₦airaland Forum

Our economy generates 20B dollars in taxes. Export is not everything. Our domestic economy is strong. Nigeria exports petrol and nothing much. That is why gov is struggle to generate even 10B dollars in taxes.

GeneralDae2:
Your highest export is flower at 1.4 Billion dollars. Second highest export is tea at 1.1 Billion dollars, for a 113 Billion dollar economy of just 54 million people?? Something doesn't add up here.

Okay look like there is legit address
Hyundai Heavy Industries Co., Nigeria, Ltd.
Plot B, Block 12E, Admiralty Way, Lekki, Lagos, Nigeria

You cant cook GDP - see how the black market dollar rate is exposing you.

QuietMynd:

See painment

I checked the Hyudai - led me to some slum in Ikeja

Address: 645 Oshodi, Agege Ln, Shogunle, Lagos, Nigeria

Which ones manufacture ships and boats - for export
Then which ones aircrafts and spacecraftt - for export

I have seen the data before - you claim to export ships and aircraft to SPAIN

GeneralDae2:
I can help you do part of the assignment for free.
There are many ship building companies in Nigeria (maintenance and everything included). These are some, do more research yourself. They include both local and International companies. The navy is also involved and they manufacture Gunboats, Ships, etc.

HYUNDAI HEAVY INDUSTRIES COMPANY NIGERIA LIMITED
Country: Lagos, Lagos,
Nigeria
Sales Revenue ($M): $150.83M
DELATTRE BEZONS (NIG) LTD
Country: Lagos, Lagos,
Nigeria
Sales Revenue ($M): $11.79M
AMNI INTERNATIONAL PETROLEUM DEVELOPMENT COMPANY LIMITED
Country: Lagos, Lagos,
Nigeria
Sales Revenue ($M): $8.64M
PEM OFFSHORE LIMITED
Country: Port Harcourt, Rivers,
Nigeria
Sales Revenue ($M): $7.17M
GEOPLEX DRILLTEQ LIMITED
Country: Victoria Island, Lagos,
Nigeria
Sales Revenue ($M): $4.85M
YINSON OPERATIONS & PRODUCTION WEST AFRICA LIMITED
Country: Port Harcourt,
Nigeria
Sales Revenue ($M): $4.58M
NIGERDOCK NIGERIA LIMITED
Country: Apapa, Lagos,
Nigeria
Sales Revenue ($M): $4.54M
RIPEN MARINE CONTRACTORS LIMITED
Country: Lagos, Lagos,
Nigeria
Sales Revenue ($M): $4.48M
NEW ENERGY SERVICES COMPANY LIMITED
Country: Lagos,
Nigeria
Sales Revenue ($M): $2.23M
MARINE ASSETS AND OFFSHORE EQUIPMENT LIMITED
Country: Bayelsa,
Nigeria
Sales Revenue ($M): $2.23M
WEST ATLANTIC SHIPYARD LIMITED
Country: Port Harcourt, Rivers,
Nigeria
Sales Revenue ($M): $2.23M
GOTTES ENGINEERING SERVICES LIMITED
Country: Rumuodara, Rivers,
Nigeria
Sales Revenue ($M): $2.23M
FMG RESOURCES LTD
Country: Kilo,
Nigeria
Sales Revenue ($M): $2.10M
ASSTON MARINE AND OFFSHORE LOGISTICS NIG. LTD
Country: Port Harcourt, Rivers,
Nigeria
Sales Revenue ($M): $1.10M
WEST LAKE MARINE SERVICES LIMITED
Country: Lagos,
Nigeria
Sales Revenue ($M): $0.93M
BLUEMALC LIMITED
Country: Parkview, Lagos,
Nigeria
Sales Revenue ($M): $0.47M
RED-HOT ENERGY DRILLING SERVICES LIMITED
Country: Port Harcourt,
Nigeria
Sales Revenue ($M): $0.13M
GOLDFISH OFFSHORE AND LOGISTICS SERVICES LTD
Country: Port Harcourt, Rivers,
Nigeria
Sales Revenue ($M): $0.03M

Most Namibians are hunters and gatherers producing nothing - just scavenging for food. Most Rwandese are farmers producing food.

Namibia economy.
Mining contributes to 25% of the country's income. It is the largest contributor to the Namibian economy. Namibia has various natural resources including ...

AfriqueDuZuid:
It takes 5 Rwandese to produce what a single Namibian produce

Plus the entire 85% of Rwanda is slums and villages

Manufacture Okada and rickshaws first - then generators - then now manufacture aircraft parts. Anybody who trust nigeria data is crazy. The whole of your GDP data is totally insane. You cannot beat south africa or egypt. Your real GDP is something close to 200B.

QuietMynd:
That serves as an assignment to u.
Since u already google ladol nd u see it is true

What is the value add - how much do you import on the car industry. Look like 30% value addition.

AfriqueDuZuid:
South Africa exports cars worth $9 billion

That's more than entire kenyan exports, that is manufacturing power. I have not included entire industry like motor spares, parts, steelbmoulding..... It's not just assembly but entire manufacturing plants

In your deranged mind.

AfriqueDuZuid:
we export over half a billion of that

I am speaking of progress. Rwanda has caught up with Namibia in GDP. Now what remain is GDP per capita. I think they will do that in a decade. They just need to triple their GDP per capita by growing 7-10% which they are capable of.

In 2011 - Rwanda had GDP of 4 - Namibia 8B.
In 2021 - They both are at 10B.
Rwanda had more than doubled it's GDP.

AfriqueDuZuid:
Rwanda hasn't done anything

GDP per capita is 4-6 bigger compared to Rwanda, even when you check wealth per capita

You speaking 80s we are in 2022

Name the companies You've only name Ladol for repair ships.

QuietMynd:
Reason u should research more on ur country nd know it better else an ignorant foreigner will brainwash u on ur country, ladol do build nd repair ships for the oil nd gas industry.
Not only ladol tho, there also some firm that specialize in building ship in the niger delta for offshore oil nd gas firm.
Nd Nigeria has a growing aircraft mantainance nd part manufacturer industry.
Do u know Nigeria help several African countries to maintain their carriers aircraft, there is even talks with North African countries to bring there aircraft for maintainance rather than sending it to Europe which doesn't come cheap.

I cannot entertain certain nonsense that Nigeria export 140M of aircraft parts to Ghana. That just nonsense on stilts. South Africa with large aircraft industry probably doesnt even do that.

GeneralDae:
I feel your pain . Go look for Kenyan mates man.

It not Europeans. It minerals. South Africa was not developed by Europeans. It was developed by minerals. They were the Saudi Arabia of minerals.

Shma2022:
Absolutely. This is what I'm trying to tell the guy.
Europeans are the reason behind their huge success, unlike Rwanda which has single-handedly managed to unclog itself from the pre-genocide and economic quagmire.

Nonsense.

GeneralDae:
So I gave you trading economics and any data you speak of on exports, what else do you need? Nigeria has ship and Gunboat building firms in Lagos and we exported 1.4 Billion dollars Ships and Boats fully manufactured.
As for Aircrafts, Nigeria does not fully manufacture Aircrafts yet. The first aircraft manufacturing base would be in Osun State as I wrote already in my previous post. However they export some second hand aircraft vessels and parts to neighbouring African countries especially Ghana now worth close to 143 million dollars.

Based on?

Fourpockets:
When it comes to IT outsourcing, Nigeria is tops in Africa.

Yes Widhoek when I was there was like apertheid - you only see white and colored driving cars - and blacks are in slums. Yes like Bostwana & Namibia it has done well - but Rwanda already caught up with it's GDP - without any minerals or large country with large coastline. Rwanda has done amazing stuff.

Shma2022:
My guy, even the people crossing the roads are germans. Everything in this city is all about boer and whatnot. Rwanda is pure Wakanda nation. Black skin at work. All credit to kagame.

My instinct is to distrust any data from Nigeria unless cross-referenced outside Nigeria. Show me who import those aircraft vessels

GeneralDae:
Nigeria has Boat and Ship building manufacturing bases.
Nigeria does not have a full Aircraft manufacturing base yet but works are about to begin in Osun state Nigeria. However, Nigeria have been exporting Aircraft vessels and parts from way back even before 2015. It's only growing at the moment and hence became one of the top exports.

Nigeria Exports: Vehicles, Aircraft and Parts Thereof, Vessels data was reported at 82,360.760 NGN mn in 2017. This records an increase from the previous number of 87.250 NGN mn for 2016. Nigeria Exports: Vehicles, Aircraft and Parts Thereof, Vessels data is updated yearly, averaging 85,357.900 NGN mn from Dec 2003 to 2017, with 15 observations. The data reached an all-time high of 681,574.848 NGN mn in 2015 and a record low of 87.250 NGN mn in 2016. Nigeria Exports: Vehicles, Aircraft and Parts Thereof, Vessels data remains active status in CEIC and is reported by National Bureau of Statistics of the Federal Republic of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.JA007: Exports: by Commodity.

View Nigeria's Nigeria

https://www.ceicdata.com/en/nigeria/exports-by-commodity/exports-vehicles-aircraft-and-parts-thereof-vessels

No pilot will accept to fly a made in Nigeria aircraft even with a parachoute - even for a training purpose. That is pure suicide. Not even spare part made in Nigeria will be allowed in any aeroplane.

gallivant:
Lmao!!

Only a demented fool would believe such data.
Nigeria export aircrafts
Facts is Nigeria economy been sick
Now even with peak oil prices - it even sicker.
Kenya economy is firing on all cylinders.
And we are just starting.

GeneralDae:
You are just blabbing. I gave you facts. Our exports from ships, boats, scrap vessels and Aircrafts are more than your top export Horticulture.

And you believe Nigeria export spaceships, aircrafts and ships to Spain. Some of that data is crazy. Nigeria made aircraft - what it's the name INNOSON.

GeneralDae:
Top ten exports of Nigeria 2021

1)Mineral fuels including oil: US$42.4 billion (89.1% of total exports)
2)Ships, boats: $1.4 billion (3%)
3)Fertilizers: $949.8 million (2%)
4)Cocoa: $628.8 million (1.3%)
5)Oil seeds: $326.2 million (0.7%)
6)Zinc: $258.8 million (0.5%)
7)Aluminum: $190.3 million (0.4%)
8 Aircraft, spacecraft: $143.7 million (0.3%)
9)Tobacco, manufactured substitutes: $112.8 million (0.2%)
10)Lead: $94.1 million (0.2%)

You can see Ships, Boats, Aircrafts, Spacecrafts, all together at a value more than your top export Horticulture at 1.4 Billion dollars.

I have my doubt of scrapped vessels and special purpose ships data - otherwise it clear Nigeria main exports are natural resources - that have least multiplier - and ability to lift people out of poverty.

Kenya is doing well in horticulture - with multiplier as good as manufacturing - IT enabled services (outsourcing), tourism - that have huge potentially to transform the economy. This should be the focus - the high value agriculture (avacados earn Mexico 12billion dollars), IT-enabled outsourcing system- exports as good as selling machine abroad- (digital economy with investment in fiber all over the country) - tourism - high value services - as traditional manufacturing is a mountain to climb for now

That is why Kenya has been pulling economic growth almost non stop for 20yrs - while Nigeria is struggling - 10yrs of recession and now even with Oil at it peak - it appears the anemic growth rate will continue.

When this kenya v Nigeria started - somewhere in 2014/2015 - Kenya economy was barely 40B - Nigeria was 500B. Now Kenya economy has climbed - this year could be 120B - Nigeria economy osciallate btw 400-500B for a decade - and if they devalue the Naira - it will drop to even 200B.

Nigeria economy need serious re-configuration - that ought to start with fixing education sector - otherwise I dont see much hope - with pre-mature urbanization (at 50 percent) - endemic poverty in slumpolis - and total collapse of basic infrastructure (electricity is now a miracle)

In the meantime kenya economy is transforming - and in a decade - will have caught up with Nigeria and South Africa - who are mark timming btw 350-500B - depending on USD. Both have had a lost decade.

GeneralDae:
These are Kenyan top exports in 2021.
Horticulture and tea are Kenya's leading exporting items. In 2021, the country earned over 165 billion Kenyan shillings (KSh), approximately 1.4 billion U.S. dollars, with horticultural products exports. Tea exports generated nearly 131 billion KSh (1.1 billion U.S. dollars). Coffee as well as apparel and clothing also ranked as Kenya's main exports.

These were Nigerian main exports 2021

The top exports of Nigeria are Crude Petroleum ($30B), Petroleum Gas ($5.89B), Scrap Vessels ($1.29B), Special Purpose Ships ($775M), and Refined Petroleum ($613M), exporting mostly to India ($6.27B), Spain ($4.8B), China ($2.54B), Netherlands ($2.24B), and South Africa ($2.17B).

In 2020, Nigeria was the world's biggest exporter of Scrap Vessels ($1.29B)

Kenya is now 120B dollar economy - without any minerals - with appreciable manufacturing by SSA standards - but mostly on the back of what is called 'industries without smokestacks'. IWOSS include high-value agriculture, tourism, business services and other tradable services. This ought to be a lesson to many especially the likes of Nigeria.

These 'industries without smokestacks' have as almost good multiplier like manufacturing.
https://www.brookings.edu/blog/africa-in-focus/2020/05/28/industries-without-smokestacks-constraints-to-growth/

Structural change is taking place in Africa, but export-led manufacturing is playing a much smaller role than it did in East Asia, and services—some with quite low productivity—now absorb the bulk of African workers leaving agriculture and moving to cities. These differences in structural change reflect the impact of technological progress, a changing global marketplace, and natural resource endowments on Africa’s industrialization prospects.
At the same time, reductions in transport costs and progress in information and communications technology have created services and agribusinesses that share many firm characteristics with manufacturing. Like manufacturing, these activities are tradable and have high value-added per worker. They have the capacity for learning and productivity growth, and some exhibit scale and agglomeration economies. We have called these emerging activities “industries without smokestacks” (IWOSS), to distinguish them from traditional, “smokestack” industry. Our prior research shows that many African economies are turning to IWOSS to lead structural change

AfriqueDuZuid:
Look at your exports all primary products... No manufacturing capacity

Easy to claim or no mineral but you not manufacturing anything noteworthy.... You just as bad... Look at what you exports

You hate Kenya and Rwanda - two progressive nations - without any minerals - because they remind you of what Nigeria could be - if they got their shiet together.

Namibia and Botswana are swimming in minerals. Kagame has single-handly turned around Rwanda.

obaaderemi:
You are correct. The fans of Rwanda can only feel good comparing it to a cesspit like Burundi. Rwanda is the world's biggest scam, another Kenya.

Forex reserves are not kept in Central Bank of Kenya or Ghana literally like that . Central Bank of Ghana opens an account in US Federal Reserve Bank. When you need dollars - they rarely give it in CASH. They just transfer from their account in FED Bank of the US - to say China - and you buy your machinery.

What is kept in Central Bank is CEDIS and Gold Bullions.

Just40:
The Ghanaian coffers is never empty because at any given time, there's 6 billion dollars that flows into it excluding taxes.

Kenya is bankrupt with no money coming from anywhere to help
That is why you defaulted and latter runned to IMF

Leave analyst - they can predict anything - they get it wrong sometimes - but this Ghana - defaulting for real.

Sep 20, 2022 — Ghana is poised to start talks with domestic bondholders on a restructuring of its local-currency debt as part of the West African nation's ...

And Fitch/Moody rating for Kenya remain B+ - while Ghana has now gone to CC - it's JUNK.

GeneralDae:
Kenyans here mock Ghana but all analysts in the world regard their situation also as one of the most dangerous in Africa together with Ethiopia as well in the top three bracket if we exclude the likes of Zambia, Mali, and the rest who have already defaulted.

You'll soon know what defaulting means. Youre the type that learn through experience. It will be nasty. Already Cedis is at 11 to a dollar.

Watch Lebanon and Sri Lanka for free lessons of what is coming.

Just40:
I can see you have problems reading to comprehend...
You were defaulting on your Chinese debt so you begged for restructuring of the Chinese debt and domestic debt, when that wasn't enough, you runned to the IMF for ECF.
Ghana will never do that especially when it is busy printing
We are not bankrupt Kenya

What are you securing when coffers are empty

Just40:
25 floors building central bank HQ
The Ghanaian central bank has branches in Kumasi, Takoradi, Tema, Suyani, Tamale and co

You can't compare a mere empty building to a Central bank main HQ.

Nigeria built theirs for 260 million dollars
Kuwait 580 million dollars
Egypt is building theirs for 300 million dollars or so


Your 30 million pension building with no security features cannot compare kiddo

Maybe you have another Kenya in Nigeria.

1) Ordinary Taxes.
KRA collected Sh.2.03 trillion in the financial year under review, against its set target of Sh.1.88 trillion, and two revised targets of Sh.1.91 trillion and Sh.1.97 trillion respectively. A sum of 22.3% improvement in revenue collection compared to the previous financial year where it collected a total of Sh.1.66 trillion.

2) AIA - user fees, licenses, fines, etc
By the end of June 2022, total revenue collected including A-I-A amounted to Ksh 2,199.8 billion against a target of Ksh 2,192.0 billion reflecting an improvement of Ksh 7.9 billion.

Total revenues 2.03 trillion+ 2.19 billion - that is 2.3 trillion KSHS as of June 2022.

obaaderemi:
Kenya collects less than$20bn revenue. The less than $20bn can not even fund your budget, hence your growing deficits and debts.

Heckling mad cow. Going to ECF doesnt mean you have defaulted. Defaulting is what about to do by asking debt holders to re-negotiate - just so you can get an ECF. It terribe. IMF is asking you to DEFAULT before it can lend to you.

Just40:
Only country currently defaulting on it debt is Kenya.... It made you run to the IMF last year for ECF..

21 floor building - Central Bank has 36 floor Times Tower, Central Bank pension is more than floors. Central bank has branches in Kisumu, Mombasa, Nyeri, Kisii, Meru

Those two buildings are owned by central bank of kenya

Just40:
Yeah, the current cbk office that look like mashroom is okay for Kenya but ours has outlived it usefulness hence the new one we are building ...

Your country is bankrupt and has no money for a new office, the little it has, it uses to manage your untrustworthy currency

Debt is repaid by gov revenues. Kenya gov collects more than 20B dollars in revenues. Kenya gov also own many assets. We can sell shares in 15 listed companies and half the debt if we want.

obaaderemi:
They know the truth. They're just too proud to admit it. There's nothing in their economy to support the huge debt portfolio they've acquired.
Ghana has got gold and oil, South Africa has got gold and other metals, Nigeria has oil and gas and its vibrant people.

Kenya has got little besides cooked data.