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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn (39921 Views)
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Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by manny4life(m): 1:07am On Dec 21, 2013 |
Omo_Tier1: Let me guess, it's you who has the intellectual capacity to understand the topic? Don't hate the player, hate the game. What I don't understand is why you're bent on making a foool of yourself, when someone is intellectually bereft, what do you do? Exit immediately, but you're doing the opposite, that speaks much of your intelligence. Your brain haven't interpreted so far that I'm making a foolll of you, when relevant posters arrive, I will contribute but for now, you're irrelevant, and I don't have time for you because you're blowing hot air, and nothing else. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by RedLight1: 1:07am On Dec 21, 2013 |
BluIvy: botsawana *rushes to google to check their gdp* WTF Botswana GDP - 14.41 billion damn! even dangote could buy that freaking nation botsawana also wants to show muscle 1 Like |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by OmoTier1(m): 1:11am On Dec 21, 2013 |
Red-Light:You believe that one is from Botswana? If you knew any black South African, then you would know by her letters that shes not a botswana! |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by OmoTier1(m): 1:13am On Dec 21, 2013 |
manny4life:Hehe.. this one is on the road to suicide before December 25th! Stick to thread and stop spreading falsehood then you would not have people like me blowing you the truth right in your face! |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by Nobody: 1:13am On Dec 21, 2013 |
Where are my South African Zulu brothers to contest the validity of this re-base information? |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by tosan200(m): 1:14am On Dec 21, 2013 |
manny4life:Educate yourself. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by manny4life(m): 1:16am On Dec 21, 2013 |
Omo_Tier1: Whewwwww... Damn, why is this cretin blowing HOT MUSTY AIR... |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by manny4life(m): 1:17am On Dec 21, 2013 |
tosan200: Where did this one crawl out from? Okay, you've been noticed... Now have a seat. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by toluene12: 1:18am On Dec 21, 2013 |
This issue of poverty level, based on $1 per day had been explained on previous thread. That figure is a relative term and nor absolute. Its the total income of the work force in a country divided by the nation's population OR total household income divided by number of people in the family. If its less than $2/day then the family is deemed poor. e.g if a man earns #30000/month and has a family of 1 wife(not working), 3 children and an elderly, they all live below the poverty level. Thats how they came about the 45% of nigeria living below poverty level. Its nothing personal against nigeria. Concerning the rebased gdp I think its expected since previous gdp didn't account for the informal sector which is where the real growth of our economy lies. The nation isn't producing jobs so alot of youths are taking succour in trading, artisanship, transport and various semi-skilled labour, thus that sector is actually growing. The agricultural sector constitute 40% of gdp and employs 30% of work force so its not out of place to say significant number of nigerians live in rural areas. In fact, apart from lagos and some 5 states plus abuja, other states in nigeria are more or less rural areas, thus i can safely conclude 70% of nigerians live in rural areas. And please stop using phones to determine wealth. Mobile phone is now deemed a neccessity and not a luxury/want. Back to our gdp; Nigeria has enjoyed trade surplus and an average growth rate of 7% over the last 15 yrs, the bane of our stunted development is mismanagement and lack of foresight by our public office holders and this administration is no exception. If we had been serious with our economy and done the right thing, some of those jobs, factories and IT firms that were outsourced to china and india would have come to nigeria. We have the land, abundant natural resources, skilled human resources, cheap labour, young workforce, a large population, a huge market with strong apetite located strategically in africa. We have what it takes to attract foreign direct investment. By now we will be talking of a gdp around $800 billion or even 1 trillion, but alas we messed it up and we're all paying for it. We have a growing jobless economy that is heavily oil dependent. Oil makes up only 11% of our gdp yet constitute 95% of our export earning and 85% of govt revenue. No successive govt has make any serious effort to stimulate potentials in other sectors of the economy to generate jobs and revenue. It has always been about oil. Apart from civil service, political patronage, few upstream sector and informal sector, no other sector is employing. The indians, chinese and lebanese controls our manufacturing sector and the last thing u wish for is to work for those people. The service sector is shedding more than it employs - thus the 25% unemployment we have in the nation. However, its never too late. When u dig a hole and u fall inside the next thing to do is to come out. Lets hope jonathan and his economic team gets it right and hopefully give us some REAL fresh air not the one we see on paper. finaly, Its too early to say nigeria now has the largest economy in africa. As at 2011 SA has a gdp of around $400 billion and at a growth rate of 3%, they should be above 405 billion. Their last estimate pegged it at $411 billion. Lets wait for the official report b4 we conclude. 5 Likes |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by Nobody: 1:18am On Dec 21, 2013 |
BluIvy:Stop flaunting! You need to flaunt for your Southies not for Nigerians. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by OmoTier1(m): 1:20am On Dec 21, 2013 |
all4naija: Where are my South African Zulu brothers to contest the validity of this re-base information?My brother, I think we should be more interested in the breakdown of the sectors that have shown appreciable growth and seek how we can best improve upon them than worrying about those SA and their innate hatred for Nigeria and Nigerians. Analyst since 2005 have always predicted that by 2014 or 2018, Nigeria will over take SA has the biggest economy in Africa and will continue to grow aleast minimum 6% GDP year on year, but for us to have real development impact by growth, we would need to have a GDP year on year growth figure of 12%. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by tosan200(m): 1:22am On Dec 21, 2013 |
manny4life:That's the problem with you people , you are just exhibiting your ignorance on this forum. You made a mistake, just accept it and move on. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by OmoTier1(m): 1:23am On Dec 21, 2013 |
toluene12: Just do the maths in excel, if the country GDP as at 2010 was ESTIMATED to be $411bn and since then has seen a growth rate of less than 1%, with a revised figure of 0.7% for 2013, what do you think the current GDP figure will be? |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by OmoTier1(m): 1:25am On Dec 21, 2013 |
tosan200:My brother, He has nothing to contribute to intelligent discuss such as this thread. Just go check His postings, you would notice whenever threads of intellectual discuss prop up, He resorts to falsehood and can barely contribute other than seek to derail it. Many of us who have been here for long know His type and the darkness they represent on NL. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by manny4life(m): 1:28am On Dec 21, 2013 |
toluene12: This issue of poverty level, based on $1 per day had been explained on previous thread. Granted that some of the things you expressed are correct, few of your numbers are incorrect. 1. Oil doesn't make up 11% of our GDP , although it's somewhat close to that number 2. Our exports earnings from oil isn't 95%, as a matter of fact, that number has drastically reduced. I will look up recent reports to back that up 3. Nigerian revenues isn't 85% of oil, that's old data. According to the budget from last year, and most recent, 55% of oil revenues represented govt revenues and that number is going down to about 35% by 2020... At least according to the budget forecast from FMF. 4. You saying that the govt hasn't stimulated any form of growth to create jobs is very incorrect. Development creates jobs whether it's social, healthcare or infrastructural or whatever, you cannot deny the fact that some of this sectors are improving. There's room for more, but they have improved. Furthermore, 5. Like you stated, it's only relative and not absolute, wouldn't that make sense for an adjustment to data? There's a whole lot that's not accounted for in the income approach of the GDP. The roadside hawkers do not declare their revenues, the petty traders don't, the store owners don't, the okada riders don't, a good chunk of our economy is not reported. So knowing this fact, is it accurate that people live under $1 or $2/day? 6. While you highlighted that there's no job and some of our youths go into semi trading and what have you, although we need jobs involving production, and creating value for goods (REAL GOODS), looking at our GDP, manufacturing has peaked up as well. Whether it's large scale or small scale or whichever, as long as we can consume our own goods for its value, and then think more on large scale for export, I think Nigerian economy will bounce higher. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by manny4life(m): 1:31am On Dec 21, 2013 |
tosan200: Mistake about what exactly? Did you drink before coming online? What ignorance do you speak of? I was clowning with ndu_chuks, we joked and passed it on, so where's the mistake? Please, know the fact before wading into an issue, I beg of you... Thank you. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by RedLight1: 1:32am On Dec 21, 2013 |
Omo_Tier1:hmmmmm ... "conc" inferiority complex dirty south african |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by Docdanatete: 1:56am On Dec 21, 2013 |
Can someone lecture me on the relevance of this increase to the masses?How does it affect the grassroot populace? |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by ocheejemb: 2:06am On Dec 21, 2013 |
BlackBaron: Same argument holds for China apart from the capital city explanation. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by Nobody: 2:37am On Dec 21, 2013 |
Omo_Tier1: There you again with your showoff. You people are confused some say I am trying to be South African some say I am not Batswana frankly i do not give a damn. Now what about PHD?LMAO a dummbo like you supervising PHD's? Atleast I know I do not have a PHD and would never lie about it. And you think you know a country and its people by supervising their PHD students? Nigerians no go carry last, I swear! Let me make you happy I am SAn but my statemebt still stand about Nigeria's poverty vs SA, By the mr Supervisor of PHD's how did we get here. You know how to dogde a question hey? More like PHD in 419 scamms, Olodo! |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by TerryCarr(m): 2:45am On Dec 21, 2013 |
Nigeria is overpopulated and has a lot of oil that's the only reason. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by Nobody: 2:51am On Dec 21, 2013 |
jfking2005: One guy fabricated the story, another guy in the publisher printed it and the others quoted it for Nairaland and media purposes. Our in-house Economists, please help me explain to this ISI AZU that as our Economy grows our food prices will also increase and not the opposite as his ISI EWU is thinking. 1 Like |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by TerryCarr(m): 3:03am On Dec 21, 2013 |
Theben:cell phones are not special no more |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by boss1310(m): 3:10am On Dec 21, 2013 |
BluIvy:a poor nigerian parent spend triple of that only on indomie and pap to feed a child for a month excluding school fees paid every 3 months.an average nigerian man is wealthy compared to a south african black.thats a fact |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by boss1310(m): 3:16am On Dec 21, 2013 |
TerryCarr: cell phones are not special no morethats not cell phone anymore.thats ogbunigwe |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by LCASHMAN(m): 3:35am On Dec 21, 2013 |
THE TRILLION DOLLAR QUESTION IS; WHOSE BANK ACCOUNT HOLDS THE MONEY ECONOMY GROW OR NOT, I AINT SEEN NO DIFF AROUND SH!T AROUND ME. SAME OLD SH!T. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by adino(m): 3:45am On Dec 21, 2013 |
aaronson: Its not about Economical Development But Economical Growth,yes we have overtaken SouthAfrica but an average nigerian still live below 1dollar per day....how can you equate that to the preached development when 90% of nigerians wallow in abject poverty abegi make una go sitdonI SAY A VERY BIG AMEN TO THAT IN YOUR LIFE. That you and your entire household live on less than 1 dollar a day does not mean you should drag all Nigerians into it. IDIOOOOOOT. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by Nobody: 4:05am On Dec 21, 2013 |
kmariko: Nigeria’s economy largest in Africa as rebasing boosts GDP to $405bnROSSIK! IS THAT U?! |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by taharqa: 4:21am On Dec 21, 2013 |
Omo_Tier1:Nigeria is now d LARGEST ECONOMY in Africa under President Goodluck Jonathan. The Economy increased from around $59bn in 1999 to more than $400bn in 2013 (ie it Expanded about 8 times in a mere 14yr period) unda his Party's leadership; And the growth and diversification of d Economy is still on apace. Now DIE!!... 1 Like |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by taharqa: 4:37am On Dec 21, 2013 |
I invite everybody to go tru these threads plz: https://www.nairaland.com/1539312/experts-hail-nigerias-soaring-nonoil |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by Kairoseki77: 4:41am On Dec 21, 2013 |
BluIvy: South Africa has 40 million people while Nigeria has 170 or so million. If our GDP is EQUAL to SA, we can not be richer. |
Re: Nigeria’s Economy Largest In Africa As Rebasing Boosts GDP To $405bn by Nobody: 4:48am On Dec 21, 2013 |
Kairoseki77: Its not equal SA still leads per Capita, 3 x the nigerian one. |
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