How you make these incorrect assertions you all make with gusto and ignorance beggars belief!
Please take time off the unsocial media and nairaland, quit wasting your life and time, pick even ordinary o' level economics textbook and read.
It is because most of you are ignorant that most people in government do not take youths serious. They can easily see your ignorance.
GDP is the most popular and basic of all the parameters used to measure a nation's productivity and wealth. There are others like GDP per capita, Gini coefficient and more elaborate ones like HDI.
The poverty of people who are lazy and idlying away and wasting away for long on the social media is self inflicted.
Something tells me that it is low self esteem that makes you downplay the significance of Nigeria being richer than 73% of Europe. You would probably be praising those countries if it is the other way around.
That GDP of Nigeria is even understated. By next year when the CBN e-evaluator would have started capturing most of our exports and imports, many of you will realize that your poverty in the midst of plenty is poverty of the choice of negative mindset, indiscipline and laziness.
There is a reason foreigners are trooping in . What you call problems and go on the social media to lament and go is the opportunity creating wealth for them and some resourceful Nigerians.
All that most of you want is easy and free money like crypto, ponzi, bet etc while your hearts are filled with bigotry and hatred for our leaders ,especially PMB.
You have any evidence to back it up? From the look of things, everyone seems to be thinking.
Most people on this thread don’t agree with what the economist said.
Even on the comments section of the video. Most didn’t agree. People thought that he was absolutely crazy. No financial or economic institution in Nigeria or globally will take his idea seriously. It’s a joke.
You can’t expect the economy to be large with the rate of devaluation. As naira devalues, the GDP becomes much smaller.
We are still not serious as a country, not with what is going on at the helm of government.
Na 2000 we dey go... Every one just make sure your seatbelt and airbag dey alright
Our currency will end up like the Iranian, Venezuelan I agree, that’s why the country’s GDP is in free fall. IMF predictions for this year at $252 billion from almost $400 billion last year. Everyone is losing money even the rich.
With the dollar, Naira fluctuates a lot. But it depreciates much more than appreciates.
With the pound, the naira isn’t fluctuating as much but it depreciates way more than appreciates. Last year pound was like 800. Now it is 2,021 NGN to a pound.
After Jagaban is done, Naira will be 5000-6000 to a dollar and 8000-10000 for a pound.
Naira will never appreciate meaningfully ever again.
If we sell in naira, naira will appreciate faster, in this case we are being active, rather than being passive. When naira appreciate the value of our loan servicing payments will not be as high as it is now, we can pay up faster. It's all about demand and supply, it applies in all cases. If Nigeria sells it's oil in naira, nations will buy naira from us to buy the oil, the demand for naira will push up its value. It's all about demand and supply...this is why when the market is flooded with dollars the price crashes, and when unpatriotic Nigerians hoard it, there is scarcity and the price goes up.
This dollar appreciation is a big problem to Nigeria, if we can combat this, then we will achieve prosperity faster.
Buy Nigeria goods and patronize Nigerian services, government should continue to use monetary and fiscal policy measures to protect the naira, like flooding the forex market and regulating tightly. Regulating is important that is why we have CBN etc.
Nigeria stops selling its oil in dollars.
Didn’t you see what happened to Libya, Iraq, Venezuela and so on?
femisplash: By a stroke of genius, the President had ordered the CBN be in charge of receipts of oil revenues, a departure from decade-long misappropriation of crude oil sales. It therefore enhances CBN's ability to stabilize the currency. The insinuation that CBN borrows to sell to banks and BDCs should be disregarded.
2. Clearing of $7billion backlog has done the economy so much good. Investors no longer have the fear of their funds being trapped.
3. Oil production is on a steady increase. Although, a component volume of it had been sold in the future, however, the significant increase in production is offsetting the shortfalls. Moreover, oil price is up.
4. The market is gaining back investors' confidence. Following MPC meeting in January, investors reacted positively, total foreign portforlio recorded $2.3billion in febuary, purchases of naira assets stood at $1billion, oversea remitances went up greatly, FG bonds was oversubscribed, all these helped create more liquidity and increases market supply.
DMerciful: When Nigeria was number 1 economy, our oil export was 2.4 million barrels per day, now its 1.5 million. Exchange rate was about 200, now its 1200 but you believe we have reasons to be number 1.
What will take us to number 1 when oil output has been stagnant at 1.5 million barrels per day for a long while due to oil theft by govt and soldiers?
Rostikol: We Want A NIGERIAN On The MOON By 2040, Latest
India got independence in 1947, so they are bit ahead of us in terms of technology, hence their recent moon landing.
But we are catching up.
Most importantly, we have the manpower to pull this off.
We have capable Nigerian scientists at the National Space Research and Development Agency (NASRDA), Abuja, and also numerous Nigerian scientists working at various space agencies all over the world, including NASA.
Nigerian scientists have built satellites which have been launched into space, and are currently hovering the Earth in outer space.
Fully designed and built by Nigerians.
''NASRDA has, over the years, shown a pivotal role in its deployment of expertise in the design, building and launch of Nigerian satellites. These include NigeriaSat -1, NigeriaSat–2, NigComSat-1R and most importantly, the NigeriaSat-X, which was designed and built to flight standard by Nigerian engineers and scientists.''
It's a simple math. if our economy is 1.5trn USD, that means our gdp per capita is $7,500.
Now does average/middle-class Nigerians make $7,500 (12m naira) in a year?
APC is very good at cooking figures. The reality is 200bn USD and by the time Jagaban is done, it will be $100bn. They can cook whatever figures the like, reality is reality
Very true, Nigeria’s GDP will likely shrink to by half. Nigerian GDP is nowhere $1.5 tr
Kukutenla: This is exactly how Lagos was built. By the time all these strategic moves start yielding fruits, Nigeria will overtake US as the largest economy in the world. To build a house you first have to destroy it. And we all know Rome was not built in a day not to mention Lagos. Lastly, all what we are seeing is the effect of disastrous leadership over the years. BAT is correcting errors and decisions that should have been made since 1999. The administration before him looted all the money just like the administration before them. It is only BAT that will not loot, he will not shy away from making bold decisions even if it makes him unpopular and he will do the needful to set Nigeria on the right path unlike others before him. Signed Zombies
Treadway: Of course SA is now the biggest. I said that since last year on the below thread. Painful part is we aren't reclaiming that position anytime soon. This quoted figure is from around Sep/Oct last year. Our financial position as at today in dollar terms is certainly under $300b!
I can see the APC pro-bono spokesman freestuffsng viewing🤣. Just a paper loss right? Sukkot, bro see how Tinubu just rubbish our collective productivity. Me wey dey use our GDP brag for travel thread arguments in 2022, sadly I no get mouth again. Darn shame really.
gforce5: I had a conversation with pansophist, Tenzagent and Gerrard a few days ago about the ease of traveling within the West/developed world and the poor state of the Nigerian passport. As an Immigration lawyer, I help clients to process their documents and give them immigration advice. What got to me is that as a Nigerian, you need to have a certain amount of money just to get a visa... Take the British High Commission for example. You need to show proof of a decent bank account for the pass 6 months in order for them to process your visa. In most embassies, you need to show proof that you have good "ties" to your country. Just think about it. You need to prove that you are very comfortable in order to obtain a visa.
Meanwhile, Freddy based in Ipswich, England, with no money in his account, can travel to Spain or Morocco with only his passport and the total price for a return ticket is 100 pounds . Even better, Pierre the security guard in Marseille, can decide to travel to Germany, Austria, Italy and Spain with only his ID card and the total cost of the trip, if he books on time, would be nothing more than 300 Euros . Meanwhile, Wale, a chartered accountant based in Lagos, would have to have at least N3million in his bank account in order to get a visa and a decent flight ticket to that same Spain . Just think about it. Nigerians are taking for mugs by both our fellow Nigerians and the international community.
As yourself why a British Airways flight ticket from London to Lagos costs about $2000 for a six hour flight while a flight ticket from London to New York is about $600 if you book in advance. A flight ticket from Lagos to London is the same amount as a flight ticket from London to Johannesburg. This is despite the fact that a flight from London to Jo'berg is 10 hours.
So when I see Nigerians brag that all you need is money to enjoy Nigeria. If you need to be rich just to enjoy the basics of life then you live in a third world country. If you need to be very comfortable in order to travel for holiday, then it says a lot about your country.
Nigerian GDP has sank its now at 250 billion USD because the naira has gone down the toilet.
gforce5: This is my grouse with the average Nigerian. Poor and very arrogant. We make so much noise for no reason. Nigerians love to overestimate their importance in global affairs/politics.
Africa is like a fart on the global scene. You won’t even smell it sef. It’s a black man thing inflated pride and ego. There are multinational corporations like Apple, NVIDIA that have market capitalisations larger than the entire economy of Africa. Africans are in dire need of a reality check.
Nigeria represents around 1.2% of global GDP and Africa represents around 2.7% of global GDPs The world will not notice that less than 3% of the global economy is gone if Africa disappeared from existence.
Another thing that annoys me that many Nigerians do is they use pictures or cherrypick images to show which country is more sophisticated. And it’s sad because you’re lying to no one else but yourself.
Per capita, Nigeria has a lower GDP per capita than even Haiti.
Dont blame lord lugard, was lord lugard the reason for hopelessness? The man saw a great nation and if the colonial masters stayed on, Nigeria will be better than malaysia. But the men left and you guys turned this cool nation into a tribal mess. Blaming everyone except your lazy self.
Lugard never envisioned Nigeria becoming a world power. He just combined Nigeria together to make it easier to administer.
You are clearly misinformed and I sense alot of hatred in your post. Nigeria is no longer the poverty capital of the world
Debating you Afrocentrists can be tiring. Statistics that westerners don’t even create is white man propaganda😂😂 Again, you never argue with stats but emotions. Your heart is speaking not your mind.
There is no universe in where what your saying is true.
I must say I admire the way you write. You don't write like a regular Nigerian and you also seem to throw in figures and references in your discussion.
One thing is Nigeria and infact Africa is way better than Latin America. There is no sense in measuring who is more corrupt but I'll have you know the corruption in Africa is child's play compared to Latin America.
Africans are made to believe they are the worst of the worst Meanwhile when you start making friends online and discuss with people in those Latin American countries, you understand you are living in paradise.
I just hope younger folks can change the African cycle of politics and embezzlement
I must say I admire the way you write. You don't write like a regular Nigerian and you also seem to throw in figures and references in your discussion.
One thing is Nigeria and infact Africa is way better than Latin America. There is no sense in measuring who is more corrupt but I'll have you know the corruption in Africa is child's play compared to Latin America.
Africans are made to believe they are the worst of the worst Meanwhile when you start making friends online and discuss with people in those Latin American countries, you understand you are living in paradise.
I just hope younger folks can change the African cycle of politics and embezzlement
The reality is that Africa is the worst of the worst. This continent is far worse than Latin America. Nigeria is the poverty capital of the world. Africa is at least 100 years behind the rest of the world.
It’s already been discussed on another nairaland thread. Everyone there (myself included) concluded that Africa is the worst place to be a human.
I throw in figures and references because it’s a sign of being educated. One thing I hate that Nigerians do is that they will highlight a posh area of an undeveloped country. Whenever someone argues with anecdotes. I can’t take them seriously because it makes them looks silly. People will say Nigeria Dey get money simply because what 0.01% of Nigerians are rich.
“That said, there are key differences that should be kept in mind. Some are challenges. Sub-Saharan Africa is, by nearly every measure, behind Latin America in regard to socio-economic development. It is much poorer; by most measures, Latin America’s combined GDP is between two and three times greater than that of sub-Saharan Africa, and it’s as much as seven times per capita. Only a handful of African countries have a higher per capita GDP than Honduras, the poorest country in Latin America. Africa lags by every social and economic measure: infrastructure, electricity access, power generation, education, and health care are all areas where Latin American states are far ahead”
Corruption in Africa is far worse than in Latin America. Africa has less democracies, more autocracies and African countries rank worse on indices measuring corruption. African Governments are far more corrupt than Latin America. Corruption in Latin America is a tear drop compared to that of Africa.
Latin America hasn’t had things like military coups and wars since the 20th century. Those things are the order of the day in Africa.
Latin American nations were also released from their colonial lords almost 2 centuries before Africa. Offcourse they won’t have as many issues.
Brazil alone has 2x more unicorns than all of Africa combined.
Mexico on its own has a larger GDP than the entirety of Africa.
No reasonable person in academia would agree that Africa is even close to Latin America. Africa doesn’t even have constant electricity for crying out loud. A problem that Latin America and the rest of the world solved decades ago.
You’re underestimating as to how Insignificant Africa is to the world.
Yeah, that's how they were abusing one guy for giving birth to his son in Argentina during the last world cup match. If only they know the privileges of having an Argentinian passport. The passports people are even spending millions to buy no even reach Argentina own. These guys easily move to western countries like its their backyard but they dont like staying there. They would still prefer to go stay back in their countries. Imagine only 100 chileans applying for canada express entry , 26 applying for USA visa lottery and I can bet that a bulk of the people that applied are probably naturalized chileans and not natural born chileans. I have done my research and Africa is the worst place in the world for a human to exist. A lot of countries people look down on are far better than a lot of countries in Africa.
When looking at human development, the best African nations are on par with middling or poor ones in Latin America.
The West, East Asia is light years ahead of Africa.
RealityKings: you know it's a human world and nothing is perfect, one can't change much because our time on earth is limited.the only thing is to transfer our knowledge to those coming behind. I think that's where Africa is lacking. The majority of the older older generation is passed negative knowledge of greed and it hurts leadership
I agree, tradition that the elders brought hasn’t done Africa food. Trying to mimic the lifestyle of your ancestors just leaves you where Africa is today.