Hh

Once dis country have steady power supply things will kick up and we need a vision leader not the ones who see just today and boast of yesterday

Osun again? Pls what is in Osun? Osun is always having low poverty rate.

I love this, Nice write up

Sh

Until we get rid of corruption and sentiments, nothing will move. The reason why these successful countries experience growth is because the leaders and citizens are in competition with themselves to be the best. Our own is how to embezzle money that will be enough for our lineage or support those only in our circle. Only a handful in Nigeria are ready to do the right thing. And if you do, people become sentimental either by tribe or religion to destroy your effort.

Very informative work done here.

useless shithole

Insightful. Nothing that we don’t know or doesn’t have an idea about.
A typical Nigerian has the biggest ideas but problem is putting those to work.

When it comes to the economy, I’m actually very scared. The next generation is going to be so poor because they’ve glorified get rich quick, flashy life without any input.

It’s like people just wake up in Nigeria , eat and have sex and then sleep and wake up again.

Even those with the money just want to spend it. Not understanding how to make their money productive.

It’s a shame.

Nice write up

thundafire:
Once dis country have steady power supply things will kick up and we need a vision leader not the ones who see just today and boast of yesterday

Power supply is not enough to motivate a lazy person or fix the other things a country needs. We need power supply and many other things.

Roon9:
Naaaaa, we are not wealthy neither are we rich. We are just blessed and that blessing is our Curse

Inside life

GDP in a country with great divide in wealth could be misleading....
For the political stratum Nigeria GDP supercedes that of Luxembourg and it is the best in the world.

For the bourgeois, it is way less than average quoted for Nigeria
Again is Luxembourg sef richer than Norway or the US with less GDP than theirs?

Abeg economists shd get a new measuring criterion...

Nigeria is as poor as sh*t.

You talk about potentials of human capital?

Whether a human's brain works or not, one thing is sure -- his belly would work.

There are so many hungry individuals in this country that are at the same time unproductive -- chiefly because of ignorance, lack of education and tools. They can't create value.

Even the graduates, what can they produce? Yes, what if there are no employers whatsoever? No govt jobs, no private jobs. How do these graduates create value then? Employers, government are in the end, human beings -- and there has to be a strong shift in orientation in order to bring awareness and knowledge to school leavers and graduates to create employment, even if slipshod. There also has to be a balance of goods produced and services. Nowadays, everybody is saying 'Teach me freelancing'. If everyone is an online freelancer, who's producing goods? Reliance on importation would keep dragging us back. We have to think of systemic and the most cost-effective ways to produce the most, with the least efforts. Until then, poverty would ravage this country from pole to pole.

Many literates still view wealth as piece of paper called money, but if that were so they should travel down to Mozambique where they will earn 10 million mozambique dollars and it wont be able to afford toilet roll. We as a nation have very very poor understanding of money, societal structures, wealth creation, factors of production, global trade and economics.

That is why a fresh graduate by default begins to think of a system he can quickly plug himself just to make money and have a roof over his head. This money and economic illiteracy is the reason why we fail so miserably in properly evaluating state leadership and the performance of our rulers by and large.

I have deliberately decided to skip the ubiquitous illiteracy and regressive Northern section of the country, parochial approach to all and sundry and sentimental adoption of religion, even though this is the crucial amplifier to this nation's distress.

But if truly Nigeria would be saved, the south has to play a major role especially in two things: value and education from the very grassroots. And then, that education should beam serious focus on two subjects: history and economics. Schools dont teach economics well enough. Its the most important subject.

Hfu.ck Nigeria

Speak2klein:
In 2003, Dangote set out to build his first cement plant with a budget of about $480 million. On completion of the project in 2007, he had borrowed an extra $175 million, built a dam, a gas pipeline (92km long) and more than 400 new houses. But guess what? No Nigerian bank was big enough to fund this project. In fact, the capital in more than 90% of the banks in Nigeria that year was just a little over $20 million. He had to look elsewhere.

Simple economic terms
GDP — in straightforward terms, the GDP or Gross Domestic Product is the monetary value of all finished goods and services in a country within a specific period. It is used to estimate the size of an economy and growth rate.
GDP per capita — If all the money Nigeria made in a year was split evenly amongst every single Nigerian, what each person gets is called the GDP per capita.
National Budget — The government gets money from taxes and fees and spends it on things like healthcare, infrastructure, education and general expenditures.


Nigeria’s economy

Poverty level by State in Nigeria (image 1)
Nigeria has the largest economy in Africa with a GDP of $398 billion compared to its closest competitor; South Africa, which has a GDP of $368 billion. However, the real wealth of a nation is calculated by its GDP per capita, and Nigeria ranked 140 out of 186 in GDP per capita global ranking.
Nigeria’s GDP per capita stands at $1,963 compared to South Africa’s $6,100 and Egypt’s $12,000. (Luxembourg ranks the highest in the world with GDP per capita of $144,000).
Nigeria is one of only 8 ‘World Bank red zones’. These are the only countries on the planet where GDP per capita (an indicator of individual share of wealth) has fallen steadily over the past 20 years.
Nigeria’s budget for the health sector in 2018 was $938 million for a population of over 190 million people compared to South Africa’s $17.6 billion for a population of just 56 million people. This means that as an average Nigerian, the government’s health budget for you for a whole year was just $4.5. Don’t forget the UK which set aside over $250 billion for the healthcare of its citizens in the same year (more than 10x Nigeria’s entire 2018 budget). That means each citizen was entitled to health funds of $4,000.


How did others do it?
You see, money is a coward; when money goes somewhere, and there’s trouble, money runs away. But when it goes to a place, and there is peace, it stays there. You don’t see money go to Iraq or Syria or Afghanistan, but you see it go to the UK, Singapore, London, China, etc. If you scare money, it runs away.

China Poverty Decline from 1981–2005 (image 2)
In a single generation, China has had over 600 million people move out of poverty. Three hundred million people (about the population of the US) move from rural to urban areas every ten years. This is because China is still experiencing its economic take-off phase; this describes a situation where the majority of the working population move from agricultural jobs to tech and industry and move from the country-side to cities.
The level of urbanisation that took place in China in 22 years is equivalent to the UK’s level that took 120 years and USA that took 80 years. So maybe there is hope for Nigeria.

Other Indicators

Number of Billionaires in China — 2015 (image 3)
According to BBC, China produces two (2) new billionaires every week and one million (1,000,000) millionaires every year.
I wanna be a billionaire, billionaire yeah yeah, I wanna be a billionaire, billionaire yeah yeah
(Verse 2)
I wanna wake up in a Lamborghini, I wan chop life on Santorini, oh yeah.
-Teni the entertainer, Billionaire

Meanwhile, according to the NDIC, 98% of Nigerians don’t have up to N500,000 ($1,250) in their accounts. According to Mckinsey & Co, only 2m people in Nigeria have purchasing power and annual incomes over $10,000.

2. In India, the city of Mumbai alone has almost 60,000 millionaires; meanwhile, in Nigeria, there are just 12,300 millionaires in the entire country.

3. One of the measures for the economy and middle class of a society is the records of airport passengers compared to its population. In one year, Nigeria had 15.2 million airport passengers compared to Singapore Changi Airport, which served over 65 million passengers. (Singapore population — 5.6 million). The metropolis of Shenzen alone in China had over 400 million airport passengers in a single year. (Shenzen population — 12.5 million)

4. South Africa’s fourth-largest bank — Nedbank has a market cap of $72 billion. This is bigger than the market cap of all the banks in Nigeria put together, including GTB, Zenith, FirstBank and Ecobank.


So what do we do?
The real wealth of a nation is in its people and like Dangote would say, “Nobody will fix Nigeria for us until we take the lead”. One of the greatest assets that have helped China and India grow is its population.
So is Nigeria a truly wealthy nation? The answer is No. However, it can be so. If an average Nigerian produces half the GDP per capita of the average UK citizen, our GDP will not be $398 billion but $3.9 trillion.

The growth of businesses drives the economy, and therefore, the government must put in place suitable policies to promote business growth. We must increase our productivity as a nation. And it begins with you. Do better, work smarter and grow bigger.
Please comment and share if you find this useful. I am Klein Udumaga.

This article was originally posted on my medium page. Please follow as I shed more light on the Nigerian economy and how to sell to Nigerians.
https://medium.com/@kleinuduh/is-nigeria-a-truly-wealthy-nation-7f839d838a6c

very educative I hope we get there someday

All that nigeria need is for it to support our local manufacturer, we have the population so there is hope. Another things is effective management of public fund

u11ae1013:
Yes, if one single person can have 2 bullion van

atleast his state isnt as poor as Ebonyi, SoutEast State or North even Osun isnt poor

Good stuff

BedLam:
Power supply is not enough to motivate a lazy person or fix the other things a country needs. We need power supply and many other things.

I can tell u say carry a lazy person to Germany give him a job and watch him turn walkaholic

well constructed presentation i must say. The solution to this norms is a bit unclear, but las las naija go beta.

Nigeria is a nation filled with abundance human and material resources, those at the helms of power lack strategic planning, they only fight for their pockets, we would have gone far with our enormous resources but corruption and wastage is the order of the day....
The best thing the government can do to be in par or level with other nation is to trim down adminstration cost and also prevent wastage,there should ensure equitable distribution of income...corruption is what is taking development backward in Nigeria and am sure with time everything will sure fall in your place....
Lastly, we shouldn't neglect the agricultural sector because it plays a key role in terms of employement and equitable distribution....
God bless Nigeria

Facts. But contrary to your suggestion on "what should we do", I think there's only one solution: enthronement of meritocracy.

Meritocracy would change everything.

This prevailing national culture of creating artificial hurdles for talents, and elevating mediocre idiots to undeserved positions et cetera is the only reason why Nigeria remains stuck in the cesspit of stagnation. Call it nepotism, call it quota system, call it a perverse culture of "grace and favour", its all the same thing.

Only the best and brightest should get whatever opening there is - jobs, contracts, etc. Across both public and private spheres. It's really that simple.

Mrpsly247:
Really insightful... This is what I have been telling Pple 4 years

hmmmn! but sir what have you been doing for years.......

Good read bro thumbs up quite incisive...!i think we can actually turn around this population thing to help the country grow and develop economically we need to get our most vibrant population which is the youth active and productive we can always use the templates of the Asian tigers...the highly populated ones or even the king of them all China....we need to look st agriculture and industrialization to tackle unemployment largely we need investment in education and most importantly ICT or IT large scale investment cos that’s obviously the new crude and the new cool we need to stop being a consumer nation and the dumping ground for all the goods and products of this first and third world countries!

A truly cerebral piece!

Let's move the country forward. Our people are our greatest asset as a nation even though it's sad to see that such a resource has been underutilised.

This is why you should contact me now for your business and personal cash needs. Just meet the simple requirements (see my thread in the business advert, and investment sections) and we are good to go. My services is limited to businesses with offices or presence in Lagos for now for obvious reasons.

Let's move this country forward beyond relying on a non-funcrioning government for everything. We can create wealth if we are truly focused.

Nigeria

Northern Nigeria is the epicenter of Poverty. The average poverty rate is about 80%. That region of nigeria has continued to drag us as a nation backwards.

Hedonisco:
Facts. But contrary to your suggestion on "what should we do", I think there's only one solution: enthronement of meritocracy.

Meritocracy would change everything.

This prevailing national culture of creating artificial hurdles for talents, and elevating mediocre idiots to undeserved positions et cetera is the only reason why Nigeria remains stuck in the cesspit of stagnation. Call it nepotism, call it quota system, call it a perverse culture of "grace and favour", its all the same thing.

Only the best and brightest should get whatever opening there is - jobs, contracts, etc. Across both public and private spheres. It's really that simple.

Hear Ye! Hear Ye!!


Contact me now for your personal and business cash needs.

The primary problem is that Nigeria is a country of many nations with divergent interests. Until we admit we are not one and include that reality in our development plan we will keep on running in circles.

The calculators of our Per Capital Income keep making the same mistake. Calculating our per capital income against a population figure of whatever now...160 million or is it 200 million mess it all up. Nigerian's population is between 130 million and 140 million. The poverty, diseases, deaths etc issues Nigeria has is principally in the northern part of Nigeria. Remove the Northern part of the country from the calculations and Nigeria's per capital will be the highest in Africa.
The Northern part of the country and its leaders need to do a lot more for their people. The poverty here is terrible. There is widespread illiteracy and lack. Its such a sad commentary, that;s however not to excuse leaders of the Southern part who are also guilty of neglecting the common good of the people.