Esseite:


It's not doom saying.. they are worried because a mass migration of 200m people would cause a global problem...

They are the investors, they are the countries that migrants would flock to. They are only being logical.

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!

Jowonloju:
You got it wrong. The fact that we outpace Egypt does not mean we are selfsuficient in rice production. But if we continue with that pace then we can get to the level where the prices fall and .... However, the Country is in that direction.

simplyhonest:
oops...i cannot believe the report of foreign organizations that have been proven wrong over and over again... eg... brexit, Hillary Clinton

AnanseK:

The prophets of doom will never give up. But they will always be proved wrong. Nigeria will prosper.

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.

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

Both in absolute and per capita terms, Nigeria’s GDP has been in sharp decline for the best part of four years, and in the past year it has again fallen behind South Africa as the continent’s largest economy.

With A GDP Of $1.121 Trillion, Nigeria Overtakes South Africa As Africa's Biggest Economy


Nigeria currently leads as the top economy on the continent with a 1.9 per cent increase.

Nigeria has the biggest economy in Africa according to PwC. PricewaterhouseCoopers has revealed the seven biggest economies in Africa right now. The firm's report, ‘Nigeria Economic Outlook - Top 10 themes for 2019,’ was released on February 18, 2019.

According to the data provided by the professional services firm, Nigeria has the biggest economy on the continent, followed by Egypt and South Africa.



NIGERIA

Nigeria comes in at number one with a GDP of $1.121 trillion. Manufacturing, financial, service, communications, technology, entertainment, agriculture and oil sectors all contribute to the country's economy. More money is coming into the Nigerian economy.


https://www.trendingaccounting.com/2019/02/with-gdp-of-1121-trillion-nigeria.html

Ugosample:


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

theoldpretender:


Most African countries are resource dependent, which means that their economies float and sink with rises and falls in the commodities prices, which means they have to take loans when pricea fall, which makes them not have the capacity to sustain social welfare economies long term.

Most Western countries have diversified and highly industrial and innovation driven economies, and as such can afford social welfare programs TO an extent.... even they are going into debt sustaining such progammes.Like the US social security program which is heavily in debt, and the UKs NHS.

grandstar:


Please told them. Please tolded them

They will keep saying they used the money looted to develop the West.

No looted funds is stored in Japan or Gremany but are the 3rd and 4th largest economies in the world.

The budget of New York City is triple Nigeria's budget. The budget of Britain is twice as large as Nigeria's GDP.. People just make blanket statements that can't be backed up by facts.

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!

Ovamboland:


USA has been running Social Security since 1930's , there is no serous discussions about ending it despite the $17 trillion debt of the country.

Many Western countries started their even earlier, they know the importance. Nigerian government has started within what they can sustain, yet the privileged are the ones crying the most. Why has the IMF not advised European countries having economic crisis over the past 100 years to cancel their own welfare programs? Why should no poor person in Africa have support or help while whites that are richer have? Why should the few rich have access to so much via contracts and connections while nothing is offered to poor?

somalianprince:
Lol..stop crying abakaleke bastard. You are an almajiri-igbo. No one considers you people from ebonyi because igbos regard you guys as northerners. Hopeless gala hawker.i spit on you. You need a real job and not hawking on the road.


[s][/s]

Anago50000:
. Tears of a jobless man
I am not the reason for ur pain buddy ,face front biko

wirinet:


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;


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


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

MajorJeffery:
Sai baba Sai next level. I urge National Assembly to sponsor a bill for Buhari to go for third term after 2019.

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

wirinet:


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;


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


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

SIRTee15:

I also don't believe that nonsense population....
These figures were fabricated during census for election motive....
Card readers has exposed the fraud of bogus election number b4 it's introduction....
The north uses the huge figures to allocate huge resources to themselves.....
Have u noticed that other Muslim populated countries in Africa don't have the kind of population coming from northern nigeria....
What makes northern nigeria different.....
Yes they have a high birth turnover but this is neutered by high child mortality ratio...
This is why most poor nations don't have huge population despite their high birth rate....

kernel001:



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
J
Please do the comparison.

wirinet:


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.

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 ..

diadem10:


What a dumb post.

Under Obj, a plate of rice was no more than 1 Naira. Two wraps of Groundnut was 1 Naira. That's to tell you the worth of our money. Hence the money met by Obasanjo was a lot coupled with the fact that crude oil price kept on increasing under Obj.

kernel001:



I'm sorry if you didn't graduate from a university, this analysis is higher than school fees. I cant help you.

VolvoS60:

^^^
No, that's not good enough.

Wishing upon a star won't cut it.

Nigeria is a heavily import dependent economy with oil as the main export earner. We have been running budget deficits at all levels of government for over half a century. Since our governments don't earn enough to cover their expenses, they borrow heavily from multilateral creditors - piling up debts that those unborn will have to pay. In our budgets, recurrent expenditure has routinely exceeded capital expenditure for the past half century - so instead of building schools, hospitals and roads, we pay to sustain the lifestyles of our presidents, governors and lawmakers. I could go on and on.
This is not the stuff prosperity is made of.

Ugosample:


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

Olumyco:


Sir Oil only contribute appr. 40% to our economy making it the highest single commodity contributor others appr 60% are from other goods and services. I hope you know this.

Baselm:


Any inflow at all is an inflow, there is no economy the abacha fund enters in this world that wouldn't feel the effect. Y do u think they were releasing it in tranches, try move it at once and see the effect of your so called pittance. IBB's own is still somewhere, Atiku and many others