Rebasing, de-basing, un-basing WITHOUT PRODUCTIVITY is useless. If they like let them rebase it to N1TRILLION, It still won't change the fact that Nigeria's manufacturing sector and general productivity is near-Zero! It is the opportunity available to people and also the purchasing power of the middle class that can reasonably be used to judge the health and productivity of an economy. Will the rebasing suddenly change the unemployment or will it change the price of pms to N180, or will it suddenly bring back all the foreign manufacturers that have left? LETS GET SERIOUS FOR ONCE AND START TREATING THE ISSUES AND NOT EFFECTS
Always negative with Obi’s Igbos retards. They say there is no production in Nigeria, but yet Nigeria is the leading world supplier of Cassava for industrial starch production. Same idiot saying, no manufacturing in Nigeria while Dangote is producing fertilizer, PMS, Aviation fuel for export. Nigeria is self sufficient in cement and sugar production. Our plastic manufacturing industries like Okoya’s Eleganza factory and Innocent motor fabrication factory are outstandingly fabricating all sorts of products
The world has evolved significantly with advancements in information technology, and we now have vast amounts of data that could be integrated into the GDP rebasing process. With AI advancements, we should focus on developing models that can automate this rebasing annually. I learned so much from this video. Greetings from South Africa! I’m now planning to create a small model to measure GDP in my community when I have the time, and I’ll try to incorporate AI into it; this sounds like a good challenge for me.
It takes Nigeria a long time because elected officials don't really care about developing the economy. Proper economic planning, which rebasing supports, isn't a priority for them. As Taiwo Oyedele points out, much of our tax code remains unchanged since colonial times, reflecting a lack of interest in building human capital-the true driver of economic growth. Instead, those in power focus on the state (themselves) and the territory(Natural Resources, Mineral Resources, Flora and Fauna), exploiting both for personal gain while ignoring the needs of the population, which the other two exist to serve.
Wow! You are so dumb and uninformed and its very painful that someone like you can be unleashed onto the public, to ditch out false narrative and allow your effete sentiments to rob off on ignorant and unsuspecting viewers. However, a simple search on Google and ChatGPT would have saved you a world of embarrassment, if only your empty brains can be made to work...For the purpose of those who might see your comment and take it as fact, i'm compelled to debunk your assertion and school you on the reality below, using information culled from ChatGPT: Nigeria's trade balance showed a significant surplus of approximately ₦6.95 trillion in the second quarter of 2024, marking a 33% increase from the previous quarter ¹. This improvement was driven by a 10.7% decrease in imports, totaling ₦12.47 trillion, and a 1.57% increase in exports, reaching ₦19.4 trillion. Breaking down the exports, crude oil dominated, accounting for 74.98% of total exports at ₦14.56 trillion. Non-oil products contributed ₦1.94 trillion, representing 10% of total exports ¹. According to Vice President Kashim Shettima, Nigeria's total external trade recorded a favorable trade balance of ₦6.5 trillion in the second quarter of 2024, with exports accounting for 60.89% of total trade ¹. This positive trade balance highlights Nigeria's economic growth and its efforts to diversify its economy and reduce its dependence on oil. www.bing.com/search?q=Nigeria+trade+balance+as+of+second+quarter+2024&safeSearch=strict&form=METAWA
It's not that simple. A country that's heavily export reliant isn't that better either. You need a balance in this things. Export > import is not the quick fix you think it is.
I am subscribing to this channel. Very impressive, informative and with eloquent speakers. One thing to note is the GDP calculations from the rebasing. In Naira terms, there might be a change upwards but not in dollar terms. As a result of the devaluation of the last 18/19 months, Nigeria's economy might actually have shrunk (in dollar terms).
According to a global think tank, 35 million people are facing starvation, and this figure is projected to reach 80 million by 2028, with inflation at 34%.
If they want to keep the name Ngr, Yoruba Nation will assist everyone in developing the area of intellectual property as we're setting global standards in innovation 🌐
The policymakers have a lot of work to do with what they're articulating to transform and raise living standards, return inflation below 15%, and raise GDP per capita income: purchasing power parity innovation 💡
The IMF told us in 2014 that Nigeria's economy was 250 Billion and we were no 3 in Africa. The reality was that based on NBS findings we were no 1 in Africa with 509 Billion Dollars. What nobody takes into consideration is that the NBS figures for 2014 were based on figures assessed for Major cities The rural economy was totally excluded in the figures published in 2014.
Rebasing, just learning it now. But the concept the sounds similar to the solution offer my system theory to solve a system problem called "dript to low performance. " Granted, I will advise that Nigeria should rebase on a year GDP did very well and recent year that new industry or sector enter into the economy. This is in theory how to deal with a system dripting to low performance.
Nigeria is not performing poorly. We just are not printing money and borrowing heavily in order to live a fake life. The economy is still growing and there are indications that our economy will continue to grow.
@raymonddauda2694 (1) short term (2) Medium term (3) Long term The problem with people like you is that you are trying to measure the performance of an economy undergoing our kind of reforms using short term indices. You will never arrive at the right answer.
@raymonddauda2694 It took nations that have reformed their economies many years to arrive at the desired destination because it usually takes years to mobilize the factors needed to build up the economy. (1) China 30 years (2) Russia 30 years (3) Rwanda 21 years (4) United Kingdom under the late Margaret Thatcher 9 years. Tinubu is asking for three years which is even too small to really achieve much in the ongoing economic reforms and many of you are acting like you are going to die.
@@rotimikayode1072 now it's clear now that you don't understand what I wrote initially or pays attention while reading, when you said I used short term indices.
From the implications you have outlined, it sounds like debasing could be used as a form of "creative economics" similar to creative accounting. How can it be made to be such that it is unbiased and inspire confidence? Meanwhile could you define/explain more with illustrations GDP debasing cus your anchor interrupted you when you were about to do that?
For example the current GDP estimates for Nigeria are about $250 billion lets say that at the end of the exercise Nigeria is at $580 billion even though it will now be the biggest in Africa , Nigeria will still be underperforming massively for a country of its size. The only confidence you can get is that the country has more realistic way of measuring its economic size(based on data) at the end of the day (than the current World bank/IMF estimates that never collected any data before they arrived at the figure)
@@cj-ux4sq oga, your economy is $199 billion, if you want a larger economy, do what decent people do - work hard and grow your economy. Stop forging data! Rebasing is just another attempt to forge data!
Rebasing helps to capture your true economic strength. From that base you can plan and stimulate growth. There are a lot of economic activities currently happening in Nigeria. From tourism, entertainment, resurgence of sports activities in stadiums, mining, agriculture, manufacturing, fintech, banking, real estate etc. Sales in cement has tripled in Nigeria recently, a sign of strong growth in an average Nigerian economy. Returns are looking good for most citizens across the spectrum. Fix our electricity for maximum efficiency is the most urgent issue now.
Does rebasing the economy shed more light on income distribution, wealth gap, socioeconomic shift and effectiveness of various government policies to improve the quality of life of the average Nigerian?
The young anchor just ruined this session by interrupting at 3:31 That was when Ugo wanted to hit the main point of the video. Now, i cant fully grasp the GDP rebasing stuff in relation to the examples he state earlier. Dear Segun, try to calm down next time. I understand you want to contribute but always know when to cut in.
Rebase, Debase, underbase and overbase will it affect the price of staple foods that the average Nigerian can no longer afford to buy? Remember when a similar thing was done with our inflation figures making it look like our inflation rate was in single digits? It seems the goal is to make Nigeria look good on paper while the reality is an inverse relationship
Inflation is an increase in the central bank money supply. Consumer prices rises or declining is a symptom of that change. Keynesians corrupted this definition
This is not the definition of inflation. Inflation is the general rise in the price of goods and services because the effective demands for goods and services exceeded the abilities of the supplies of the same goods and services to meet the demand.
The main point which was deliberately avioded like a plague here is what should be rebased ? Should illegal activities like yahoo yahoo, kidnapping ransom and prostitution be included ? How is these illegal activities audited and documented for estimate .
Its sad that people look at everything from the lens of does it put food on the table today today. That is not Tinubu's job, or the job of any president in fact. To be a president, you need information. Imagine trying to run a whole country like Nigeria using outdated and incorrect information. How cam you be successful? Information is power. To even know what to do, you need the right information. That is why rebasing is important. It will also make Nigeria a more attractive place for investment because it is likely that the debt to GDP ratio will reduce. The truth is that Nigeria still needs loans for the time being, and if this rebasing is the difference between 0 naira in investment and 100 billion, why not? We need these investments to make Nigeria work. You want ports? Power station? Road? This is the behind the scenes that makes these things happen. Nobody ever said a higher GDP means people are living better, this is SS1 economics. Nobody is faking anything to look good. Not all policies must alleviate poverty instantly. To make lasting change, you need to attack it from all angles, and this is just a small step. The real question we should ask ourselves is what are WE doing to help Nigeria? What am I doing? This will take us further than complaining from our three seater every 9pm
How can the Nairametrics guy imagine that Nigeria can become the largest economy in Africa when our current exchange rate is N1600 to USD. That makes me wonder if he is unbiased, hope he is not APC spokesman. Our GDP has not really grown much and our exchange rate haS reduced in value 3 fold so how can an expert say such a thing. Chosing 2019 before the severe devaluation is suspicious. Which exchange rate will they use.
Exchange rate does not reduce gdp, the figures from imf is not updated, argentina currency was reduced by 100% yet their economy did not shrink like nigeria. Nigeria economy is not less than 600b.
Don't be suspicious of every gaddemn thing!! It's not a particularly good trait! For a start, that is part of the problem, when we forever tag our Naira to the American dollar! We just need to encourage spending in Naira and also increase our purchasing of finished products that are made in Nigeria !! Housewives are still going to the market enquiring for imported foreign rice, even though homegrown rice sells for cheaper!. With subsidies removed and with more crude oil being refined locally ( Dangote, Warri, Port Harcourt)and the finished product exported, there is bound to be a shift or a surge in the overall economy! You look out in another 20 months to two years from now! 👊🏾🇳🇬👊🏾🇳🇬!!
We are now in the GDP politcs😂😂😂 My pocket says it all how Tinubu runs Nigeria. This attempt to tell people to deny their ugly reality under Tinubu is a joke and remains a joke. The economy speaks for itself.
On the contrary, The adminstration has favours me, far better than last administration which for me remains the worst in the history of the country. Different strokes for different folks.
@@mcdonald1821 Never judge how a government is doing from how it favors you personally. Always look at the wider macros and broaden your perspective. It is this narrow and selfish view that has crippled Naija and perhaps Africa for decades. If all I do, for example, is source properties for State officials without any disclosure of the sources of their funds, I could easily be a billionaire in 24 months with all the sprawling development without tax records or proof of funds in Ikoyi. But does that make Nigeria more livable? No! Stop viewing development from the prism of personal account growth. It's so myopic.
Rebasing, de-basing, un-basing WITHOUT PRODUCTIVITY is useless. If they like let them rebase it to N1TRILLION, It still won't change the fact that Nigeria's manufacturing sector and general productivity is near-Zero! It is the opportunity available to people and also the purchasing power of the middle class that can reasonably be used to judge the health and productivity of an economy. Will the rebasing suddenly change the unemployment or will it change the price of pms to N180, or will it suddenly bring back all the foreign manufacturers that have left? LETS GET SERIOUS FOR ONCE AND START TREATING THE ISSUES AND NOT EFFECTS
Another OBIdient naysayer. What else is new?
Dangote has made nigeria one of the largest refined fuel producer in the world so manufacturing is better than before
Always negative with Obi’s Igbos retards. They say there is no production in Nigeria, but yet Nigeria is the leading world supplier of Cassava for industrial starch production. Same idiot saying, no manufacturing in Nigeria while Dangote is producing fertilizer, PMS, Aviation fuel for export. Nigeria is self sufficient in cement and sugar production. Our plastic manufacturing industries like Okoya’s Eleganza factory and Innocent motor fabrication factory are outstandingly fabricating all sorts of products
Learn before typing.
@@Franklyn-j8l Manufacturing is better based on product alone? How many Nigerians are employed in Dangote refinery?
The world has evolved significantly with advancements in information technology, and we now have vast amounts of data that could be integrated into the GDP rebasing process. With AI advancements, we should focus on developing models that can automate this rebasing annually. I learned so much from this video. Greetings from South Africa!
I’m now planning to create a small model to measure GDP in my community when I have the time, and I’ll try to incorporate AI into it; this sounds like a good challenge for me.
Rebasing is a must because there is a lot that is not being captured in the Nigerian economy.
Like tech bros and remote workers
Very insightful!
I believe the true size of an economy should be determined by much revenue that economy generates
Re-basing as Economic Audit! Insightful session.
It takes Nigeria a long time because elected officials don't really care about developing the economy. Proper economic planning, which rebasing supports, isn't a priority for them. As Taiwo Oyedele points out, much of our tax code remains unchanged since colonial times, reflecting a lack of interest in building human capital-the true driver of economic growth. Instead, those in power focus on the state (themselves) and the territory(Natural Resources, Mineral Resources, Flora and Fauna), exploiting both for personal gain while ignoring the needs of the population, which the other two exist to serve.
You never heard of the new Nigerian Tax bill?
Economic gymnastics, 1 hour unemployment data, rebasing, untrue inflation.
This is highly educative....Appreciates
Thank you Ugodre
Informative ❤
I love your channel.
Any economy that does not produce and export more than it imports it would be in the back waters of economies.
Wow! You are so dumb and uninformed and its very painful that someone like you can be unleashed onto the public, to ditch out false narrative and allow your effete sentiments to rob off on ignorant and unsuspecting viewers. However, a simple search on Google and ChatGPT would have saved you a world of embarrassment, if only your empty brains can be made to work...For the purpose of those who might see your comment and take it as fact, i'm compelled to debunk your assertion and school you on the reality below, using information culled from ChatGPT:
Nigeria's trade balance showed a significant surplus of approximately ₦6.95 trillion in the second quarter of 2024, marking a 33% increase from the previous quarter ¹. This improvement was driven by a 10.7% decrease in imports, totaling ₦12.47 trillion, and a 1.57% increase in exports, reaching ₦19.4 trillion.
Breaking down the exports, crude oil dominated, accounting for 74.98% of total exports at ₦14.56 trillion. Non-oil products contributed ₦1.94 trillion, representing 10% of total exports ¹.
According to Vice President Kashim Shettima, Nigeria's total external trade recorded a favorable trade balance of ₦6.5 trillion in the second quarter of 2024, with exports accounting for 60.89% of total trade ¹. This positive trade balance highlights Nigeria's economic growth and its efforts to diversify its economy and reduce its dependence on oil.
www.bing.com/search?q=Nigeria+trade+balance+as+of+second+quarter+2024&safeSearch=strict&form=METAWA
what are you producing? Are you not part of the economy? Who are you telling to be productive, the government?
@iniedeteyo4349 i love this answer lol
It's not that simple. A country that's heavily export reliant isn't that better either. You need a balance in this things. Export > import is not the quick fix you think it is.
Nice discussion. I enjoyed it.
As an African American diaspora and market investor this is very informative ❤
Really appreciate this educative session
I am subscribing to this channel. Very impressive, informative and with eloquent speakers. One thing to note is the GDP calculations from the rebasing. In Naira terms, there might be a change upwards but not in dollar terms. As a result of the devaluation of the last 18/19 months, Nigeria's economy might actually have shrunk (in dollar terms).
According to a global think tank, 35 million people are facing starvation, and this figure is projected to reach 80 million by 2028, with inflation at 34%.
If they want to keep the name Ngr, Yoruba Nation will assist everyone in developing the area of intellectual property as we're setting global standards in innovation 🌐
The policymakers have a lot of work to do with what they're articulating to transform and raise living standards, return inflation below 15%, and raise GDP per capita income: purchasing power parity innovation 💡
The IMF told us in 2014 that Nigeria's economy was 250 Billion and we were no 3 in Africa. The reality was that based on NBS findings we were no 1 in Africa with 509 Billion Dollars. What nobody takes into consideration is that the NBS figures for 2014 were based on figures assessed for Major cities The rural economy was totally excluded in the figures published in 2014.
Do IMF wants anything good for Nigeria?
Grammar has never and will never help us . If they like, they can multibase, all na just story
Rebasing, just learning it now. But the concept the sounds similar to the solution offer my system theory to solve a system problem called "dript to low performance. " Granted, I will advise that Nigeria should rebase on a year GDP did very well and recent year that new industry or sector enter into the economy. This is in theory how to deal with a system dripting to low performance.
Nigeria is not performing poorly. We just are not printing money and borrowing heavily in order to live a fake life. The economy is still growing and there are indications that our economy will continue to grow.
@rotimikayode1072 how do you measure performance of an economy?
@raymonddauda2694
(1) short term
(2) Medium term
(3) Long term
The problem with people like you is that you are trying to measure the performance of an economy undergoing our kind of reforms using short term indices. You will never arrive at the right answer.
@raymonddauda2694 It took nations that have reformed their economies many years to arrive at the desired destination because it usually takes years to mobilize the factors needed to build up the economy.
(1) China 30 years
(2) Russia 30 years
(3) Rwanda 21 years
(4) United Kingdom under the late Margaret Thatcher 9 years.
Tinubu is asking for three years which is even too small to really achieve much in the ongoing economic reforms and many of you are acting like you are going to die.
@@rotimikayode1072 now it's clear now that you don't understand what I wrote initially or pays attention while reading, when you said I used short term indices.
Very insightful...
Thank you for the update
Intelligent content 👏👏👏👏👏👏👏👏👏
Wow...... very very very informative
Well done
Nigerian politicians always trying to change the goal post.
EXACTLY!!!!
😂
We became the largest economy but things kept on getting hig. Inflation and unemployment shouldn't be living side by side.
Always changing the goal post to win a match
From the implications you have outlined, it sounds like debasing could be used as a form of "creative economics" similar to creative accounting. How can it be made to be such that it is unbiased and inspire confidence? Meanwhile could you define/explain more with illustrations GDP debasing cus your anchor interrupted you when you were about to do that?
For example the current GDP estimates for Nigeria are about $250 billion lets say that at the end of the exercise Nigeria is at $580 billion even though it will now be the biggest in Africa , Nigeria will still be underperforming massively for a country of its size. The only confidence you can get is that the country has more realistic way of measuring its economic size(based on data) at the end of the day (than the current World bank/IMF estimates that never collected any data before they arrived at the figure)
@@cj-ux4sq oga, your economy is $199 billion, if you want a larger economy, do what decent people do - work hard and grow your economy. Stop forging data! Rebasing is just another attempt to forge data!
Rebasing helps to capture your true economic strength. From that base you can plan and stimulate growth. There are a lot of economic activities currently happening in Nigeria. From tourism, entertainment, resurgence of sports activities in stadiums, mining, agriculture, manufacturing, fintech, banking, real estate etc. Sales in cement has tripled in Nigeria recently, a sign of strong growth in an average Nigerian economy. Returns are looking good for most citizens across the spectrum. Fix our electricity for maximum efficiency is the most urgent issue now.
Honestly this economy is very favourable, things are affordable and easy. Employment on all time high.
Hahahaha
In 2020,2021 there no inputs(consumption) data in the Nbs, You have data on ground and the available consumption data was 2019
How does rebasing positively affect the common man and his/her economic/spending power
Does rebasing the economy shed more light on income distribution, wealth gap, socioeconomic shift and effectiveness of various government policies to improve the quality of life of the average Nigerian?
The young anchor just ruined this session by interrupting at 3:31
That was when Ugo wanted to hit the main point of the video.
Now, i cant fully grasp the GDP rebasing stuff in relation to the examples he state earlier.
Dear Segun, try to calm down next time.
I understand you want to contribute but always know when to cut in.
Rebase, Debase, underbase and overbase will it affect the price of staple foods that the average Nigerian can no longer afford to buy? Remember when a similar thing was done with our inflation figures making it look like our inflation rate was in single digits? It seems the goal is to make Nigeria look good on paper while the reality is an inverse relationship
Maybe let's rebase the Currency to 10USD to 1 Naira and refuse to do business with any nation that doesn't accept it.
Nice
❤❤
Inflation is an increase in the central bank money supply. Consumer prices rises or declining is a symptom of that change. Keynesians corrupted this definition
This is not the definition of inflation. Inflation is the general rise in the price of goods and services because the effective demands for goods and services exceeded the abilities of the supplies of the same goods and services to meet the demand.
Inflation is what you get when demand is greater than supply. Simple.
To have output we must have inputs, there was no inputs data in Nbs for 2020,2021,be cause inputs, here, is consumption and no data on ground
The main point which was deliberately avioded like a plague here is what should be rebased ?
Should illegal activities like yahoo yahoo, kidnapping ransom and prostitution be included ?
How is these illegal activities audited and documented for estimate .
No country includes illegal activities in the calculation of the GDP
As long as rebasing does not affect the cooking man it’s just big grammar
Its sad that people look at everything from the lens of does it put food on the table today today. That is not Tinubu's job, or the job of any president in fact.
To be a president, you need information. Imagine trying to run a whole country like Nigeria using outdated and incorrect information. How cam you be successful? Information is power.
To even know what to do, you need the right information. That is why rebasing is important. It will also make Nigeria a more attractive place for investment because it is likely that the debt to GDP ratio will reduce. The truth is that Nigeria still needs loans for the time being, and if this rebasing is the difference between 0 naira in investment and 100 billion, why not? We need these investments to make Nigeria work. You want ports? Power station? Road? This is the behind the scenes that makes these things happen.
Nobody ever said a higher GDP means people are living better, this is SS1 economics. Nobody is faking anything to look good.
Not all policies must alleviate poverty instantly. To make lasting change, you need to attack it from all angles, and this is just a small step.
The real question we should ask ourselves is what are WE doing to help Nigeria? What am I doing? This will take us further than complaining from our three seater every 9pm
How can the Nairametrics guy imagine that Nigeria can become the largest economy in Africa when our current exchange rate is N1600 to USD. That makes me wonder if he is unbiased, hope he is not APC spokesman. Our GDP has not really grown much and our exchange rate haS reduced in value 3 fold so how can an expert say such a thing. Chosing 2019 before the severe devaluation is suspicious. Which exchange rate will they use.
Exchange rate does not reduce gdp, the figures from imf is not updated, argentina currency was reduced by 100% yet their economy did not shrink like nigeria. Nigeria economy is not less than 600b.
@@Franklyn-j8l
So on what basis are you giving your GDP valuation of $600b if you are not using the exchange rate?
On the basis of capturing what is not captured and updating what is not updated in the economy. E.g Real estate and the informal sector.
Don't be suspicious of every gaddemn thing!!
It's not a particularly good trait!
For a start, that is part of the problem, when we forever tag our Naira to the American dollar!
We just need to encourage spending in Naira and also increase our purchasing of finished products that are made in Nigeria !!
Housewives are still going to the market enquiring for imported foreign rice, even though homegrown rice sells for cheaper!.
With subsidies removed and with more crude oil being refined locally ( Dangote, Warri, Port Harcourt)and the finished product exported, there is bound to be a shift or a surge in the overall economy!
You look out in another 20 months to two years from now!
👊🏾🇳🇬👊🏾🇳🇬!!
what a silly statement
We are now in the GDP politcs😂😂😂
My pocket says it all how Tinubu runs Nigeria.
This attempt to tell people to deny their ugly reality under Tinubu is a joke and remains a joke.
The economy speaks for itself.
On the contrary, The adminstration has favours me, far better than last administration which for me remains the worst in the history of the country. Different strokes for different folks.
@@mcdonald1821 Never judge how a government is doing from how it favors you personally. Always look at the wider macros and broaden your perspective. It is this narrow and selfish view that has crippled Naija and perhaps Africa for decades. If all I do, for example, is source properties for State officials without any disclosure of the sources of their funds, I could easily be a billionaire in 24 months with all the sprawling development without tax records or proof of funds in Ikoyi. But does that make Nigeria more livable? No! Stop viewing development from the prism of personal account growth. It's so myopic.
@@mcdonald1821God bless you
It is all window dressing and political gimickry
APC propaganda 😂😂
nigeria should not be one country...pure and simple
Anything else is just grammar you're speaking
Okay! Stop interfering into nigerian issues,go to your ogodomigodo in Biafra.
As long as rebasing does not affect the cooking man it’s just big grammar