₦airaland Forum

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

Permission to repost this on my site..

Hmm

Business is still open

Business is still open

Business is still open

Business is still open

World War III

MERCHANDISER:
who told u it's between two of them?

leave the ignoramus

White ladies are beautiful in photos

If only these animals know how lucky they are

Lol....



SHEHU SANI NEVER LIES..... THE TRUTH IS FALSE.

nnaeyes6:
Using sin to donate the CURSE of sin is more CURSE to the world.


World is just ending gradually

Who is more evil::

The one who sees evil and looks away or the one who sees evil and tries to stop it.

saheedbadmus:
the power of nude..God have mercy on we men..so we cant help without seeing nude..

If you ever need a website for your security company '' I'm your guy. My services are affordable

KKKWHITE:
while glorifying immoral acts

Look the other way

Focusmind:
It is easy to loose faith in God in Nigeria because of the enormity of the problems and challenges that we face and most of them remain unresolved even after our fasting and prayer.

Sometimes, it could be difficult to believe God in the midst of huge unemployment, unsafe road, occultic people and other man - made challenges that good governance should ordinarily solve without any recourse to God or spiritual intervention.

During my student's days in Scotland more than 10years ago, I had so much trust in God. I wasn't asking for many things as what I would ordinarily asked have been provided by the government.

It is very comforting and fulfilling being a good Christian and believing so much in God in a developed world than in Nigeria where the worries of life could make you to loose faith and compromise big time.

Exactly.

Blakewilli:
I think we should care less about the historical foundation of the Bible and focus on it's content. I don't know for you but there's this experience I had once, in my life. I know that it's only God that saved me. God works in mysterious ways. who are we to question our Creator

Even Muslims, traditionalists, Hindus have those experiences and just like you, they too are convinced that it's only their God that saved them

helinues:

Love this picture

Blakewilli:
-Frequently raising arguments as to the authenticity of the Bible and the accounts within

But there are so many contradictions in the Bible... Are you saying as good christains.. One needs to turn a blind eye?

Do you even know that the Bible was influenced by other religions? Religions that are way older than Christianity..?

5 Ways The Bible Was Influenced By Other Religions

So we shouldn't ask questions about that too?

5thAngel:
My prayer for repentance have always been centered on the fear of hell, which i am 100 per center sure exist.

You lost me when you said this.
The worst kind of Christians are those who spew lies.

Lovelife433:
hell fire is ur home, Eleribu omo ale.

Mumu... She's trying to make a change in her home country and you are here spewing trash your colonial masters told you about instead of just looking the other way.. Since them born you have you ever donated money to any cause? Have you ever visited an IDP camp? When was the last time you gave money to a beggar?

Mr 'HEAVEN MAN'

Humans and nudity

helinues:
God save your people

Wake up

iceberg02:
God have mercy

Wake up

itsme01:




So the CAN of worm Pasta CAN'T protect himself with his annoiting oil or cast and bind boka haram spirits away...

scammer them


..

The spirits wey dey this universe dey watch you

Maxcollins042:
When will they kidnap MURIC's chairman?

Will never happen

Storm is coming

Hmm

SUFFERInSMILIIN:
Nigerians and illiteracy is like one and two. Nigerians in America have one of the highest unemployment rates. Also Nigerians going to America have dropped by more than 20%. Nigerians have a high number of people in American prisons. this is what we Nigerians are good in vote for ourselves and suffer even in another man's land. In America right now Nigeria is number 9 African in employment. But Nigerians will tell you they have to vote for themselves. Once an illiterate is always an illiterate no matter what country they are in..

Get a life

Ok

Cool...

If you must take food to IDPS take already prepared food..

If you do mistake take raw just take it that you are giving it as gift to those running the IDP..

Nigerians can be very terrible..