The only thing that is probably growing in Nigeria is the MYSTERY INDEX which Reagan once defined as a product of inflation and unemployment.Nigeria has defied the basic tenets of economy. Generally, economists tell us that full (or low unemployment) employment fuels inflation, so that for a healthy economy, when one increases, the other decreases. In Nigeria, both parameters are increasing. For an individual who doesn't have a job, and finds that the cost of basic needs is increasing, all he knows is mystery. How does IMF figure that the economy is growing when both inflation and unemployment are heading North.
Isn't this the same IMF that once advised Nigeria to borrow money she didn't need, and later advised her to devalue her currency so that her export products can be more attractive outside the country when the only export product Nigeria can boast of is Oil, the cost of which is partly determined by OPEC. IMF is not interested in helping developing countries. Any advice IMF gives to Nigeria tends to be more helpful to Western Countries.
Kolawole Adegbola.
----- Original Message -----
From: olakassimmd@aol.comSent: Tuesday, October 12, 2010 9:28 AMSubject: 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
Dear Timkola:The good news is that the statement that Nigeria is the 3rd fastest growing economyin the world is true with Nigeria's economy growing ataround 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 areto dig ourselves out of the hole that we are in and get anywhere close to achieving any ofthe 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 economyby 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 betherewill 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% providedshe has good governance, is able to curtail the cost of government, curb corruption andcapital flight and is able to produce enough affordable electrical power for both industrialand domestic use. Nigeria is also blessed with good weather, arable land and abundantfresh 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 elitesremain blinded by their selfish and corrupt 'me and my family only sensibilities'. to the realitiesof 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 educatedor are provided with alternate skills that will be needed to enter a productive work force; bad and scaryas is currently the case with fallen standards in education from primary to tertiary levels.* 20% youth unemployment--factories are closing, foreign multi nationals are leavingdue 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 isfalling.*Capital flight is on the rise* Rather than reducing brain drain is now gathering new momentum as young newly trainedNigerian professionals flee the Nigeria as soon as they finish their youth corp service due to lack ofopportunitiies in Nigeria.* Current governments--FGN and state governments have started borrowing massively both from theNigerian 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 theexcess crude account has been spent.*Federal and state governments spend most of their resources oin recurrent expenses leaving very little if anyfor infrastructure maintenance and development.Finally, the good news is all the above shortcomings can be reversed under good, focused and visionaryleadership 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 programon 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 manageand resolve the problems and learn from them' --T.PK. Abdul Kamal--President of India 2002-2007when asked by a journalist on a recent visit to Canada about why thereare so many problems with the preparations for the 2010 commonwealth Gamesin New Delhi. The above is not only true of India, it should also be true ofNigeria.Nigeria has all it takes to be a successful nation!India by the way currently have a population of 650 million citizens underage 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
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