₦airaland Forum

XerXers:
No be by IGR or federal allocation or having richest people or skyscrapers or the so called "infrastructure". Rich countries or Rich State is measured by GDP per Capita

Even Libya wey dey fight war for year still better pass Nigeria 😂😂😂😂

CommonSense1967:
Per capital or per capita, your dumb ass still didn't know how what it is derived from. Your low IQ retard thought it was due to what Tinubu has done in just one year.
I can quote your village drunkard father and he can't do shit about it but wail and cry.

Semi-educated product of 3rd grade educational system.

STFU and get lost.

You are very dull

Oga ur logic is flawed.

SmartPolician:
Nigeria's wealth circulates among a few people. If you calculate GDP per capita, Nigeria should be among the poorest countries of the world because this country has a lot of poor and unproductive people

Chinjo2:
But we have the richest men in Africa as well as the richest pastors in Africa.

And richest politicians too...

Oga copy and paste, simple question is their GDP more than ours? Secondly how many be their population compared to Naija.

Cos na wetin GDP/C is a all about!

coputa:
Gabon is a mature oil producer in West Africa, and its government derives a significant amount of its revenue from crude oil production. Revenue from petroleum and other liquids represents about 45% of gross domestic product (GDP), and petroleum and other liquids exports accounted for nearly 74% of total export revenue in 2019.
In 2019, oil-based GDP growth is estimated to be 7.9%, and the overall GDP growth is estimated to be 3.4%, according to the International Monetary Fund.
Gabon officially rejoined the Organization of the Petroleum Exporting Countries (OPEC) in July 2016. Gabon was previously a member of OPEC from 1975 to 1995, but it left the organization because of high annual fees.
In 2011, the government created a national oil company (NOC), the Gabon Oil Company, to increase the government's involvement in oil production by taking equity stakes in future awards.
Petroleum and other liquids
Gabon is among the top five oil producers in sub-Saharan Africa and has 2 billion barrels of proved crude oil reserves, including lease condensate reserves, according to the Oil & Gas Journal. The major international oil companies (IOCs) operating in Gabon are Total, Assala Energy, Perenco, Addax Petroleum, and Vaalco Energy. The IOCs have operations primarily in Gabon’s offshore fields.
Gabon produced about 201,000 barrels per day (b/d) of petroleum and other liquids in 2019. Low oil prices and mature oil fields have caused Gabon’s oil output to decline. Total oil production has decreased by more than one-third since its peak of 370,000 b/d in 1997.
China’s share of Gabon’s total crude oil exports increased significantly from 15% in 2015 to 74% in 2019. Other major export destinations include Singapore, South Korea, Australia, Malaysia, and Italy.
In mid-2019, Gabon enacted the 2019 Hydrocarbon Law to reinvigorate its oil market and support its 12th bidding round for the allocation of 23 deep-water and 12 shallow water blocks. The new law decreases by half the government’s participation, to 10%, during development and exploitation. The law caps the increase of cost recovery at 70% and 75% for conventional areas for oil and deep and ultra-deep areas for oil, respectively. The law also establishes an option to renegotiate if additional discoveries are made and extends the exclusive authorization timeframe.
Following the Ivela-1 and Boudji-1 discoveries and the ratification of the 2019 Hydrocarbon Law, Petronas signed an exploration and production contract for offshore blocks F12 and F13. The blocks are expected to yield 200,000 b/d. Gabon plans to auction 35 blocks in the current offshore licensing round.
Gabon has a single refinery, the Sogara Refinery, which is owned by Société Gabonaise de Raffinage (SOGARA) and is located at Port Gentil. The aging refinery, which routinely operates below capacity because of maintenance issues, has a crude oil distillation capacity of 24,000 b/d.
Gabon and South Korean company Samsung signed a memorandum of understanding to construct a new 50,000 b/d refinery in Port Gentil to replace Sogara in 2012. They later abandoned these plans.
Natural gas
Natural gas production in Gabon was about 13 billion cubic feet (Bcf) in 2018. According to the Oil & Gas Journal, the country has approximately 900 Bcf of proved natural gas reserves, most of which are associated with its crude oil fields.
Gabon consumes all of the natural gas produced domestically and uses natural gas for reinjection into oil wells to enhance oil recovery. Gabon aims to use natural gas for two planned fertilizer plants and future petrochemical projects.
In July 2019, Perenco procured the license for the Olowi field, which is estimated to hold 0.85 Bcf of potential natural gas reserves. Royal Dutch Shell also discovered natural gas in the Leopard-1 well in 2014.
Electricity
Total installed capacity in Gabon was 750 megawatts (MW) in 2018. Thermal power from fossil fuels accounted for 56%, or 418 MW, of total capacity. Hydropower represented 44% of total capacity. Biomass and solar accounted for the remaining 2.2 MW.
Total electricity generation in Gabon was 2.2 billion kilowatthours (kWh) in 2018. Generation from fossil fuels accounted for 58%. In 2018, hydropower generation decreased slightly to 892 million kWh from 920 million kWh in 2017.
According to the latest 2018 estimates from the World Bank, 93% of Gabon’s population has access to electricity. Gabon’s urban areas consume most of the country’s generated power and have an electrification rate of 97%, but the electrification rate in rural areas is substantially lower, at 63%. The government of Gabon plans to provide electricity for 85% of rural regions by 2025.
Gabon’s growing and urbanizing population and its industrial development are straining the country’s power generation capacity. To meet the country’s electricity demand, Gabon continues to invest in new hydroelectric power plants. In early 2019, the African Development Bank (AfDB) and the Gabon Power Company (GPC)-Eranove Consortium agreed to finance construction of the 73-MW Ngoulmendjim hydropower plant by Asokh Energie and 15-MW Dibwangui hydropower plant by Louetsi Hydro. The Dibwangui plant will electrify the rural communities in southwest Gabon, which previously did not have electricity.
In October 2019, French fund manager Meridiam signed a 33-year concession contract with the government of Gabon to construct a 34 MW hydropower plant on the Mbei River, 100 kilometers from Libreville, the capital of Gabon. The Kinguele Aval Hydropower Project will be financed in part by International Finance Corporation (IFC), the African Development Bank (AfDB), the Development Bank of Southern Africa (DBSA), and the Islamic Development Bank (IDB). The Gabonese Fund for Strategic Investments (FGIS) and Meridiam will fund 25% of the project. It plans to provide 13% of Libreville’s electricity needs and is expected to replace some thermal capacity. Construction was scheduled for the second quarter of 2020, but it has been delayed following the outbreak of the novel coronavirus (COVID-19). Meridiam expects the project to be completed

XerXers:
No be by IGR or federal allocation or having richest people or skyscrapers or the so called "infrastructure". Rich countries or Rich State is measured by GDP per Capita

If Nigeria didn't devalue her currency we would have been in top 10.

Devaluing your currency will make it worst and make the country poorer.

Killerofpigs:
One thing is certain...

They LIE alot in that region and they believe it's sophistication.

How can a region that steals palliatives and handouts constantly always make noise about wealth?

A region that has villages that have not seen clean water for consumption?

Their propaganda was busted immediately social media became the news platform for direct information.

Dem cast badly

No be small casting, you are even talking of water, that one na Luxury for Yoruba land na, you can even imagine common Toilet, a village in the south west celebrated seeing a Toilet..
in their entire wretched existence for the first time this year.. You can't help but wonder, were are the IGR, common Zinc 40,00 a bundle an average Ronu urchin can't buy for their parents to roof their slum they call a city , with the same IGR that can't manifest oo.
Ogun State with their so called IGR i, we are begging them to pay back their debt and bring back out properties seized by the Chinese.. it's only an idiot that take the entire Yoruba race serious cos they are all bunch of clowns

I am not tribalistic......99% of Nairalanders are.

What a shame.

And for their mind they want the progress of the country.

That's Insanity!

anonimi:
Balablu propaganda of Stockholm Syndrome justifiers.

Do you know better than T-Pain’s economy minister

Typical socialist money sharing wreckage instead of making people work to be productive and create value.

Thanks for the sound analytical reasoning in your post Sir.

@ SonOfDSoil01 you have gone mad, visit the nearest psychiatric centre immediately!! Do not delay. Otherwise you will be dragged there soon.

shonepa:
Oga copy and paste, simple question is their GDP more than ours? Secondly how many be their population compared to Naija.

Cos na wetin GDP/C is a all about!

Shut up

Is there crude oil theft and state sponsored insecurity there like it is in Nigeria?

Due to corrupt leadership Nigeria cannot accurately account for crude oil it produces.

Don't you know that the proceeds gotten from this smuggled, stolen crude oil is used to fuel insecurity in Nigeria?

Your govt don't want to do their work for which they were elected.

The people holding Nigeria down are not up to 3k

Only revolution can remove them and their families from the grip of power and you will see Nigeria topping good chart in Africa and the world

XerXers:
No be by IGR or federal allocation or having richest people or skyscrapers or the so called "infrastructure". Rich countries or Rich State is measured by GDP per Capita

Since when did GDP per capita become an indicator of national wealth?

XerXers:
No be by IGR or federal allocation or having richest people or skyscrapers or the so called "infrastructure". Rich countries or Rich State is measured by GDP per Capita

I think I'm going to Equatorial Guinea many good things are there.

Killerofpigs:
Legendhero....

So all the FAAC+IGR from all the SW States and other regions couldn't even make NIGERIA a part of the 10 richest countries in Africa?

What happened... Legendhero...

Even LIBYA, that is fighting a WAR is richer than your worthless kwantery?

Yoruba man...your propaganda has been busted..

Propaganda can't cover FACTs.

U are dull, together with the 70 people with their useless likes.

GDP is calculated by a country income divided by their population.

Our population is huge, over 210 million.u can compare this to Seychelles, EG, and so on.

Olodo

VeeVeeMyLuv:
Shut up

Is there crude oil theft and state sponsored insecurity there like it is in Nigeria?

Due to corrupt leadership Nigeria cannot accurately account for crude oil it produces.

Don't you know that the proceeds gotten from this smuggled, stolen crude oil is used to fuel insecurity in Nigeria?

Your govt don't want to do their work for which they were elected.

Answer his question and stop behaving like a kid.
Go and learn how a country GDP is calculated.

Emergency lovers of Nigeria.

treatise:
Even Libya wey dey fight war for year still better pass Nigeria 😂😂😂😂

Olodo.....

Who is stopping you from going there?

The average obidafts is too daft to engage in intellectual discussion.

Igbos are the most deceptive people on earth
Whenever they want to hoodwink and rile up gullible Nigerians, they tell everyone how Nigeria is the richest country in Africa hindered only by corruption, but when we tell them that’s not the case, they tell us to shut up.
Now, since the news of the SE having the lowest IGR came out, they have finally found something to spin this fact upside down but inadvertently admitting what we’ve always said that Nigeria has always been a poor country

Kingbuhari:
you are very stupid. Ppl like you suppose to live in zoo

Nigeria is a zoo, exactly why both of you deserves to be there, in a country where people like you abuse the truth, the suffering is well deserved..

InvertedHammer:
/
Nigeria is like a man with 20 kids who earns N200k a month bragging that he is richer than a man with only 2 kids who earns N70k/month. GDP per capita tells all the stories.

/

this is not about kids . Most of you here are just too dull. Gdp measures productivity. It shows there is less money flowing in the economy. South Africa with 50million has doubles your overall GDP.

T-pain go increase Tax be that

Same thing in Nigeria

Ogun state will claim HIGH IGR Yet their villages and towns are backward while

Imo State and Anambra will claim low IGR Yet their villages and citizens are looking far better

Chinjo2:
But we have the richest men in Africa as well as the richest pastors in Africa.

They are Rich by politics

Alliswell248:
Olodo.....

Who is stopping you from going there?

The average obidafts is too daft to engage in intellectual discussion.

Ardent supporter of failed ideas and systems ; Nigeria in one year has become a guinea pig of sorts.

Don't you know that the proceeds gotten from this smuggled, stolen crude oil is used to fuel insecurity in Nigeria?.......where is ur proof?

So according to u, na only crude dey make up the GDP of a country?

Stay on the topic abeg.

If una no get talk, na abuse dey remain....I dey expect anoda copy and paste na.🤪

IGBOPROMISE1:
That’s the contradiction that shows how much unequal and kwarrupt the Nigerian society is! Nigeria is nothing more than a criminal enterprise and a gangsters paradise! It exists primarily to service the economic interests of the ruling establishment….first the colonial ‘masters’, then the thieving and tribalistic Nigerian elite class that took over from them on 1st Oct’ 1960! Though it has to be said that the best period of its existence was from ‘independence’ till the first coup. After the first coup, it’s been downhill ever since! Nigeria has not recovered from the incidents of 1966 till today because of all the contradictions that those in and around power since the first coup have ignored and kept swept under the carpet!

You forget that Nigeria was already sitting on akeg of gun powder before the coup. The coup actually stopped a lot of things from coming up, if not this country would have been another congo DRC.

Coldspice:
Since yesterday, those people with the lowest IGR figures have been pulling out various tricks to make themselves feel good.

After making noise all through, Monday now, the cowards will run under the bed when other regions are being productive

Oga can you bring out facts to disprove what the OP posted? The indicators of wealth is not IGR but GDP

iLoveYouToo:
It’s because of our population but our GDP trounces Seychelles miles

Ot seems you are blind sha what did they post there of not GDP. Seychelles has a better GDP that us.

SonOfDSoil01:
what then will you say about the billionaires region🤣🤣🤣 they could have help Nigeria make up the numbers

Unfortunately they don’t count drug money🤣🤣

Try and get small shame and stop behaving like a mad person.

Believeintruth:
Ot seems you are blind sha what did they post there of not GDP. Seychelles has a better GDP that us.

GDP and GDP per capita aren’t the same thing

CommonSense1967:
This is PER CAPITAL. The Nigerian population is the reason for the low ranking. 200 Million people.

That's why I keep telling people that Nigeria is a poor country because the population is way too much for what the country makes.

It is not the population that is the issue. It is the low standard of living and poor population power. China has 1.5billion and it has not affected them negatively. Make una fear God and stop lying.

CommonSense1967:
Semi-educated low IQ retard. So it's Tinubu's fault that you have more than 200 Million people in Nigeria?

The Nigerian educational system is fvked.

Oga you are the one with low IQ here. You are desperately trying to deflect the real issue. You should know when to shut up in shame.

ariesbull:
Same thing in Nigeria

Ogun state will claim HIGH IGR Yet their villages and towns are backward while

Imo State and Anambra will claim low IGR Yet their villages and citizens are looking far better

... meanwhile you people are leaving by day and night buses to the backward towns in Southwest .