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Nigeria the largest economy? Really?
Obi 1 Kanobi
#51 Posted : Monday, April 07, 2014 8:12:50 PM
Rank: Elder

Joined: 7/23/2008
Posts: 3,017
A very good move in my Humble opinion. In planning, its important to have accurate facts to work with.

As I have always stated, African economies GDP are generally understated simply because we don't use similar things to the developed countries, eg. electricity for cooking vs firewood. One is counted while the other is not, yet the end result is that they do the same job.
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
Ericsson
#52 Posted : Tuesday, April 08, 2014 12:58:29 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,809
Location: NAIROBI
South Africans are laughing at Nigerians.They are saying their country is the most industrialised in the African Continent;
Total electricity generation output in Nigeria is 2500 MW population is 170m.South Africa ni 42000 MW population 52m
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
InnovateGuy
#53 Posted : Tuesday, April 08, 2014 1:55:36 PM
Rank: Veteran

Joined: 11/15/2012
Posts: 1,110
GDP is the language of the 20th century. Human development index is the language of the 21st century. Who is living in the past?
Live Full Die Empty - Les Brown.
InnovateGuy
#54 Posted : Tuesday, April 08, 2014 1:57:51 PM
Rank: Veteran

Joined: 11/15/2012
Posts: 1,110
Ericsson wrote:
South Africans are laughing at Nigerians.They are saying their country is the most industrialised in the African Continent;
Total electricity generation output in Nigeria is 2500 MW population is 170m.South Africa ni 42000 MW population 52m


That's what the GDP won't tell you. I wonder why we should be stuck with old metrics that lack real value to the people.
Live Full Die Empty - Les Brown.
murchr
#55 Posted : Tuesday, April 08, 2014 2:07:58 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
Ericsson wrote:
South Africans are laughing at Nigerians.They are saying their country is the most industrialised in the African Continent;
Total electricity generation output in Nigeria is 2500 MW population is 170m.South Africa ni 42000 MW population 52m


Most of that elec is stolen, not used in production, @Innovateguy HDI is a social indicator GDP is a measure of production, size of economy and makes alot of sense
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
mv_ufanisi
#56 Posted : Tuesday, April 08, 2014 2:08:02 PM
Rank: Member

Joined: 1/15/2010
Posts: 625
Ericsson wrote:
South Africans are laughing at Nigerians.They are saying their country is the most industrialised in the African Continent;
Total electricity generation output in Nigeria is 2500 MW population is 170m.South Africa ni 42000 MW population 52m


South Africans laughing at Nigerians is misguided at best. Black South Africans control about 10% of the economy so the GDP per capita for them is about the same as for Kenya i.e. about 1,000 USD while Nigeria GDP per Capita is about 3,000 USD.
In a decade Nigeria will figure out power issues and their growth rates mean that in 20 years their GDP will be multiples of SA. Black South Africans don't own their economy, Nigerians mostly do. That's why the biggest dons in Africa are Nigerian.
Ericsson
#57 Posted : Tuesday, April 08, 2014 2:29:00 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,809
Location: NAIROBI
@mv_ufanisi;
The point am raising is that GDP is a wrong metric value as a tool of measurement;HDI is better.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Fyatu
#58 Posted : Tuesday, April 08, 2014 2:41:29 PM
Rank: Veteran

Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
One just needs to land in Lagos or any other Naija city to understand that the Oga's GDP/GNP (and all those other metrics) is not mtoto. Most of their shags resembles Umoja estate or any other concrete mess in Nairobi. Ogas consume cement the way rats consume maize.

All Oga kids dream of being entrepreneurs and rarely will you find an Oga Student nurturing ambition of being a county rep or an MCA.Their wasaniis mop real money, not to mention the afro cinema characters.

Furthermore, Oga's spend money. In a recent article Oyunga Pala attested to the fact that when he landed in Lagos for Africa Magic viewers award he realised what we have in Kenya is just mtoto economy and that Naija is a different beast.

Dumb money becomes dumb only when it listens to smart money
Lolest!
#59 Posted : Tuesday, April 08, 2014 3:34:10 PM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
Fyatu wrote:
One just needs to land in Lagos or any other Naija city to understand that the Oga's GDP/GNP (and all those other metrics) is not mtoto. Most of their shags resembles Umoja estate or any other concrete mess in Nairobi. Ogas consume cement the way rats consume maize.

All Oga kids dream of being entrepreneurs and rarely will you find an Oga Student nurturing ambition of being a county rep or an MCA.Their wasaniis mop real money, not to mention the afro cinema characters.

Furthermore, Oga's spend money. In a recent article Oyunga Pala attested to the fact that when he landed in Lagos for Africa Magic viewers award he realised what we have in Kenya is just mtoto economy and that Naija is a different beast.


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Rankaz13
#60 Posted : Tuesday, April 08, 2014 10:21:52 PM
Rank: Elder

Joined: 5/21/2013
Posts: 2,841
Location: Here
Fyatu wrote:
One just needs to land in Lagos or any other Naija city to understand that the Oga's GDP/GNP (and all those other metrics) is not mtoto. Most of their shags resembles Umoja estate or any other concrete mess in Nairobi. Ogas consume cement the way rats consume maize.

All Oga kids dream of being entrepreneurs and rarely will you find an Oga Student nurturing ambition of being a county rep or an MCA.Their wasaniis mop real money, not to mention the afro cinema characters.

Furthermore, Oga's spend money. In a recent article Oyunga Pala attested to the fact that when he landed in Lagos for Africa Magic viewers award he realised what we have in Kenya is just mtoto economy and that Naija is a different beast.



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