RE: USA Africa Dialogue Series - Fwd: IMF Says Nigeria Is 3rd Fastest Growing Economy In The World

On what data is the above determination based?

It has been said that money talks. I say that economic growth is palpable. I do not know many informed and knowledgeable Nigerians that will agree with the above determination.

Economic growth has been said to be “a positive change in the level of production of goods and services by a country over a certain period of time”. It has also been said that “economic growth is brought about by technological innovation and positive external forces”.

If the above assertions about economic growth are correct, it is not too difficult to see that Nigeria’s economy is minimally growing at best. Where is the “positive change in the level of production and services” taking place? Where is the technological innovation happening? Where are the positive external forces outside the telecommunications and the petroleum Industries? There is hardly any manufacturing that supports the said industries. Economic growth inevitably and invariably translates, into jobs and employment growth, and increased prosperity for the many. Very little if any of these is happening.

If the IMF data that supports and informs the above determination is from Nigeria’s government sources, the data must be very suspect.  

 

oa

 

 

Read more: http://www.investorwords.com/5540/economic_growth.html#ixzz129dVlTkf

 

 

From: usaafricadialogue@googlegroups.com [mailto:usaafricadialogue@googlegroups.com] On Behalf Of olakassimmd@aol.com
Sent: Tuesday, October 12, 2010 8:29 AM
To: USAAfricaDialogue@googlegroups.com; nigerianid@yahoogroups.com
Subject: USA Africa Dialogue Series - Fwd: IMF Says Nigeria Is 3rd Fastest Growing Economy In The World

 

 

 

 
Subject: Re: IMF Says Nigeria Is 3rd Fastest Growing Economy In The World

 

Do you consider the statement true?   Please read the news, post replies and comments here: http://www.ngmix.net/forum/viewforum.php?f=2----Tim Kola

 

 

 

Dear Timkola:

 

The good news is that the statement that Nigeria is the 3rd fastest growing economy

in the world is true with Nigeria's economy growing at

around 7% while most of the world's economy is growing at between 2.5 and 3.2%.

 

The bad news is that Nigeria's economy will need to grow at around 14 to 15% if we are

to dig ourselves out of the hole that we are in and get anywhere close to achieving any of

the goals and objectives outlined in Vision 20:20.

 

According to Prof. Soludo former Governor Central Bank of Nigeria,

it is projected that by the end of 2010 there will be 161,000,000.00 Nigerians and that by by 2020 there will be,

212,000,000.00 Nigerians. At the current rate of growth  of the economy

by 2020, Nigeria's GDP will be only $11,500 (which is today's South Africa's GDP) and will still remain just a developing country. At the current population growth rate it is projected that there will bethere

will be 650 million Nigerians by the year 2050.

 

The second good news is that Nigeria has all it takes to grow at 14 to 15% provided

she has good governance, is able to curtail the cost of government, curb corruption and

capital flight and is able to produce enough affordable electrical power for both industrial

and domestic use. Nigeria is also blessed with good weather, arable land and abundant

fresh water resources as well as untapped mineral resources in addition to oil and gas.

 

The second bad news is that Nigerian policy makers and privacy sector elites

remain blinded by their selfish and corrupt 'me and my family only sensibilities'. to the realities

of the challenges facing us as a nation.

 

We face the following stark realities:

 

*40% of the Nigerian population is under 25 years--a good thing if they are well educated

or are provided with alternate skills that will be needed to enter a productive work force; bad and scary

as is currently the case with fallen standards in education from primary to tertiary levels.

 

* 20% youth unemployment--factories are closing, foreign multi nationals are leaving

due to anemic electrical power shortage.

 

*60% of Nigerians live below the poverty level

 

*All indices that make up the Human Development Index--e.g. Infant and maternal mortality,

morbidity and mortality, age adjuested death rates etc, are rising while life expectancy is

falling.

 

*Capital flight is on the rise

 

* Rather than reducing brain drain is now gathering new momentum as young newly trained

Nigerian professionals flee the Nigeria as soon as they finish their youth corp service due to lack of

opportunitiies in Nigeria.

 

* Current governments--FGN and state governments have started borrowing massively both from the

Nigerian stock market through issuance of bonds and from abroad.

 

* Nigeria's foreign reserves currently at $32 Billion Naira is being gradually depleted even as every dollar saved under the

excess crude account has been spent.

 

*Federal and state governments spend most of their resources oin recurrent expenses leaving very little if any

for infrastructure maintenance and development.

 

Finally, the good news is all the above shortcomings can be reversed under good, focused and visionary

leadership with well defined programmes aimed for the betterment of all Nigerians!

Not least amongst the deliverables from a focused new leadership in 2011 is a robust program

on sustainable population growth!

 

"if you are not doing anything you will not encounter any problems;

when you embark on major projects you will encounter problems.

However you should never allow the problems to be your captain;

you should be the captain of the problems so that you can manage

and resolve the problems and learn from them' --T.PK. Abdul  Kamal--President of India 2002-2007

 

when asked by a  journalist on a recent visit to Canada about why there

are so many problems with the preparations for the 2010 commonwealth Games

in New Delhi. The above is not only true of India, it should also be true of

Nigeria.

 

Nigeria has all it takes to be a successful nation!

 

India by the way currently have a population of 650 million citizens under

age 25!

 

Bye,

 

Ola

 

---- Original Message ----
From: Tim Kola <timkola1@yahoo.com>
To: naijamix@googlegroups.com; naijamix@yahoogroups.com; ngmix@yahoogroups.com; ngpolitics@googlegroups.com; nigmix@yahoogroups.com; 9ja_mix@yahoogroups.com; 9jaland <9jaland@googlegroups.com>; 9jamix@yahoogroups.com
Sent: Tue, Oct 12, 2010 4:57 am
Subject: IMF Says Nigeria Is 3rd Fastest Growing Economy In The World

Do you consider the statement true?   Please read the news, post replies and comments here: http://www.ngmix.net/forum/viewforum.php?f=2

 

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