grandstar:


That is totally untrue.

The country closest to us economically is Russia which survives on it's commodities and massively imports lots of consumer goods.

The Rouble was allowed to float and has lost half it's value. Note that Russia's economic worse are worsened by sanctions imposed on it and also because Russia's unpredictable policies drives away foreign investors. Nigeria therefore has an edge.

The dooms day senario you painted would never have occurred.

This is not the first time oil prices have crashed.

Prior to Buhari's ascendency, the Naira started dropping from around 160 in July 2014 to around 200 when Buhari took over the hot seat. The price of oil had fallen from over $100 in July 2014 to about $50.

Emefiele's allowing the Naira to depreciate was very prudent. You can even see that despite the steep fall in oil prices, the Naira did not suffer a sickening crash.

Buhari halted all such depreciation and senselessly pegged it without considering market forces. The rest is history.

How can you compare the Russian economy to Nigeria's?
Russia is the second highest exporter of crude in the world with over 5million barrels a day, Nigeria barely exports 2 million.
Russia is the top gas exporter in the world. It pipes gas to the whole of Europe and it's Asian neighbours. (It's planning to pipe gas to China), Nigeria flares most of its gas.
Russia exports minerals, steel, aluminium and even agricultural products, Nigeria hardly export anything outside raw crude; and someone is saying " The country closest to us economically is Russia"

Read the effects of a sharp devaluation of the rubble here;

The financial crisis in Russia in 2014–2015 was the result of the sharp devaluation of the Russian ruble beginning in the second half of 2014.[1][2][3][4][5][6] A decline in confidence in the Russian economy caused investors to sell off their Russian assets, which led to a decline in the value of the Russian ruble and sparked fears of a Russian financial crisis. The lack of confidence in the Russian economy stemmed from at least two major sources. The first is the fall in the price of oil in 2014. Crude oil, a major export of Russia, declined in price by nearly 50% between its yearly high in June 2014 and 16 December 2014. The second is the result of international economic sanctions imposed on Russia following Russia's annexation of Crimea and the Russian military intervention in Ukraine.
https://en.m.wikipedia.org/wiki/Russian_financial_crisis_(2014–2017)

The red quote is pure lie. Average crude prices for 2014 was $96. It even got as high as $112. It was only in the final month of the year it fell to about $60. Crude prices for July 2014 was $106.98

urahara:


This kind of means that the main cause of the nigeriamn recession was the fall in oil price , do you agree ?

Partially. The recession could have been avoided if Buhari had not introduced capital control policies which simply made a bad matter worse.

If Buhari left things as they were, there would have been 3 possible scenario

1. A downturn in the economy.

2. A mild recession

Afterwards the economy would have enjoyed growth rates of 4% by 2017. It would have escaped the severe recession lasting 6 consecutive quarters and the present slow recovery.

I feel the economy needs some structural reforms for it to grow faster than 4% now. The truth is high oil price is still an important driver of growth in Nigeria

GEJ introduces BVN to your father’s hotel ba ?

Slynation:
Next level..... Anyone with sense organ will know Nigeria is heading for doom if things prevail, once again "You cannot lock your shop and be chasing criminals" there are ways and policies to make the criminals return back to you, GEJ introduced BVN and it worked effectively, this are technical and economical ideas Buhari lacks because you cannot give what u don't have, Imagine over 20million lost their jobs and all a government was to implement is a 10K trader moni LOL, Anyways since we refused to change the change, whatever we see regarding this present administration, was duly deserved wholeheartedly

And now we are on to Next level of poverty! Sai Baba!

We still pray for better days ahead and surely will it come.

priceaction:
They have started with their doom saying again. They talked about this 4 years ago, and they were proved wrong. At least we were able to survive and manage it well.This would have happened assuming ND avengers keep causing havoc but it was also well managed.The structures of Nigeria and Venezuela are different. venezuela is under sanction, nigeria, no. Venezuela has post unrest situations, not in nigeria, there is fractional supports of opposition government from surrounding countries including america but in nigeria, no opposition or parallel government as at now, and everyone has moved on except atiku and pdp that likely go to court. The structures on ground are not the same.

Yes, poor economic policies by buhari led government may allow some foreign investors to be skeptical about investing in nigeria but is not as bad as they foresee. The main problem is that many free and stolen money that many advanced countries like UK see from Nigerian government in the past has drastically reduced. They depend on those money to grow their own economy and now no free corrupt money while the one they are protecting are been put under pressure to be recovered. They should face their brexit wahala and leave us alone until things stabilize.

obviously you're insane! Canpaign is over it's better we face the reality!!! Buhari is dear to poverty he hates prosperity and riches,he should simply go back to his cows that's where he belong

grandstar:


Partially. The recession could have been avoided if Buhari had not introduced capital control policies which simply made a bad matter worse.

If Buhari left things as they were, there would have been 3 possible scenario

1. A downturn in the economy.

2. A mild recession

Afterwards the economy would have enjoyed growth rates of 4% by 2017. It would have escaped the severe recession lasting 6 consecutive quarters and the present slow recovery.

I feel the economy needs some structural reforms for it to grow faster than 4% now. The truth is high oil price is still an important driver of growth in Nigeria

But Russia left things as they were , and they still ended up as bad as Nigeria

wirinet:


How can you compare the Russian economy to Nigeria's?
Russia is the second highest exporter of crude in the world with over 5million barrels a day, Nigeria barely exports 2 million.
Russia is the top gas exporter in the world. It pipes gas to the whole of Europe and it's Asian neighbours. (It's planning to pipe gas to China), Nigeria flares most of its gas.
Russia exports minerals, steel, aluminium and even agricultural products, Nigeria hardly export anything outside raw crude; and someone is saying " The country closest to us economically is Russia"

Read the effects of a sharp devaluation of the rubble here;


The red quote is pure lie. Average crude prices for 2014 was $96. It even got as high as $112. It was only in the final month of the year it fell to about $60. Crude prices for July 2014 was $106.98

Why shouldn't I compare Nigeria to Russia? The stats you provide even confirm the fact that Russia is over reliant on crude oil for economic growth.

Also, the devaluation of the Ruble was caused by a loss of confidence by foreign investors and they took out their investments enmasse. There was no option but to devalue. A mass outflow of dollars by frightened investors is very destabilizing.

Russia had gone through similar in 2009 when oil prices collapsed to $35. Then their Central Bank spent $200b defending the Ruble. They were better prepared this time.

Had they not allowed the Ruble to devalue, they would have blown all the forex in their reserves and plunged the economy into a very severe recession that would last for several quarters.

urahara:


But Russia left things as they were , and they still ended up as bad as Nigeria

If they had done otherwise, the situation would have been far worse.

Also, Russia was more reliant on crude oil than Nigeria was. The Economist said all their growth was dependent on oil. That was not the case in Nigeria.

Russia needs serious reforms and under Putin the populist, I doubt very much it will happen

ericsmith:
.



If i was brainless, i would av thot GEJ invented BVN, & by the way 20m lost there jobs but no member of ur family was affected , its funny how people that tell us 30 ,40million lose there jobs but cannt make reference to 5people they know that job there jobs.
They tell over 4000 companies folded up just becos of buhari, when you ask them what product or services are they longer enjoying as a result of these they start looking like lai mohammed.

Indeed i agree with you if not Atiku could have emerged victorious...

priceaction:
They have started with their doom saying again. They talked about this 4 years ago, and they were proved wrong. At least we were able to survive and manage it well.This would have happened assuming ND avengers keep causing havoc but it was also well managed.The structures of Nigeria and Venezuela are different. venezuela is under sanction, nigeria, no. Venezuela has post unrest situations, not in nigeria, there is fractional supports of opposition government from surrounding countries including america but in nigeria, no opposition or parallel government as at now, and everyone has moved on except atiku and pdp that likely go to court. The structures on ground are not the same.

Yes, poor economic policies by buhari led government may allow some foreign investors to be skeptical about investing in nigeria but is not as bad as they foresee. The main problem is that many free and stolen money that many advanced countries like UK see from Nigerian government in the past has drastically reduced. They depend on those money to grow their own economy and now no free corrupt money while the one they are protecting are been put under pressure to be recovered. They should face their brexit wahala and leave us alone until things stabilize.

Stop pulling poo. What has UK or USA to do with your economic metrics? Bad economic policies is rocking the boat of Nigerian economy. The people are getting poorer, the prices of goods are getting out of hand. If the government have saved and returned stolen funds as you said... Why aren't we better off when the thieves were there?

Need I remind you that Obasanjo oil for $17 per barrel for one year, after that $27,$23,$24 throughout his first tenure, with debt of $18 billion.

Buhari doesn't know anything about economics. Don't you understand that Ghana 7 times small than Nigeria economics, attracts more direct foreign investment.

GrossPrice:


Telegraph like Amnesty International will only generate content that makes them money.

Nigeria is currently second largest economy in Africa , and Lagos the sixth. Telegraph claims S.A is ahead of Nigeria.

Telegraph cites a "political blogger", in the U.K would the Telegraph ask a political blogger or a professor for an opinion?

But, Nigerians in Nigeria don't read or use their brains. We like asking a plumber how to fix an electrical fault.

Same way we need a western newspaper to tell us we are going to die, and fool's like you start clapping.

Foolish Nigerian Youth.

What's second largest economy? Aren't you educated to know that when you divide the volume of trade against the population, Nigeria becomes the poorest nation.

Nigeria. With an estimated population of 200 million, the West African country boast of $376.284bn in GDP, making Nigeria the highest GDP in Africa.

South Africa 50 million population
South Africa.
With a GDP of $349.299bn, South Africa is the second largest economy in the continent

Divide the population against the figures, you will know why South Africa minimum wage is N128,000, while Nigeria is N18, 000.

It will equally help you know why they have over 50,000 me, while we are struggling with 3000-4000mw.

Esseite:


It's quite amazing how Nigeria threw aspirants directly involved in Nigerian industries and businesses under the bus for someone who just recently said "after 2023 I would go home and settle".... he didn't even care to tell Nigerians how we would get to 2023 in one piece.

HE DOES NOT HAVE ANYTHING NEW TO SAY. THE ONLY THING HE KNOWS HOW TO DO IS BLAME PDP FOR THE PAST 16 YEARS. NOW HE HAS USED 4 YEARS AND NOTHING COMES OUT OF IT.......HE IS HAVING ANOTHER 4 YEARS TO BLAME JONATHAN. THEN FINALLY RETIRE HOME.

IT PAINS ME DAILY THAT PEOPLE FAILED TO NOTED OR ACKNOWLEDGE THAT BUHARI HAS NOTHING IN HIS HEAD TO OFFER NIGERIANS. EVEN THE FIGHT AGAINST CORRUPTION, IS ONLY AGAINST OPPOSITION.

OSHEMOLE, SAID IT CLEARLY AND BOLDLY, THAT ONCE YOU JOIN THE EVIL TRAIN (APC), YOUR SINS WOULD BE FORGIVING IMMEDIATELY.

UP UP NIGERIA

grandstar:


If they had done otherwise, the situation would have been far worse.

Also, Russia was more reliant on crude oil than Nigeria was. The Economist said all their growth was dependent on oil. That was not the case in Nigeria.

Russia needs serious reforms and under Putin the populist, I doubt very much it will happen

All our growth actually was dependent on the oil .

If not so , what else ?

grandstar:


Why shouldn't I compare Nigeria to Russia? The stats you provide even confirm the fact that Russia is over reliant on crude oil for economic growth.

Also, the devaluation of the Ruble was caused by a loss of confidence by foreign investors and they took out their investments enmasse. There was no option but to devalue. A mass outflow of dollars by frightened investors is very destabilizing.

Russia had gone through similar in 2009 when oil prices collapsed to $35. Then their Central Bank spent $200b defending the Ruble. They were better prepared this time.

Had they not allowed the Ruble to devalue, they would have blown all the forex in their reserves and plunged the economy into a very severe recession that would last for several quarters.

Nigeria is far more reliant on crude oil than Russia. Only about 52% of Russian export is mineral oil (crude plus gas)
See Russia's top exports;

Mineral fuels including oil: US$237.6 billion (52.9% of total exports)
Iron, steel: $23.4 billion (5.2%)
Cereals: $10.5 billion (2.3%)
Gems, precious metals: $10.1 billion (2.2%)
Machinery including computers: $9.2 billion (2%)
Wood: $9 billion (2%)
Fertilizers: $8.2 billion (1.8%)
Aluminum: $6.6 billion (1.5%)
Copper: $5.4 billion (1.2%)
Electrical machinery, equipment: $4.9 billion (1.1%)
http://www.worldstopexports.com/russias-top-10-exports/

In the case of Nigeria mineral oil account for 96% of exports.
See Nigeria's top exports here;

Mineral fuels including oil: US$39.1 billion (96% of total exports)
Ships, boats: $253.5 million (0.6%)
Cocoa: $238.1 million (0.6%)
Oil seeds: $180.9 million (0.4%)
Fertilizers: $149.8 million (0.4%)
Tobacco, manufactured substitutes: $102.4 million (0.3%)
Plastics, plastic articles: $78.1 million (0.2%)
Fruits, nuts: $76.1 million (0.2%)
Raw hides, skins not furskins, leather: $67.9 million (0.2%)
Rubber, rubber articles: $55.4 million (0.1%)
http://www.worldstopexports.com/nigerias-top-10-exports/

So which country will be most affected by crude prices crash?

Living conditions in Nigeria have always been worse than Venezuela. Nigerians are used to suffering and can adapt to any condition they find themselves.

I can no longer get fish head in the market to buy for my cat as people have started rushing it.

Economics is a social science and not a science that is based solely on numbers. Venezuelans expect more from their government, so they protest and their rulers make hasty decisions, which are bad for their economy to maintain peace and orderliness. If you push a Nigerian to a wall, he will pass through it.

The people buying the fish head will still baff up, will still wear polished shoes, will still smile and thank God that their situation is better than their neighbor.

This is Nigeria!!!

Herdsmen:
Imagine how some of us are denying this obvious and confirmable truth just because they support this callous government..

Why not tell the government the truth so that they will see up instead of calling the article a lie..

Are investors not leaving..
How many foreign direct investment are coming?
How many jobs are being created?

What do the president know about the economy
What is his economic plan?

Was the election not about his intergrity or didn't CNN n BBC confirmed it..and you supporters cheered?

This zombies are totally death..while millions of Nigerians are skipping into poverty..they console themselves with hope ..in a government that lacks economic direction..villified success and glorified poverty..

..?..in 3 years time..majority of Nigerians would have left the country..

Zombies don't even understand what is about to happen to this country..

Many of them will seek to leave ..but karma will keep them and reject them visas..

They must enjoy the poverty and hardship they impose on innocent citizens..

Inshallah ..

don't mind them

All is well and skilled hands are leaving Nigeria in droves

with more to leave

Foreign investors are also sneaking out because of lack of clear policy direction

I have come to realize that it's the low class, ratchet people who are in support of this buffon

Afterall their lives are miserable and they have next to nothing to lose, and are even happy that more people will be joining their ranks.

The middle class feeling the squeeze knows what's up

How were you able to write in bold...pls

Paperwhite:
Buhari & his followers are always suffering from Dunning Kruger Effect; "Wherein incompetent people do not only fail to realize their incompetence but consider themselves more competent than anyone else." Too bad!

Paperwhite:
Buhari & his followers are always suffering from [b]Dunning Kruger Effect; "Wherein incompetent people do not only fail to realize their incompetence but consider themselves more competent than anyone else." Too bad!

[/b]

Paperwhite:
Buhari & his followers are always suffering from Dunning Kruger Effect; "Wherein incompetent people do not only fail to realize their incompetence but consider themselves more competent than anyone else." Too bad!

9jaRealist:


I personally know the Director of Africa Policy at Facebook (a classmate at Columbia Univ), and can assure you that Facebook has a hub in Nigeria, which was launched in May 2018.

A HUB is not an operations centre.

https://www.facebook.com/careers/locations/?job_region=Europe%20%26%20Middle%20East

In fact, not only FB, but also Google and MEST each have a hub in Nigeria (with the Google Nigeria office quite prominent on Kingsway Road in Ikoyi). Meanwhile, Nigeria led Africa in foreign investment in tech for the past 3 consecutive years (2016-2018), including leading the way both in number and value of deals in 2018 (see WeeTracker’s Africa Venture Capital Report 2018).

A Hub is not an operations centre

BTW, Nigeria does not really need Amazon, with Jumia and Konga doing as well as they have (and each attracting significant foreign capital), just as Alibaba led the way in China before the influx of foreign competition. Amazon is a great brand but local knowledge is invaluable

By Amazon I mean public cloud. Amazon has 62% of the market share worldwide and is way bigger than the Amazon Shopping Web Site. Check out Amazon Web Services - https://aws.amazon.com/


Bottom line ; For small to medium businesses to thrive in Nigeria , especially as it pertains to the leveraging of IT to achieve growth and success, our Infrastructure has to be repaired / rebuilt, security improved and education revamped.

Many companies will not invest in Nigeria because these things are lacking quite badly

trillville:
Living conditions in Nigeria have always been worse than Venezuela. Nigerians are used to suffering and can adapt to any condition they find themselves.

I can no longer get fish head in the market to buy for my cat as people have started rushing it.

Economics is a social science and not a science that is based solely on numbers. Venezuelans expect more from their government, so they protest and their rulers make hasty decisions, which are bad for their economy to maintain peace and orderliness. If you push a Nigerian to a wall, he will pass through it.

The people buying the fish head will still baff up, will still wear polished shoes, will still smile and thank God that their situation is better than their neighbor.

This is Nigeria!!!

indeed

Nigerians like sufferhead

Afterall their religious leaders promised them enjoyment in the afterlife

TRIGITIS:

Absolutely correct.

I have facts, you have figures ~ pmb

Yes now.. c aw rice full everywhere... i bought a bag of rice for N5000.. rice everywhere ..

Baselm:
This is obviously a paid article, Nigeria is the largest economy in Africa and Nigeria has exited recession for over a year now. the west are the greatest beneficiaries of corruption in Africa, ask yourself where all our embezzled funds end up.

Do you think the west don't know when embezzled money is entering their countries? of course they do but won't talk, to repatriate those money back to Africa is the problem, they will make it so difficult. That is why I love what Yahoo boys are doing to them.

compared to the size of their GDP

Looted money from the entire African continent is a pittance

Believe that

how much una dey gain sef?

you all are just primary resources extraction countries

kernel001:



Stop pulling poo. What has UK or USA to do with your economic metrics? Bad economic policies is rocking the boat of Nigerian economy. The people are getting poorer, the prices of goods are getting out of hand. If the government have saved and returned stolen funds as you said... Why aren't we better off when the thieves were there?

Need I remind you that Obasanjo oil for $17 per barrel for one year, after that $27,$23,$24 throughout his first tenure, with debt of $18 billion.

Buhari doesn't know anything about economics. Don't you understand that Ghana 7 times small than Nigeria economics, attracts more direct foreign investment.

Firstly, you are totally wrong as what you posted above is never a response to the person you replied. I don't need to tell you about the relationship between economic policies in Nigeria and the effects on major economic partners like US, UK and China. Economic Attache in their embassies in Nigeria can give you a breakdown or Mr Henry Boyo and Bismarck Rewane can also be of help.

FDI flow into a nation is determined by several factors one of which is ROI and the operating environment. FDI must be beneficial to the host country and the Foreign Investor.If it benefits only the foreign investor then it is not clean business. Whenever the host country detects a leakage and blocks it, this can make foreign investors to leave and prevent the inflow of others with such mission. Also, foreign investors with fairly good intention may pull out of a country or stops business if the environment is very corrupt (high level corruption ).This happened during GEJ when USA stopped the purchase of our oil.

The average oil price is not the same price for all flavour of Crude oil. In 1999 Obj met Bonny Light (our oil) at a price less than $10. Countries with very few population even have high foreign reserves to stabilise their economy in the time of crises. In 2009, Russia used almost $200 billion to stabilise Rouble and economy. In Nigeria, despite oil getting to almost $130 / barrel one kobo was not saved by GEJ. The reserve Obj left since 2007 was depleted to less than $30 billion as at May 29, 2015 for a population of almost 200 million people with bad infrastructure . The PMB government has really tried. Kudos to the economic team.

frosbel2:


A HUB is not an operations centre.

https://www.facebook.com/careers/locations/?job_region=Europe%20%26%20Middle%20East


A Hub is not an operations centre

By Amazon I mean public cloud. Amazon has 62% of the market share worldwide and is way bigger than the Amazon Shopping Web Site. Check out Amazon Web Services - https://aws.amazon.com/

Bottom line ; For small to medium businesses to thrive in Nigeria , especially as it pertains to the leveraging of IT to achieve growth and success, our Infrastructure has to be repaired / rebuilt, security improved and education revamped.

Many companies will not invest in Nigeria because these things are lacking quite badly

Abegi, quit hiding behind semantic sophistry.

I said they have offices in Nigeria, and nothing about so-called “operational centers” when what you are referencing are actually administrative centers. Nonetheless, even if arguendo we discount Facebook, Google has a full-fledged office at Mulliner Towers on Kingsway Road while Microsoft has its Nigeria office at the Civic Center Towers on Ozumba Mbadiwe. Meanwhile, Facebook just last week announced that it is embarking on a metro terrestrial fibre infrastructure project with MainOne in some Nigerian states.

i see people complaining about buhari . let me remind you all that most of u voted him. enjoy the extreme poverty

frosbel2:
By Amazon I mean public cloud. Amazon has 62% of the market share worldwide and is way bigger than the Amazon Shopping Web Site. Check out Amazon Web Services - https://aws.amazon.com/

Bottom line ; For small to medium businesses to thrive in Nigeria , especially as it pertains to the leveraging of IT to achieve growth and success, our Infrastructure has to be repaired / rebuilt, security improved and education revamped.

Many companies will not invest in Nigeria because these things are lacking quite badly

Oracle (located also on Kingsway Road) and Microsoft both provide cloud services in Nigeria (apart from a host of indigenous providers, including the Tier III-certified MainOne). Again, Amazon is a great brand (and I am sure Nigerians would love to have them in Nigeria), but this constant harping on name-brand is reminiscent of those lamenting that AT&T or BT did not enter Nigeria’s mobile telecoms market or that HSBCs and Barclayses are not in the Nigerian retail banking space (of course all of the bulge-bracket global banks actually have representative offices in Lagos). It’s essentially chasing shadows in derogation of substance.

repogirl:
And now we are on to Next level of poverty! Sai Baba!

True talk repogal

babaolofin:


Firstly, you are totally wrong as what you posted above is never a response to the person you replied. I don't need to tell you about the relationship between economic policies in Nigeria and the effects on major economic partners like US, UK and China. Economic Attache in their embassies in Nigeria can give you a breakdown or Mr Henry Boyo and Bismarck Rewane can also be of help.

FDI flow into a nation is determined by several factors one of which is ROI and the operating environment. FDI must be beneficial to the host country and the Foreign Investor.If it benefits only the foreign investor then it is not clean business. Whenever the host country detects a leakage and blocks it, this can make foreign investors to leave and prevent the inflow of others with such mission. Also, foreign investors with fairly good intention may pull out of a country or stops business if the environment is very corrupt (high level corruption ).This happened during GEJ when USA stopped the purchase of our oil.

The average oil price is not the same price for all flavour of Crude oil. In 1999 Obj met Bonny Light (our oil) at a price less than $10. Countries with very few population even have high foreign reserves to stabilise their economy in the time of crises. In 2009, Russia used almost $200 billion to stabilise Rouble and economy. In Nigeria, despite oil getting to almost $130 / barrel one kobo was not saved by GEJ. The reserve Obj left since 2007 was depleted to less than $30 billion as at May 29, 2015 for a population of almost 200 million people with bad infrastructure . The PMB government has really tried. Kudos to the economic team.

Hahaha hah... The level of incoherence in your terms against the live Nigeria economic metrics is barbaric.


If you called GEJ tenure corrupt what do you make of the Buhari's tenure, Nigeria was ranked 148 the worst ever by Transparency International, the World number corruption watch dog, as yet you're saying otherwise.

Under Buhari Nigeria became the poorest nation, highest out-of-school children, 3rd highest IDP, 20 million job loss, yet you're defending the a colossal failure.

You said corruption according to you, drives away foreign investors, and you said there was more corruption during Jonathan's Era, how come, he had more foreign investments compared to immaculate Buhari?

Wait... Obasanjo met few population! Chai! Please use Google. We had a population of 120 million with $18 billion debt and $2 billion foreign reserve. Please what's the comparison?

Buhari met $ 26 dollars foreign reserve with a population of 200 million


Year Average Closing Price Year Low

2017 $50.84 $42.53
2016 $43.58 $26.21
2015 $48.72 $34.73

Please do the comparison.

Another wailing wailer spotted!
Only pessimist like you would likened Nigeria to Venezuela.
Nigeria is waxing stronger both in growth and development.
No wonder it's the largest economy in Africa currently and will remain so.

frosbel2:


Bottom line ; For small to medium businesses to thrive in Nigeria , especially as it pertains to the leveraging of IT to achieve growth and success, our Infrastructure has to be repaired / rebuilt, security improved and education revamped.

Many companies will not invest in Nigeria because these things are lacking quite badly

I agree that we need to revamp our educational sector and critical infrastructure to grow our economy, but these are not the main reasons companies (top world companies) are not investing in Nigeria.

The main reason western big names are running from Nigeria is corruption. Western nationals involved in corrupt practices including bribery and book tampering will go to jail in their home countries. Companies like Siemens and Halliburton had been burnt. And it's almost impossible to do business in Nigeria without one former of bribery or the other.
Richard Branson was frustrated out of Nigeria.

Nationals that thrive in Nigeria are from countries that do not care about corruption, like China, India, Lebanon, South Africa and Israel. These country's national still thrive well despite these challenges.

SillyMods:

Luckily for us, the revelation was made by the Director General, Africa Rice Center in benin Republic, Dr. Harold Roy-Macauley. It wasn’t by the Nigerian government.

It doesn't make it true.

There is a lot in Nigeria that are just lies: you see it only when you are close enough.

For instance, what if I told you that 2019 budget doesn't really exist: you won't believe, would you?

Excaperx:
No wonder the international bodies didn't support atiku, they won't profit if Nigeria is doing great and atiku is economic friendly.

Nigeria was the fastest growing economy till Obama removed Jonathan for usa selfish interest.

Fastest growing on paper,I perceive.We were just lucky because the price of oil was favourable.Nigeria was borrowing money to sustain itself in 2014 and the Hon Mrs Iweala predicted hardship even before this government came in.I think if this government eschew bickerings,they will do better than the previous government.