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Nairaland Forum / Nairaland / General / Politics / The Only Good Thing About Good Luck Government That All Tribes Agree (1303 Views)
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The Only Good Thing About Good Luck Government That All Tribes Agree by abbakacici: 11:34pm On Nov 02, 2013 |
i am currently do my thesis , i was very shock to see that to find out that nigeria has one of the lowest debt (loan) to GDP in the world , because as at june 2013 our external loan (debt) is just 10 billions which is only around 5% of our GDP , the only sovereign countries to have a better ratio then Nigeria are Iran 4%, Algeria 3%while Brunei and Liechtenstein at 0% While countries such as Luxembourg have 3,443%, Ireland have 1,008, Iceland 999% , Singapore 480% United Kingdom 406% Sao Tome and Principe 349% and holland has 344% , still even if we use per capital income to measure it still look very good because the current per capital income of Nigeria is USD 2,827 (460,000) a year so if you want to measure debt to capita income , with a debt of about 10 billions dollar with a population of about 160 million that means every nigerian owes about 65 USD (11,000 Naira) that about 2% of our per capital income, even if we use that average of the 2 dollars a nigerian earn a day , is still less then 10% of our total income as debt, because if we look at USA debt is about 17 trillion with population of about 350 millions thus every American owes like 52,000 USD , that is almost 100% of their per capita income which is 52,000 that is almost 250% of their average income which is 18,000 dollars, So UK with debt of about 10 trillion with population of about 64 million that means every Britain owes like USD 27,000 that is like 85% of their per capita and like 120% of their average income 3 Likes |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by mike404(m): 11:38pm On Nov 02, 2013 |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by daywatcher: 11:46pm On Nov 02, 2013 |
Who do I pay the 65 USDs that me and my close family members owe and what happens after I have paid it? My point is, all the figures/statistics that you are quoting means nothing to the majority of Nigerians. I won't be suprised if there are some people that have not consumed up to 65 USDs in their life |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Onlytruth(m): 11:53pm On Nov 02, 2013 |
It is GOOD that Nigeria has low debt. Infact I'll take that back... it is VERY VERY VERY GOOD that Nigeria has low debt. So, OP I agree. |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by buoye1(m): 12:07am On Nov 03, 2013 |
Ebele |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Nobody: 2:10am On Nov 03, 2013 |
my guy op u try for this report...to be sincere these economic stats and figures are cosmetic... the USA owes so much debt yet they are the most powerful dynamic nation. naija's correct and tidy economy is tearing people stomach with ulcer, hunger, lack and want. Mr economist no one should suffer from this stingy economic policies. America knows this and you also know this. |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by PapaBrowne(m): 4:40am On Nov 03, 2013 |
Aggrippa: my guy op u try for this report...to be sincere these economic stats and figures are cosmetic... the USA owes so much debt yet they are the most powerful dynamic nation. naija's correct and tidy economy is tearing people stomach with ulcer, hunger, lack and want. Mr economist no one should suffer from this stingy economic policies. America knows this and you also know this. No, you dont get it!! It simply means we can start taking debts without really having default problem. It means that very soon many financial institutions globally would start looking to dump debt on the Nigerian private sector. And I tell you it is a good thing. Look at the list of all the top debtor countries, they are well developed. This is how it works. Lagos wants to build a light rail system but doesnt have enough money to complete it. Because our debt to GDP ration is low, an investment bank like say Goldman Sachs would think, hmmmm...not a bad idea to put some of our money on that project. So they arrange a tool and fund the project. Or Dangote wants to build a refinery and needs a loan of $5Bn. HSBC looks at our Debt to GDP ration and says wow, those guys are not going to be defaulting any time soon. They throw the money in for Dangote. In a nutshell, Nigerians would be the beneficiaries. Debt develops countries. The kind of debt we shouldn't be taking is the ones obtained by Government to fund recurrent expenditure like the purchase of 300 cars by Lagos state Government for a sports festival or purchase of 202 cars by NCAA. But if it is debt to fund essential infrastructure then fine. Build Roads, Rail lines, Airports, Seaports, Power Sector, Industries, et al with debt and your economy expands giving you capacity to pay back.! 3 Likes |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Ayomel(m): 5:43am On Nov 03, 2013 |
opssss i think is better to speak for your self. u are wrong by saying all tribe..... where did you get your findings |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Ijebulogic(m): 6:39am On Nov 03, 2013 |
Dangote has more debts than me but is the richest man in Africa. Your analysis is flawed sir because Debt to GDP ratio can not be analysed using a "balance sheet" approach. Many other factors need to be considered. Meanwhile- when will Nigerians move away from this "tribe" mentality. Its the single largest cause of non-progress. |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by trillville(m): 7:14am On Nov 03, 2013 |
PapaBrowne: Debt to GDP ratio is not what international banks look at to know who to loan to. They look at a countries credit ratings, e.g. S & P. We are currently rated BB- which implies that we are considered NON INVESTMENT GRADE SPECULATIVE. whereas America with a high debt to GDP ratio is rated AAA, the best grade possible. The reason for this is in no way GEJ fault. In fact our ratings have improved during his tenure so he should be rightly congratulated. The true reason is because our economy is based on oil and we are still not diversified enough. If we are given a loan and the price of oil drops, we may not be able to pay up the loan. This happened in the 80's that's why our currency became so messed up. |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by ochukoccna: 7:46am On Nov 03, 2013 |
@ abbakacici, this your English still na die Try upgrade am for Hertfordshire now wey you dey there Abi free language classes no dey there? |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Shekson(m): 7:48am On Nov 03, 2013 |
Ijebulogic: Dangote has more debts than me but is the richest man in Africa. Your analysis is flawed sir because Debt to GDP ratio can not be analysed using a "balance sheet" approach. Many other factors need to be considered. ΰя counter-analysis is worse. Yu neednt use dat yu and Dangote analogy. That is un-intelligent of yu. |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Shekson(m): 8:03am On Nov 03, 2013 |
trillville:Correcting dat Non-Investment Grade. It is Speculative. And also to add, Debt to GDP ratio is under accounting factors considered by these rating agencies among other factors like Governance, cashflow, financial policy, e.t.c 1 Like |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by bloggernaija: 11:42am On Nov 03, 2013 |
Useless assessment and analysis. Are you trying to excuse a corrupt , dysfunctional ,incompetent,useless government? 1This president has increased debt from 0 to over $10 billion within 4 yrs 2Depleted the $22 billion excess crude account 3depleting the $48 billion foriegn reserve that obj left 4accumulating domestic debt 5 keeps running a deficit budget despite record oil prices 6 spending over a quarter of the budget on security without any improvement in the quality/quantity of the armed forces. And more. All this spending with nothing to show for it. Algeria ,a fellow OPEC member ,has a foreign reserve of $200 billion . 1 Like |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Nobody: 11:50am On Nov 03, 2013 |
PapaBrowne:brilliant and exact! you just spoke my mind...you could n't have said it better, Bravo!! 1 Like |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by ifebosco: 2:51pm On Nov 03, 2013 |
bloggernaija: Useless assessment and analysis.you said it all,how can you inspect an investor to invest in nigeria.money is confidence,do you have confidence in nigeria?? |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by PapaBrowne(m): 1:05am On Nov 04, 2013 |
trillville: Uuuummmh......Do I really have to explain that one of the key factors used in determining credit rating is debt to GDP ratio? I don't think so.There are other factors sure, but Debt to GDP ratio is big on Standard & Poors rating criteria! And the investment banker for your info dont rely strictly on credit rating to make investments.There are many other interesting factors used especially with the shift in global geo-economics. McKinsey for instance believes that Nigeria is one of the best places in the world to make investments for products that target young people ages 0-15 and to some extent 15-24. Why?? Because more children would be born in Nigeria over the next decade tha would be born in all of Europe combined. That means a company like Procter and Gamble would be better off investing in a diaper plant in Nigeria than in any where in Europe. My point is: other criteria beyond credit rating is factored when making investment decisions! |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Gboliwe: 1:56am On Nov 04, 2013 |
Ayomel: opssssignore his use of the word 'tribe' you as an individual, what sayeth or thinketh thou? |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Nobody: 9:18am On Nov 04, 2013 |
trillville:Not only that, they look at other factors too to determine if your country is suitable/friendly for investment. Nigeria is not. |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by PapaBrowne(m): 10:09am On Nov 04, 2013 |
kingoflag: Not only that, they look at other factors too to determine if your country is suitable/friendly for investment. Nigeria is not. Nigeria is one of the best investment destinations in the world right now. I'm speaking as one with access to key insiders in various top investment institutions worldwide. Nigeria is hot!! Maybe I should pander to your tribal cravings and say it like this: Lagos is one of the hottest investment destinations right now. Hot! Hot Hot!! You have no idea. If you do, you will [prepare for a windfall and start taking advantage. Nigeria is on the radar globally in every investors with some appetite for risk and high returns!! Read below: http://www.howwemadeitinafrica.com/?post_type=post&p=24413 |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by Nobody: 10:21am On Nov 04, 2013 |
PapaBrowne:You always come across as a dummy, but, you wanna bet that youve got absolutely no idea where the Nigerian side of my family is from? Nigeria is hot?! Says GEJ or world institutions? Truth is Nigeria still has a loooong way to go to put in place institutions necessary for a safe investment environment. You can keep deceiving yourself if you want, it wont be the first time. |
Re: The Only Good Thing About Good Luck Government That All Tribes Agree by hercules07: 11:01am On Nov 04, 2013 |
Bros, what is our total debt, external + internal. I have searched on the internet and I found that to be $44bn and that translates to about 20%. |
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