a winner in bringing in foreign investors all over the world and Nigeria would be no different.

Charles Soludo stated that if foreign investment is equal to 5% of GDP for 5 years straight, an economy overheat

Nigeria needs more than ever that 5% (which is a measly $22bn) to achieve at least an 8% annual growth.

Rossikk:
^^^^^ As you can see, 18% is not unachievable if they mean business.

Interesting to see that 12 of the 20 fastest growing economies on Earth are black countries.

Gerrard59:
The drilling has just started, and royalties paid. So we should wait to see how the funds would be utilised.

By the end of 2020, another 17 oil fields had been found in Guyana’s Stabroek Block, and it was projected that by 2025 these fields would be yielding some 750,000 barrels of oil per day. Exxon, which made the discoveries, entered into a partnership with Guyana, and in December 2019 it began production in the first field discovered.

garfield1:
How does it affect performance

OgaFactCheck:
I am done with you. I don't even know that I am chatting with someone like you who dishes out insult at the slightest opportunity. Go and take care of your mental health. That will be more beneficial to you and the intellectual society than being on the social media. It is named 'social media' and not 'mentally-deranged media' for a purpose.

slivertongue:
Buhari's shambolic, deceptive & manipulative govt promised and promised but destroyed all it met but you kept praising him. so it's not new if you do same for the new tenant at Also Rock

garfield1:
You said prebendalism which is similar to nepotism.tinubu isn't doing that exactly.most of those tinubu is giving appointment to are well qualified and accomplished unlike buhari.
I supported buhari because of apc.tgeres no way I'll allow apc to lose power to pdp.even obi is worse so let apc continue

RepoMan007:
lol.
After lowering tax, FDI comes and in 18 months time they have made a kill(printed cash inspired) and need to take profits out so go to govt for forex. Back to square one worse off.

Instead embrace and support local production until exportation is triggered and the wealth is finally in the hands of people who have no where else to call home or go to. Imagine if dangote was a foreigner and always looking to take forex out.
Stop rationalizing what you know as the solution or main solution. Economy is multifaceted and affected by various forces.

Benwallt:
Are you even aware that the man is presenting the first budget of his administration?

Will all you listed turn good overnight?

Your erosion ravaged region cannot be fixed in the next 50 years.

Think before you talk

WhisperedNoise:
Chief, has the GDP growth started or we should wait for 3 more years?

Benwallt:
Just contribute your own quota and watch. While you watch, keep your body n Soul busy on something productive.

WhisperedNoise:
That's how you guys hyped baba Buhari till he threw the economy into depression. You've started same for Baba Bulaba. 🤡
We will continue watching while the country slips further and further into poverty.