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EthioRedSea
- Member
- Posts: 4089
- Joined: 31 Aug 2019, 11:55
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EthioRedSea
- Member
- Posts: 4089
- Joined: 31 Aug 2019, 11:55
Re: Ethiopia should learn from Nigeria - a country that has succeded to develop it's economy and dominate the world
The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors.[25][citation needed] It is ranked as the 26th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity.[26] Nigeria has the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the West African subcontinent.[27] In addition, the debt-to-GDP ratio is 16.075 percent as of 2019.[28]
Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012,[29] though estimates of the size of the informal sector (which is not included in official figures) put the actual numbers closer to $630 billion. Correspondingly, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012 (again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,900 per person).[30] (Population increased from 120 million in 2000 to 160 million in 2010). These figures were to be revised upwards by as much as 80% when metrics were to be recalculated subsequent to the rebasing of its economy in April 2014.[31]
Although oil revenues contribute 2/3 of state revenues,[32] oil only contributes about 9% to the GDP. Nigeria produces only about 2.7% of the world's oil supply. Although the petroleum sector is important, as government revenues still heavily rely on this sector, it remains a small part of the country's overall economy.
The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now[when?] imports some of its food products, though mechanization has led to a resurgence in manufacturing and exporting of food products, and the move towards food sufficiency.[33] In 2006, Nigeria came to an agreement with the Paris Club to buy back the bulk of its debts owed from them for a cash payment of roughly US$12 billion.[34]
According to a Citigroup report published in February 2011, Nigeria will have the highest average GDP growth in the world between 2010 and 2050.[35] Nigeria is one of two countries from Africa among 11 Global Growth Generators countries.[36]
Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012,[29] though estimates of the size of the informal sector (which is not included in official figures) put the actual numbers closer to $630 billion. Correspondingly, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012 (again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,900 per person).[30] (Population increased from 120 million in 2000 to 160 million in 2010). These figures were to be revised upwards by as much as 80% when metrics were to be recalculated subsequent to the rebasing of its economy in April 2014.[31]
Although oil revenues contribute 2/3 of state revenues,[32] oil only contributes about 9% to the GDP. Nigeria produces only about 2.7% of the world's oil supply. Although the petroleum sector is important, as government revenues still heavily rely on this sector, it remains a small part of the country's overall economy.
The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now[when?] imports some of its food products, though mechanization has led to a resurgence in manufacturing and exporting of food products, and the move towards food sufficiency.[33] In 2006, Nigeria came to an agreement with the Paris Club to buy back the bulk of its debts owed from them for a cash payment of roughly US$12 billion.[34]
According to a Citigroup report published in February 2011, Nigeria will have the highest average GDP growth in the world between 2010 and 2050.[35] Nigeria is one of two countries from Africa among 11 Global Growth Generators countries.[36]
Re: Ethiopia should learn from Nigeria - a country that has succeded to develop it's economy and dominate the world
Look at your corrupt Nigerian uncle sebhat ... you banda lij have no right to talk about Ethiopia. Your citizenship forfeited. 