A Nigerian economist believes our economy is actually the biggest economy in Africa and the indices used in calculating the GDP needs to rebased because of some obvious exclusions when calculating the size of our GDP.

He said apart from the fact that Nigerians in diaspora sends in $20billion every year the figure brought in by cash is probably twice the official $20billion more like $40 billion.

He now said in 2014 when our GDP was calculated there was no fintec companies. But today we have about 10 companies that has a capital base of $1 billion dollars.

Guys what do think, but one thing I noticed when travelling to Nigeria is the plane is always full of Nigerians going back despite the terrible economy. I once travelled to Namibia and the plane was 99% white. So I asked the person I was travelling with don’t your people travel home.

Most people keep on saying there is no tourist in Nigeria. Do you know who the tourist are in Nigeria. Nigerian Diaspora are the tourist in Nigeria.


Guys what do you think are we really a $1.5 trillion economy.

He is very stupid...does this look like bb1.5 trillion economy, if it was 1.5 trillion it will show in GDP per Capita which is not the case

SalamRushdie:
He is very stupid...does this look like bb1.5 trillion economy, if it was 1.5 trillion it will show in GDP per Capita which is not the case

It sure looks like it. The kind of money stolen in Nigeria any other country in Africa, Egypt, Algeria, or South Africa would have folded up. I believe our GDP is definitely above the so called 250 billion given to it.

Nigeria it’s reached its global maximum. From here on, Nigeria will degrow till it collapses into different parts

We have not added the new kid on the block. Content creators, Nigeria has the highest content creators in Africa and I am sure if the algorithm is properly quarried it would devolve how much our content creators are making in a year.

Nigeria has never even been a 500 billion dollar economy even during the PDP years. 1.5 trillion dollars. Keep on dreaming. By the time, tinubu is done with Nigeria. If our GDP is up to 150 billion usd, everyone should go for Thanksgiving.

KnowAll:
We have not added the new kid on the block. Content creators, Nigeria has the highest content creators in Africa and I am sure if the algorithm is properly quarried it would devolve how much our content creators are making in a year.

^^^
'Content creation'?

For some reason this term has always amused me.

Aren't we all 'content creators' in one form or another? Does content creation deserve a different classification from the entertainment industry?

Someone please educate me.

Fujiyama:


^^^
'Content creation'?

For some reason this term has always amused me.

Aren't we all 'content creators' in one form or another? Does content creation deserve a different classification from the entertainment industry?

Someone please educate me.

They are different. That is why we have people like Daddy freeze today. In 2014 Daddy freeze was working in a radio station getting some pathetic pay. But today he is driving a Ferrari, now multiply Daddy freeze X 1000 and do maths, Nigeria as a nation has the Largest Content Creators in Africa.

So you get it.

Another sector that has blown is the real estate industry, which with some disarable ways can be validated using stringent instruments would help in determining the true GDP of the country.

tensazangetsu20:
Nigeria has never even been a 500 billion dollar economy even during the PDP years. 1.5 trillion dollars. Keep on dreaming. By the time, tinubu is done with Nigeria. If our GDP is up to 150 billion usd, everyone should go for Thanksgiving.

There are a lot of new money in Nigeria. Young men that are property nagenets. People like Ola of Lagos, Sarah Boj, needy and co all this guys are balling and they did not exist in 2014.

Toh

KnowAll:
They are different. That is why we have people like Daddy freeze today. In 2014 Daddy freeze was working in a radio station getting some pathetic pay. But today he is driving a Ferrari, now multiply Daddy freeze X 1000 and do maths, Nigeria as a nation has the Largest Content Creators in Africa.

^^^
Okay.

While I don't have the faintest idea how the Daddy Freezes of this world got their Ferraris, I do not begrudge them their good fortune as long as they have made their fortunes legitimately. More power to them for exploiting the opportunities that this 'new economy' has thrown open.

And we now come to the real issues:

Nigeria does not have food security. Nigeria does not have energy security. Nigeria today is de-industrializing, a terrible regression that has been going on for decades. Nigeria does not have a working healthcare model. Nigeria does not have a working public education model at all levels (primary, secondary and tertiary). Nigeria does not have good infrastructure. The list goes on and on.

These things I have listed are the nuts and bolts that create real economic value. Farms, power plants, factories, schools, hospitals and roads are definitely not sexy but they are the real deal for an economy because they last...unlike 'content creation' that is here today and gone tomorrow.

KnowAll:
Another sector that has blown is the real estate industry, which with some disarable ways can be validated using stringent instruments would help in determining the true GDP of the country.

^^^



Ah, finally. We are now back to real estate and more traditional industries.

Re-basing the economy will take into account additions to the housing stock and other developments in the real estate and property market...so you don't need to worry about valuation. Once the decision to recalculate Nigeria's national income is done, all this newly created value will be captured. Your economist friend does have a valid point about the value of remittances having grown significantly since 2014...and your other point about newly formed fintech companies contribution (post 2014) to national income is also a very valid one. A recalculation of GDP will capture all this newly created value by fintech and new remittances - as it should. But will content creation have a similar contribution? I have my doubts...

With the way the citizens are suffering, does it look like a 1.5 trillion economy?

Oil output is 1.2 million barrels per day compared to GEJ of 2.4 million yet you expect this economy to be bigger than 2014?

KnowAll:
A Nigerian economist believes our economy is actually the biggest economy in Africa and the indices used in calculating the GDP needs to rebased because of some obvious exclusions when calculating the size of our GDP.

He said apart from the fact that Nigerians in diaspora sends in $20billion every year the figure brought by cash is probably twice the official $20billion more like $40 billion.

He now said in 2014 when our GDP was calculated there was no fintec companies. But today we have about 10 companies that has a capital base of $1 billion dollars.

Guys what do think, but one thing I noticed when travelling to Nigeria is the plane is always full of Nigerians going back despite the terrible economy. I once travelled to Namibia and the plane was 99% white. So I asked the person I am travelling with don’t your people travel home.

Most people keep on saying there is no tourist in Nigeria. Do you know who the tourist are in Nigeria. Nigerian Diaspora.


Guys what do you think are we really a $1.5 trillion economy.

KnowAll:
There are a lot of new money in Nigeria. Young men that are property nagenets. People like Ola of Lagos, Sarah Boj, needy and co all this guys are balling and they did not exist in 2014.

^^^


Okay...

I didn't know who Ola of Lagos was so I had to google him. I heard of saida boj for the first time a couple of days ago... and I still don't know who Needy is.

But this country needs more (high productivity) farmers, more (highly trained) healthcare workers and more (highly skilled) technicians. We need far fewer 'influencers', 'content creators' and you guessed it, 'ballers'.

Fujiyama:


^^^


Okay...

I didn't know who Ola of Lagos was so I had to google him. I heard of saida boj for the first time a couple of days ago... and I still don't know who Needy is.

But this country needs more (high productivity) farmers, more (highly trained) healthcare workers and more (highly skilled) technicians. We need far fewer 'influencers', 'content creators' and you guessed it, 'ballers'.

Don’t u Nedu of the Hornest Bunch, podcast has been doing skits for about 6 years now as sexy Alhaji.

DMerciful:
With the way the citizens are suffering, does it look like a 1.5 trillion economy?

Oil output is 1.2 million barrels per day compared to GEJ of 2.4 million yet you expect this economy to be bigger than 2014?

India is a 3.5 trillion economy. People are still suffering there. They are the highest immigrant in the UK, USA, Canada, Australia and Dubai. They are leaving in droves from their country despite having a 3.5 trillion economy.

It is not my friend that said it is a 1.5 trillion economy. It was an economist on Arise TV watching yesterday. And I kind agree with him. U can go watch it on business week - Rolake Akinkugbe Fulani.

So if at 2014, we have 500 billion largely from oil and foreign direct investment and now companies and leavings and oil output has fallen by 50% and agricultural output has fallen by over 50% due to insecurity, what will make the economy 1.5 trillion? What are qe producing?

KnowAll:


India is a 3.5 trillion economy. People are still suffering there. They are the highest immigrant in the UK, USA, Canada, Australia and Dubai. They are leaving in droves from their country despite having a 3.5 trillion economy.

KnowAll:
A Nigerian economist believes our economy is actually the biggest economy in Africa and the indices used in calculating...


Guys what do you think are we really a $1.5 trillion economy.

It's a simple math. if our economy is 1.5trn USD, that means our gdp per capita is $7,500.

Now does average/middle-class Nigerians make $7,500 (12m naira) in a year?

APC is very good at cooking figures. The reality is 200bn USD and by the time Jagaban is done, it will be $100bn. They can cook whatever figures the like, reality is reality

lastkingsman:


It's a simple math. if our economy is 1.5trn USD, that means our gdp per capita is $7,500.

Now does average/middle-class Nigerians make $7,500 (12m naira) in a year?

APC is very good at cooking figures. The reality is 200bn USD and by the time Jagaban is done, it will be $100bn. They can cook whatever figures the like, reality is reality

It is the average middle class that are traveling 2 million to London on holidays. Do you think any other African travel the way we travel in Nigeria.

lastkingsman:


It's a simple math. if our economy is 1.5trn USD, that means our gdp per capita is $7,500.

Now does average/middle-class Nigerians make $7,500 (12m naira) in a year?

APC is very good at cooking figures. The reality is 200bn USD and by the time Jagaban is done, it will be $100bn. They can cook whatever figures the like, reality is reality

The advantage of a large population is that in Nigeria you have a privilege few who are larger than some African population. For instance a while ago, I wrote an article 5 million Nigerians worth 1 million dollars. And I believe it. That is more than the population of Togo and about 17% of the population of Ghana.

COMRADES are speechless, guess work every time

Melagros:
COMRADES are speechless, guess work every time

Unfortunately the truth can shock one at times. India has 3.5 trillion economy but their people na dem dey japa pass for the world.

Let me first and foremost acknowledge that I detest the government of President Tinubu and the way he is destroying the economy but Nigeria cannot be poorer today than 10 years ago, it's not possible.

The Internet has created new money in Nigeria and I believe by now, anybody that doesn't know how to make money from the Internet is cheating themselves, do you know why? The Internet brings the Audience you need, millions of Audience.


For example, 10 years ago there was practically no WhatsApp sales in Nigeria, today i know people who make a lot of money just doing dropshipping on WhatsApp and they make sales that is even more than what the traditional market sales don't make, in fact Importers now are being smart, they are now building a a large base of dropshipers, in such a way that their traditional store is now mainly for the showcasing of their products, those products are imported and the dropshipers sell the products, i know someone who makes on average of 20k selling luxury hair on WhatsApp, she sells a lot, let's assume she sells 15 in a month, that's a 300k monthly profit, Sadly this type of people are probably documented as unemployed and poor when she actually uses an iPhone 13 pro max and uses a designer bag.

Cryptocurrency trading, forex trading, content creation, freelancing, the Yahoo boys (unofficially) and loads of other opportunities scattered across Nigeria.


Go to some states like Edo for example, new buildings are springing up everywhere, Hotel,Night club, new Businesses like shopping malls, boutique, nice cars, these are primarily financed from the inflow of this new money, and yet all these are not documented.

Nigerians especially the Youth are creating new money, everybody should tag along, i am also trying to do that, life na small small.

Georgry:
Let me first and foremost acknowledge that I detest the government of President Tinubu and the way he is destroying the economy but Nigeria cannot be poorer today than 10 years ago, it's not possible.

The Internet has created new money in Nigeria and I believe by now, anybody that doesn't know how to make money from the Internet is cheating themselves, do you know why? The Internet brings the Audience you need, millions of Audience.


For example, 10 years ago there was practically no WhatsApp sales in Nigeria, today i know people who make a lot of money just doing dropshipping on WhatsApp and they make sales that is even more than what the traditional market sales don't make, in fact Importers now are being smart, they are now building a a large base of dropshipers, in such a way that their traditional store is now mainly for the showcasing of their products, those products are imported and the dropshipers sell the products, i know someone who makes on average of 20k selling luxury hair on WhatsApp, she sells a lot, let's assume she sells 15 in a month, that's a 300k monthly profit, Sadly this type of people are probably documented as unemployed and poor when she actually uses an iPhone 13 pro max and uses a designer bag.

Cryptocurrency trading, forex trading, content creation, freelancing, the Yahoo boys (unofficially) and loads of other opportunities scattered across Nigeria.


Go to some states like Edo for example, new buildings are springing up everywhere, Hotel,Night club, new Businesses like shopping malls, boutique, nice cars, these are primarily financed from the inflow of this new money, and yet all these are not documented.

Nigerians especially the Youth are creating new money, everybody should tag along, i am also trying to do that, life na small small.

You talk well.

KnowAll:



There are a lot of new money in Nigeria. Young men that are property nagenets. People like Ola of Lagos, Sarah Boj, needy and co all this guys are balling and they did not exist in 2014.

your point?🤨

Georgry:
Let me first and foremost acknowledge that I detest the government of President Tinubu and the way he is destroying the economy but Nigeria cannot be poorer today than 10 years ago, it's not possible.

The Internet has created new money in Nigeria and I believe by now, anybody that doesn't know how to make money from the Internet is cheating themselves, do you know why? The Internet brings the Audience you need, millions of Audience.


For example, 10 years ago there was practically no WhatsApp sales in Nigeria, today i know people who make a lot of money just doing dropshipping on WhatsApp and they make sales that is even more than what the traditional market sales don't make, in fact Importers now are being smart, they are now building a a large base of dropshipers, in such a way that their traditional store is now mainly for the showcasing of their products, those products are imported and the dropshipers sell the products, i know someone who makes on average of 20k selling luxury hair on WhatsApp, she sells a lot, let's assume she sells 15 in a month, that's a 300k monthly profit, Sadly this type of people are probably documented as unemployed and poor when she actually uses an iPhone 13 pro max and uses a designer bag.

Cryptocurrency trading, forex trading, content creation, freelancing, the Yahoo boys (unofficially) and loads of other opportunities scattered across Nigeria.


Go to some states like Edo for example, new buildings are springing up everywhere, Hotel,Night club, new Businesses like shopping malls, boutique, nice cars, these are primarily financed from the inflow of this new money, and yet all these are not documented.

Nigerians especially the Youth are creating new money, everybody should tag along, i am also trying to do that, life na small small.

all this you have stated is called 'shadow economy' , every country has one and it isn't accounted for in GDP. So your assertion in not entirely correct. On the issue of cash flow, naira depreciation occurs frequently and is usually rapid so conversion rate to usd suffers a lot leading to low value when compared to international prices.

KnowAll:


It is the average middle class that are traveling 2 million to London on holidays. Do you think any other African travel the way we travel in Nigeria.

You are talking nonsense. It seems you don't know what middle-class or per capita means.

The link below shows only 0.8% of Bank accounts in Nigeria has N500,000 and above in bank account and this was in 2021, two years before Bulaba took over. By now, it will be around 0.3% which means around 6 million over 200 million people. So where's the so called middle class flying to London steady? Lol

https://www.google.com/amp/s/www.vanguardngr.com/2021/10/just-in-99-4-of-bank-accounts-contain-less-than-n500000-ndic/amp/

lastkingsman:


You are talking nonsense. It seems you don't know what middle-class or per capita means.

The link below shows only 0.8% of Bank accounts in Nigeria has N500,000 and above in bank account and this was in 2021, two years before Bulaba took over. By now, it will be around 0.3% which means around 6 million over 200 million people. So where's the so called middle class flying to London steady? Lol

https://www.google.com/amp/s/www.vanguardngr.com/2021/10/just-in-99-4-of-bank-accounts-contain-less-than-n500000-ndic/amp/

It's only on nairaland that Nigeria is full of imaginary rich people

SalamRushdie:
He is very stupid...does this look like bb1.5 trillion economy, if it was 1.5 trillion it will show in GDP per Capita which is not the case

Do you know the amount being stolen everyday?

tensazangetsu20:


It's only on nairaland that Nigeria is full of imaginary rich people

I tire for these people oh. No be only 1.5trn USD economy. Lol

lastkingsman:



I tire for these people oh. No be only 1.5trn USD economy. Lol

It’s a normal thing to rebase because capacity to produce increases with new investments, which leads to higher income and more income should bring about much more investments (expenditure). But I doubt we can get to 1.5tn with the current exchange rate except if there’s significant appreciation to 500-600/USD.

Egypt Hotels -1250

South Africa- 4720

Nigeria- 14, 750


And we are the 4th largest economy in Africa. Like Burna boy said “ How”

This figures don’t lie.