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Re: Nigeria: Third Fastest Growing Economy In The World - Imf by Mobinga: 1:59pm On Oct 11, 2010 |
Spits and looks away |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by EzeUche0(m): 2:02pm On Oct 11, 2010 |
And that is why when I get my degree, I will be back in Naija to partake in this economic growth. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by lezuya(m): 2:12pm On Oct 11, 2010 |
Nigeria,third fastest growing Economy in the world!!!Really?And we are still without enough electricity power to carry us.I really find this hard to believe,though I HOPE for the best for us at all times. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by jason12345: 2:17pm On Oct 11, 2010 |
EzeUche0:Thanks, thats what we need in naija. .i'll do the same! |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by Nobody: 2:24pm On Oct 11, 2010 |
Those bastards when ever they're ripping any country off through their demonic loan activities, they use the media to cover up their shady deals., praising their victim as if it were so. I am not new to this modern day slavery! |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by Nobody: 2:41pm On Oct 11, 2010 |
YEAH RITE! I also believe in the easter bunny. Y'all need to check the source of this. Y is it , it's only tribune reporting this? |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by Katsumoto: 2:42pm On Oct 11, 2010 |
AjanleKoko: That is because India has made strides in the global services industry. It is possible to increase income in the intangible output (services, patents, etc) industry without increasing employment whereas you can not increase tangible output (manufacturing, agriculture, etc) without increasing employment. Take a look at the services dominated economy of India and the manufacturing dominated economy of China. Unemployment is falling in China and the middle class is also widening. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by debosky(m): 2:53pm On Oct 11, 2010 |
The 'growth' is more due to increased oil receipts more than anything else. Besides, we all know this 'growth' has little impact on most Nigerians. . . . massive increase in infrastructural spending (actual spending not allocations going into private pockets) will spur growth across the whole economy. The percentage increase in itself isn't of relevance on the ground. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by AjanleKoko: 2:55pm On Oct 11, 2010 |
Katsumoto: You're spot on there. India is big on services, but poor on infrastructure, and as such have not been able to create jobs. I use India a lot to draw a parallel to Nigeria's growth. In India it is outsourced services, in Nigeria, it is mostly oil exports, and telecom services. Interestingly, in Asia, there is beginning to emerge a stronger challenge to India, in places like Malaysia, the Phillipines, and Thailand. I personally think with technology and process changes, the growth of outsourced services may actually bottom out in the near future. In which case India has to still surmount the challenge of driving local growth. debosky: Theoretically, let's say somehow we are able to turn off corruption like a light switch, which is impossible anyway not due to our innate greed per se but more external factors, we may break records and see growth of upwards of 20%. Just imagine if we slashed all the lawmakers' allowances by 80%, eliminate government stealing by 70%, stop governors and LG bosses from stealing their allocations, and improving IGR, we would become the 9th wonder of the world! |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by govnor: 2:57pm On Oct 11, 2010 |
Hmmmm, We keep living in fools paradise. These incompetent fellows at the helms of affairs keep misleading the public with false news to cover up their flaws Guys don't be mislead. check this http://www.economywatch.com/economy-business-and-finance-news/12-fastest-growing-economies-in-2010-13-10.html and this: http://www.allbusiness.com/africa/999021-1.html We all pray that we get it right someday. However lets call a spade a spade. God help Nigeria |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by DeLaRue: 2:58pm On Oct 11, 2010 |
At Topic I will take the figures quoted by the IMF with a pinch of salt. Mainly on the basis that statistics can be manipulated for obvious reasons. If the Nigerian economy grew by 7.4% this year, did it have a concomitant positive effect on the lives of its citizens? I doubt it. Did Nigeria grow faster than China, India, Vietnam, Brazil or South Korea? I also doubt that. The only way Nigeria could have had such a growth figure without an improvement in the lives of its citizens is if it has a services dominated economy. We know that to be false as the Nigerian economy is still heavily product/manufacturing dominated. One can argue that the telecomms sector (service) grew but it is inconceivable for the telecomms sector alone to be responsible for a growth rate of 7.4% [quote][/quote] Bold is incorrect - sadly, the manufacturing component of our GDP has been falling gradually over d years & I believe it is now somewhere around the 25% mark - thanks mainly to the multinational companies who r still increasing investment in this area. Agriculture makes up about 55%, with services taking the rest. Think this, most previously healthy industries have been decimated to a shadow of their former selves, or in some cases completely wiped out. Examples: Textile - decimated. Cant cope with escalating cost of production & piracy. Chinese are now pirating our Ankarra & with d help of crooked Customs agents are now re-importing their cheaper,poor quality versions to our market! Tyre manufacturing - we are one of the largest Rubber producers in d world & until a few years ago, Michelin & Dunlop had major manufacturing bases in Nigeria. These were world class manufacturing plants. They were frustrated out of Nigeria. Now we export raw rubber cheaply, & re-import expensive tyres from Europe & Asia - clever huh?. Small & medium scale manufacturing - dilapidated infrastucture, cheap (often poor quality) & illegal Chinese imports have devasted the market share of local manufacturers, rendered them uncompetitive, & many of these companies are closing down. On a wider note, if you put 2 economists in a room & ask them d cost of producing a sachet of pure water, you will get 2 different views. Believing wholeheartedly figures reeled out by economists is misguided, particularly where the compiling institution (eg CBN) has credibility issues. Personally, I will take a sharp knife to the 7% & reduce it by half, & hope to God that the remaining 3.5% growth was indeed achieved. This approach is crude, but being extremely cautious & suspicious in Nigeria never does any harm! |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by anyason: 3:00pm On Oct 11, 2010 |
Though the achievement is plausible. Perhaps, the most important thing is to increase the living standard of the people through income redistribution. The gap between the rich and the poor in Nigeria is too wide. Therefore, no matter the economic growth rate, if welfare is not achieved, the citizens will remain in abject poverty. Sincerity in the fight against corruption, Sound and transparent tax administration and other macroeconomic policies are the only means by which the entire populace can feel the impact of economic growth. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by jamace(m): 3:08pm On Oct 11, 2010 |
Idi ots teaching IMF their jobs. So IMF knows not what they are saying, right? This guy has only 38 posts on NL, with only insultive contents. It's like he is just in NL to insult people. I wonder how insults could lead to economic growth. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by debosky(m): 3:22pm On Oct 11, 2010 |
AjanleKoko: I agree. . . the odd thing is, we don't even need to cut allowances, 'just' ensuring that allocations are used as intended will likely give >10% growth rates. schmuck potatoes? (Files away in list of insults ) |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by OmoTier1(m): 3:34pm On Oct 11, 2010 |
IMF data may not be all that precised but I am convinced that there is an element of truth in that Nigeria is amongest the first 5 fastest growing economy in the world. If Mallam Yardua has used wisdom in restructuring some of the good policies Obasanjo started ( even though I so much did not like much of Obasanjo's policies) I guess by now we woud have being on double digit growth with real evidence of physical growth by a way of low employment rate! All the same, what we should pick out of this is simple: WE CAN TRULY REDUCE POVERTY IN NIGERIA IF OUR GOVERNMENT(S) IMPLEMENT POLICIES THAT WOULD CREATE JOBS, PROVIDE SECURITY AND ENCOURAGE PRIVATE PARTNERSHIP IN INFRASTRUCTURE DEVELOPMENT. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by Princek12(m): 4:11pm On Oct 11, 2010 |
Ope fun Oluwa |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by abhosts(m): 4:11pm On Oct 11, 2010 |
I believe this report 100%. God Bless Nigeria |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by Princek12(m): 4:15pm On Oct 11, 2010 |
Assuming the IMF data is true, which I have no reason to doubt (as the IMF is a reputable international), Nigeria, a country powered essentially by generators, has the third largest growing economy in the world; imagine that we may have been the second or third largest growing economy if our leaders had fixed the electricity problem. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by okenwa26: 4:18pm On Oct 11, 2010 |
Economic indices is one thing, another is how those indices lead to the reduction of the price of garri in the market, |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by Katsumoto: 4:23pm On Oct 11, 2010 |
DeLaRue: I stated product/manufacturing to highlight that we are still very low in services. Product includes crude oil and agriculture. I don't disagree with the rest of your post. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by mecussey(m): 4:32pm On Oct 11, 2010 |
3rd fastest growing economy since Goodluck Jonathan; but IBB and them don't like it. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by Dawdy(m): 5:20pm On Oct 11, 2010 |
Nigeria 3rd largest growing economically indeed! If it is not wrong calculation, that meas nigeria has failed seriously. Cos inspite of our economy and our resources majority of nigeria still lives in poverty. d country whare d clothseller wears rags, d nation whare d butcher eats bones. What a shame country!!!. [table][/table][url][/url] |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by chibaby6: 5:37pm On Oct 11, 2010 |
Nigeria! 3rd fastest growing economy ke, for where, aw manage, where are the results, it is well with Nigeria jare, i rest my case. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by paddylo1(m): 5:37pm On Oct 11, 2010 |
The Economic miracle has already started,under the able leadership of Uncle JEGA Goodluck Nigeria. . . |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by paddylo1(m): 5:44pm On Oct 11, 2010 |
Good lord, give us double digit growth for the next ten years and keep our womens legs closed so our population is controlled lol. . .i dont mind our population peaking around 200million ppl |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by JUO(m): 5:48pm On Oct 11, 2010 |
thank God |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by Dawdy(m): 5:58pm On Oct 11, 2010 |
Nigeria 3rd fastest growing economically indeed! If it not wrong calculation & flattering remark 4rm imf i think nigeria has seriously failed. Cos inspite of our economical growth, majority of nigerians still lives in poverty. Nigeria d country whare clothseller wears rags, d nation whare butcher eats bones. What a shame country!!! 2011 is the solution nigerians shine your eyes |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by lagerwhenindoubt(m): 6:00pm On Oct 11, 2010 |
Dawdy: It seems so, maybe the comparison is indicative of growth each country has witnessed internally not in comparison to other countries, generally there is a global slow-down in economic growth so maybe Nigeria witnessed more economic growth by 6% but in comparison to other economies it is probably -40% I just checked similar statistics culled off IMF and it says something different, Nigeria is not even on the list of the World's Fastest Growing Economies http://www.economywatch.com/economy-business-and-finance-news/12-fastest-growing-economies-in-2010-13-10.html The above is forecasts for 2010 and Naija no dey there I have searched for Nigeria on any African Countries listed and she is nowhere to be found Four African Economies among the Top 10 fastest growing in 2010. http://developmentafrique.com/?p=61 The above is for 2009 and Nigeria is still not there so where is this pronouncement actually coming from List of countries by real GDP growth rate http://en.wikipedia.org/wiki/List_of_countries_by_real_GDP_growth_rate I have queried the IMF Database on 2001-2010 estimates and at no time was Nigeria ever on the Global Top 10 in GDP growth rates so it may be internal comparisons year on year. I reckon 5.6% to 6% growth is far better than some Countries can manage year-on-year So please can the expert posters please clarify |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by seyibrown(f): 6:06pm On Oct 11, 2010 |
Compare the report with what is actually on ground! Please slice that 7.4% in half! This economy can grow faster with better infrastructure. The thought of trying to start a manufacturing business that will employ thousands of people is daunting to me! Irregular electricity supply, corrupt customs, corrupt law enforcement, corrupt judiciary, thieving bankers . . . . . you just name it! All the international business that could come to Nigeria go elsewhere! Established ones even moved out! We've still got a loooooooong way to go! |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by mystikal(m): 6:20pm On Oct 11, 2010 |
On India being a services dominated country, please can you try detailing that a bit. Thanks. I just need to clarify an assumption, thanks again! |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by publisher(m): 6:23pm On Oct 11, 2010 |
The statistics makes sense but most doubters on Nairaland dont know how to use common economic sense. CHINA is the worlds fastest growing economy but majority of its population still live below the poverty line,why? Its because of her huge population and cheap labour. For instance there are two Nigerian families; Family A consists of 8 children with a monthly income of N50,000.000. Family B has 3 children with same N50,000.00 monthly income. if Family A suddenly starts earning N55,000.00 and Family B earns N51,000.00. Which family has surpassed the other in terms of earning? Family A,i guess, but will that impact meaningfully to the lives of its 8 children? NO. , thats the Nigerian story as far as IMF is concerned. |
Re: Nigeria: Third Fastest Growing Economy In The World - Imf by occam(m): 6:40pm On Oct 11, 2010 |
Looking at economic growth alone may be myopic and shifts focus from poverty reduction. For the last 8 yrs, Nigeria's growth has been near or above 6%, but this has yet to translate into improved living standards for majority of the population. Nigeria is currently ranked #158 out of 182 countries, according to 2009 Human Development Index (HDI). Our government needs to focus on improving our HDI ranking and stop bragging about achieving a derisory 6% growth. Derisory, because Nigeria needs double digit economic growth for a long period for sustained development Quote from the HDI report on Nigeria "Nigeria has emerged as one of the fastest growing economies in Sub-Saharan Africa, with an annual growth rate of 6 per cent witnessed between 2001 and 2008, However, the high growth rates do not seem to have translated into equitable distribution of wealth." http://hdr.undp.org/en/reports/nationalreports/africa/nigeria/NHDR_Nigeria_2008-2009.pdf |
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