KnowAll:


That was based on 2015 Naira rates. I did say they have dropped to just about $1 million dollars.

Some acknowledgements this

I believe the economy was around 500 billion in 2015 grew to about just under 1 trillion and then devalued to around 500 billion just like every other thing. The 250 billion given to us despite the new fintec companies, the creative industries, the real estate boom , and of recent the mass exportation of food to Nigerians in diaspora should have pushed the GDP upwards to $1 trillion just b4 COVID. Hence after COVID everything went down but not as low as 250 billion.

The article I wrote about 5 million Nigerians worth 1 million dollars was in 2015 and now with down turn events today, I believe that figure might have gone downwards to about 100,000 but definitely more than the 10,000 ascribed to Nigeria.

Even with the downturn events in Nigeria I believe we are still the biggest economy in Africa.

The level of ignorance here is astounding. It is gross DOMESTIC product. What you’re referring to is GNP which is a completely different measure.
This is basic economics that you don’t seem to understand.

Gerrard59:


Nobody has $1M stashed somewhere lying fallow. That is not how wealth is generated or built. Two, if you believe it is 5 million, conduct your study stating the methodology used in coming up with that figure. That is how bold claims are made, not I no fit lie give you



Another thing to add, Nigeria's population is highly falsified. No one knows Nigeria's true population considering it is the only country where there are more people in arid areas than coastal regions.

https://www.economist.com/the-economist-explains/2017/06/20/why-nobody-knows-how-many-nigerians-there-are

Then, let's assume what you have up there is seemingly true, no reasonable person assess the wealth of a country's citizens with the loots of its corrupt politicians.

The person doesn’t even know what GDP means. GDP is about DOMESTIC production not international. You can’t add the value of Nigerians abroad to that statistic. That is GNP. GDP is whatever Nigerians are producing within the borders of Nigeria.

KnowAll:


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.

You’re overstating the country’s wealth to a ridiculous agree. Nigeria doesn’t have 5 million dollar millionaires. And it’s economy is nowhere a trillion USD.

blacknp:
Are you telling us about the present state of your life?

Nah he’s talking about the country

KnowAll:
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.

You have no clue as to what GDP means

lionshare:


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.

The naira will never appreciate significantly, it will end up like the Zimbabwe Currency. The reality is that genre is no way on earth, Nigerian GDP is worth over $500 billion.

KnowAll:


As business are closing new business are opening up. That is life. What is happening in Nigeria is like snake shedding its skin, does that mean the snake have no skin any more.

Amidst the economy turmoil a 5 star Hotel opened in Lagos where Prince Harry stayed.

That has nothing to do with GDP

KnowAll:



That is why flats are sold for $1million dollars. Who is buying such properties. Definitely not Disaporas and definitely not Nigerians singing “ e bi pawa oh “

Average flat in Eko Atlantic is nowhere a million dollars especially with the devaluation of the currency.

KnowAll:


List all the allowances because it was something I brought out my calculator and worked it out. It ended up about 120 million every quarter.

Quit embarrassing yourself

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

Very true,
Nigeria’s GDP will likely shrink to by half. Nigerian GDP is nowhere $1.5 tr

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 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 got owned in this podcast

https://www.youtube.com/watch?v=zERt2J5-7qI&pp=ygUbTmlnZXJpYSAkMSB0cmlsbGlvbiBhIGRyZWFt

That economist is clueless

JagabanB:

Do you know the amount being stolen everyday?

Nigeria doesn’t have anywhere near as much money as some think they do.

KnowAll:
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.

Rubbish

https://www.statista.com/statistics/1232396/african-countries-with-highest-number-of-hotel-rooms-in-the-pipeline/

Egypt 24,944
Nigeria 6,772
Morocco 6,369
Ethiopia 6,129

Sladem05:


Nigeria doesn’t have anywhere near as much money as some think they do.

You have any evidence to back it up?
From the look of things, everyone seems to be thinking.

JagabanB:

You have any evidence to back it up?
From the look of things, everyone seems to be thinking.

By what was already said in the thread. This economist was debunked by another.

https://www.youtube.com/watch?v=zERt2J5-7qI

The reality is that Nigeria is no longer Africa’s largest economy. SA is.

JagabanB:

You have any evidence to back it up?
From the look of things, everyone seems to be thinking.

Most people on this thread don’t agree with what the economist said.

Even on the comments section of the video. Most didn’t agree. People thought that he was absolutely crazy. No financial or economic institution in Nigeria or globally will take his idea seriously. It’s a joke.

You can’t expect the economy to be large with the rate of devaluation. As naira devalues, the GDP becomes much smaller.

Sladem05:


Most people on this thread don’t agree with what the economist said.

Even on the comments section of the video. Most didn’t agree. People thought that he was absolutely crazy. No financial or economic institution in Nigeria or globally will take his idea seriously. It’s a joke.

You can’t expect the economy to be large with the rate of devaluation. As naira devalues, the GDP becomes much smaller.

We are talking about the money being stoIen in this country, not the economy.

Sladem05:


By what was already said in the thread. This economist was debunked by another.

https://www.youtube.com/watch?v=zERt2J5-7qI

The reality is that Nigeria is no longer Africa’s largest economy. SA is.

Do you realize that African economies are deteriorating rather than growing?
Every economy in Africa is as good as sh*t and whatever everyone is doing is permutations.

JagabanB:

We are talking about the money being stoIen in this country, not the economy.

Oh my bad sorry but yeah what your saying is true

JagabanB:

Do you realize that African economies are deteriorating rather than growing?
Every economy in Africa is as good as sh*t and whatever everyone is doing is permutations.

I agree even SA is economically doomed but not as doomed as Nigeria. And it’s worse because the population growth is not sustainable. The country can’t even sustain its current citizens and I believe Nigeria will have like 500 million people in the next 40 years and naira is devaluing. The country is going down the path of Haiti and Burundi.

Sladem05:


I agree even SA is economically doomed but not as doomed as Nigeria. And it’s worse because the population growth is not sustainable. The country can’t even sustain its current citizens and I believe Nigeria will have like 500 million people in the next 40 years and naira is devaluing. The country is going down the path of Haiti and Burundi.

Nigeria will never be like Haiti or Burundi.
Presently like China before Mao.
If Nigeria is going the path of Haiti, it won't be able to have 500m people in 40 years.
Nigeria is actually at a critical point and it will stay at this point for the next 10-15 years, that's the make or break point, it's either it gets made or gets broken into fragments.

JagabanB:

Nigeria will never be like Haiti or Burundi.
Presently like China before Mao.
If Nigeria is going the path of Haiti, it won't be able to have 500m people in 40 years.
Nigeria is actually at a critical point and it will stay at this point for the next 10-15 years, that's the make or break point, it's either it gets made or gets broken into fragments.

It can’t even support its current population. No African country is going to get made. When you look at the history of countries that industrialised. You see the factors that contributed to their industrialisation such as strong rule of law, functioning institutions, low corruption etc don’t exist in any African country and ultimately never will.

Africa will never be the next China. Asians and Whites still run Nigeria and Africa at large. China is responsible for much of Africa’s industrial development.World powers invest in this continent because of geopolitical competition not because they see this continent as a potential industrial power.

Africa’s attempts to rival Western/Eastern societies will be met with a failure.

Sladem05:


Rubbish

https://www.statista.com/statistics/1232396/african-countries-with-highest-number-of-hotel-rooms-in-the-pipeline/

Egypt 24,944
Nigeria 6,772
Morocco 6,369
Ethiopia 6,129

Hotel room is different from hotels.

KnowAll:


Hotel room is different from hotels.

True but I still think it’s irrelevant as to whom have more hotels because that has nothing to do with GDP.

What’s the point of having hotels that are mostly empty and a non-existent tourist industry.

Nigeria is nowhere to be found on that tourist list. The only people visiting Nigeria are those in the diaspora. Otherwise, wtf would want to come to a country like that?

https://www.statista.com/statistics/261740/countries-in-africa-ranked-by-international-tourist-arrivals/

The reality is that the country’s GDP has halved not what you and the economist with 2 brain among eachother have said. IMF puts the GDP at around $250 billion.

Sladem05:


It can’t even support its current population. No African country is going to get made. When you look at the history of countries that industrialised. You see the factors that contributed to their industrialisation such as strong rule of law, functioning institutions, low corruption etc don’t exist in any African country and ultimately never will.

Africa will never be the next China. Asians and Whites still run Nigeria and Africa at large. China is responsible for much of Africa’s industrial development.World powers invest in this continent because of geopolitical competition not because they see this continent as a potential industrial power.

Africa’s attempts to rival Western/Eastern societies will be met with a failure.

That was China before Mao Zhedong, what African countries need is a Mao.
The Chinese never thought this was going to happen before Mao.
Our own Mao may break Nigeria into bits and grow his part.

Sladem05:


True but I still think it’s irrelevant as to whom have more hotels because that has nothing to do with GDP.

What’s the point of having hotels that are mostly empty and a non-existent tourist industry.

Nigeria is nowhere to be found on that tourist list. The only people visiting Nigeria are those in the diaspora. Otherwise, wtf would want to come to a country like that?

https://www.statista.com/statistics/261740/countries-in-africa-ranked-by-international-tourist-arrivals/

The reality is that the country’s GDP has halved not what you and the economist with 2 brain among eachother have said. IMF puts the GDP at around $250 billion.

The tourist in Nigeria are Nigerians in diaspora and a few millions come home every year with their dollars, pounds and Euros. And most stay in many of these hotels knowing there is no power in the country and any kind of moderate comfort can be got in this hotels.

Is it because you don’t see oyinbo’s trooping to Nigeria that u think there is no tourist in Nigeria. I once traveled to Namibia & d plane was 99% Germans going to Namibia. And I said to my fellow traveler a Black Namibian, your people don’t travel. I said if it was a flight to Nigeria it would be 99% blacks.

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 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.

Junk Economist on the prowl

KnowAll:


The tourist in Nigeria are Nigerians in diaspora and a few millions come home every year with their dollars, pounds and Euros. And most stay in many of these hotels knowing there is no power in the country and any kind of moderate comfort can be got in this hotels.

Is it because you don’t see oyinbo’s trooping to Nigeria that u think there is no tourist in Nigeria. I once traveled to Namibia & d plane was 99% Germans going to Namibia. And I said to my fellow traveler a Black Namibian, your people don’t travel. I said if it was a flight to Nigeria it would be 99% blacks.

The fact that smaller, poorer and weaker nations are getting more tourists than Nigeria is wild.

JagabanB:

That was China before Mao Zhedong, what African countries need is a Mao.
The Chinese never thought this was going to happen before Mao.
Our own Mao may break Nigeria into bits and grow his part.

You could say the Mao was Gaddafi but Uncle Sam took him out.
Africa sucks when it comes to leaders. Look at all the protests and riots happening allover Africa. I don’t think the continent can produce a Mao.

Sladem05:


You could say the Mao was Gaddafi but Uncle Sam took him out.
Africa sucks when it comes to leaders. Look at all the protests and riots happening allover Africa. I don’t think the continent can produce a Mao.

Gaddafi had over 40 years, he didn't ignite the revolution Mao ignited.

Sladem05:


The fact that smaller, poorer and weaker nations are getting more tourists than Nigeria is wild.

Does tourist have a colour colo mentality if a white man does not clutch a couple of dollars in his hand that means we don’t have tourist. So all those Nigerians comming home are E gun gun calabar. Abeg go sleep.

KnowAll:


Does tourist have a colour colo mentality if a white man does not clutch a couple of dollars in his hand that means we don’t have tourist. So all those Nigerians comming home are E gun gun calabar. Abeg go sleep.

No one here is talking about a white man. You are.the point is Nigeria doesn’t receive anywhere as many tourists as its African neighbours. I provided proof of that. You can’t compare Nigeria to Egypt, South Africa, Algeria and so on when it comes to tourism. You’ve rambled on about nonsense.