₦airaland Forum

After mismanaging the economy, they're trying to rebased it.
Does it change the fact that the economy is bad?

FreeIgboho:
You are right. It is $244b
See it below 244,000.000.000

We don't like telling ourselves the truth

If only Peter Obi understand economic terms before he goes on television for another press conference to go and demarket Nigeria because he must be President

dalongjnr:
After mismanaging the economy, they're trying to rebased it.
Does it change the fact that the economy is bad?

In economics terms, tell us what it means to rebase, let's see how much you understand before you start sounding like an Obidient.

Sagefromtheeast:
Moderation is supposed to go without being biased or prejudicial. I don't know why the bot seems to moderate with obvious bias, tilting the front page narrative in a particular direction, this is a personal observation Mr Seun should look into.

About this...
Transformation, you said?
You're certainly joking.
What has the present administration transformed. From 2015 upwards, we've only witnessed transformation in opposite direction!

Let me first respond to your first concern. There is no bias with the anti spam bot. It's irrespective of members including myself...

Speaking about transformation, under this government, we have cleared our IMF debt. FCT minister, Aviation minister, Minster of interior, minister of work, we can all see what those sectors have been doing under this government.

The education sector, I don't know why there is poor updates about their programs. Apart from NELFUND student loans, did you know that technical/vocational education in Nigeria is now 100% free?

helinues:
Are we spending dollars in Nigeria? Just for you people to appreciate the efforts of this government, but you just can't as you might have sworn to something not to see the progress of Nigeria

Now you remember we don't spend dollars, but when it's time to justify some draconian policies, such as energy prices, you compare in dollars.

Continue, all of us will be alright.

oz4real83:
They are afraid to convert it to dollars, Nigeria once had a gdp of $500b before Buhari and his gang came in . Everything quoted above is less than $250b

We never got to 500b at its peak under GEJ

They are calculating and rebasing in naira whereas the indices being used is the US dollar.

The PBAT Government after wiping out the middle class and creating a desponding populace triggering an unprecedented poverty rate decided to create the biggest illusion by rebasing the GDP.

The Government since inception has only enriched Governors and the FCT Minister with unimpactful projects.

None of the projects directly benefits the 1/2 of the populace who are multi dimensionally poor.

The total rebasing calculation has just Dangote Refinery impacting on the GDP which this Government has no contribution in enabling the kick-starting of the Refinery.

focus7:
In economics terms, tell us what it means to rebase, let's see how much you understand before you start sounding like an Obidient.

Can that change the fact that the economy is bad?
You need a crash course in PR.
In the context of rebasing that they are doing, it's like pumping a licky 45psi capacity tyre to 60psi with the intent that it will give it better time before it runs flat 😀.
There's no regime that didn't rebased the economy from 1999-date and nothing changed.
It can just give a cosmetic 💄 outlook of the economy but the reality still persists.

Sagefromtheeast:
We don't like telling ourselves the truth

Plus $ itself is losing value. $250b today is $162b 15 years ago. See it below.
So we have gone from over $500b to less than $162b

How much in dollar terms?

U think everybody is dumb?

1Alex:
In 2014 before before Buhari came in, it was $568.5 billion after rebasing: Nigeria became Africa’s largest economy.

This dollar not naira

Today it is about $165b in 2014 dollars.
So we have gone from $568b to $165b

FreeStuffsNG:
https://businessday.ng/business-economy/article/nigeria-gdp-swells-to-n372-8-trillion-in-2024-after-rebasing/

It is swelling like garri Ijebu

helinues:
Are we spending dollars in Nigeria? Just for you people to appreciate the efforts of this government, but you just can't as you might have sworn to something not to see the progress of Nigeria

People don't eat statistics.
We are talking about a country where folks can't pick random phone calls anymore because of fear of billing. The outcry over hardship is so much, one has to be blind and deaf to not see and hear it.
Shutting down the economy deliberately to everyone except those in power, as Tinubu has done, is INDEFENSIBLE.

Lithiumite:
We never got to 500b at its peak under GEJ

Check the gdp data for Nigeria in 2014.

Yestogood:
People don't eat statistics.
We are talking about a country where folks can't pick random phone calls anymore because of fear of billing. The outcry over hardship is so much, one has to be blind and deaf to not see and hear it.
Shutting down the economy deliberately to everyone except those in power, as Tinubu has done, is INDEFENSIBLE.

Would you have said this if the GDP shrinked?

FreeStuffsNG:
This is a gargantuan leap! President Bola Ahmed Tinubu is the best!
May God continue to bless Nigeria for ever!

https://ads.thecable.ng/ads/www/delivery/cl.php?bannerid=113&zoneid=30&sig=506f62194d87d06b3bf775ce1784510cd2f0ca59ae3f5502d7b4558a4184099e&oadest=https%3A%2F%2Frhbooks.com.ng%2Fproduct%2Fthe-ghost-of-june12-preorder%2F

oz4real83:
They are afraid to convert it to dollars, Nigeria once had a gdp of $500b before Buhari and his gang came in . Everything quoted above is less than $250b

... and when we quote Nigeria's debts in naira, they'll scream like people who drank the urine of a pregnant tortoise!

Approximately $245b . This is very low and I hope South Africa has not permanently unsaet us as the largest economy in Africa?

Sagefromtheeast:
Moderation is supposed to go without being biased or prejudicial. I don't know why the bot seems to moderate with obvious bias, tilting the front page narrative in a particular direction, this is a personal observation Mr Seun should look into.

About this...
Transformation, you said?
You're certainly joking.
What has the present administration transformed. From 2015 upwards, we've only witnessed transformation in opposite direction!

Certainly there’s an issue with that Bot!

Like as I have said earlier they made the numbers but lost the value.

It's not the numbers but the value.

helinues:
Are we spending dollars in Nigeria? Just for you people to appreciate the efforts of this government, but you just can't as you might have sworn to something not to see the progress of Nigeria

Smh... supporters of incompetence, ineptitude and deceivers.

SmartPolician:
What's the value in USD so we can compare it with those of other countries?

The last time I checked, IMF stated that Nigeria's GDP was $198 billion.

Agbadohs don go do their usual abracadabra

Using NGN1478.965197 average annual exchange rate, the US Dollar equivalent of the 2024 figure is about US$252.068 billion.

Good.
Some people thought they will just add numbers and Nigeria will become the first economy in Africa.No,it doesn't work like that.There are global methodologies and these are what are being used.
The economy is now growing organically and by the end of 2026,Nigeria will be the biggest and largest economy in Africa.

Bat rules using propaganda and Deception.

Even Edward Bernays and Goebbels will be shocked at the amount and audacity of the propaganda of bat and the apc.

immaculatesense:
Some people will still be sad about this good news as if it is only Nigeria that does rebasing in the whole world.
When the news is bad news for Nigeria then it is authentic, but when it is good news it is propaganda to them. I have never seen such hatred for one's country anywhere in the world.
No Be Juju Be Dat?

With the naira equivalent of the 2024 GDP figure being about US$250 billion, the heavy rebasing of the GDP did not still change the fact that the economy has continued to perform poorly.

GDPs are measured and benchmarked in international currencies.

helinues:
Are we spending dollars in Nigeria? Just for you people to appreciate the efforts of this government, but you just can't as you might have sworn to something not to see the progress of Nigeria

A government that threw half of Nigerias that where doing well under the poverty bus, is claiming that the economy is getting better, people I knew where doing well are not poor

redcliff:
Na olosho work them use rebase this time again? Economy dey grow, people dey suffer, prices of goods high for market and people no fit afford food to chop. Economic growth my foot!

Like it or not, prostitution, hookup, runs, FWB or whatever name its called is a huge contributor to the economy. I hear the busiest Uber route is on friday evenings between yabatech/unilag axis and the island. You go just dey see hundreds of that popular toyota corolla with pretty girls in the back heading out of that axis. Just imagine if 1000babes are collecting N50k on average every Friday, not to talk of other days of the week. That tells you how much money moves around in that business nationwide, although lagos is certainly the biggest by far.

FreeStuffsNG:
This is a gargantuan leap! President Bola Ahmed Tinubu is the best!
May God continue to bless Nigeria for ever!

Wondering how much this amount is in dollars? That figure in naira would deceive you. Naira isn't as valuable as it used to be, to measure any economic infices anymore.

We're still the 4th largest economy in africa. We used to be first. Anything less than that is nothing to dance skelewu over. Nigeria isn't moving forward, except we just want to keep lying to ourselves I expected you to know better...or has your account been hacked?