[quote author=DMerciful post=93373420]It's this oil that's not really profitable that has led to abandoning of our agriculture [/quote
The OP is a cow, no mind am

Godfullsam:
You are making alot of sense.

If only our leaders can think out of the box.

I learnt that the UAE has a population of about 9.6 million and an annual budget of 50bllion dollars while Nigeria, with a population of about 200 million people Haas an annual budget of about 35billikn dollars.

And some people expect Nigeria be like Dubai

This is not about population matter...
Corruption is the major ish in Nigeria coz without corruption, the country will be a safer place for investment and have good infrastructure...
Corruption is our major ish in Nigeria, we run a capitalist govt which pays very little attention to welfare.. The money in the budget which should be used to provide an environment where business and innovation will thrive is eaten up by corruption... That's the problem..
If The UAE becomes unsafe today and corrupt... Their economy will shrink... China started progressing rapidly when Chairman Xi came to power and started brutal crackdown on corruption.

Sultannayef:
Good luck, you need to grow up.

Keep the advice for yourself

Rossinky:


YOU are acting like a partial, biased FOOL.

The guy introduced himself by saying I was a little kid who knew nothing about Economics and other insults and snide remarks, which you have completely ignored, only to face me because I defended myself? GTFOH.

I do not tolerate insults for expressing my views here, and if you insult me, expect the exact same back from me.

THANKS.

you see when I say you are kid who knows nothing.... just correcting from something you are still doing same thing
who is now the FOOL here?

Rossinky:
Every day, ''corruption'' this ''corruption'' that.

If we had an annual budget of 300 billion dollars, do you know you won't even notice if there is corruption or not?

People who moan about corruption are people whose countries don't earn enough money.

If your country is making money, you won't even notice if someone steals 20 billion dollars.

Everything will still be working.

Also, abundance tends to discourage corruption and minimize it.

If, as a public servant, you are very well paid and are assured of a comfortable, wealthy existence after retirement, with a hefty pension, you will be less inclined to be corrupt. It's human nature. Corruption is largely a function of fear, financial uncertainty and insecurity. Remove those elements and corruption declines, however slowly.

This your post has clarified one thing for me, I am now sure that I am not crazy.

I have been saying the same thing for a very long time but people call me zombie, they said I am defending Buhari's failure.

Minsk24:


This is not about population matter...
Corruption is the major ish in Nigeria coz without corruption, the country will be a safer place for investment and have good infrastructure...
Corruption is our major ish in Nigeria, we run a capitalist govt which pays very little attention to welfare.. The money in the budget which should be used to provide an environment where business and innovation will thrive is eaten up by corruption... That's the problem..
If The UAE becomes unsafe today and corrupt... Their economy will shrink... China started progressing rapidly when Chairman Xi came to power and started brutal crackdown on corruption.

you got it right bro.... corruption and mismanagement killed the this country....many countries did get rid of corruption before they progress and it worked in China and same thing in India but that kid won't understand... if you just against his views....the next is insult

do you know how SME suffer in the country without good welfare not to talk of common citizen but they find joy in blaming people for everything while the people at the arms of government have killed the nation

Rossinky:


How was Innoson able to build the first and largest black-owned vehicle manufacturing plant on earth, starting with nothing but a spare parts business?

Is he operating in a different Nigeria from you and me?

Why are the Indians, Lebanese, and Chinese rushing in here to start manufacturing businesses if the infrastructure is as terrible as you say?

STOP WAITING FOR NIGERIA TO BE LIKE FRANCE before you can have hope in the country.

We will NEVER get that ''full infrastructural availability' until we diversify sufficiently to be able to AFFORD it.

Even our current budget of 35 billion dollars is our highest ever budget.

It is that 'high' because of diversification. Oil used to account for 95% of govt revenues, remember?

Today it accounts for just 65^%.

So we are on the right track as a nation, in terms of diversification. We just need to accelerate it.

If we can just get to 100 billion dollars a year, it will solve a lot of issues in this country.

I'm not saying we should be France that quick but I'm just telling you that Nigeria diversification can progress as you guys want it cuz of many things.... you can't expect any foreign company have an option btw Nigeria and SA and choose Nigeria cuz we don't have what it takes to compete in manufacturing and others

why do you think things manufactured in Nigeria are more expensive than imported product despite imported good is of high quality?

do you think innoson is kinda cheap compared to other import vehicle of same quality

why do you think many people don't buy Nigeria manufactured good overseas except our raw material?

it is because we don't certain things we need to diversify... that's why it slow or it's not working in other's view

that what most of us who engaged in SME face every day but people like you who spend everyday support the govt won't understand... that's the reason why I told you to start some business and let's see your comment after

Minsk24:


This is not about population matter...
Corruption is the major ish in Nigeria coz without corruption, the country will be a safer place for investment and have good infrastructure...
Corruption is our major ish in Nigeria, we run a capitalist govt which pays very little attention to welfare.. The money in the budget which should be used to provide an environment where business and innovation will thrive is eaten up by corruption... That's the problem..
If The UAE becomes unsafe today and corrupt... Their economy will shrink... China started progressing rapidly when Chairman Xi came to power and started brutal crackdown on corruption.

Actually corruption still exists in China.

China is prosperous because its source of income depends heavily on manufacturing, not on selling oil or agriculture.

And if your income is dependent on manufacturing, it is in your best interest that the power works and so on.

Nigeria is not prosperous because whether there is light or no light, the money will still come, from oil , agriculture or loans.

Add the fact that our population is high. The UAE produces the same amount of oil we do, for a population less than 20 million. That's why they can build all those nice stuff...they have the money.

kikero:


Actually corruption still exists in China.

China is prosperous because its source of income depends heavily on manufacturing, not on selling oil or agriculture.

And if your income is dependent on manufacturing, it is in your best interest that the power works and so on.

Nigeria is not prosperous because whether there is light or no light, the money will still come, from oil , agriculture or loans.

Add the fact that our population is high. The UAE produces the same amount of oil we do, for a population less than 20 million. That's why they can build all those nice stuff...they have the money.

but China corruption is not as Nigeria and we all see how China punish any corrupt people with death penalty which gives both local and foreign investor peace of mind that their investment is still ok plus other incentives put in place for business and these are the things we lack which makes it look like it hard to diversify

hargbolahan01:
but China corruption is not as Nigeria and we all see how China punish any corrupt people with death penalty which gives both local and foreign investor peace of mind that their investment is still ok plus other incentives put in place for business and these are the things we lack which makes it look like it hard to diversify

Yes, they punish some people...but there are a lot of petty corrupt people there, just like Nigeria as well.

In fact, China isn't necessarily eldolardo..large swathes of the country are poor and underdeveloped, but I digress.

China's strength is manufacturing, and also as a source of cheap labour (the latter is why investors come in their numbers....American companies in particular..
Because a Chinese worker costs less than an American worker)

And as a result their power,.transport and telecoms works because if it does not work, their manufacturing power goes down, and their ability to make money for government goes down.

Nigeria, by contrast relies on income from oil. You do not need light 24/7 to get oil flowing. This, things don't work.

Rossinky:
The great thing about this renewed, zealous national focus on one thing called Economic Diversification, is that all of a sudden, the ethnicity of the next president doesn't matter anymore.

We simply elect the person we all know will be excellent in diversifying the economy, based on his or her past credentials and antecedents.

If it's igbo, fine. If it's Yoruba, fine, If he's Urhobo or Fulani, fine.

Can you DIVERSIFY THIS ECONOMY, and HOW?

That is the main question you must answer before you lead Nigeria.

You talk too much and lack critical thinking.
The Nigeria system was design to fail, thats why the public sector is a mess. A system that was shape to concentrate power in Abuja plus quota system will always fail.
If you like earn 500 Billion dollar revenue, the Nigeria system design by the Northern oligarch will always fail.

Take a look at this
(1)Power sector fully centralized=FAILURE
(2)security fully centralized =FAILURE
If the above doesnt give you a clue then the problem is people like you.

The OP does not understand the main cause of Nigeria problem.

That Oil revenue was meant to be for the producing locations. 35 billion dollars should have been for oil producing region.

But some people have chosen laziness instead of working hard to contribute.

In Primary and Secondary school I was taught that the north has a lot of mineral andeconmic resources but uptil now am yet to see economic impact of those stuff on the budget

While I agree with everything you said, the effect of corruption still cannot be over emphasised enough.. I can't remember which body said some time last week that Nigeria politicians have looted about 600 billion dollars from 1960 till date. If 600 billion dollars was used for infrastructure, Nigeria will be competing with the west..

Perfectbeing:
While I agree with everything you said, the effect of corruption still cannot be over emphasised enough.. I can't remember which body said some time last week that Nigeria politicians have looted about 600 billion dollars from 1960 till date. If 600 billion dollars was used for infrastructure, Nigeria will be competing with the west..

No we wouldn't!!!!!!!!

That 600 billion dollars is PEANUTS.

UNLESS you are earning that EVERY YEAR.

THEN you can talk about ''competing with the west''.

Did you read their annual budgets of some western nations that I posted?

That 600 billion dollars is less than 10% of the USA's annual budget.

So how will you compete with the west with that?

You people need to stop seeing small money as BIG money.

That is why we spend so much time fighting over the small oil money, because we think it's HUGE, and that access to it is all that matters.

But read our annual budget in comparison to those other nations as posted above.

That tells you EVERYTHING.

kikero:


Actually corruption still exists in China.

China is prosperous because its source of income depends heavily on manufacturing, not on selling oil or agriculture.

And if your income is dependent on manufacturing, it is in your best interest that the power works and so on.

Nigeria is not prosperous because whether there is light or no light, the money will still come, from oil , agriculture or loans.

Add the fact that our population is high. The UAE produces the same amount of oil we do, for a population less than 20 million. That's why they can build all those nice stuff...they have the money.

Lol... Of course corruption still exists in China but the death penalty sentence helps reduce it to very low levels...
China wouldn't have bn a manufacturing hub if its leaders embezzled funds budgeted for infrastructure... China's high standard infrastructure helped it become a manufacturing hub....
Imagine if they had the likes of Buhari and Co and running the country. Will they get to this level? Not possible... And also remember that China is a socialist country with lots of state funded programs... These programs have helped the Chinese reduce inequality.. Imagine if they had the likes of Minister Sadiq Farouq at the helm of affairs of such program...?
Nigeria must purge Corruption before we can make headway....

Kenplay:

You talk too much and lack critical thinking.
The Nigeria system was design to fail, thats why the public sector is a mess. A system that was shape to concentrate power in Abuja plus quota system will always fail.
If you like earn 500 Billion dollar revenue, the Nigeria system design by the Northern oligarch will always fail.

Take a look at this
(1)Power sector fully centralized=FAILURE
(2)security fully centralized =FAILURE
If the above doesnt give you a clue then the problem is people like you.

Yawwwnnn..... we've heard it all before. Your type will use 10,000 dollars to cross the Sahara desert and end up perhaps in slavery in Libya or Lebanon, or washing plates in Italy, to escape the ''failed state Nigeria''.

An Indian or Lebanese man will use that same money and fly to Nigeria and open a small factory or restaurant that will turn him into a millionaire in 3 to 5 years.

Keep up with the disgruntlement, hopelessness and blame game. Everything is ''failure'' in your head. Why will ''failure'' not materialize in your life? What you tell the universe is what the universe gives you.

Did Innoson not start with a spare parts business?

Look at him today. The difference between him and you was mindset.

Minsk24:


Lol... Of course corruption still exists in China but the death penalty sentence helps reduce it to very low levels.....

What very low levels?

Dude, there is MASSIVE corruption in China.

It is not ''low level''.

Those periodic executions you see are of low level officers far removed from the higher echelons of office close to Xi Xing Ping.

Ask the average Chinese man and he will tell you those executions are for show. The real corrupt elements walk free.

Corruption is in every country. The way they override its effects is by economic diversification, which will ALWAYS reduce the impact of corrupt activities on a nation.

In Nigeria, most are waiting for corruption to end before they can have the hope to invest in the country etc. They will wait forever because corruption is going nowhere.

Minsk24:


Lol... Of course corruption still exists in China but the death penalty sentence helps reduce it to very low levels...
China wouldn't have bn a manufacturing hub if its leaders embezzled funds budgeted for infrastructure... China's high standard infrastructure helped it become a manufacturing hub....
Imagine if they had the likes of Buhari and Co and running the country. Will they get to this level? Not possible... And also remember that China is a socialist country with lots of state funded programs... These programs have helped the Chinese reduce inequality.. Imagine if they had the likes of Minister Sadiq Farouq at the helm of affairs of such program...?
Nigeria must purge Corruption before we can make headway....

I think you missed my point.

The main reason why corruption thrives in Nigeria ultimately is that it does not threaten the earning power of the elite.

In industrial societies like China, they cannot afford corruption , because corruption threatens the earning power of the elite. If light, water and transport are not working the earning power of the elite would be reduced drastically

In resource dependent countries like Nigeria, the money flows not from what me manufacture, but what raw materials we sell. Since the earning power of the elite is dependent on how much of the sharing they can.corner, not on what they actually produce,.and since their earning does not depend on whether there is light or water flowing properly, corruption thrives.

Also, the economy in China is run as a profitable economy. No price controls, no sharing of the money. Nigeria does different. In this country we expect that we.sell.raw.materials and share the money for our enjoyment. Instead of doing what China is doing....accepting that our resources are.limited and maximising them via industries and science.

That's why I believe that when we vote out APC come 2023,.nothing would change. Unless this.country becomes a industrial country....which means hard decisions like taxes going up, allowing discos and gencos set their price for power so that they can attract the funds.needed to build our power investment,.allowing deregulation of the downstream sector...and so on.....unless we really change, corruption is not going away.

Corruption is a significant part of the problem but not as much as the suite of inept policies that the country pursues.

Sometimes those policies exist because they facilitate corruption like multiple currency exchange rates that allow insiders to round trip, fuel subsidies that allow govt officials and fuel importers to corner subsidy payments, state run refineries and ports that aid theft through NNPC etc.

But a lot of other policies are ostensibly "well meaning" but actually counterproductive like increases in public sector wages at rates that outstrip the economic growth rate resulting in tax revenues that barely cover salaries, regulation of electricity and fuel prices which disincentives investment as companies need flexibility in pricing, incessant import bans which reduce consumer demand, proliferation of loss-making airports which put further strain on government finances, etc.

The country's economy is puny given the population and unless there is a radical overhaul of policies, in addition to tackling corruption, living standards will keep getting worse whilst we focus on lobbing scurrilous, often ethnicity/religion motivated, accusations at political leaders instead of addressing the policy deficiencies that exist.

This is why I am wary of the vague talk of restructuring as it often reflects a desire to retire to our ethno/regional sanctuaries where we think dynamism will magically reappear. People's lives won't be better unless Nigeria as a whole witnesses a sea change in the quality of governance.

The economy is diversified as it is, since oil is less than 5 percent of the economy. It is government that should diversify it's revenue source. This can be done by imposing a taxable minimum wage on all employers of labor. We need to organise ourself.

Rossinky:


Yawwwnnn..... we've heard it all before. Your type will use 10,000 dollars to cross the Sahara desert and end up perhaps in slavery in Libya or Lebanon, or washing plates in Italy, to escape the ''failed state Nigeria''.

An Indian or Lebanese man will use that same money and fly to Nigeria and open a small factory or restaurant that will turn him into a millionaire in 3 to 5 years.

Keep up with the disgruntlement, hopelessness and blame game. Everything is ''failure'' in your head. Why will ''failure'' not materialize in your life? What you tell the universe is what the universe gives you.

Did Innoson not start with a spare parts business?

Look at him today. The difference between him and you was mindset.

Please sir, no need for an internet fight.You can stick to your opinion if it helps you sleep well at night.
GOOD DAY SIR, BYE

Rossinky:


Intriguing. But wait a minute.

WHEN did our leaders tell you this?

I don't particularly recall ANY of our leaders saying this.

Sure, they've said we are a great nation, but not much more than that...

The closest thing to it, I think, was when Gowon said in the 1970s that we had a lot of money, and the problem was how to spend it.

Don't really recall anyone else in power saying similar things after that!

I think the leaders know we don't make a lot of money. It's just politically unwise to tell that to the people!

Even from the reaction on this thread you can see that many Nigerians don't wanna hear it.

Their own is that we are an 'oil rich country', and the money we make from oil and gas is enough to make us a 'first world country' like the USA or Germany, or 'Dubai', if only the money was not 'looted by our terrible leaders'. That's it.

Anything else you tell them, they'll say you're one of the looters, trying to deceive them.

no body told them our leader act as if we are very wealthy nations ....how can u rationalise a poor country with 14 aircrafts for presidential fleets and highest paid legislators...

Buhari alway taught that corruption was the problem stopping development..but i knew it was a revenue to pollution ratio...

Rossinky:


What very low levels?

Dude, there is MASSIVE corruption in China.

It is not ''low level''.

Those periodic executions you see are of low level officers far removed from the higher echelons of office close to Xi Xing Ping.

Ask the average Chinese man and he will tell you those executions are for show. The real corrupt elements walk free.

Corruption is in every country. The way they override its effects is by economic diversification, which will ALWAYS reduce the impact of corrupt activities on a nation.

In Nigeria, most are waiting for corruption to end before they can have the hope to invest in the country etc. They will wait forever because corruption is going nowhere.

but why hasn't equatorial genuia not develop as qatar ....despsite small population..

kikero:


Actually corruption still exists in China.

China is prosperous because its source of income depends heavily on manufacturing, not on selling oil or agriculture.

And if your income is dependent on manufacturing, it is in your best interest that the power works and so on.

Nigeria is not prosperous because whether there is light or no light, the money will still come, from oil , agriculture or loans.

Add the fact that our population is high. The UAE produces the same amount of oil we do, for a population less than 20 million. That's why they can build all those nice stuff...they have the money.

China did two things early on in their March towards progress: they tackled corruption and adjusted their demography.

Show me any country which ranks low on any corruption index and is doing well.
If money meant for electricity and roads go there, we would have better power supply and better manufacturing. $16bn power funds stolen during OBJ's terms may look small to you and the op, but such monies have multiplier effects when used judiciously. How do you diversify when money meant for education and infrastructure is blatantly stolen. Of course, there would be oases of meaningfulness like inosson and gtb and such but on a grand scale your diversification of the economy would be irrelevant like in countries like Tanzania, Rwanda or Kenya where employment is scarce and majority of people live in slums despite small populations.

ahiboilandgas:
Buhari alway taught that corruption was the problem stopping development..but i knew it was a revenue to pollution ratio...

Buhari didn't fight corruption. If he did Obasanjo, Tinubu, Okonjo Iweala, Obi and co would not be walking free.

ahiboilandgas:
but why hasn't equatorial genuia not develop as qatar ....despsite small population..

Corruption.

Kenplay:

Please sir, no need for an internet fight.You can stick to your opinion if it helps you sleep well at night.
GOOD DAY SIR, BYE

You japa.

Rossinky,

I totally agree with you with regards to Nigeria being poorer than it is perceived to be. However, INDUSTRIALIZATION rather than Economic Diversification is our main issue. The difference between the two may seem little but the prescribed solutions for each differ significantly.

The oil and gas industry represents less than 10 percent of Nigeria's GDP. what is not diversified is government's revenues as Nigeria has one of the lowest Tax to GDP ratios on Earth.

Nigeria also has the paradox of having the richest black people on earth at the same time having the highest number of people living in extreme poverty on Earth.

SLS once made a comment that 90 percent of the funds in banks are owned by only 10 percent of Nigerian citizens.

INCREASING THE GOVERNMENT'S REVENUE

When we hear the word taxation, we all think about taxing businesses and we know that this is counter productive.

Other resource rich nations such as Norway, UAE, and states in The US such as Alaska and Texas, have low business taxes and little to no income taxes.
Income generation is mainly from property taxes, vehicle taxes, estate taxes and sales taxes. This is necessary because resource rich societies usually have high levels of inequality. Our leaders/looters would never agree to this as the burden of taxes would fall squarely on them, the 10 percent that control the 90 percent of bank deposits.

THE PATH TO INDUSTRIALIZATION.

You rightly noted that our infrastructural deficit is not responsible for our poverty. You also rightly noted that foreigners are excelling in businesses in Nigeria. You gave an excellent example of a Nigerian, Innoson, who is making all of us proud with his accomplishments.

- The Secret Sauce

1. Quality basic education: a child of a carpenter who attends a good school with children of bankers and lawyers is more likely to start an IKEA or a Home Depot than an accountants child. In The US, immigrants contribute vastly to increased productivity, not because they are necessarily smarter or naturally harder working, but for the fact that they have so little and their mates have so much more so they hustle harder.

Most countries realize that quality basic public education accomplishes two important goals towards industrialization
- increased competition
- reduced birth rate.

2. Quality health care.

Health is wealth so a healthy nation is a wealthy one as people will waste fewer resources on their personal health so they will have more time to focus on productive ventures.


These two factors of Industrialization are also the core components that make up the Human Development Index. Our leaders know these things but are not interested.

Sorry for any typos.

obaaderemi:
You japa.

I no get strenght for the guy matter, make him carry him wahala they go. Oil revenue ni, palm kernel revenue ko

.