mtis:


I have to agree on most of stuff ya have listed.But also lets agree also that Nigerian economy to a greater degree is depended on oil.Actually i have noted that majority of Countries in Africa with bigger GDP got a lot of boost from oil or minerals apart from Kenya an Ethiopia.
Last part was a shocker...Egypt overtaking S.A ..what is happening down there..why is S.A sick coz it got all the minerals an intellectuals both white,brown an black ??

Nigeria is dependent on oil as a source of revenue for Goverment, and oil output as a whole makes up about 70 Billion dollars in Nigeria. Oil is also about 90 percent of foreign exchange, so yes oil is integral to the naira and foreign reserves but Nigeria is not as dependent like say Algeria, Sudan and to a lesser extent Angola, this is because we produce about 1.7 million barrels of oil for a population of 170million, and the refineries do not work to meet up local needs, so ironically oil is also our major import as well, they are almost cancelling out in the long run.
Also Nigeria may not be exporting much but she is more diversified than say Algeria, libya and Sudan. Even Sudan is a resilient economy, after loosing Oil rich South Sudan, they now have high inflation and depleted reserves, but they are still balling hard. This means oil alone cannot do the magic in an economy.

mtis:


I have to agree on most of stuff ya have listed.But also lets agree also that Nigerian economy to a greater degree is depended on oil.Actually i have noted that majority of Countries in Africa with bigger GDP got a lot of boost from oil or minerals apart from Kenya an Ethiopia.
Last part was a shocker...Egypt overtaking S.A ..what is happening down there..why is S.A sick coz it got all the minerals an intellectuals both white,brown an black ??

yeah,u 're right with ur use of word. Nigeria to a greater degree is truly dependent oil. Nigeria is dependent on oil as a major source of foreign revenue,I.e money gotten from sales of commodities to foreign countries. oil is not our major source of revenue,we have internal source of revenue(about 85% of our GDP is internally sourced).
u're also right with d second part. mineral/natural resources boost a country's gdp, but it still depend on how it's used. Ghana and Morocco both have wide range of mineral resources compared to Kenya and Ethiopia, Morocco has a bigger GDP than Kenya and Ethiopia, Ethiopia and Kenya has bigger GDP than Ghana. how can u explain d case of Ghana?

thirdly,recession doesn't mean a country is doing bad, it may mean that the economy is filled to d brim.

shervydman:

yeah,u 're right with ur use of word. Nigeria to a greater degree is truly dependent oil. Nigeria is dependent on oil as a major source of foreign revenue,I.e money gotten from sales of commodity to foreign countries. oil is not our major source of revenue,we have internal source of revenue(about 85% of our GDP is internally sourced).
u're also right with d second part. mineral/natural resources boost a country's gdp, but it still depend on how it's used. Ghana and Morocco both have wide range of mineral resources compared to Kenya and Ethiopia, Morocco has a bigger GDP than Kenya and Ethiopia, Ethiopia and Kenya has bigger GDP than Ghana. how can u explain d case of Ghana?

thirdly,recession doesn't mean a country is doing bad, it may mean that the economy is filled to d brim.

What they fail to understand is that with lesser imports, the naira inflow into the economy has increased from 2015 but not in the GDP measured in dollars, also local manufacturing and internal revenues are higher though the problem of high inflation and interest rate remains.

shervydman:

yeah,u 're right with ur use of word. Nigeria to a greater degree is truly dependent oil. Nigeria is dependent on oil as a major source of foreign revenue,I.e money gotten from sales of commodities to foreign countries. oil is not our major source of revenue,we have internal source of revenue(about 85% of our GDP is internally sourced).
u're also right with d second part. mineral/natural resources boost a country's gdp, but it still depend on how it's used. Ghana and Morocco both have wide range of mineral resources compared to Kenya and Ethiopia, Morocco has a bigger GDP than Kenya and Ethiopia, Ethiopia and Kenya has bigger GDP than Ghana. how can u explain d case of Ghana?

thirdly,recession doesn't mean a country is doing bad, it may mean that the economy is filled to d brim.

One factor you cant dismiss is the population of a country..Morocco got more numbers than Ghana..So if you mix larger population plus more mineral ya got higher GDP..Look at the scenario in our backyard. Kenya vs Ethiopia..Ethi guys are about to overtake us coz they also got larger population..

freshest4live:

Nigeria is dependent on oil as a source of revenue for Goverment, and oil output as a whole makes up about 70 Billion dollars in Nigeria. Oil is also about 90 percent of foreign exchange, so yes oil is integral to the naira and foreign reserves but Nigeria is not as dependent like say Algeria, Sudan and to a lesser extent Angola, this is because we produce about 1.7 million barrels of oil for a population of 170million, and the refineries do not work to meet up local needs, so ironically oil is also our major import as well, they are almost cancelling out in the long run.
Also Nigeria may not be exporting much but she is more diversified than say Algeria, libya and Sudan. Even Sudan is a resilient economy, after loosing Oil rich South Sudan, they now have high inflation and depleted reserves, but they are still balling hard. This means oil alone cannot do the magic in an economy.

90 percent of foreign exchange matters alot..thats why we squeeze all the dollars from oyibos who visit us..Summing up your economic woes i think most is about management an also other direct or indirect ones like biafra agitation,boko haramu dudes ,the avengers ,cattle dudes among others...Or its could be coz of unseen factors..i still believe white man has a hand on some of woes facing most african countries from Kenya to Nigeria in a way

shervydman:

there are many factors that contributed to the recession.
1. decline in price of oil,which is our major source of foreign exchange.
2. president Buhari's decision to stop importation of some selected goods that can be produced locally.
3. poor economic planning.
4. high inflation rate.
it goes on and on.....
we're getting out of it,though. the central bank had to inject about $1.5b into the economy.
the govt had to give d economy a thorough diversification.

if u're conversant with world's economy, u'll notice that recession is the order of the day in most oil producing countries.
Egypt is just getting out of recession too, I'm not really sure if S.A has gotten out of recession cos Egypt has overtaken S.A as Africa's 2nd largest economy.

No. 2 cannot be a cause of recession, unless the exporting countries retaliated with sanctions

mtis:

One factor you cant dismiss is the population of a country..Morocco got more numbers than Ghana..So if you mix larger population plus more mineral ya got higher GDP..Look at the scenario in our backyard. Kenya vs Ethiopia..Ethi guys are about to overtake us coz they also got larger population..

Ethiopia has overtaken you already but they were way lower before like you guys from where they are now, they are improving rapidly because they've been doing the right things for about half a decade now, though l agree it's faster with them because of the population advantage because Kenya have also grown during this period.

thirdly,recession doesn't mean a country is doing bad, it may mean that the economy is filled to d brim.

NIGGA,WHAT!?

Muafrika2:


No. 2 cannot be a cause of recession, unless the exporting countries retaliated with sanctions

It can be initially especially where there are no measures put in place to contain the shocks.

freshest4live:

It can be initially especially where there are no measures put in place to contain the shocks.

I see that. But you mentioned it only affected locally available goods. Won't that increase local producer's revenue, etc

mtis:

One factor you cant dismiss is the population of a country..Morocco got more numbers than Ghana..So if you mix larger population plus more mineral ya got higher GDP..Look at the scenario in our backyard. Kenya vs Ethiopia..Ethi guys are about to overtake us coz they also got larger population..

You keep talking about Population. Using it as an excuse.. Kenya has a larger population than Morocco,how come Morocco has a larger economy than Kenya??

Muafrika2:

I see that. But you mentioned it only affected locally available goods. Won't that increase local producer's revenue, etc

It does but not immediately, the local sectors are growing rapidly but you don't expect the effects to be seen immediately. Ironically Buhari did something similar when he took over in 1983, and we also went into recession immediately. Both recessions have come in Buhari's tenure and maybe that's why they call it Buharism. It's a new word on Wikipedia.
https://www.google.de/url?sa=t&source=web&rct=j&url=https://en.m.wikipedia.org/wiki/Buharism&ved=0ahUKEwiyp-uWkYnWAhUBZ1AKHWhpAvAQFggjMAA&usg=AFQjCNG0Sh-AWmD_kTmhaTOMeQ4fF2-F_A

If you hate Nigerians because or the actions of a few bad Nigerians. Then you have a problem

Nigerians are one of the most wonderful people on earth. We are just unlucky to have bad leaders..

mtis:

One factor you cant dismiss is the population of a country..Morocco got more numbers than Ghana..So if you mix larger population plus more mineral ya got higher GDP..Look at the scenario in our backyard. Kenya vs Ethiopia..Ethi guys are about to overtake us coz they also got larger population..

u get it.......human resources and mineral resources are both important. a country with human resources and minimal mineral resources may still have bigger economy than the other.

I DON'T ENTERTAIN STUPIDITY ESPCIALLY COMING FROM A VILLAGE IDIOT. [quote author=Marcelo290 post=60072866] So cities are measured by the number of sky crappers they have? speaks volumes of the much talked about standard of education in SA. This behind this SA Zulu speaking whitey isn't a city or town but a VILLAGE FULL BANANAS and sweaty pitch black people. You're mis informed village fool, SA education is far ADVANCE than the rest of Africa. You're stupidity is shaped by a certain part of history 1948-1990 where non whites were blocked from doing certain courses or better their education. Before that in the 1850s till 1900s SA had alot of black academics that were educated in UK and USA. This was only stopped after the Anglo Boer war between British and boers after 1914 where British felt sorry for poor boers who they defeated in a war to control SA. Between 1900-1940s boers were poor and un educated after 1940s British lost interest in SA and other parts of Africa due to resilience from blacks and focused on fighting the Nazis. British gave political power to boers but kept control of SA MINING SECTOR, BANKS AND OTHER BIG COMPANIES while boer poloticians negotiated for land taken from Africans by force. Apartheid was a system meant to fight "White poverty" cut competion from blacks and use them as cheap labour. Even under apartheid between 1948-1990 RSA was still a BRITISH DOMONION boer politicians and elite reported to London.

Danielnino00:
Nigerians are one of the most wonderful people on earth. We are just unlucky to have bad leaders..

The leaders drop from heaven?

Muafrika2:


No. 2 cannot be a cause of recession, unless the exporting countries retaliated with sanctions

it can......depending on how it is managed. though, it's not the major cause but it came on board at the wrong time.

shervydman:

it can......depending on how it is managed. though, it's not the major cause but it came on board at the wrong time.

It was even the right thing to do, just at the wrong time. Buhari's problem is wrong timing coupled with the fact that he hardly listens.

kikuyu1:


NIGGA,WHAT!?

I'll appreciate if u can quote me directly.
when I say an economy is filled to the brim, what I mean is what can be classified as 'boom and bust cycle' in economics.
I hope u get me now?

freshest4live:

It was even the right thing to do, just at the wrong time. Buhari's problem is wrong timing coupled with the fact that he hardly listens.

sure.....

When nigger area was busy selling SLAVES to the British and other in 1800s, SA blacks were already attending universities and only stopped between 1948-1990, most studied abroad during apartheid. This is unknown by most SA some universities have BLACK ORIGINS. Note: SA has the number of old varsities in AFRICA, only beaten by Egypt has the oldest.

AmenhotepZuid:
I DON'T ENTERTAIN STUPIDITY ESPCIALLY COMING FROM A VILLAGE IDIOT.

It is no surprise SA is ahead especially in education, it was already a white man's country in the 19th century and the white men really wanted to stay, what you must do now is to build on that foundation as blacks in charge to silent the racists who say blacks can manage nothing.

AmenhotepZuid:
When nigger area was busy selling SLAVES to the British and other in 1800s, SA blacks were already attending universities and only stopped between 1948-1990, most studied abroad during apartheid. This is unknown by most SA some universities have BLACK ORIGINS. Note: SA has the number of old varsities in AFRICA, only beaten by Egypt has the oldest.

And during the apartheid, many SA's were offered free education in Nigeria in the sixties

Life is not a FOOTBALL MATCH nigger area, senegal,mali, niger etc...are good at football but suck in life in general.

RSA VILLAGE MANSIONS BOOM. INTRODUCTION.

If you go to UCT they will tell you first SA's doctors, vets, PHD grads were black and educated in UK and USA. These helped set up universities like Fort Hare University that liberated and educated 1st presidents of Uganda,Kenya,Malawi,Tanzania,Mozambique,Zimbabwe,Zambia,Botswana,Lesotho,Tanzania etc...

freshest4live:

It is no surprise SA is ahead especially in education, it was already a white man's country in the 19th century and the white men really wanted to stay, what you must do now is to build on that foundation as blacks in charge to silent the racists who say blacks can manage nothing.

freshest4live:

And during the apartheid, many SA's were offered free education in Nigeria in the sixties

not all posts are worth quoting.......who asked him questions?

shervydman:


not all posts are worth quoting.......who asked him questions?

Nor mind the guy Jarry.

Agreed but very few not even 20, most South Africans were educated in Russia,China,Cuba,India,Brazil and Mexico, even in Algeria and Egypt.Hence today SA is part of BRICS and moving away from owing IMF and World Bank.

MIGHTY RUSSIA ENDED APARTHEID IN S.A. The boers were defeated in Angola ask any nigerian soldier he will tell you, CHE GUEVARA, CASTRO of CUBA was directly invloved.

http://russia-insider.com/en/2014/12/21/2100

freshest4live:

And during the apartheid, many SA's were offered free education in Nigeria in the sixties

We have over $4,7 trillion untapped mineral wealth babies of this above We walk on GOLD.

MuAfrika my Kenyan friend we know you plan on toppling Carlton centre and we have lined up some projects to counter that.
Thats what we are cooking in DURBAN.