The same Nigeria, abi another one, even super power nations dread the British Forces. I'm sorry for you not reading about British history and their capabilities. you are funny, comparing Nigerian forces with British Forces,the same Nigeria that has British military equipment in their Arsenals, now tell me how many Nigerian made you can find in the British Arsenal. For your information, if the whole world were absent, and Britain invaded Nigeria, then it won't take more than a year for Nigeria to become a World Heritage Site. The British are brutal, they do more action and less talks. By the way, Nigeria's military budget is just $2.15 billion while Britain's budget is $55.10 billion . please read history and carry out your findings with proof, it will do you a lot of good. Peace!
The UK has already conquered Nigeria. The UK created Nigeria.
If they are going to invade, them I can 100% guarantee you that we will get military assistance from Russia and China. Not to even talk of our fellow African countries like SA. Both China and Russia will equip each and every one of us, as the west is currently doing with Ukraine. Of course they would make us agree that they would get to tap some oil if we're able to withstand. I think it would be accepted by our leaders. The possibilities of Britain defeating us is near zero
They did that with Iraq and failed. And this assumes no one else is involved.
Are you underestimating the nigerian military? The nigerian military is one of the most competent forces in Africa and the world at large. Just because we're having problem dealing with terrorists who are mostly applying guerilla tactics doesn't mean we wouldn't be able to hold out another country in a Conventional warfare. Our troops are trained to tackle enemies in conventional warfares, not terrorists applying guerilla. Any country would find trouble containing enemies using guerilla tactics. Even USA, Russia, China etc. All of them
Let’s pretend that the British and other Europeans didn’t already kick African butt a couple centuries ago. Remember the Berlin Expedition of 1897?Nigerian army would be crucified by a military from a world power. There are private citizens better armed than the Nigerian military.
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.
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.
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.
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.
Parable007: Thank you OP... Right now Nigerian leaders don't need any advice, you really think they don't know what to do to make Nigeria better? Our leaders are not as clueless as we think, they know better than us the only problem is they won't do it. Because they fear the wealth of a common man. The west is seriously controlling our govt because Nigeria as it stands is the biggest market in the whole world. Once we begin to get it right now more markets for china, US, UK Etc and they don't want that.... It's too much threat for them.
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.
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.
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.
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.
Lol. 2015 rates? Who told you Nigerian senators were grossing 30m in 2015? And even if they did, your $4m figure in four years will still be totally wrong and far below the mark. Take your time and calculate N30m with 2015 exchange rate. You're lying further now. You started this thread with a claim that our economy is $1.5trn GDP now you're shifting to 2015 and still saying it was $500bn then. So when exactly was our economy $1.5trn? Was it during 2016 recession or Covid 2020 recession? What should point you to the veracity or otherwise of your claim is the tax to GDP ratio. Our tax collection is publicly available and that should give you an idea of what is realistic and what is not instead of just shooting from the hips. It really makes no difference though even if you claim our GDP is $1.5trn when the quality of life does not reflect that for the average Nigerian. But pls, Nigeria is not the biggest economy in Africa. So many factors point to that. We can't even feed ourselves to start with. 60% of household income goes into feeding in today's Nigeria so how does being biggest economy help us?
Seeing as to how the naira is being devalued. Nigeria will become Burundi.
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.
These people don’t know what GDP means. Nigerian GDP was surpassed by South Africa and its now only $250 billion. GDP is just a measure of economic activity.
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.
The Nigerian economy being small is the devaluation of the currency. GDP is about production. It’s the value off Goods and services sold to consumers.
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.
GDP is the value of goods and services produced within the borders of a territory over a specific timeframe, value of companies has nothing to do with GDP calculation. It’s about what Nigerians are producing.
Kukutenla: This is exactly how Lagos was built. By the time all these strategic moves start yielding fruits, Nigeria will overtake US as the largest economy in the world. To build a house you first have to destroy it. And we all know Rome was not built in a day not to mention Lagos. Lastly, all what we are seeing is the effect of disastrous leadership over the years. BAT is correcting errors and decisions that should have been made since 1999. The administration before him looted all the money just like the administration before them. It is only BAT that will not loot, he will not shy away from making bold decisions even if it makes him unpopular and he will do the needful to set Nigeria on the right path unlike others before him. Signed Zombies
African nations will never approach the wealth of the West. Never in a trillion years. The naira is devaluing, Nigeria won’t exist by 2050. There will never be an African century.
Foreign Affairs / Re: Can Great Britain Invade And Successfully Conquer Nigeria? by TethAdam: 9:44pm On Aug 10