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How big is Nigerian economy?
dunkang
#31 Posted : Monday, August 11, 2014 4:56:02 PM
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There was a thread here about Japanese Used Cars Importers. Kenya beat all other African Countries in importing mitumbas.

Here it is.... Kenya is the Top Importer of Japanese Used Cars

The wazuans then (SKerian) were all over celebrating such a shame!
Receive with simplicity everything that happens to you.” ― Rashi

murchr
#32 Posted : Monday, August 11, 2014 4:56:03 PM
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Joined: 2/26/2012
Posts: 15,980
Back to basics. GDP is the value of goods and services produced in an economy, so tuache story za venye mnigeria ameenda China. Going to China just grows the Chinese economy. The reason why no country will get to Americas GDP soon is because no other country produces goods that are globally wanted like the US. Especially technology goods and Aeroplanes. Countries that have made it big are those that have technologically advanced and those with a robust manufacturing industry. Thats why Ethiopia is growing at a higher rate than Kenya.

Kenya is mainly a service economy, we need to start thondekaring things and consuming/ selling them out there if we are to grow.

GDP doesnt measure living standards PPP and HDI do.
"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
.
Obi 1 Kanobi
#33 Posted : Monday, August 11, 2014 5:09:13 PM
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Joined: 7/23/2008
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The Nigerian economy is massive, but there is no way its 10 times Kenya's. My guess is that they are about 6-8 times larger than Kenya.

There big forex earner is obviously Oil (2m bpd), but an even greater driver of their economy has to be their production for own consumption. Imagine making 100 million Agbada's (the west African wear) per year, the textile industry must be massive and I am sure most of it is off the grid. That can't be matched anywhere else in Africa.

Their entertainment industry is also very impressive, how many of those garbage movies do they make per year, and their music now is becoming the official african tune. Add in diaspora remmitances etc. I am sure their diaspora remmitance is huge compared to other African countries.

Kenyans are very poor spenders compared to the etravagant nigerians who will spur economic growth through consumption.

From my observations, an average Nigerian will consume 2X the amount of food consumed by a Kenyan per sitting and possible much more per day coz i bet they have less incidence of hunger. Don't forget that a large proportion of Kenyans are hungry and ain't got nothing to eat more than twice per day.

However, if you visited Lagos, you would be distressed by the diorganisation, every hovel has a generator.

I however think most of these GDP's are driven by the ease of computing them, e,g its easy to count the oil exports made, you then apply its multiplier effect to the economy and voila, you have a legitimate GDP estimate, akin to Nigeria or Angola.

Come to the case of Kenya and you have to work out the production for each household and sudenly you are left with the responsibility of counting beans, nobody wants to get into that so what them folks at the World bank do is to estimate and move on. It does not help that our gava is not interested in hard work either so will not bother to correct the obvious errors.
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
masukuma
#34 Posted : Monday, August 11, 2014 5:42:34 PM
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Stats are attempts at telling stories. GDP tells a story! that story is not false... it's a true story only that it's not a complete story. GDP per capita tells a story... that story is not false but not the whole story. Think about it SA is a wealthy country... highest GDP per capita in Africa BUT the GINI coefficient is terrible! while you may have great GDP per capita levels of inequality may be quite high! the only thing a poor fellow in SA has over the poor fellow in Kenya is that he can see wealth around him and has the title 'South African'... hii yote ni 'yetu' smile.
All Mushrooms are edible! Some Mushroom are only edible ONCE!
murchr
#35 Posted : Monday, August 11, 2014 5:45:27 PM
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Joined: 2/26/2012
Posts: 15,980
masukuma wrote:
Stats are attempts at telling stories. GDP tells a story! that story is not false... it's a true story only that it's not a complete story. GDP per capita tells a story... that story is not false but not the whole story. Think about it SA is a wealthy country... highest GDP per capita in Africa BUT the GINI coefficient is terrible! while you may have great GDP per capita levels of inequality may be quite high! the only thing a poor fellow in SA has over the poor fellow in Kenya is that he can see wealth around him and has the title 'South African'... hii yote ni 'yetu' smile.


Wrong. Nigeria has the highest GDP in Africa
"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
.
masukuma
#36 Posted : Monday, August 11, 2014 5:51:37 PM
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murchr wrote:
masukuma wrote:
Stats are attempts at telling stories. GDP tells a story! that story is not false... it's a true story only that it's not a complete story. GDP per capita tells a story... that story is not false but not the whole story. Think about it SA is a wealthy country... highest GDP per capita in Africa BUT the GINI coefficient is terrible! while you may have great GDP per capita levels of inequality may be quite high! the only thing a poor fellow in SA has over the poor fellow in Kenya is that he can see wealth around him and has the title 'South African'... hii yote ni 'yetu' smile.


Wrong. Nigeria has the highest GDP in Africa

wewe... soma vizuri... PER CAPITA!
All Mushrooms are edible! Some Mushroom are only edible ONCE!
Swenani
#37 Posted : Monday, August 11, 2014 5:52:34 PM
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Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
masukuma wrote:
Stats are attempts at telling stories. GDP tells a story! that story is not false... it's a true story only that it's not a complete story. GDP per capita tells a story... that story is not false but not the whole story. Think about it SA is a wealthy country... highest GDP per capita in Africa BUT the GINI coefficient is terrible! while you may have great GDP per capita levels of inequality may be quite high! the only thing a poor fellow in SA has over the poor fellow in Kenya is that he can see wealth around him and has the title 'South African'... hii yote ni 'yetu' smile.


S.A doesnt have the highest GDP per capita in Africa.

So it seemsGINI coefficient is the only stat that tells a true and whole story.

It shows how the country's poverty/wealth is shared
If Obiero did it, Who Am I?
murchr
#38 Posted : Monday, August 11, 2014 5:54:42 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
masukuma wrote:
murchr wrote:
masukuma wrote:
Stats are attempts at telling stories. GDP tells a story! that story is not false... it's a true story only that it's not a complete story. GDP per capita tells a story... that story is not false but not the whole story. Think about it SA is a wealthy country... highest GDP per capita in Africa BUT the GINI coefficient is terrible! while you may have great GDP per capita levels of inequality may be quite high! the only thing a poor fellow in SA has over the poor fellow in Kenya is that he can see wealth around him and has the title 'South African'... hii yote ni 'yetu' smile.


Wrong. Nigeria has the highest GDP in Africa

wewe... soma vizuri... PER CAPITA!


Na si ungesema PPP. Hii thread ni ya GDP hatuangalii maisha ya watu. The poor fellow around the world lives in the same state. Everywhere. I sometimes think this is the new Natural Selection that darwin talked about
"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
.
masukuma
#39 Posted : Monday, August 11, 2014 5:55:29 PM
Rank: Elder

Joined: 10/4/2006
Posts: 13,823
Location: Nairobi
masukuma wrote:
murchr wrote:
masukuma wrote:
Stats are attempts at telling stories. GDP tells a story! that story is not false... it's a true story only that it's not a complete story. GDP per capita tells a story... that story is not false but not the whole story. Think about it SA is a wealthy country... highest GDP per capita in Africa BUT the GINI coefficient is terrible! while you may have great GDP per capita levels of inequality may be quite high! the only thing a poor fellow in SA has over the poor fellow in Kenya is that he can see wealth around him and has the title 'South African'... hii yote ni 'yetu' smile.


Wrong. Nigeria has the highest GDP in Africa

wewe... soma vizuri... PER CAPITA!

my bad... it's not even the highest akina Equatorial Guinea,Gabon, Botswana beat it!
All Mushrooms are edible! Some Mushroom are only edible ONCE!
Alba
#40 Posted : Monday, August 11, 2014 5:56:31 PM
Rank: Elder

Joined: 12/27/2012
Posts: 2,256
Location: Bandalungwa
As I said earlier, Naija is a tribal society but far less tribal than Kenya. Their elections are more issue based. They actually vote on issues like security as opposed to Kenya where elections are 95% tribal. Wale hawana tyranny of tribalism wala tyranny of numbers. Naija man just wants to hustle and make money and will vote for whomever enables him to make money.

That makes a huge difference because presidents are actually held accountable for on the job performance.
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