₦airaland Forum

What does a one trillion dollar GDP mean for Nigeria?

Assuming a population of 220 million people, it will mean the per Capita income will be around 5000 dollars per annum and what this means is that the average family of five comprising of two bread winners and three children will have a house hold income of around twenty five thousand dollars per annum before tax. Now, some households will make lower than that and high net worth households will make more while ultra high net worth individuals will make far more but the average will be around that amount.

Twenty five thousand dollars changed to naira at 1350 is around 33 million naira per annum meaning the average pay of husband and wife in a family will be around sixteen million naira per annum or around 1.3 million naira per month.

In a Nigeria of one trillion dollar GDP, the average worker will have a salary of around 1.3 million naira per month whereas presently the average Nigerian does not earn up to 300 thousand naira per month and they are surviving. Nigeria has the highest number of private jets in Africa. Nigeria imports luxury goods, expensive wines, luxury cars and etc probably more than any country in Africa since they can have the highest number of private jets in Africa and etc

It is easy to see that Nigeria does not need up to one trillion dollars in GDP and if Nigeria should have up to that in GDP then the average Nigerian will be living like Kings and Queens because what does a family of five need over thirty million naira per annum for in Nigeria? The cost of living in Nigeria is not high enough to justify that

High GDP and high per Capita income that you hear of in high income countries is made possible or it becomes unavoidable only because of the high cost of living in those countries especially the cost of rent.

No country in reality needs up to three thousand dollars per annum in per capita income if the cost of living were what it should be.

Nigeria does not need up to one trillion dollars in GDP for a population of around 220 million people unless the cost of living spirals out of control.

I don't think children are calculated in household income unless you are farming them out for a wage, so the income of a family of 2 parents and 3 children will be $10k per annum at best.

As for your, "No country in reality needs up to three thousand dollars per annum in per capita income if the cost of living were what it should be", rent in New York for a family home is way more than three thousand dollars per month, and cost of living is what it is and not what one wishes it should be!

budaatum:
I don't think children are calculated in household income unless you are farming them out for a wage, so the income of a family of 2 parents and 3 children will be $10k per annum at best.

As for your, "No country in reality needs up to three thousand dollars per annum in per capita income if the cost of living were what it should be", rent in New York for a family home is way more than three thousand dollars per month, and cost of living is what it is and not what one wishes it should be!

If you reread you will realize I did not use children for household income but for per Capita income. Everybody in the country is counted to arrive at per Capita income including children.
If the cost of living especially rent in New York were what it should be then the per Capita income in New York will not be more than three thousand dollars per annum. You should be able to see this because there is no reason why the same quality of housing in different parts of the world should be priced differently. So rent in New York and etc is not what it should be. I hope you see the point.

lawani:
You should be able to see this because there is no reason why the same quality of housing in different parts of the world should be priced differently. So rent in New York and etc is not what it should be. I hope you see the point.

Thanks for educating me about per Capita income. I missed the difference.

Land in New York does not cost the same as land in say Makoko. In fact, land in GRA Ikeja does not cost the same as land in Makoko, so rent on houses built on either can not be the same I wouldn't think, since the total cost of building differs. And that's not even taking the difference in supply of amenities (light, water, good roads, local tax, neighbours even, and demand, etc) in different locations into consideration.

Just the availability of jobs and demand for housing can create a difference in rent. A 3 bedroom house in my own Orolu Kingdom would cost less than a room in a face to face in Lagos due to low demand alone, and I can't see why or how they'd be priced the same even if building costs were the same.

budaatum:
Thanks for educating me about per Capita income. I missed the difference.

Land in New York does not cost the same as land in say Makoko. In fact, land in GRA Ikeja does not cost the same as land in Makoko, so rent on houses built on either can not be the same I wouldn't think, since the total cost of building differs. And that's not even taking the difference in supply of amenities (light, water, good roads, local tax, neighbours even, and demand, etc) in different locations into consideration.

Just the availability of jobs and demand for housing can create a difference in rent. A 3 bedroom house in my own Orolu Kingdom would cost less than a room in a face to face in Lagos due to low demand alone, and I can't see why or how they'd be priced the same even if building costs were the same.

So the cost of living crisis should continue? North Korea should have a per Capita income of 1000 dollars or Burundi should have 300 dollars while some countries have over 100, 000 dollars? If it continues then some countries will only have an economy based on the service sector and not much else and that will be the high income countries. If all low income countries should sit up to organize themselves by increasing their tax to GDP ratio to work for their people and they are already sitting up then the service economies will start losing people to emigration. Who will want to stay in a country where people are slaving for the real estate investors?

lawani:
So the cost of living crisis should continue? North Korea should have a per Capita income of 1000 dollars or Burundi should have 300 dollars while some countries have over 100, 000 dollars? If it continues then some countries will only have an economy based on the service sector and not much else and that will be the high income countries. If all low income countries should sit up to organize themselves by increasing their tax to GDP ratio to work for their people and they are already sitting up then the service economies will start losing people to emigration. Who will want to stay in a country where people are slaving for the real estate investors?

It has nothing to do with your "cost of living crisis"!

Now you mention it though. Students in a country arrive in class after spending the night doing holy ghost prayer to be taught by teachers owed 3 months salary, compete with students who had a good nights sleep in their comfortable bed and arrive in class to be taught by competent satisfied teachers. Can you perhaps imagine the difference in their productivity when they grow up and start working, and would yiu pay them the same wage if they don't produce the same amounts?

Low income countries should sit up and learn to be more productive is what I'd think. But if they don't some countries' peoples would most definitely continue to emigrate to serve others elsewhere.

lawani:
What does a one trillion dollar GDP mean for Nigeria?

Assuming a population of 220 million people, it will mean the per Capita income will be around 5000 dollars per annum and what this means is that the average family of five comprising of two bread winners and three children will have a house hold income of around twenty five thousand dollars per annum before tax. Now, some households will make lower than that and high net worth households will make more while ultra high net worth individuals will make far more but the average will be around that amount.

Twenty five thousand dollars changed to naira at 1350 is around 33 million naira per annum meaning the average pay of husband and wife in a family will be around sixteen million naira per annum or around 1.3 million naira per month.

In a Nigeria of one trillion dollar GDP, the average worker will have a salary of around 1.3 million naira per month whereas presently the average Nigerian does not earn up to 300 thousand naira per month and they are surviving. Nigeria has the highest number of private jets in Africa. Nigeria imports luxury goods, expensive wines, luxury cars and etc probably more than any country in Africa since they can have the highest number of private jets in Africa and etc

It is easy to see that Nigeria does not need up to one trillion dollars in GDP and if Nigeria should have up to that in GDP then the average Nigerian will be living like Kings and Queens because what does a family of five need over thirty million naira per annum for in Nigeria? The cost of living in Nigeria is not high enough to justify that

High GDP and high per Capita income that you hear of in high income countries is made possible or it becomes unavoidable only because of the high cost of living in those countries especially the cost of rent.

No country in reality needs up to three thousand dollars per annum in per capita income if the cost of living were what it should be.

Nigeria does not need up to one trillion dollars in GDP for a population of around 220 million people unless the cost of living spirals out of control.

Jesus!!!!!!!
I have read economic rubbish on this App abi site but none comes close to this

Like let me get you, you don't want economic growth because it would increase cost of living?

Mehn this is a human being that votes,
I must have been bad in my past life for God to punish me with sharing a country with you

budaatum:
It has nothing to do with your "cost of living crisis"!

Now you mention it though. Students in a country arrive in class after spending the night doing holy ghost prayer to be taught by teachers owed 3 months salary, compete with students who had a good nights sleep in their comfortable bed and arrive in class to be taught by competent satisfied teachers. Can you perhaps imagine the difference in their productivity when they grow up and start working, and would yiu pay them the same wage if they don't produce the same amounts?

Low income countries should sit up and learn to be more productive is what I'd think. But if they don't some countries' peoples would most definitely continue to emigrate to serve others elsewhere.

So you think it is because you are productive that you spend half of your income to pay rent? Companies monitor the cost of living in your city to determine how much to offer you. Not because you are more productive than your counterpart who works in Ibadan Nigeria

mrvitalis:
Jesus!!!!!!!
I have read economic rubbish on this App abi site but none comes close to this

Like let me get you, you don't want economic growth because it would increase cost of living?

Mehn this is a human being that votes,
I must have been bad in my past life for God to punish me with sharing a country with you

Your brain will only be able to process up to it's installed capacity and not more than that.

lawani:
Your brain will only be able to process up to it's installed capacity and not more than that.

Certainly may my brain not be able to process that 5000 dollars GDP per capita is too much

Na wah ooh

You are an APC supporter Abi? Because that's the only explanation for this mindset

lawani:
So you think it is because you are productive that you spend half of your income to pay rent? Companies monitor the cost of living in your city to determine how much to offer you. Not because you are more productive than your counterpart who works in Ibadan Nigeria

Actually, my productivity makes me own houses that I rent out. And the rent I charge is not set by any company, and nor do I determine how much I charge by how much you can afford, but by the going rate for similar houses in the neighbourhood my houses are in.

I'd of course love to charge for my house in the Orolu Kingdom what I charge for the ones in Ibadan, but despite the one in the Orolu Kingdom being larger and on more land, no one will pay me what I get for the ones in Lagos.

And it's not because the people in my Orolu Kingdom are not as productive as people in Ibadan and Lagos, but because there is more investment in Ibadan and Lagos than in my Orolu Kingdom, so more jobs and created in Ibadan and Lagos, and more productivity, and hence the huge demand for workers and places for the workers to live in Ibadan and Lagos than in my Orolu Kingdom.

budaatum:
Actually, my productivity makes me own houses that I rent out. And the rent I charge is not set by any company, and nor do I determine how much I charge by how much you can afford, but by the going rate for similar houses in the neighbourhood my houses are in.

I'd of course love to charge for my house in the Orolu Kingdom what I charge for the ones in Ibadan, but despite the one in the Orolu Kingdom being larger and on more land, no one will pay me what I get for the ones in Lagos.

And it's not because the people in my Orolu Kingdom are not as productive as people in Ibadan and Lagos, but because there is more investment in Ibadan and Lagos than in my Orolu Kingdom, so more jobs and created in Ibadan and Lagos, and more productivity, and hence the huge demand for workers and places for the workers to live in Ibadan and Lagos than in my Orolu Kingdom.

Do you now realize that high pay in high income countries is because of the cost of living mainly and not because of your productivity? A minimum wage earner in London is paid many times more than a permanent secretary in Nigeria or even a consultant medical doctor and it is not because the minimum wage earner is more productive. It is because of a cost of living crisis that needs to be solved. We are different in that I see it as a problem that needs to be solved and you don't

lawani:
Do you now realize that high pay in high income countries is because of the cost of living mainly and not because of your productivity?

I do not realise any such nonsense, and It is not true that "high pay in high income countries is because of the cost of living mainly and not because of your productivity"!

No one will pay you "cost of living" if they are not producing the revenue to pay it!

lawani:
A minimum wage earner in London is paid many times more than a permanent secretary in Nigeria or even a consultant medical doctor and it is not because the minimum wage earner is more productive.

Dude, please! It is not simply because the minimum wage earner in London is more productive than "permanent secretary in Nigeria or even a consultant medical doctor" is why the minimum wage earner is more productive, but because workers in London are more productive on the whole than workers in Nigeria on the whole.

You will not pay a living wage anywhere if your company is not productive enough to make the revenue to pay a living wage!

lawani:
It is because of a cost of living crisis that needs to be solved. We are different in that I see it as a problem that needs to be solved and you don't

Stop being disigenius!

You can only solve the cost of living crisis by increasing the revenue of those paying it. And you increase revenue by increasing productivity!

Do know that when electricity goes off productivity decreases and companies lose money. London knows this, so they hardly ever have blackouts.

Study the below. It might increase your understanding.

In 2026, the United Kingdom's nominal GDP per capita is projected at approximately $61,006, according to International Monetary Fund (IMF) data. When adjusted for purchasing power (PPP), this figure rises to $67,585

In 2026, Nigeria's nominal GDP per capita is estimated at $1,556, marking a significant projected increase from approximately $1,223 in 2025. When adjusted for purchasing power (PPP), the figure is much higher, estimated at roughly $9,990 for 2026

budaatum:
I do not realise any such nonsense, and It is not true that "high pay in high income countries is because of the cost of living mainly and not because of your productivity"!

No one will pay you "cost of living" if they are not producing the revenue to pay it!


Dude, please! It is not simply because the minimum wage earner in London is more productive than "permanent secretary in Nigeria or even a consultant medical doctor" is why the minimum wage earner is more productive, but because workers in London are more productive on the whole than workers in Nigeria on the whole.

You will not pay a living wage anywhere if your company is not productive enough to make the revenue to pay a living wage!


Stop being disigenius!

You can only solve the cost of living crisis by increasing the revenue of those paying it. And you increase revenue by increasing productivity!

Do know that when electricity goes off productivity decreases and companies lose money. London knows this, so they hardly ever have blackouts.

Study the below. It might increase your understanding.

In 2026, the United Kingdom's nominal GDP per capita is projected at approximately $61,006, according to International Monetary Fund (IMF) data. When adjusted for purchasing power (PPP), this figure rises to $67,585

In 2026, Nigeria's nominal GDP per capita is estimated at $1,556, marking a significant projected increase from approximately $1,223 in 2025. When adjusted for purchasing power (PPP), the figure is much higher, estimated at roughly $9,990 for 2026

If you think it is no disadvantage to an economy if rent is fifty times what it is in another country or an automobile is sold twenty times the market price to the masses then there is no words for me to exchange with you. We are entirely not on the same page.

lawani:
If you think it is no disadvantage to an economy if rent is fifty times what it is in another country or an automobile is sold twenty times the market price to the masses then there is no words for me to exchange with you. We are entirely not on the same page.

We are definitely not on the same page, and you are very free to ignore whatever I say if you think you know it all and only your own opinion counts!

It is not a matter of advantage or disadvantage, but about cost! Or will you tell gari seller to sell you their gari at a loss to themself because that's all you can afford?

If I buy land in Nigeria for ₦100, and spend ₦1000 building a house on it, and local government charges me like 10 kobo a year for rates, I might be incentivised to rent it to you for ₦10 a month, but you should not expect me to pay millions for land and spend tens of millions to build on it and then rent it to you at a loss!

I did not build my house because of your "cost of living", and there is always a bridge you can go live under if you can not pay rent to live in my house!

Tinubu and APC cannot achieve 1trn dollars GDP by the 2030 they target at this trajectory they set the country at.

It took Saudi Arabia almost 100 years to achieve $1trn GDP.

Sheuns:
Tinubu and APC cannot achieve 1trn dollars GDP by the 2030 they target at this trajectory they set the country at.

It took Saudi Arabia almost 100 years to achieve $1trn GDP.

Do you think we need the average income earner to be making 1.3 million naira per month? Top civil servants don't make up to 1 million naira and presently the average Nigerian worker makes less than 300k per month. A one trillion dollar economy means the average worker is making 1.3 million per month which is more than five times what they make now. We don't need that much unless rent becomes very expensive in all cities and we shouldn't be praying for such

lawani:
What does a one trillion dollar GDP mean for Nigeria?

Assuming a population of 220 million people, it will mean the per Capita income will be around 5000 dollars per annum and what this means is that the average family of five comprising of two bread winners and three children will have a house hold income of around twenty five thousand dollars per annum before tax. Now, some households will make lower than that and high net worth households will make more while ultra high net worth individuals will make far more but the average will be around that amount.

Twenty five thousand dollars changed to naira at 1350 is around 33 million naira per annum meaning the average pay of husband and wife in a family will be around sixteen million naira per annum or around 1.3 million naira per month.

In a Nigeria of one trillion dollar GDP, the average worker will have a salary of around 1.3 million naira per month whereas presently the average Nigerian does not earn up to 300 thousand naira per month and they are surviving. Nigeria has the highest number of private jets in Africa. Nigeria imports luxury goods, expensive wines, luxury cars and etc probably more than any country in Africa since they can have the highest number of private jets in Africa and etc

It is easy to see that Nigeria does not need up to one trillion dollars in GDP and if Nigeria should have up to that in GDP then the average Nigerian will be living like Kings and Queens because what does a family of five need over thirty million naira per annum for in Nigeria? The cost of living in Nigeria is not high enough to justify that

High GDP and high per Capita income that you hear of in high income countries is made possible or it becomes unavoidable only because of the high cost of living in those countries especially the cost of rent.

No country in reality needs up to three thousand dollars per annum in per capita income if the cost of living were what it should be.

Nigeria does not need up to one trillion dollars in GDP for a population of around 220 million people unless the cost of living spirals out of control.

Not long ago, they told us our GDP was about $500bn. Of what impact was it to the average Nigerian then?

$1tr GDP is still too small for a 200m population. What's South Africa's GDP?

lawani:
Do you think we need the average income earner to be making 1.3 million naira per month?

1.3 million naira per month is about £700 and $1000 a month, and is not much in a world where the price of a lot of things are internationally determined.

Samsung will not reduce the cost of a phone for me because I earn ₦100,000 per month, and the only car I would be able to buy is a 10 year old tokunbo that someone abandoned on the streets of Europe! And I think I deserve better than the rubbish that higher income earners have used in their country and thrown away as rubbish!

Predictor3:
Not long ago, they told us our GDP was about $500bn. Of what impact was it to the average Nigerian then?

$1tr GDP is still too small for a 200m population. What's South Africa's GDP?

In South Africa, real estate that costs 20k dollars in Nigeria may cost up to 200k dollars. It is better to own your own house in Nigeria while driving a ten year old car or even using public transport than to buy a house for an outrageous sum and spend a lifetime paying for it. That is the issue. You don't need a brand new Apple phone too when cheaper options exist for less than one tenth of the price. If your home that is perfectly finished cost only 20k dollars then you don't need a 20k dollars per annum income in such a country. Your annual pay can't buy you a house in most cases in any country

See your "living wage" in a country that is not Nigeria!

Go through the comments to hear buda weep.


https://www.youtube.com/watch?v=ogs_JXqogJU?si=rszkQQ3v8IqEbeYv

If a good flat for a family here in Ilesa Nigeria is less than three hundred dollars a year then it can be so in any part of the world and if it is so then the income of a family don't need to be more than ten times that and that is the income of two people

The income of two workers in Nigeria don't need to be more than three thousand dollars a year meaning one worker on the average will be ok with two thousand dollars a year and they will provide for 2.5 people. Under such circumstances one trillion dollars GDP will be too large for a population of 220 million people.