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Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 - Politics (4) - Nairaland

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Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Ovamboland(m): 3:22pm On Aug 26, 2021
dragunov:


While naira to dollar is 550. People are languishing in squalor. Inflation is out of this world. Continue the lying.

Ghana cedi is 6cedi to $1, Japanese yen is 110 to a $, does that mean Ghana is more advanced than Japan and richer?

You obviously have a pedestrian or market woman understanding of currency exchange rates and the drivers.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Igwe29(m): 3:32pm On Aug 26, 2021
5% GDP growth with no significant change to show for it. Someone said it's like the NBS are being forced to supply us fake statistics and it's true. What this government cannot do doesn't exist.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Gfskw: 3:37pm On Aug 26, 2021
Still no impact
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Igwe29(m): 3:55pm On Aug 26, 2021
AlhajiBitcoin:

The Topic is pure deceit.

The growth rate last year was -6.1% in 2nd quarter 2020. And this negative growth rate improved by 5.01% in 2nd quarter, 2021.

Here is the calculation ( -6.1 + 5.01 ) = -1.09%

The actual GDP growth rate for APRIL, MAY, JUNE, 2021 is = -1.09 %

Nigeria is in recession.

Is that -6.1% change in the GDP even supposed to be called a growth? It clearly shows a nosedive; a decrease. It's a negative change.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by dragunov: 3:59pm On Aug 26, 2021
Ovamboland:


Ghana cedi is 6cedi to $1, Japanese yen is 110 to a $, does that mean Ghana is more advanced than Japan and richer?

You obviously have a pedestrian or market woman understanding of currency exchange rates and the drivers.

Whatever! But the report is still false because any kind of growth must be measurable by physical evidences, not textbook crap
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Buccalcavity2: 4:02pm On Aug 26, 2021
'Meanwhile, performance in the non-oil sector grew by 6.74% in real terms during the reference quarter (Q2 2021). The Q2 2021 growth rate was higher by 12.80% points compared to the rate recorded in the same quarter of 2020 and 5.95% points higher than the first quarter of 2021.'

This is good.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by KRSWon: 4:38pm On Aug 26, 2021
thebosstrevor1:
Upon all the abuses by wailers who are members of pdp, IPob and odua nation.

Buhari is not perfect but he is doing something


Exactly what is the "something"?

The news should be "5%" FROM WHERE in accordance with previous growth numbers. 5% growth from 0.1% previous growth or even an earlier - 3% decline is not impressive.

I mean, from the article itself:

“The Q2 2021 growth rate was higher than the -6.10% growth rate recorded in Q2 2020 and the 0.51% recorded in Q1 2021 year on year, indicating the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions.

Buhari literally has the worst recorded economic performance per tenure out of any president since the start of the democratic era:


"GDP performance of Nigeria’s Presidents since 1999

Olusegun Obasanjo, 1999-2007 ( 6.95%)

According to data from Nairalytics, under Olusegun Obasanjo, Nigeria’s first democratically elected president since the return to democracy in 1999, the economy grew by just 0.58% in his first year of presidency. Its highest rate of 15.33% was achieved in 2002. In his final year as president (2007), GDP growth was 6.59%. Obasanjo’s presidency averaged a GDP growth rate of 6.95% during his 8 years in office.

Under Obasanjo’s presidency, Nigeria experienced private sector reforms in telecoms, banking, and pension administration. His government also laid the foundation for other market reforms carried out by subsequent Nigerian presidents.

Umaru Musa Yar’Adua, 2008-2010 (7.98%)

The late Yar’Adua’s presidency witnessed a period of the large commodities boom, the 2008 financial market crash which left Nigeria largely unharmed, and a reversal of the sale of NNPC refineries, due to lack of transparency in the process.

Economic growth in 2008 was 6.76%. In 2010, it hit a peak of 9.13%, averaging 7.98% for Yar’Adua’s short time in office.



Goodluck Ebele Jonathan, 2011-2015 (4.80%)

GEJ took over as president after the death of his predecessor in 2010 and was later elected President in 2011. His presidency saw the rollout of reforms including fuel deregulation which was hit by the “#OccupyNigeria” protests, and also the successful implementation of the first phase of Nigeria’s reforms, which saw the deregulation of Distribution and Generation of PHCN assets into the GenCos and DisCos of today (transmission is still in the hands of the Transmission Company of Nigeria, which distributes the power to DisCos nationally).

Jonathan’s 2011 presidential year saw economic growth at 5.31%. The highest growth rate was 6.22% recorded in 2014. Nigeria’s GDP growth averaged 4.80% under his leadership, from 2011 to 2015."

Muhammadu Buhari, 2016-2020 (0.31%)

"Buhari’s administration historically signified the transfer of leadership to an opposition party in Nigeria’s democratic history, an election where promises to diversify the economy from crude oil were made, alongside others.

For several reasons, the administration has fallen short of its promises although it has scored fairly good points in social welfare schemes executed under the National Social Investment Programme (NSIP). Notable among these programs are the National Home-Grown School Feeding Programme (NHGSFP); N-Power program aimed at creating jobs for 1 million beneficiaries; GEEP programme to provide loans to an additional 1 million traders, farmers and market people; and the Social Register, to accommodate an additional 1 million households. Others include the TRADERMONI, MARKETMONI, FARMERMONI, MSME Survival Fund, and N75 billion National Youth Investment Fund (NYIF).

Under the Buhari administration, the economy has experienced rising food inflation and currency inflation which have seen Nigeria’s GDP per capita fall to the level it was 40 years ago.

His 2016 presidential year experienced a decline of -1.58%. The highest growth thus far is 2.27% recorded in 2019. Although his administration ends in 2023, from his arrival in 2016 to 2020, GDP growth under his leadership averaged 0.31%."

https://nairametrics.com/2021/05/21/gdp-performance-of-nigerias-presidents-since-1999/
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Tundethegood: 5:09pm On Aug 26, 2021
God dey
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by MoIbrahim: 5:35pm On Aug 26, 2021
All this statistics is nonsense if things are more expensive in the market and money id more difficult to find
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by orisa37: 5:44pm On Aug 26, 2021
That's UNRELIABLE.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Kingspin(m): 6:11pm On Aug 26, 2021
Anything Buhari touches is a mess.

This is Buhari growth not Nigerian growth.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by OBUA12345: 6:24pm On Aug 26, 2021
Propaganda! Bad government all they knows is how to liar. Wicked pupil.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by westfield: 6:37pm On Aug 26, 2021
Exactly the same lie your jonathan and okonjo told during their time

endsarrrs:
Hehe... Growth without any significant impact/development?!

Isn't this deceit? Like they say, you can't give what you don't have sad

Damnn to the leadership of 'one NIGERIA'

Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by huptin(m): 6:43pm On Aug 26, 2021
Ovamboland:


In a recession, one sure way of getting out of it is to spend heavily to restart activities and prevent further contraction of activities in the economy.
The funds must come from somewhere, either raising taxes or taking on debt. Raising taxes has its own problem in an economy with good tax system with wide net. Maybe less impact on spending power in a low tax system like in Nigeria with good scope for widened net.

It will be counterproductive to cut spending and investment in an economy seeing recession. The strategy to take on debt considering the difficulty and unpredictability of wider tax net.

But tax must be collected in the long term to guarantee repayment or servicing of the loans taken.

So borrowing heavily is your own way out of recession? How will the loans be repaid? Both internal and external? Did Obasanjo borrow before taking Nigeria from the verge of deep recession to unprecedented economic prosperity within a short period of time? Rather than focus on Foreign Direct Investment you are saying that it doesn't matter where the money comes from, in your personal life can you do that?
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by zinaunreal(m): 8:09pm On Aug 26, 2021
Audio percentage
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by bejeria101(m): 8:27pm On Aug 26, 2021
Vulture bbq man would jump on this.

Awon oponu
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by DEADALIVE: 8:48pm On Aug 26, 2021
Where this people they get their data from self....
Very stupid set of puppet doing the useless president favour!
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Rossinkipp: 9:48pm On Aug 26, 2021
FarahAideed:
What a huge lie ...5 percent from where ? What activities generated this phantom growth ? It's sad to see the NBS is now being forced to reel out fake statistics .... What did we export and what investments did we receive that warranted this growth?

Inflation levels are at an all time high , the Naira lost so much Value in this same quarter , Buhari borrowed more in the same quarter , insecurity reached an all time high in this same quarter , doctors went on strike in this same quarter but yet the NBS is reporting 5 percent growth.

Oh SHUT UP.

You are NOT an economist, an economic analyst, or a macro economist.

''Insecurity'', and the ''naira losing value'', ''inflation running high'', etc etc are all LAYMEN arguments that mean absolutely NOTHING when measuring/calculating GDP - economic growth.

Take your hatred for Nigeria and get lost.

I wonder why you come to this NIGERIAN site every single day, when you hate the country. Just get lost. Go and join Ghana site or USA site.

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Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by FarahAideed: 9:52pm On Aug 26, 2021
Rossinkipp:


Oh SHUT UP.

You are NOT an economist, an economic analyst, a macro economist.

SO SHUT UP.

''Insecurity'', and the ''naira losing value'' etc aetc are all LAYMEN arguments that mean absolutley NOTHING measuring economic growth.

Take your hatred for Nigeria and get lost.

I wonder why you come to this NIGERIAN site every single day, when you hate the country. Just get lost. Go and join Ghana site or USA site.

Bleep off ..I am a trained accountant and Economist ...well we are already done with with this data and proven how wrong it is ...the growth is still in the negative so stop decieving yourself...I don't hate Nigeria for your information , I hate Buhari govt
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by FarahAideed: 9:52pm On Aug 26, 2021
Rossinkipp:


Oh SHUT UP.

You are NOT an economist, an economic analyst, a macro economist.

SO SHUT UP.

''Insecurity'', and the ''naira losing value'' etc aetc are all LAYMEN arguments that mean absolutley NOTHING measuring economic growth.

Take your hatred for Nigeria and get lost.

I wonder why you come to this NIGERIAN site every single day, when you hate the country. Just get lost. Go and join Ghana site or USA site.

Bleep off ..I am a trained accountant and Economist ...well we are already done with with this data and proven how wrong it is ...the growth is still in the negative so stop decieving yourself...I don't hate Nigeria for your information , I hate the way Buhari is running the country
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by buckeyemedia: 9:53pm On Aug 26, 2021
Rossinkipp:


Oh SHUT UP.

You are NOT an economist, an economic analyst, a macro economist.

SO SHUT UP.

''Insecurity'', and the ''naira losing value'' etc aetc are all LAYMEN arguments that mean absolutley NOTHING measuring economic growth.

Take your hatred for Nigeria and get lost.

I wonder why you come to this NIGERIAN site every single day, when you hate the country. Just get lost. Go and join Ghana site or USA site.
Thank you for chastising that Somalian Nigerian Terrorist Farahaideed, a perennial Hater of Nigeria, Useless Somalian.

1 Like 1 Share

Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by buckeyemedia: 9:56pm On Aug 26, 2021
FarahAideed:


Bleep off ..I am a trained accountant and Economist ...well we are already done with with this data and proven how wrong it is ...the growth is still in the negative so stop decieving yourself...I don't hate Nigeria for your information , I hate the way Buhari is running the country
Pdp lover. You are pained, Charity begins at home, how is the Governor handling the economy of your state, how much has it grown by? Has it taken advantage of any comparative advantage it may have? You can’t answer that one, it is President Buhari in Abuja you will be shouting about? Issues that don’t concern you.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Rossinkipp: 10:04pm On Aug 26, 2021
FarahAideed:


Bleep off ..I am a trained accountant and Economist ...well we are already done with with this data and proven how wrong it is ...the growth is still in the negative so stop deceiving yourself...I don't hate Nigeria for your information , I hate the way Buhari is running the country

You are a charlatan. You are no economist.

If you were an economist you'd know that demand inelasticity for basic goods such as food, petrol, etc, would negate inflationary trends when calculating GDP growth, especially in a fast-rising, youthful population such as Nigeria's.

You'd know that the economic impact of 'insecurity' is not directly measurable - certainly not in monetary terms - and thus is never considered in GDP growth calculations.

And you care nothing for Nigeria because you don't mind dragging her down out of hatred for Buhari.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Rossinkipp: 10:28pm On Aug 26, 2021
AlhajiBitcoin:

The Topic is pure deceit.

The growth rate last year was -6.1% in 2nd quarter 2020. And this negative growth rate improved by 5.01% in 2nd quarter, 2021.

Here is the calculation ( -6.1 + 5.01 ) = -1.09%

The actual GDP growth rate for APRIL, MAY, JUNE, 2021 is = -1.09 %

Nigeria is in recession.

What a load of absolute RUBBISH.

Do you even know what GDP growth rate means?

It simply means how fast your economy is growing this year (or quarter, or month, or week) compared to the last, with such growth calculated by establishing a sum total of all economic activities carried out in the country in the period.

If that total exceeds the preceding period, a percentage calculation is made to glean by how much.


So if Nigeria's annual GDP fell from 500 billion USD in 2015 to 400 billion USD by 2019 (due to the effects of the great oil price crash) and then we start calculating GDP growth rate today, you don't say ''oh, because annual GDP was 500 billion 5 years ago and is 400 billion today, therefore we should measure the growth rate based on the 500 billion figure.''

That is illiterate economics with regard to GDP growth measurement.

If GDP grew by an unusually high margin from 400 to 425 billion in a quarter, thus making it the fastest growth quarter in 4 years, you don't go and start recollecting the 500 billion status and saying ''oh, it is actually minus whatever whatever''.

THAT IS LAYMAN NONSENSE.

THAT IS NOT HOW YOU CALCULATE GDP GROWTH RATE, which is the calculated rate of economic expansion from one period to the very next.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Ovamboland(m): 5:35am On Aug 27, 2021
huptin:


So borrowing heavily is your own way out of recession? How will the loans be repaid? Both internal and external? Did Obasanjo borrow before taking Nigeria from the verge of deep recession to unprecedented economic prosperity within a short period of time? Rather than focus on Foreign Direct Investment you are saying that it doesn't matter where the money comes from, in your personal life can you do that?

Nigeria has never defaulted in her loan repayment and if infrastructure is needed to diversify and jump start the economy it must be financed.
We can't keep insisting on the model that ensure Ajaokuta steel is not complete after 40 years of sinking money or it took 33 years to complete the strategic Itakpe Warri rail.

The model that delivered Lagos Ibadan rail in 4 years has my support any day. Imagine we financed the rail 30 years ago instead of making our forex available for private jet imports, we won't be here today.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by huptin(m): 10:31am On Aug 27, 2021
Ovamboland:


Nigeria has never defaulted in her loan repayment and if infrastructure is needed to diversify and jump start the economy it must be financed.
We can't keep insisting on the model that ensure Ajaokuta steel is not complete after 40 years of sinking money or it took 33 years to complete the strategic Itakpe Warri rail.

The model that delivered Lagos Ibadan rail in 4 years has my support any day. Imagine we financed the rail 30 years ago instead of making our forex available for private jet imports, we won't be here today.

How much did Nigeria borrow to build the telecoms industry? If Nigeria had borrowed to fix NITEL rather than bring in the massive investment how would NITEL be faring today?

The Ajaokuta steel you mentioned despite all the loans how has it fared? You talk about the railways as if it started 4 years ago, NO it has been on since 2006, it just so happened that it was completed recently but even that how much money is it bringing? Can the money being made pay back the loan? Only lazy minds believe that borrowing is the only way to grow an economy?

How many countries have borrowed their way to prosperity?
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Ovamboland(m): 4:00pm On Aug 28, 2021
huptin:


So borrowing heavily is your own way out of recession? How will the loans be repaid? Both internal and external? Did Obasanjo borrow before taking Nigeria from the verge of deep recession to unprecedented economic prosperity within a short period of time? Rather than focus on Foreign Direct Investment you are saying that it doesn't matter where the money comes from, in your personal life can you do that?

Almost nothing significant happened in the first term of Obasanjo, but he had the advantage of the euphoria of the feeling of been free from military jack boot and steadily increasing revenue from oil. Also with international goodwill and some foreign investment in key sectors like telecoms and expansion of the financial sector due to pent up demand. Better growth came with even faster increase in oil prices and consolidation of financial sector.
He did not face crisis close to loss of 70% of national income. The crisis he faced are security challenges in different parts of the country, misapplication of funds and little attention to infrastructure.
Re: Nigeria’s Economy Grows 5% In Q2 2021 — Strongest Since 2014 by Ovamboland(m): 6:40pm On Aug 28, 2021
huptin:


How much did Nigeria borrow to build the telecoms industry? If Nigeria had borrowed to fix NITEL rather than bring in the massive investment how would NITEL be faring today?

The Ajaokuta steel you mentioned despite all the loans how has it fared? You talk about the railways as if it started 4 years ago, NO it has been on since 2006, it just so happened that it was completed recently but even that how much money is it bringing? Can the money being made pay back the loan? Only lazy minds believe that borrowing is the only way to grow an economy?

How many countries have borrowed their way to prosperity?


Why did private railway companies not come and invest in Nigeria at the same time MTN and co came into our telecoms? Didn't we have need for fast rail transport in 1999-2000? The error in your thinking is the notion that it's every sector that attracts private investment.
Can you name one emerging country like India, Indonesia, South Africa, Malaysia where private investors are the ones raising financing and building their roads, bridges and railway that are not known to be quick money spinners.

You really think foreign investors will come rushing to sectors with long break even points that the citizens and government don't want to put money? Why do you think USA, doyen of capitalism and private investment is making provisions and passing bills for $1 trillion infrastructure investment? You think it's a joke right? To leave your strategic infrastructure needs merely to profit decision of individual capital?

Pray tell me the name of the private investors that raised funds for the Shinkasen in Japan, Autobahn in Germany, EU Eurostar railway network, underwater English channel railway link between France and UK, Chinese Maglev trains, Tennessee valley authority network of dams in USA and Panama canal system built by USA.

Don't be carried away by preachment of the developed world that they themselves cannot follow to the letter.

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