₦airaland Forum

biafranqueen:
Prof Soludo verbatim: “…poverty incidence and unemployment are also simultaneously at all-time high levels. According to the NBS, poverty incidence grew to 69% in 2010 and projected to be 71% in 2011, with unemployment at 24%. This is the worst record in Nigeria’s history, and the paradox is that this happened during the unprecedented oil boom …”

Is this the truth?
Hell no!
Recent figures from the National Bureau of Statistics, NBS, current poverty figures stands at 33.1% and not 71% like Soludo boldly claimed. Unlike what the professor said in his much-publicised essay, under the Jonathan administration, Nigeria is experiencing her lowest incidence of poverty in history.

Hi. While Soludo's article is not perfect, the most interesting part is the figure on POVERTY IN NIGERIA. I said this somewhere else. Statistics are a complex science and various methodologies can be used to arrive at figures but just ask your self honestly;

When you look around you, do you think ONLY 30% OF NIGERIANS ARE POOR?
So 7 OUT OF 10 of every Nigerian is NOT POOR. 7 out of 10.

If you can answer this honestly, it'll be appreciated. Cheers

Mynd44:
I will ignore your attempts to insult me this once lady and still reply you.

You want to track FDI and use it as a measure of confidence and strength of the economy? Cool.

Do a comparative assessment of FDI in Nigeria and Angola last year alone. Do for Oil and then non oil.

I can see you side stepped the questions about how come this administration sat through the most profitable times for crude oil prices and yet could not save as much as previous administrations. Infact our foreign reserves is actually lower than what this present administration met.

Those are economic index to measure how sound you economic team (that's if we have one) is.

I apologize for the insult and I edit my comment.

The Angola government has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to rebuild Angola's public infrastructure. Luanda accrued $9 billion in arrears to foreign construction companies when government revenue fell will oil prices dropped. Angola abandoned its currency peg in 2009, and in November 2009 signed onto an IMF Stand-By Arrangement loan of $1.4 billion to rebuild international reserves.
Are we really going to compare the two countries?

Soludo’s lied about depleting foreign reserves, data from CBN shows that Nigeria’s foreign reserve as at December 2014 stood at a historical high of $41.67 billion. This data can be verified from the CBN website and puts a lie to the claim by Soludo say that “no penny” has been added into the nation’s foreign reserve.http://www.cenbank.org/rates/

biafranqueen:
I apologize for the insult and I edit my comment.

The Angola government has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to rebuild Angola's public infrastructure. Luanda accrued $9 billion in arrears to foreign construction companies when government revenue fell will oil prices dropped. Angola abandoned its currency peg in 2009, and in November 2009 signed onto an IMF Stand-By Arrangement loan of $1.4 billion to rebuild international reserves.
Are we really going to compare the two countries?

Soludo’s lied about depleting foreign reserves, data from CBN shows that Nigeria’s foreign reserve as at December 2014 stood at a historical high of $41.67 billion. This data can be verified from the CBN website and puts a lie to the claim by Soludo say that “no penny” has been added into the nation’s foreign reserve.http://www.cenbank.org/rates/

I said compare FDI with Angola madam

Now in to foreign reserve....go back to your archives and see how much OBJ left then how much Yardy left and how much is there now. That is the bone of contention.

GEJ's administration met a foreign reserve of $65billion. Now it is at $41billion and you said something was added? Please oooo

orinocopulse:
Hi. While Soludo's article is not perfect, the most interesting part is the figure on POVERTY IN NIGERIA. I said this somewhere else. Statistics are a complex science and various methodologies can be used to arrive at figures but just ask your self honestly;

When you look around you, do you think ONLY 30% OF NIGERIANS ARE POOR?
So 7 OUT OF 10 of every Nigerian is NOT POOR. 7 out of 10.

If you can answer this honestly, it'll be appreciated. Cheers

Thank you for your question.
Nigeria is on a journey,of national rebirth and renewal. I am sure you will agree that 4.9 years can not create utopia.

As to your question definitions of poverty vary according to who is doing the measuring. But yes I feel that most families in Nigeria 7 out of 10 that I know in Lagos, Enugu and Nnewi way more then spend N300 a day.

The term “absolute poverty” generally refers to a specific income threshold or a fixed amount, below which individuals are unable to meet basic needs. By international standards, it is a “state in which a family earns less than a minimum amount of income – typically US$1.25 per day per person in low-income countries”. This limited income makes it difficult for the family to cover its basic costs of living.

Nigeria’s poverty survey provides an interesting, quick study in how media reports could present very different stories using the same data. When the 2010 Poverty Profile findings were released in 2012, three of the poverty indicators that were used showed that national poverty had increased from about 50% in 2004 to more than 60% in 2009.

A BBC report repeated this information and added a table, based on the statistics bureau’s data, showing that the number of Nigerians living in poverty had grown from 17.1-million people in 1980 to a shocking 112.47-million in 2010. Viewed as raw figures rather than a percentage or proportion of the population, such information is misleading. Data should be presented alongside broader population information such as in 1980 Nigeria’s total population was 71.1-million people, growing to an estimated 162.4-million in 2011.

I suggest reading The African Development Bank website, it provides a useful table of poverty indicators for Africa, comparing both national and international poverty lines for each country.

For comparable country-specific information, the International Monetary Fund and World Bank produce a regular series of Poverty Reduction Strategy Papers for individual African countries. Nigeria has followed and met most of the goals.

Do some more research on what has been going on I gave you some tools to study.

Mynd44:
I said compare FDI with Angola madam

Now in to foreign reserve....go back to your archives and see how much OBJ left then how much Yardy left and how much is there now. That is the bone of contention.

GEJ's administration met a foreign reserve of $65billion. Now it is at $41billion and you said something was added? Please oooo

Not only did this administration oversee the depletion of our foreign reserves. They also keep borrowing from the international community while running a deficit budget. Is that common sense?
By now our foreign reserves should have increased much if not for the mismanagers we have at the helm of affairs.
It is sad to note that if we continue like this with the current oil prices we may have little or nothing left in our foreign reserves.
We just have to send them packng come FeBuhari 14

emiye:
I suspect you are the confused fellow, the last time Nigeria conducted rebasing exercise was over 20 yrs ago, so if another one is done in 2013 and showing that the economy now has 510 billion usd, it is a cumulative effect of the new sectors that emerged after the early 90s that the last rebasing was done The new rebasing of GDP took in to account , telecoms, nollywood, e,t,c It is the goal scorer that matters, not the score keeper. GEJ became president in 2010, and can not take glory of what he had virtually zero input in.

BTW, i care little about GDP but HDI (Human Development Index)

Who measures HDI better The African Development Bank? ADB provides a useful table of poverty indicators for Africa, comparing both national and international poverty lines for each country. Go and read it.
All the International Monetary Fund and World Bank Poverty Reduction Strategy goals were met for Nigeria.
Why all this enemy of 4.9 years of Change! Not just economics but every sector is experiencing growth and progress.

I remember......

Billyonaire: 4:45pm On Jul 05, 2012
Soludo carried out the most salient and difficult part of the job, he exhausted his ideas. Sanusi found no job to do, so he started innovations, most of the innovations are really bad, but few are okay. On the whole, Soludo carries the day and he is more nationalist than regional. Sanusi also has air of pride and he glorifies in his intelligence. But Soludo is humbled by his vast knowledge. Soludo again, carries the day.
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saxywale(m): 5:53pm On Jul 05, 2012
chyket: Banking all over the world is about perception.
Sanusi could have eased out the Bank MDs without making a show of it and eventually inject some new funds and capital to enable a turnaround.In the US,when the Govt injected fresh funds into the wobbling banks,the still left the old management and today most of those banks are profitable.

Good. I also remembered that sanusi injected funds to the tune of 400billion naira. "Your making a show of it" statement is what I don't understand. Those bank executives commited criminal offenses that could have bankrupt the banks. You could also go though the links below:

june, 2012

http://thetruthisnow.com/headlines/former-icelandic-bank-executives-jailed-for-fraud-after-almost-bankrupting-iceland/

January, 2012

http://m.investmentweek.co.uk/investment-week/news/2136124/reckless-bank-chiefs-jailed

The fact remains that he saved depositors fund and some banks from going under which would have resulted in much loss of jobs in the financial sector than we have now. Sanusi has done a good job by strengthening depositors faith in the Nigerian banks.

What I don't understand under soludo was how bank executives were able to commit fraud, lending to fake companies, giving loans to companies they had a personal interest in and conspiring with stockbrokers to boost share prices e.t.c

biafranqueen:
Is it also falsified and unbelievable what CNN reported? Soludo’s “F-grade” economy has witnessed an unprecedented growth rate of 7% in the last couple of years according to CNN Money, or are they also lying for Auntie Ngozi?
Nigeria’s economy in the years under review is witnessing the third highest growth in the world behind China, 7.3% and Qatar 7.1%, so all these reputable agencies like CNN are being paid like Sahara Reporters?

Do you know the formula for calculating GDP growth rate. It is actually quite simple: (this year's GDP - last year's GDP) / last year's GDP.

If you are mathematically inclined, u will know it is almost impossible (that is, 99.99% impossible) for nigeria's economy to grow by 7 percent after we have re-based our economy and with the current fall in the price of crude oil.

trillville:
Do you know the formula for calculating GDP growth rate. It is actually quite simple: (this year's GDP - last year's GDP) / last year's GDP.

If you are mathematically inclined, u will know it is almost impossible (that is, 99.99% impossible) for nigeria's economy to grow by 7 percent after we have re-based our economy and with the current fall in the price of crude oil.

To come up with an estimate of GDP, statisticians need to add together estimates of output from a sample of businesses in every part of the economy, from farming to service industries. The weight they give to each sector depends on its importance to the economy in the base year. A snapshot of Nigeria’s economy in 1990 gave little or no weight to fast-growing parts of the economy such as mobile telephony or the movie industry. At the time the state-owned telephone company had a few hundred thousand customers. Today the country has 120m mobile-phone subscriptions. On the old 1990 figures, the telecoms sector was less than 1% of GDP; it is now almost 9% of GDP. Motion pictures had not shown up at all in the old figures, but the industry’s size is now put at 1.4% of GDP.

What the revised GDP figures show is that its economy is far more than just an oil enclave, exporting crude to pay for imported goods from richer countries. The oil industry’s share of GDP is now put at just 14%, compared with 33% according to the old figures. Manufacturing is much larger than previously thought. Services are booming. It is still a tough place in which to do business. But any company or investor who wants exposure to Africa’s fast-growing markets cannot afford to pass the continent’s largest economy by.

Mynd44:
Data from the NBS is being tampered with. It is not accurate lady. That is the point of this whole thing.

You claim the poverty rate is 33.1% do you really believe it? Be honest

it's not about what to believe or not..its about proving it.. she should go out der..seek for public opinion on dis or collect data which ever way to ascertain d level of poverty in d country.

Mynd44:
I don't think people remember that this administration was there in the most profitable years. This administration saw go prices go as high as $140 and still they could not save as much money as the administrations who were in charge at sub $70.

Does anyone else find this ironic? What has been done with the money?

Can you tell us which year oil sold for $140 please?