₦airaland Forum

obailala:
If in your so-called 'educated' opinion, GDP per capita isn't a valid measure of economic performance, then please enlighten us; what do you propose as a more accurate metric for assessing Nigeria's economic woes?

Perhaps we can also assess things based on your expert opinion.

Yes, it is a measure of economic health. But to what degree does it expand on the economic scorecard?

Here is the thing. GDP measure all final goods and services, within a time frame, within a country. If Real GDP is used, then, we may have a better economic picture since it adjust for inflation.

PPP (Purchasing Power Parity), on the other hand, displays the actual productivity level of a Nation. It also encompass the economic, and most importantly, the global economic shift. Using this basis, a Nation would be able to redirect its economic policies. It is not enough to look at the GDP alone. It only calculates total value of goods and services; accruing it on a currency ($) terms. What happens when local currency is dis valued as it is in Nigeria.

However, the body items used in calculating this GDP, do not take into cognizance the importance of policies, economic condition, and or shift in global position.

If consumption as a greater percentage, as in the case of USA economy, and since this is a component in measuring GDP it often leads to fleeting Norminal GDP; it hardly account for inflation. Another fact is they often rebase (i.e prices of goods, in the basket, is calculated using the last quarterly rise which in itself has added some % increases) their Inflationary trend on short terms bases. Nigeria don't do that. It takes Nigeria year or more to account for that rebasing.

Though, GDP of USA is bigger than that of China. The Chinese PPP is far better than USA.

Which do you think is a better measurement of economic indices?

Tradepunter2:
Please if you don't have anything better to say, you can stay silence. Stop defending rubbish please

You lack understanding.

Your opinion isn't a fact. It just shows how lowly you are.

Point out where i defended anything?

I'm only calling your ignorance to the fact that GDP is not the total of economic ends.

Nazareth10:
You are calculating in Naira. The global standard is USD. Can you please convert the bogus profits and revenue to USD and see for yourself.

Are you minding the idiot? I did not bother wasting time to react to his halfwited post, let others that have the patience to suffer a fool educate him.
Rumors have it sense chased him but could not catch him as he ran too fast.

Moveittothem:
Helinues and Yarimo usually dodge topics like this, despite spending over 22 hours on nairaland daily.

Such topics exposes their mental challenges.

This does not make sense. I honestly think it is mischievous and misleading. Why not do the comparison also in naira? Or as slaves, our economy has been dollarized?
I agree that the economy is not good, but to use the dollar for comparison when the naira has been ‘technically devalued’ to reflect the true value of the naira showing the decades of imbalances in trades, is just not right.
The naira over the decades had been defended against the dollar to keep the value relatively high, did the IMF factor that?

Trustyourself:
Can you see how naive and deceptive you are?

Why multiplying per capita income which is valued in US$ with the same US$ rate?

It's so glaring in your ugly face that the economy is in a terrible state and yet you are at one corner typing nonsense to deceive your gullible humans.

Just because of the little hand-out party agents are giving you, your conscience disappeared.

Because my conscience clearly knows that we're not earning or spending in dollars, dollars is just a global regulating unit. Per capita income means the average amount of money each person earns in a country or area in a year, that is if divided equal by population.
In 2015, we were about 190million. Today, we're over 230million people. If you know a little bit of arithmetic, you will see that we're earning far more in naira. The very fact that your brains can't process past being paid to see reality is why you can't see clearly and smell the coffee. It gladdens the people in power that you'd repeat and rinse in 2027.

Nazareth10:
You are calculating in Naira. The global standard is USD. Can you please convert the bogus profits and revenue to USD and see for yourself.

Businesses are making over 700% screaming profit and you're asking me for dollars. Is it dollars they used to calculate profits or selling price and cost price? Would you like to make even 100% profit or salary raise or you would rather whine about USD?
The dollar is a simple metric for comparison. It doesn't erase the realities. It's not a football league played in US that we have to win.

Dennisochampa:
Nah... 2025 is just 4 months in....
Like the reports states... It's not definite... It's projected.. This means that before the end of the fiscal year, things might change...
So as a good Nigerian... I'm praying for things to change for good.....

2024 is 198 billion dollars

Lazy9jaYouth:
Believe me, it could have been worse hence the mass exodus of "Japa"
But we still have a country

People don't know how much "japad people" have helped cushion the effect of poverty on their relatives, which has helped reduce the pressure, without which many more would have been in a terrible shape. If they know, they won't be discouraging anyone from leaving.

Image123:
Businesses are making over 700% screaming profit and you're asking me for dollars. Is it dollars they used to calculate profits or selling price and cost price? Would you like to make even 100% profit or salary raise or you would rather whine about USD?
The dollar is a simple metric for comparison. It doesn't erase the realities. It's not a football league played in US that we have to win.

So what is the reality of the Nigerian business environment? Are businesses booming or struggling?

You need to stop advertising your ignorance because you want to defend govt. The dollar is not just a simple metric for comparison. That's the daftest statement I've heard anyone made on an economic thread. The dollar is the global trade currency and the global store of value. So the value of whatever you trade or store with the rest of the world is measured in dollars.

No one is comparing the dollar with naira on this thread except you. It is the same Nigerian economy that is being compared in given periods. You simply decided to rant and go totally berserk because the figures do not look good with your bias.

Same folks who screamed blue murder at N218 to $1 are today telling us there's no business of Nigeria with dollars

Bloody illiterate liars

That prosper

christejames:
Tinupoo0 is a weapon fashioned against Nigerians

Image123:
Because my conscience clearly knows that we're not earning or spending in dollars, dollars is just a global regulating unit. Per capita income means the average amount of money each person earns in a country or area in a year, that is if divided equal by population.
In 2015, we were about 190million. Today, we're over 230million people. If you know a little bit of arithmetic, you will see that we're earning far more in naira. The very fact that your brains can't process past being paid to see reality is why you can't see clearly and smell the coffee. It gladdens the people in power that you'd repeat and rinse in 2027.

You really think Nigeria does not earn or spend in dollars? Really, I think you need to stop typing.

The phone you're using to type this was it priced in dollars or naira?

How about the oil revenue from which you get paid? Is it sold in naira?

If you adjust for inflation between 2015 and 2023 you will see that we're earning far less in naira. That's the area you want to overlook. Another illiterate defending government like you brought out nominal GDP figures and real GDP without seeing the disparity between the two which showed how badly your masters have destroyed the economy. Imagine a depreciation of over 1000% between real and nominal GDP in naira!!

You guys should stop defending nonsense abeg

Image123:
Because my conscience clearly knows that we're not earning or spending in dollars, dollars is just a global regulating unit. Per capita income means the average amount of money each person earns in a country or area in a year, that is if divided equal by population.
In 2015, we were about 190million. Today, we're over 230million people. If you know a little bit of arithmetic, you will see that we're earning far more in naira. The very fact that your brains can't process past being paid to see reality is why you can't see clearly and smell the coffee. It gladdens the people in power that you'd repeat and rinse in 2027.

In your state of naivety, you fail to have this little understanding that GDP per capita income is one of the quantitative indicators of economic development. Hence the need to ensure that the figures maintain a steady rise especially in a bastardized economy like yours. Any country with GDP per capita income that is below $4,000 is in a horrible condition, not to talk of yours that is below $1,000 and you are here displaying how daft you are both in critical thinking and common sense.

Common sense should have let you know that heart-breaking economic conditions of this nature are not worth defending irrespective of your disposition or inclination with anyone (whether in or out of power).

gragz8701:
Data speaks volumes. Buhari was a disaster no Nigeria. Tinubu is even doing worse

Under Jonathan, FG borrowed to pay salaries, governors couldn't pay salaries and even our loveliest finance minister, madam okonjo, warned about this time.

Maybe, the late Yaradua would have set us in the right parth within 8 years if death didn't knock at his door.

Trustyourself:
In your state of naivety, you fail to have this little understanding that GDP per capita income is one of the quantitative indicators of economic development. Hence the need to ensure that the figures maintain a steady rise especially in a bastardized economy like yours. Any country with GDP per capita income that is below $4,000 is in a horrible condition, not to talk of yours that is below $1,000 and you are here displaying how daft you are both in critical thinking and common sense.

Common sense should have let you know that heart-breaking economic conditions of this nature are not worth defending irrespective of your disposition or inclination with anyone (whether in or out of power).

From the tone in your writing, I can tell that you're most affected by this economy and couldn't hide it but you kept using "yours" pretending to be a citizen from another country.

gragz8701:
Data speaks volumes. Buhari was a disaster no Nigeria. Tinubu is even doing worse

But what was the data before Obasanjo? We believe that period is better than OBJ time

tctrills:
What about the thousands of companies recording loses or even folding up. Only a few companies are doing well compared to those struggling. So it's unfair to base your argument on the few.

Thousands you say? Kindly mention 500 of them and proof that they were doing well in 2014. Dangote, Lafarge are a few companies ba.

Offpoint1:
Month don end, screenshot and send to your group for your 30k stipend

You've got to be extremely slow to believe what you say.

frankson1:
From the tone in your writing, I can tell that you're most affected by this economy and couldn't hide it but you kept using "yours" pretending to be a citizen from another country.

I'm a bonafide citizen of Nigeria but not a proud citizen going by the obvious socio-political and economic gangsterism that has been enthroned in the name of leadership.

I expected you to address the context specifics and not showing your emptiness in thoughts.

jaxxy:
The calculations u did there showd u are clueless. Do Nigerians earn in dollars or naira? Gdp at 1.2m Naira isn't better than GDP at 820k Naira.

The economy has lost its purchasing power and value. It is beyond an economic disaster.

Do you even know the meaning of subsidy at all? Nobody expected the purchasing power to immediately increase after subsidy removals, duh. Your life was being subsidized at the detriment and death of the country, every sane and educated person knew that subsidies had to go and that it will affect things. Do you have the same purchasing power when you lose your juicy job? The government was subsidizing the exchange for virtually everything that we import, aside from fuel subsidy. Do you really expect things to immediately remain the same or better? You have to be quite dull to expect that.
That is why I showed you the clear comparison instead of just throwing silly GDP figures. We were in crazy debts with better GDP. Today Argentina is in over $500 billion debts and looking for bail outs every other quarter. They have a better GDP than Nigeria, you can apply for visa there if you think it's better.

Image123:
You forgot to show me the sentence(s).

What sentence(s)?

Agbegbaorogboye:
So what is the reality of the Nigerian business environment? Are businesses booming or struggling?

You need to stop advertising your ignorance because you want to defend govt. The dollar is not just a simple metric for comparison. That's the daftest statement I've heard anyone made on an economic thread. The dollar is the global trade currency and the global store of value. So the value of whatever you trade or store with the rest of the world is measured in dollars.

No one is comparing the dollar with naira on this thread except you. It is the same Nigerian economy that is being compared in given periods. You simply decided to rant and go totally berserk because the figures do not look good with your bias.

Same folks who screamed blue murder at N218 to $1 are today telling us there's no business of Nigeria with dollars

Bloody illiterate liars

Dangote Cement Refinery Sugar etc, Airtel Africa, BUA etc, MTN Nigeria, Seplat Energy, Geregu Power, Guaranty Trust Holding Company (GTCO), Zenith Bank, Transcorp Hotels, Nigerian National Petroleum Corporation (NNPC), NLNG, NPDC, Flour Mills, Nigeria Breweries, Nestle are easily over 90% of our economy. Are these struggling or in any loss? Companies making a 62.16% increase in revenue, making over 700% profits? BTW, GDP is not trade or storage SMH. If you are comparing Nigeria with Nigeria, why are you afraid to use naira? Nothing is wrong with the figures, it was much expected and calculated. What is given is perspective which you evidently struggle not to have.

Emusan:
What sentence(s)?

The sentence(s) that is a lie in what i said.

Agbegbaorogboye:
You really think Nigeria does not earn or spend in dollars? Really, I think you need to stop typing.

The phone you're using to type this was it priced in dollars or naira?

How about the oil revenue from which you get paid? Is it sold in naira?

If you adjust for inflation between 2015 and 2023 you will see that we're earning far less in naira. That's the area you want to overlook. Another illiterate defending government like you brought out nominal GDP figures and real GDP without seeing the disparity between the two which showed how badly your masters have destroyed the economy. Imagine a depreciation of over 1000% between real and nominal GDP in naira!!

You guys should stop defending nonsense abeg

Are you paid in dollars or naira?

Image123:
The sentence(s) that is a lie in what i said.

What you said had no correlation with the OP, you pulled that just to divert attention from the OP.

Even at that, the part of your statement where you tried to show that $803 * N1550 = N1.2m shows you're out of reality.

because the data provided shows how valuable the Naira was under successful government as all GDP per capital is higher than Naira but it's only under Tinubu that Dollar was far higher than GDP per capital.

And this is evident in the market today.

So why do you like defending what is obvious?

Trustyourself:
In your state of naivety, you fail to have this little understanding that GDP per capita income is one of the quantitative indicators of economic development. Hence the need to ensure that the figures maintain a steady rise especially in a bastardized economy like yours. Any country with GDP per capita income that is below $4,000 is in a horrible condition, not to talk of yours that is below $1,000 and you are here displaying how daft you are both in critical thinking and common sense.

Common sense should have let you know that heart-breaking economic conditions of this nature are not worth defending irrespective of your disposition or inclination with anyone (whether in or out of power).

Lolz, I did not defend the economy but gave you what should otherwise be an obvious perspective. Bandying GDP figures around without remembering our situation is ignorant if not mischievous. There was a removal of subsidies, the biggest factor in the whole equation. Would you rather have a better GDP and debt like Argentina? 646.08 billion US dollars GDP, $14,362 (nominal) or $31,380 (PPP) with over $500 billion debt, you prefer that?
You prefer 2014 when over two thirds of Nigerian states could not pay ordinary salaries and the coordinating minister of the economy was having headaches on national TV? When PMB was handing bail outs to states with nice GDP?
We should somehow leave out the Oil prices that peaked (100+/barrel), the oil crash in 2015, the Recession in 2016, COVID-19 lockdowns, oil prices collapsed ($20/barrel) in 2020? We should leave out Russia-Ukraine war that spiked inflation globally in 2022, and the Subsidy removal + Naira float that every candidate promised and all analysts have been asking for for years until it was implemented in 2023? We should wish all these away and expect a steady rise? You must be living in Saturn or something.

Image123:
Do you even know the meaning of subsidy at all? Nobody expected the purchasing power to immediately increase after subsidy removals, duh. Your life was being subsidized at the detriment and death of the country, every sane and educated person knew that subsidies had to go and that it will affect things. Do you have the same purchasing power when you lose your juicy job? The government was subsidizing the exchange for virtually everything that we import, aside from fuel subsidy. Do you really expect things to immediately remain the same or better? You have to be quite dull to expect that.
That is why I showed you the clear comparison instead of just throwing silly GDP figures. We were in crazy debts with better GDP. Today Argentina is in over $500 billion debts and looking for bail outs every other quarter. They have a better GDP than Nigeria, you can apply for visa there if you think it's better.

U better accept ur failure and stop this useless and baseless explanation.

Our debts were better during subsidy than after subsidy.

Subsidy is not a crime in economic planning and used by alot of governments where necessary.

The idiotic government removed subsidy and devalued the naira at same time know u have the most unproductive economy since independence and u are talking and comparing rubbish?

Emusan:
What you said had no correlation with the OP, you pulled that just to divert attention from the OP.

Even at that, the part of your statement where you tried to show that $803 * N1550 = N1.2m shows you're out of reality.

because the data provided shows how valuable the Naira was under successful government as all GDP per capital is higher than Naira but it's only under Tinubu that Dollar was far higher than GDP per capital.

And this is evident in the market today.

So why do you like defending what is obvious?

Okay, so what I said is true but has no correlation with the OP, I see. My bad. i don't understand what defending the obvious means though, seems great. Are you aware that we had fuel subsidies removed and a currency float?

jaxxy:
U better accept ur failure and stop this useless and baseless explanation.

Our debts were better during subsidy than after subsidy.

Subsidy is not a crime in economic planning and used by alot of governments where necessary.

The idiotic government removed subsidy and devalued the naira at same time know u have the most unproductive economy since independence and u are talking and comparing rubbish?

Dangote Cement Refinery Sugar etc, Airtel Africa, BUA etc, MTN Nigeria, Seplat Energy, Geregu Power, Guaranty Trust Holding Company (GTCO), Zenith Bank, Transcorp Hotels, Nigerian National Petroleum Corporation (NNPC), NLNG, NPDC, Flour Mills, Nigeria Breweries, Nestle are easily over 90% of our economy. Tell this bunkum to them. Lafarge just made over 700%, not 70%. Over 700% profit in the first quarter of 2025 in this Nigeria.

Image123:
Okay, so what I said is true but has no correlation with the OP, I see. My bad.

Not at all.
You shouldn't have come up with that.

i don't understand what defending the obvious means though, seems great.

Not great just showing you're not being truthful to yourself.

Are you aware that we had fuel subsidies removed and a currency float?

Yes!

So, is the economy doing great after such policies?

Are people pushed into more extreme poverty after such policies?

Have you ever condemned any of this administration policies that are responsible for the above?

Image123:
Dangote Cement Refinery Sugar etc, Airtel Africa, BUA etc, MTN Nigeria, Seplat Energy, Geregu Power, Guaranty Trust Holding Company (GTCO), Zenith Bank, Transcorp Hotels, Nigerian National Petroleum Corporation (NNPC), NLNG, NPDC, Flour Mills, Nigeria Breweries, Nestle are easily over 90% of our economy. Tell this bunkum to them. Lafarge just made over 700%, not 70%. Over 700% profit in the first quarter of 2025 in this Nigeria.

Private coys and businesses can make profits because it is a recession not a great depression. They make more profits but are not richer than before.

Ur salary was increased buy u can't after any better than u could 4 years back and u call it a good development or sound economy?

we are drowning in debts, we can barely fund our budget without borrowing and u think the economy is productive?

U need to stop this shallow propaganda figures and face the real problem which is Nigerians are poorer except u don't earn or do business in naira.