₦airaland Forum

Nigeria cooked GDP - nominal - had risen to 550B - and it came tumbling down to 300B thanks to Naira depreciation.
Nominal GDP - foo.l is gdp converted into dollars.

Austine1213:
Mid 2010s Nigeria currency depreciated from $1: 160 to 300 that's more than 90%

Was their GDP 2B?

Go study economics

Yes, that is why they are in South Africa in such numbers. Their economy collapsed to 5B dollars in 2005- and I see now they are back to 31B dollars.

Austine1213:
Lol

Zimbabwe currency depreciated by 1000% was their Nominal gdp on 0?

The Rand started the year at 14 - and is now at 17.5 - which works to around 20% - so we can say as of now - your nominal GDP is down by 20%.
The Kshs has depreciated by 5.6% - so has Kenya Nominal GDP.

jl115:
clutching at straws mate!!!

The fact is the Rand hasn't depreciated by 32% this year its only 20% now and by end of June it will be 10%....the Kenyan shilling on the other hand has already depreciated by 7% till date not 5% and if predictions are correct by end of June it will be kshs109 to the dollar or in other words 9% depreciation!!

That would be a waste of my evening. I like engaging in intellectually stimulating conversation - not repeating myself. Study this table below. And let me know if you have at least one intelligent question.

For example, ask how Nigeria and Kenya estimate their agriculture production? How does Nigeria how much Sorghum or Millet they produce when the whole industry is nearly informal? Compared to kenya with great deal of formality.

theenchanter:
all these are trash, not needed.

Now, tell me how ur agric sector is worth over $30b (according to ur nonsense submission) but u're not on par with Thailand agriculturally.... U even import ur staple food. Explain.

My anatomy should be the least of your concern - it's the meltdown coming your way - where you'll need a wheelbarrow of Naira to buy a loaf of bread. Study Venezuela and keep praying for Oil.

theenchanter:
all these are pus from ur brain trickling down to ur bucaal cavity.

You're an illiterate like many Nigerians.GDP is an estimate of the value of goods and services produced annually in a country - and there are many ways to calculate or guestimate it. Keyword ESTIMATE. It's not money in some accounts. GDP growth is rather obvious to be explained, don't you think. Sectors and Industries are how economies can be sub-divided. Most economies use UN Stats standards for example ISIEC (we are now on rev4) and most products HS codes are pretty much the standard way to measure economies...Sectors don't swing wildly - agriculture cannot contribute 40% today and 10% tomorrow...except of course if the contribution to growth - which picks the booming sectors..

theenchanter:
Now that the mumu is out with his half-baked education.... This is how it economics works, starting with d basis (very important)

GDP ..... Its the value of goods and services in a country at a stipulated time, usually yearly.
To break it down to rvp2018's level.... Imagine u own a store and have a piggy bank where u keep profits (income - expenses) after d day's job.

GDP GROWTH ...... Its d indicator of how the country's economy is growing, its usually pegged against the previous quarter growth, and finally yearly.
To break it down to rvp2018's level.... Assuming u had $200 at d end of 2019 in ur piggy bank and business boomed between Jan-April to d point that u save $6 then ur GDP growth rate for first quarter 2020 is 3%

SECTORS ..... These are the drivers of d economy, the goods and services traded
To break it to rvp2018's level..... Now, ur store has different varieties of goods, u sell electrical/electronic gadgets, oil products, agricultural products... In fact, u render customer service to ur customers.

Sector's contribution to economy .... Rvp's store will surely have some particular goods that sells than the other, some may not sell much but have high profit margin, some has low profit margin but sells very much, hereby keeping people employed.... But they fluctuate at any and every time.

If at d end of the year, rvp checked his piggy bank and saw $220 (after paying staffs and clearing his bills), then his store's "GDP" growth for that year is 10%.

Here's where rvp2018 got it wrong.... He thought % of sectors can be calculated to give u overall figure of a country's GDP when in actual fact, its only for a particular year.
If a country's agricultural sector is 40% or 50%, it doesnt mean u should calculate it against d GDP, thats gross.... It only means that agriculture accounts for 40% in that particular year. Like in rvp's store, since rvp gained $20, assuming he sold agricultural products worth $8, then his agric sector is 40% (for that year).... It nay fall to 35% d following year and rise to 43% the one after.

Nigeria economy is in ICU..compared to say Kenyan. Your currency exchange has dropped from 305 to nearly 390. Kshs has dropped from 104 to 107. Black market rate is trending towards 500. You have a budget deficit of 50%. I haven't bothered to check inflation Analyst are predicting Venezuela like meltdown.

theenchanter:
Nigeria has not sell a drop of oil for close to 2months, we have barges of unsold oils on Intl waters. Even if eventually sold, its at a loss and Nigeria hasn't shiver.

What's ur next excuse?

Nigeria and Indonesia were twins - same oil - same population- same nearly everything - but while Indonesia has moved so much ahead - Nigeria has moved so much backwards.

rainmon:
I agree that South Korea is the one we should copy, but at the moment it is almost impossible for any African countries to emulate SK's way. The closest one we should copy would be either Indonesia or Thailand.

There are many Indonesian cities that are better than African cities. I am not talking about the highrise buildings, but the infrastructure and the quality of the cityscape. Many of its 4th or 5th tier cities are well equipped with modern trains, wide sidewalks and huge airports.

For example like Medan. It is the 5th largest city in Indonesia, but it has skytrain and a 4 star airport rated by Skytrax. In Africa, there is only one 4 star airport rated by Skytrax, Cape Town International Airport.

Medan, population 2.1 million

KANO is the ultimate Slumpolis. I think it's beat Kinshasa. The town is an expansive slumpolis - I wish we can get drone picture of it. At least Lagos has little victoria Island to cover her unclothedness.

KANO is like Daadab or Kakuma refugees camp in kenya.

Dlonra:
Kano is a Village. The only City in Nigeria is shitty Lagos, the rest are Village IDP Camps spreading miles. Mombasa on the other hand is a well established City hosting the Second Largest Port in Africa and a mejor get away City in the world. The SGR terminal in Mombasa is bigger than the Largest airport in West Africa & way modern. Who in his right mind would even pick Kano village over Mombasa? The guys in Kano would give anything to relocate to Mombasa.

Let me try take 1,0001.
In Kenya agriculture is 25% - when we have drought - our economy takes a BIG hit.
Nigeria has supposedly agriculture of the same -25 (as a sector) -40% (as an industry) - and you never hear it getting into trouble because of drought or such weather vagaries.

But if Oil catches a cold - Nigeria economy goes into ICUs almost immediately. ANd you hear Oil is just 9% of our FAKE ECONOMTY

GDP can be cooked but you cannot cook reality of endemic poverty in Nigeria as we speak.

How can 9% of economy contribute to 95% of exports and 90% of gov revenues - 25% of all bank loans - name it.

If we have a sector that contribute 9% of our economy like manufacturing - going down - we would feel almost very little effect.

theenchanter:
Kenya's fake agriculture and GDP is exposed by its deep poverty and dependency on lies.... Remove lies and u're down n out.

Nigeria fake agriculture and GDP is exposed by its deep poverty and dependency on Oil. Remove Oil and you're down and out.

theenchanter:
obaaderemi did ur analysis and when u're ready u can compare Kenya and Senegal. Kenya is not a well known agriculture exporter..

We need Nairobi Metro Ministry - that is really focused on such issues.

kikuyu2:
I heard the route was suffered back in 2013 but State House self centeredness failed to prioritize the project. It should've begun by now-Thika to Nairobi SHOULD have been at least half way built by now. Let me consult someone.

We did the analysis and when you're ready we can compare kenya and Ghana. Kenyais well known agriculture exporter - Nigeria NOPE.

theenchanter:
I see u ran away from d fact that 53% would be above $30b..even if its an industry, it'lo probably beat Thailand, Indonesia, Malaysia, Vietnam and well known agri-giants. The only known agric products u have is tea and flowers...

I see you ran away from fact that 40% of agriculture would almost mean 200B - even if it's an industry - it;s probably beats India, China, Brazil, Indonesia, Russia..and other well-known Y giants..and yet we know the only agriculture you have that is half-decent is cocoa beans..where you trail Ghana. You killed palm oil.

Fertilizer is not manufactured from thin air. It's manufactured from either phosphorous like is found in Morocco or Ukraine - or from petro-chemicals like is found in Oil.

What Kenya can do and does - is to just blend fertilizers.

theenchanter:
agriculture contributes 26% to ur gdp and another 27% indirectly..... Thats 53%.

So if u have an economy of $60b and ur agriculture is worth over $30b, why do u still import ordinary fertilizers to plant ur food? $30b agriculture GDP will put u ahead of Thailand, ode.

Thats how I want to be dealing with u henceforth.... Using ur ignorance to cure ur ignorance.

They don't get that. For them as long as they have Dangote - they are all set.

rationalhuman:
Dont take that negative, Understand that every country has poverty, China and India have a large number of people living under poverty. But by each passing minute these both nation are uplifting people from poverty (India uplift 44 People out of poverty every minute, yes per minute). Can you imagine such miracle in Nigeria? ask yourself.

The real shame is that While Both India and China have almost 1.4 Billion people still they have much much less poor people then a country like Nigeria which has 200M people. And story doesn't ends here, While poverty is reducing rapidly in Asia, its rapidly increasing in Nigeria.

There is still poverty in Kenya but Nigerian case is a different class.

This is Athi River - Great Wall - there is Chinese who has invested lots of money there. Nairobi Metro once it's completely build will mean Nairobi has overtaken Gauteng. I give it another 10yrs - for Nairobi to stretch to most parts of Kiambu, Machakos, Kajiado and even Muranga - and Makueni. Nairobi will have radius of nearly 100kms son - also Nakuru - with Naivasha Dry port and Industrial Park will be in play soon. Which is why we need a serious metro line - that will radiate 60-100kms from the city.

kikuyu2:
[b][/b]

Where?

40% agricluture - see that is how rigged GDP starts - so you're saying you've 200B dollar agriculture - and yet no Nigeria ship has been seen selling food - and you're importing basically everything. 200B agri gdp would put you ahead of China.

theenchanter:
I know its easier to believe ur own lies than to believe another person's truth..... Its a free world.

But Nigeria's economy is not 90% oil based, its the largest export but NOT the sole foundation of Nigeria's economy.

Countries like SA with better living standard still has d same poverty rate as Nigeria (40% for SA and 42% for Nigeria; poverty capital, right?)

Nigeria's GDP is driven by Nigerian workforce and thats all that matters, u can shove ur remaining rants in ur arse.

We actually ripped off your banks. By the time they achieve ROI - Kenyan banks will be in Nigeria.

obaaderemi:
If I ever have reason to be in your poohole of a country, I am coming there to rip you off like our banks and others.

The adult left for US gifted school at age of 12 - and it didn't help. There is a temptation to produce the next Einstein but like I told Einstein himself never talked for like 5yrs - and he was deemed dull. The famous Indian Mathematician Ramanujan never spoke for 3-4yrs. It almost is given that smartest kids will not be neuro-typical - they like of Einstein didn't speak early because their brain was developing intricate wiring - that would come in handy later. It almost given that Ghana kid who looks normal will never achieve much - definitely not Eisten kind of special brain (

You can force an average kid to gram anything - and regurgitate it back - but can he think out of the box and invent something that doesn't exist? Muslims teach kids to gram the Koran - and they are not smartest kids.

The next Einstein will emerge randomly.

Ghana and Nigeria have that kind of thing - where they are trying to produce the smartest this or that - btw whatever happened to Ghana-American footballer - I forget his name - the guy plays 3rd league now in the US - and he was the next Pele.

vaxx:
Dumb adult . Instead of you to tap into that kid blessing and pray your little kids known as little as that child . You reminiscent a record officer from your hell hole whose life was not properly managed . How confusing can you be ?

Some child are infinitely gifted, their parent just need to do a little in encouraging the potential and that is all. Such kids are just 1 percent of the world total population. Their sense of understanding fall under parapsychology which is a new field in science. They even go as far as understanding and reading people mind. Their sensory organ is just fast and active .

The kids in such a situation just need to be properly managed by a good educationist and see where such.a child will be heading in future . It is called catch them young.


Your own record officer has properly been mismanaged by his parent and guardians.

Einstein was not speaking until he was 4 or 5yrs. This could be child abuse. I remember in 90s in Kenya - we had a parent teach a kid medicine - and that kid ended up a sad under-achieving adult. Rarely do these child progenies pushed on by ambitious parents ever achieve anything.

Don't force the kid to cram nonsense - let the kid grow.

Found him - he is now just a record officer.

His story is of the dangers of parents putting a lot of pressure on their children and living their own dreams through them.


https://www.youtube.com/watch?v=_jl90LSjXv8

vaxx:
Happy children day .....

Meet the Einstein born again in black skin from Ghana. He Is just two years old but know more than adult ..


https://www.youtube.com/watch?v=ezu8dVSqyes

I see it as our civic duty to try to educate them nonetheless.

kikuyu2:
The problem here is mental illiteracy. You'll explain the obvious all day but THEY CAN'T COMPREHEND DUE TO THEIR EFFED SOCIOCULTURE AND MISEDUCATION.
Like telling Stevie Wonder "see that sexy byatch over there, aiyayayaa!" Even prayers won't let him SEE!?

Read this.....review. Lipstick on a pig. Try to understand basic of tourism first.

We drove from Calabar to Ubudu. That ride was long but pretty interesting nontheless! Once you enter Obudu you will be enchanted by its majestic view! But the Resort/hotel is quite expensive and it really is not worth it! Food was OK but really overpriced! Exhausted and couldn't wait to rest, we ignored the hefty price and booked sort of a family room. But my dream of an early rest and a peaceful sleep was shattered the moment i lay down on my bed - it smelled of URINE! yes URINE! We called the reception/housekeeping but there was no one answering so I had to call the cell number of the person in charge of housekeeping and he informed me he was already off! He told me he will inform the hotel himself ... I waited 30 minutes and no one came... So i finally had to g out of the cottage (in a cold Ubudu evening) walked towards the restaurant to inform someone! FInally after perhaps more than an hour of waiting ... someone came to change the sheets but it was still smelly so we requested to be moved somewhere else. To make matters worst, they did not have any electricity and we had to move our things in the dark using my cellphone light! What a disappointing trip!

Beautiful location, terrible hotel
The location is beautiful but the access is difficult. The hotel is in a shameful state of disrepair. The food is expensive and very bad. Though there is a cattle ranch in the area there is no fresh milk for breakfast and the meat served in the restaurant is hard and dry. We asked for a barbecue and after waiting for ages we were served burnt pieces of goat. The service is so unbelievably bad that they could not bother to put soap and toilet paper in the restaurant toilets. But they know how to charge a hefty price!

Spare yourself the trouble and the money and travel to Cameroon or to East or South Africa.

samorobo:
Don't you know what this is? Oh I forgot.simple things like this brings out the raw timidity in Kenyans..it's not your fault bro, but the country you call your home "Kenya"

Show me something like that in Kenya and today would be the last you will ever hear from me hear...

KQ was privatized in 1995 - GoK owned only 25% - and recently when it got into trouble - gov has been bailing it out and converting the debt into Equity - now GoK owns about half of KQ. Banks and lenders own 38%.

We don't want to become Nigeria or Ghana where we depend on foreign airlines to fly.

Danielnino00:
It's better not to have a national carrier than to have a loss making national carrier...

At least the private sector are involved in the aviation industry too...

Gov owns 48% of it. KQ lenders/creditors own 38 and KLM 8 - and rest public. We will nationalize it. The Airline industry is a very tough yet critical sector.

KQ is too important to be left to die.

We know what ails it is unfair competition from likes of Ethiopia Airlines, Emirates and Etihad.

And we are giving KQ the same arsenals...to go to war on equal footing with those gov subsided airlines.

vaxx:
how will you even understand, if it makes profit, it actually does not benefit you apart from the goons in jubilee party of Kenya.. yes Billions will be injected by your government to cushion the only perennial looser airline so far . It's a shame. You are used to this losses,but you are not bored and tired hearing this nonsense year in year out. It is surely where the mega scam is going on for government and that's why Kenya kleptomania government will continue bailing them with billions for making losses.

shame for your handicapped government.

Your macro-economics are just like Zambia. At least Nigeria somehow tries. Your cedis is pretty useless. It 1:1 with dollar few years ago - now it's 1:6 - that is like 600% depreciation. Who will trust such nonsense of a currency.

KSHS 10yrs ago was 85 to the dollar. Now it plays 100 to dollar.

Heck in 1995 it was 75 to a dollar. That is like 25yrs.

That is a stable currency you can leave your assets in and forget about it.

Now assume if you got German marks - bought a house in Accra - and you come back to be told - it was worth 5 times less!!!!!!!!!!!!!!! - Well unless you never convert it back.

vaxx:
economics has remained something to be more stronger than what you can understand . Contribution of stabilized cedis is simply as a result of stable inflation rate , low rate in producer consumer index , and a lot of dollar in bank of Ghana account ( A whopping amount of 10 billion dollar ) that can last another quarter of the year.

Until you begin to understand common terms as such, you remain an idiot . Redomination is good when your currency is price lower than the value , America and other progressive country once did it.

Maybe - but they are on it.

The South African Reserve Bank has announced quantitative easing (QE) which is a practice that was introduced by many leading central banks in the global financial crisis to buy bonds and other assets in the open market.Mar 25, 2020

Just30:
An option that will be bad for even SA

We are talking about economics. Not politics. Kenya was part of Non-aligned. But we choose the capitalism system and in the 1990s - we open our economy - and so we cannot be a Nigeria with an import ban list for Abuja fatcats.

We cannot have a salt billionaire.

Just30:
do you know what Non-Align movement is ?

Give it a read.

We have made profit before for many years- and we will soon make profit. So we understand why we want to keep KQ flying. Our gov alone - travel budget is big enough - to finance an airline. So why would we give all that money to foreign airlines.

Just30:
So you will want to keep making losses for the next 50 years?

The US was sensible enough to leave the Airline business to private players when their national airlines kept making losses.

How many Ghanaians still prefer dollar account to protect theirssavings. Your useless CEDIS is like Zambia Kwacha. Nobody trust it. Even if you DEMONIZITIZE it very year and peg it 1:1 to the dollar.

vaxx:
As at today , cedis is in better shape and that has been existing since it was first announced as the best performing currency in Africa against dollar earlier this year. The dollar has been arrested and throw into Atlantic ocean ( As the vice president will say).

It's an option country like South Africa with mostly domestic debt can take. Whether they take it - depend on them. It not an option for Ghana, Kenya or Nigeria.

Just30:
I didnt mistake it for Kenya.

It will be bad for SA.

They will end up opening a new pandora box that will sink their economy.

You tried communist and by 1961 before Kenya became independent - you had filed for bankruptcy and you invited the IMF to run your country ever since.

There is a reason why IMF keep coming - you communist hangovers are tad too much - and they have to keep coming and coming - to teach you the wonders of open market liberalized economy.

China tried it - and they have lifted millions out of poverty. Nigeria and your - little Nigeria - should try it. No Dangote. But many small competitive business selling slat.

Just30:
Liberalization is a fucking nonsense

It is like a slaves pitch that keeps countries dependent on others and opens up other countries for capitulation.

For more than 100 years, the US was big on keeping monopolies.
Even today, They are busy keeping their monopolies above water.

KQ is critical national asset. We are not Ghana backwater or Nigeria to allow it to die. We have built our horticulture and flower sector on the back on it.

Airline industry is like that. There was time when KQ was winning awards left right and center. That time Ethiopia airline was making huge losses.

That time was until 2012. KQ went down. Ethiopia airline came up. KQ by now would be bigger than ET Airlines.

Sorry but where is Ghana Airways again? So we can listen to you.

vaxx:
I can't just fathom the reason such company is not closing down and call it a day. When was the last time they made a profit of ten shillings?I guess, even during RvP grandfather time, it was such a mess. Well, that's what happens when you put political appointees in control of enterprises instead of business directors . Sadly I fear safaricom which is their biggest industry might be heading to its knees as well.

Someone just said looses are taxed in Kenya too therefore it will not be prudent declaring it closed.