Support my research and projects: ko-fi.com/econyt Hi! Awesome people of the internet. -Comments and suggestions are welcome. -Please share videos with people who you think might enjoy this content. -Don't forget to subscribe for more economics content! You are awesome :)
It’s not as bad as it seems South Africa has a major racism problem while most of Nigerias crime comes from the north And to be fair it is bad but actually not as bad as Zimbabwe and veneer and south sudan for now
@@joshuadala3508 You are the proof of the tribalism problem in Nigeria. Igbo hates Yoruba hates Hausa etc. Southerners hate Northerners etc. Nigeria is far worse than South Africa
@@jyde50 you wish🤣🤣🤣🤣....in 2024 GDP of Ethiopia 🇪🇹 is $205 billion per capital $1900(low middle income )..in 2025 GDP of Ethiopia 🇪🇹 is $240 billion per capital $2100(middle middle income )...Nigeria GDP 2024 is $252 billion per capital $1100(very poor) in 2025 GDP of Nigeria is $230 billion per capital $1000(very very poor)
@@jyde50 is 70 your Lucky number 🤣🤣🤣🤣🤣... tell dangote to build at lease one skyskrper in Lagos.. then you people can join Ethiopia 🇪🇹in the list of top 10 skyskrpers in Africa..... see you in October 2024
@@jupiterplanet1316 oh the october will just be a play. it's april 2025 next year that will be far worse as birr continues to fall, ethiopia economy less than 70B, LETS hope the birr keeps falling ethiopia economy less than 50B. lol dangote refinery richer than ethiopia
Oil money is good and all but maintaining decaying infrastructure while trying to create new jobs for youth isn't an easy task. These things happen and it's not only corruption to blame.
They have gas in the Netherlands they don’t even use it haha don’t even sell it is proven gas reserves, look at Norway it is full of gas and oil look how they maintain
As a Nigerian, most of what is said in this video is accurate. Apart from the part where you said a yearly salary can’t pay the bus fare, that’s too extreme 😂
His not wrong nah abi u no day stay for Lagos ni? just imagine working for 50k(35/40$) a month and u pay 1000N a day to work going and coming in one month and that's the minimum if u leave close to ur work place less ur leaving at were ur work and this is just the work expenses how about food and bills? On 50 to 70k??? Ah 😂 omo I no no how we take day do am for this economy sef
@@MuzorewaRatshikuniNatural resource wealth early into a country's history begets corruption. Even in the absense of corruption, it still has negative implications for the wider economy. Research what "Dutch Disease" is, its a fascinating economic phenomina that affects even "advanced" countries like Canada or Australia
Nigeria just does not work as a country the Muslim North and the Christian south doesn’t work together, having to have a rotating presidency just to keep the peace as opposed to just picking the best person for the job doesn’t work, none of it works. The country would be better splitting into two north/south and I believe the south would prosper with or without oil.
No, it won’t Bayelsa (my state) produces most of the countries oil and has the smallest land mass and population. As a consequence it receives a large chunk of the federal allocation every month. It should be better than all the other states in Nigeria or be on par with Lagos and Abuja, yet it’s the most underdeveloped state in the country. As far as there’s more money to steal, the politicians will steal it. Southern politicians aren’t any better
No, it won’t Bayelsa (my state) produces most of the countries oil and has the smallest land mass and population. As a consequence it receives a large chunk of the federal allocation every month. It should be better than all the other states in Nigeria or be on par with Lagos and Abuja, yet it’s the most underdeveloped state in the country. As far as there’s more money to steal, the politicians will steal it. Southern politicians aren’t any better
I think this is an unfair assessment of Nigeria. Though it has its issues, its not the doomsday simulation some of you all want it to be. Its relatively poltically stable and boasts a fairly diversified economy. As recently as 2014, its gdp per capita was double that of India's, 50% greater than vietnam's, and far exceeded many of its north african peers. Even after a decade of decline, it has still not fallen too far behind these countries. Though caused by long standing economic issues, the decline is recent and it wasnt too long ago when economic forums were already projecting Nigeria as Africas first trillion-dollar economy
@@virginiansupremacy yeah their population 5x since 60s similar to Philippines 4x. Why people are so against birth control and population planning? China 1-child policy only applied to Han people (90%+ of population) in cities. If China did not curve their population it would have been a DISASTER
Great video! Nigeria has so much potential but sadly corruption is so ingrained in our society. Not just by the elites in the government, but even in every day life. Until that problem is solved, achieving sustainable growth will be extremely difficult.
Oil may be a curse of sorts, but where would the country be without any oil? They still have a tremendous amount of potential, but a lot of things will need to start changing.
It would definitely be much better without Oil. Before the focus on Oil Nigeria was a major exporter of several agricultural goods and had a thriving manufacturing sector, none of which were natural easy prey to resource theft like oil and all of which needed the government to invest in the peoole to keep up output.
@@ikengaspirit3063 this couldn't be any more wrong. if the country used the oil boom era as a drive to boost the economy and support other economical sectors, it won't take long for the country to have multiple wells of income look at other oil exporting country with the same level of productivity like nigeria. you make mention of agriculture but agriculture could not support the population growth plus other countries started making their own foods so it couldn't support the country as much as oil.
@@Mayor238 yeah, "if" the country used the oil boom era well which we all know it didn't. Nigeria's feeding itself issues are not tied to some natural limit of amount of arable land, it's almost 90 percent arable land, mostly guinea savannah. Netherlands is managing enough exports to feed all of Nigeria from farmland half the size of one of Nigeria's states. It is most definitely not a size of farmland issue. As such, Nigeria can feed both itself and export lots if Agriculture was still a focus but it isn't. And you talk about a diverse stream of income, Nigeria did have a diverse stream of income, coal, mining, iron, rubber, etc. before the focus on Oil. It was oil that encouraged the murder of it's diverse stream of income. Without Oil, it would have by necessity remained diverse. Just look at Ghana a few countries away, it's income is more diverse and used to be even more diverse but now they're focusing on oil and the Cocoa industry has been let to decay.
No matter where you are, poor people will have more kids because they are poorly educated, no contraception, and because they believe children are the key to getting them out of their struggles.
@user-um2er1pm4h If that were all-encompassing, we wouldn't have a birth rate collapse everywhere. Poor people don't have the same proclivity towards irresponsible reproduction everywhere. Only Africa and Central Asia have been maintaining the fertility to maintain population growth this century.
@@ZaKRo-bx7lp Birth rate collapse is happening everywhere, simply that Africa’s birth rate has gotten higher than others at a later time. And it really differs because you go from 2.7 in Djibouti and Eswatini to 6.0 in Chad.
@asvo7777 I mean people have been talking about Nigeria's Potential since before I was born and since before I was born Nigeria has never taken advantages of those. The nature of Nigeria especially it's politics has also not changed any significant degree since then. As such, Nigeria will NEVER in our lifetime, our children's lifetime up to our grandchildren's lifetime live up to those expectations.
Natural resources like oil and gas or gold create the illusion of wealth. A nation like Nigeria can pretend that all is well because money is always coming in from oil. Wealth, though, is not the same as prosperity. The average Nigerian is poor and remains poor simply because the government is literally incapable of feeling the pain. It is incapable of feeling the pain because it's Revenue -- it's financial stability -- is not dependent on tax revenue. It is almost entirely dependent on oil revenue. This is what is called the "Natural Resource Curse" Countries like Singapore, Switzerland, and Taiwan are examples of nations that have very little resources to make money from. They have to depend solely on taxes for their Revenue. Because they have to depend solely on taxes, it is absolutely impossible for them to function if 75% of their population is living on less than 3 dollars a day. The Nigerian government can function even if 90% live on those wages. The pain will not be felt financially, because we have oil. It's truly a curse.
We thank you very much for this good video:your analysis of the Nigerian Economy is encouraging;yoi Praised it instead of Damning it.Thank you and God Preserve you.We do have our Challenges but we will Overcome them by God's Grace.
Energy Revenues aren't diverted for Infrastructure Projects. The Housing Boom isn't seen with the Affordability went out by the Social Spending. Less on Investments in Modernization of Public Services did cost the Growth. Pension Market need to be taken care by the Private Finances in the form of Equity Investments to promote Nigerian Economy.
There is a strong correlation between the disunity amongst the elites of the diverse ethnic nationalities in Nigeria and its economic misfortunes. Most narrators don't see this perspective. if our political elites can unite the country based on the premise of justice and equity, then the world shall witness a tremedious development of Nigeria within a very short time never seen in any nation.
"Government is the number one problem of businesses" Apt summary. By the way, the fintech sector is growing inspite of governments policies, not because of it.
It’s not too late to perks up the Agrarian sector of economy for Nigeria,economic chalenges are lurking in most countries just have to put a not corrupt leaders
How many steel mills/plants, factories, supermarket/restaurant chains, business hubs etc Nigeria can boast about since gaining independence from UK 63 years ago??
Na lie, no be oil. Speaking as a bayelsan BTW, we never really got to industrialize first off, then there's the kleptocracy and the dormant majority of the population that is delusional and would rather hope on a paradise in the next world.
The number one prayer that should be on the mouth of every reasonable Nigerian now is that the oil should just dry up cuz it has been an absolute curse in the hands of the clueless people who call themselves leaders
The real way to End Bad Governance is to introduce some newer and more Modern Good Governance Practices and Corporate Social Responsibility acts and actions such as Human Ecology, Environmental Social Governance, etc., which are part of the Environmental Sustainable Goals and Human Development Goals of the UN that need to be addressed before the end of the decade by all Stakeholders involved including Local, State, Federal and International Stakeholders.
It will not. Even if the entire goverment was Dutch for 25 years the population has such a different culture the goverment policies that work in NL would not work in Nigeria, this is with all respect to Nigerians.
As a Nigerian, this video is weak because of how generic it is. The statements are sometimes so broad and sweeping they could apply to anywhere but just specific enough that you know it's Nigeria. For an outsider, this is perfectly but as an insider, this video barely scratches the surface. For example when drawing parallels, Nigeria has Africa's richest man and the largest share of Africans living in poverty. Or Nigeria is home to many tech start ups but at the same time suffers from a severe shortage of talent for the tech start ups, etc. While not up to what I expect. Great video as a starting point
Resource curse? No such thing. It is always a culture curse. There are countries with abundant resources as well as zero resources that have prospered (e.g. Norway and Japan).
It really helps when you have a stable, strong and centralized government with a history that people respect and believe in. Incredibly unified people as well - culture / language / religion / common history, etc.
Norway is more of an exception to the rule, and Japan isnt a particularly resource rich country. The resource curse is a heavily studied phemomina and is generally accurate in predicting the trajectory of countries upon discovering large sums of natural resources. The case of Nigeria and other developing african and middle east countries is made particularly bad because they discovered their natural resource wealth early in their history, however elements of the resource curse (also known as dutch disease) can be found in developed economies such as Australia
Overall, yeah. But this isn't very impressive, considering the fact that it only applies to Thailand, Indonesia, Malaysia, and philippines, compared to the poorest continent. (I don't include singapore cuz it's already a developed country) I mean neither laos, nor Cambodia or Myanmar do have a bright future as far as I know . That being said, they're many outstanding African nations such as Botswana, Gabon, Cabo Verde , Rwanda or Namibia developing rapidly. For example, there's no southeast asian country other than singapore or Brunei wealthier than Gabon, Botswana and Libya , or more stable than Mauritius and Rwanda. Botswana, for exemple, has better infrastructure than the philippines according to the Competitiveness report. The same country holds a higher Education index than both vietnam and indonesia. So, Southeast asia might be a promising region, but there are still many african countries they gotta catch up.
@@Jearrow no other south east asian economy that wealthier than botswana, gabon and libya? Bro check malaysia, they are very close to reach high income developed status. The only reason why Malaysia is still in upper middle class is because of currency valuation. If only their currency is stronger than they would achieve a high income developed status a year ago
@@Ħæïķăł yeah, you're right, I didn't think of it. I was specifically targeting other developing southeast asian countries. However I do not think that currency is the factor preventing Malaysia from reaching a developed status. I mean, an over-reliance on foreign direct investment (FDI) and low productivity have been cited as factors that keep Malaysians trapped in the upper-income bracket. The way forward is to improve capability and drive competitiveness, according to economists
@@JearrowComparing countries with small populations such as Gabon, Rwanda, Botswana, Cape Verde, Namibia with countries with large populations such as Thailand, Indonesia, Malaysia, Vietnam, the Philippines that's so unfair, Southeast Asian countries will certainly have lower GDP per capita, but Southeast Asian countries such as Thailand, Indonesia, Malaysia, Vietnam, and the Philippines have much higher HDI scores than the average African country.
Nigeria cant function as consitituted youve got an entire north of the country just just absolute dead weight that southerners carry im not nigerian but i believe nigeria has no hope if they dont split that country
@@dikko9729 I’m not encouraging tribal violence I’m saying the north f Goes their own way cause they clearly have proven 60 years straight they have different interests and they split peacefully let the south take off completely let those who are more in tune with modernity or those who embrace it fly in the modern world those that want to go to the past can do so and all will be happy
These people just want to have a particular wealth and forget the rest of population… they don’t mind to be a riches and live in a miserable way of life
@@jyde50 It's delusional to think so. You are the same guy who called me a liar a few months ago for saying South Africa was going to overtake Nigeria. It happened.
@@jyde50 Nigeria has deep structural problems. For one, none of you trust the government and establishment. You see corruption as the only way ahead. Divisions along tribes are worse than nearly everywhere else in Africa. Your economy is too reliant on oil. Infrastructure is barely even third-world. Regional development divides are visible. Especially along the north and south. Don't even get me started on your currency. A dollar was 149 naira in 2010. Now it's closer to 2000 naira per dollar. You got beat in economic output by countries with less than half the amount of people you have.
@@naijapropagator9244 Our Nigerians are not lazy, please, do not say that about your own people. In so few countries in the world are the people lazy, people are only brought down by the systems around them. Maybe in countries with lots of subsidies are people lazy, like Qatar and Venezuela before everything blew up for them. Nigerians have so many businesses, naturally entrepreneurs thanks to the environment they find themselves in without a system that helps them find their own proper employment. The only lazy trait people have is their laziness to do research and to change themselves and vote for someone NEW. We saw Peter Obi make big promises to change people’s lives, much better than the other two candidates… And he still lost by a lot. That is the issue with Nigerians. Division caused that loss. The two other candidates were Muslims and Yoruba and Hausa, giving them extra votes. If Obi was from the North or a Yoruba Christian, or a Yoruba Muslim, he would have won. If he was Ijaw or Ogoni, or Kanuri or Tiv he would be no where near the top because the big groups of Nigeria would not vote for him.
How do you do business when there are no roads to take your good from north to south, highly insecure atmosphere! What do you do??!! Stop this lazy talk, you can't even borrow money to start or expand your business cause the rates are 25% + So, wtf do you mean by lazy??!!
"Despite economic challenges, the country’s spirit of innovation and determination remains promising." LOL weird delusions. It's the people that make a place work or not and Nigeria is cursed with nigerians.
Every country with bad leaders is shit, lol, no matter where you go around the world... The fact is that Nigerians are doing better than many other Africans in other countries thanks to this determination from them, as many Nigerians own their own businesses. One good leader would transform Nigeria because the country is not cursed with bad people, if it was, everyone would be impoverished. However, outside of the slums on the outskirts of the big cities and the rural areas, people in Nigeria are doing fine, people in cities are well educated and have big goals. They just need the system to actually help them be able to prosper. Any system which brings down all of the people, or some of them, makes those people have terrible lives. Many Asian countries are rich now. Why are Cambodia, Laos and Myanmar still so poor? Many arab countries are rich. Why is Yemen and Iraq so poor? Almost all European countries are rich. Why are Moldova, Ukraine and Albania so poor? Bad leaders. It is not just Nigeria.
@@ziedyacoub8488 Laos and Cambodia are not far better than Nigeria in every aspect? And pre war Myanmar is not current Myanmar, and it was not better than Nigeria. All of these countries are poor. Moldova and Albania are better but it doesn’t change the fact that theyre still poor.
@@JustinOlpompa no, Nigeria is going better not because of the people but because of the number of reosurces it is blessed with. There's no way you can tell me you live and work in Nigeria and claim the businesses are innovative or the people in the city doing better. All the hunger protests are from the cities, whether Suleja or Kano.
@@JustinOlpompa You didn't answer their question though? Why is Myanmar, Laos and Cambodia still poor compared to their asian neighbours? It still boils down to leadership. Nigerians as a people are the ones carrying the nation up while the government actively destroys our efforts. If you watched in the beginning of the video, the narrator mentioned the music industry, fintech and Nollywood. These are initiatives started by the people and the only thing the government does to help is to use these three industries as distractors saying "Look our country isn't so bad let's steal more" while we suffer.
Talk about .multinationals role in corruptiom in oil.ri h Check eiti trsnsparency Shell.bribrry politivally And why block dangote refinery Sure trinidad oil regime similar curse😮
Support my research and projects: ko-fi.com/econyt
Hi! Awesome people of the internet.
-Comments and suggestions are welcome.
-Please share videos with people who you think might enjoy this content.
-Don't forget to subscribe for more economics content!
You are awesome :)
I can already tell the western bias this is going to have lmao
@penderyn8794 That was the late 1960s
I thought things were bad in South Africa until I went to Nigeria. Wish the government can do better
It's disheartening to find out that we aren't doing bad relative to the rest of Africa. Stuff must be really bad over there.
It’s not as bad as it seems South Africa has a major racism problem while most of Nigerias crime comes from the north
And to be fair it is bad but actually not as bad as Zimbabwe and veneer and south sudan for now
@@joshuadala3508 Weren't there food riots in Nigeria this week? Didn't they end once everyone was given a bag of rice?
@@joshuadala3508
You are the proof of the tribalism problem in Nigeria.
Igbo hates Yoruba hates Hausa etc. Southerners hate Northerners etc.
Nigeria is far worse than South Africa
U ain't a Nigerian for u to even say this @@joshuadala3508
Nigerian economy has plummeted from $500 billion in 2014 to $252 billion in 2024
Ethiopia economy 160B in 2023 , 70billion or less in 2025.
@@jyde50 you wish🤣🤣🤣🤣....in 2024 GDP of Ethiopia 🇪🇹 is $205 billion per capital $1900(low middle income )..in 2025 GDP of Ethiopia 🇪🇹 is $240 billion per capital $2100(middle middle income )...Nigeria GDP 2024 is $252 billion per capital $1100(very poor) in 2025 GDP of Nigeria is $230 billion per capital $1000(very very poor)
@@jupiterplanet1316 ethiopia economy less than 70B, birr to fall further so could be less than 70B. Dangote refinery richer than ethiopia, LOL
@@jyde50 is 70 your Lucky number 🤣🤣🤣🤣🤣... tell dangote to build at lease one skyskrper in Lagos.. then you people can join Ethiopia 🇪🇹in the list of top 10 skyskrpers in Africa..... see you in October 2024
@@jupiterplanet1316 oh the october will just be a play. it's april 2025 next year that will be far worse as birr continues to fall, ethiopia economy less than 70B, LETS hope the birr keeps falling ethiopia economy less than 50B. lol dangote refinery richer than ethiopia
They are rich in oil, but corruption is the causes of the country still poor, bad management.
Oil money is good and all but maintaining decaying infrastructure while trying to create new jobs for youth isn't an easy task. These things happen and it's not only corruption to blame.
They have gas in the Netherlands they don’t even use it haha don’t even sell it is proven gas reserves, look at Norway it is full of gas and oil look how they maintain
@@manovrsb they’re worthless and corrupt that’s the problem!
Same in Philippines economy is rich but people are still poor.
@@ansonang7810 But the Philippines is a hub of corruption same as Malaysia
When terrible economies of Egypt and South Africa is beating it then things are really bad.
well they have different and more complex problems i think nigeria's economy is easier to fix
Nigeria's economy has higher PPP than southafrica.
@@jyde50 applause! how's the HDI, GDP per capita and nominal GDP coming along?
@@biggeststeppa1 ask him oh, ask him very well
Nigeria is a banana republic
As a Nigerian, most of what is said in this video is accurate. Apart from the part where you said a yearly salary can’t pay the bus fare, that’s too extreme 😂
werey shock me oh
😂😂😂
His not wrong nah abi u no day stay for Lagos ni? just imagine working for 50k(35/40$) a month and u pay 1000N a day to work going and coming in one month and that's the minimum if u leave close to ur work place less ur leaving at were ur work and this is just the work expenses how about food and bills? On 50 to 70k??? Ah 😂 omo I no no how we take day do am for this economy sef
Ahh he is not wrong oo, i know somone living at magodo working at ikoyi salary is 87k his transport of 2500 daily do the maths
Nigeria is another IMF CLIENT
One of it's biggest problems
It's inspiring to see the potential for innovation and diversification despite the hurdles.
As soon as the intro began as 'Nigeria', i said 'Oh ohhhh'
Raw materials doesn't mean that a country will be rich in fact it is a sure way to be poor.
No it's not.
You have just come to believe a lie.
The key variable is whether there is corruption or not.
@@MuzorewaRatshikuniNatural resource wealth early into a country's history begets corruption. Even in the absense of corruption, it still has negative implications for the wider economy. Research what "Dutch Disease" is, its a fascinating economic phenomina that affects even "advanced" countries like Canada or Australia
Thank You for This piece. Watching all the way from Nigeria
Nigeria just does not work as a country the Muslim North and the Christian south doesn’t work together, having to have a rotating presidency just to keep the peace as opposed to just picking the best person for the job doesn’t work, none of it works. The country would be better splitting into two north/south and I believe the south would prosper with or without oil.
No, it won’t
Bayelsa (my state) produces most of the countries oil and has the smallest land mass and population. As a consequence it receives a large chunk of the federal allocation every month. It should be better than all the other states in Nigeria or be on par with Lagos and Abuja, yet it’s the most underdeveloped state in the country.
As far as there’s more money to steal, the politicians will steal it. Southern politicians aren’t any better
No, it won’t
Bayelsa (my state) produces most of the countries oil and has the smallest land mass and population. As a consequence it receives a large chunk of the federal allocation every month. It should be better than all the other states in Nigeria or be on par with Lagos and Abuja, yet it’s the most underdeveloped state in the country.
As far as there’s more money to steal, the politicians will steal it. Southern politicians aren’t any better
We are hoping for a Pan-Africa and you are like the devil suggesting further divide. 🤦♂️
there a 5 economies: Developed, developing, Japan, Argentina...and Nigeria
I think this is an unfair assessment of Nigeria. Though it has its issues, its not the doomsday simulation some of you all want it to be. Its relatively poltically stable and boasts a fairly diversified economy. As recently as 2014, its gdp per capita was double that of India's, 50% greater than vietnam's, and far exceeded many of its north african peers. Even after a decade of decline, it has still not fallen too far behind these countries. Though caused by long standing economic issues, the decline is recent and it wasnt too long ago when economic forums were already projecting Nigeria as Africas first trillion-dollar economy
@@tssj8827 India's GDP per capita in 2024 is higher than that of Nigeria's
Nigeria: a country with the same population as brazil with the same gdp as austria
@@virginiansupremacy yeah their population 5x since 60s similar to Philippines 4x.
Why people are so against birth control and population planning?
China 1-child policy only applied to Han people (90%+ of population) in cities. If China did not curve their population it would have been a DISASTER
You know china is going through fertility crisis? One child policy was disastrous for them@@0matters
Great video! Nigeria has so much potential but sadly corruption is so ingrained in our society. Not just by the elites in the government, but even in every day life.
Until that problem is solved, achieving sustainable growth will be extremely difficult.
Corruption starts and ends at the top.
Thanks for giving me a perfect perspective on what the Nigerian economy is facing
Oil may be a curse of sorts, but where would the country be without any oil? They still have a tremendous amount of potential, but a lot of things will need to start changing.
@@darex0827 Nigeria without oil could be either very good or very bad.
It would definitely be much better without Oil. Before the focus on Oil Nigeria was a major exporter of several agricultural goods and had a thriving manufacturing sector, none of which were natural easy prey to resource theft like oil and all of which needed the government to invest in the peoole to keep up output.
It's not even mentioned how oil spills and seepage into land has completely renders much of the land in the south-south useless for agriculture
@@ikengaspirit3063 this couldn't be any more wrong. if the country used the oil boom era as a drive to boost the economy and support other economical sectors, it won't take long for the country to have multiple wells of income look at other oil exporting country with the same level of productivity like nigeria. you make mention of agriculture but agriculture could not support the population growth plus other countries started making their own foods so it couldn't support the country as much as oil.
@@Mayor238 yeah, "if" the country used the oil boom era well which we all know it didn't.
Nigeria's feeding itself issues are not tied to some natural limit of amount of arable land, it's almost 90 percent arable land, mostly guinea savannah. Netherlands is managing enough exports to feed all of Nigeria from farmland half the size of one of Nigeria's states. It is most definitely not a size of farmland issue.
As such, Nigeria can feed both itself and export lots if Agriculture was still a focus but it isn't.
And you talk about a diverse stream of income, Nigeria did have a diverse stream of income, coal, mining, iron, rubber, etc. before the focus on Oil. It was oil that encouraged the murder of it's diverse stream of income. Without Oil, it would have by necessity remained diverse.
Just look at Ghana a few countries away, it's income is more diverse and used to be even more diverse but now they're focusing on oil and the Cocoa industry has been let to decay.
And yet people are having more and more children born into absolutely miserable poverty.
No matter where you are, poor people will have more kids because they are poorly educated, no contraception, and because they believe children are the key to getting them out of their struggles.
@user-um2er1pm4h If that were all-encompassing, we wouldn't have a birth rate collapse everywhere. Poor people don't have the same proclivity towards irresponsible reproduction everywhere. Only Africa and Central Asia have been maintaining the fertility to maintain population growth this century.
@@ZaKRo-bx7lp Birth rate collapse is happening everywhere, simply that Africa’s birth rate has gotten higher than others at a later time. And it really differs because you go from 2.7 in Djibouti and Eswatini to 6.0 in Chad.
Those kids weren't getting in the way of a certain lifestyle, either way they weren't gonna afford stuff.
Our birth rate is actually falling
Would love to see a video on Jamaica economy
They look like they're doing well.
@@FictionHubZA they are but would still lose to see a video all these economic channels do the same countries over and over
Nigeria is potential man. They should rename it Megumia.
@asvo7777 I mean people have been talking about Nigeria's Potential since before I was born and since before I was born Nigeria has never taken advantages of those. The nature of Nigeria especially it's politics has also not changed any significant degree since then.
As such, Nigeria will NEVER in our lifetime, our children's lifetime up to our grandchildren's lifetime live up to those expectations.
I understood that reference.
And that's a sukunarish thing to say.
What does that mean
@asvo7777I want to know the same thing
JJK reference
Natural resources like oil and gas or gold create the illusion of wealth. A nation like Nigeria can pretend that all is well because money is always coming in from oil. Wealth, though, is not the same as prosperity.
The average Nigerian is poor and remains poor simply because the government is literally incapable of feeling the pain. It is incapable of feeling the pain because it's Revenue -- it's financial stability -- is not dependent on tax revenue. It is almost entirely dependent on oil revenue. This is what is called the "Natural Resource Curse"
Countries like Singapore, Switzerland, and Taiwan are examples of nations that have very little resources to make money from. They have to depend solely on taxes for their Revenue. Because they have to depend solely on taxes, it is absolutely impossible for them to function if 75% of their population is living on less than 3 dollars a day.
The Nigerian government can function even if 90% live on those wages. The pain will not be felt financially, because we have oil. It's truly a curse.
Dude got wild giraffes in the video i aint never seen no giraffes
😂😂😂
😂😂😂😂
There are giraffes in Bauchi and over 500 elephants in Borno
@@ubaidurrahmansulaiman1436 that is nice do you stay in Bauchi I gotta visit one day..and are there zebras or just giraffes and elephants ?
1:57 Dem no call davido😭😭
😂😂😂😂😂😂 Shey na wetin bring you here?
@@olatundehub dem dey talk economy hin dey talk davido 😂 y'all just can't get serious for once
@@afolayansodiq1683😂😂
😂😂😂
Corrupt leaders killed Nigerian economy and still ruling them.
We thank you very much for this good video:your analysis of the Nigerian Economy is encouraging;yoi Praised it instead of Damning it.Thank you and God Preserve you.We do have our Challenges but we will Overcome them by God's Grace.
10 years ago Nigeria used to have higher GDP per capita than my country Vietnam
Was waiting for a video like this
Nigeria’s failures are its own.
Nope it's also Europe's fault as well
@@mrbateman136 Sarcasm innit😂
Energy Revenues aren't diverted for Infrastructure Projects.
The Housing Boom isn't seen with the Affordability went out by the Social Spending.
Less on Investments in Modernization of Public Services did cost the Growth.
Pension Market need to be taken care by the Private Finances in the form of Equity Investments to promote Nigerian Economy.
Thank you for this piece of information
There is a strong correlation between the disunity amongst the elites of the diverse ethnic nationalities in Nigeria and its economic misfortunes. Most narrators don't see this perspective. if our political elites can unite the country based on the premise of justice and equity, then the world shall witness a tremedious development of Nigeria within a very short time never seen in any nation.
"Government is the number one problem of businesses"
Apt summary.
By the way, the fintech sector is growing inspite of governments policies, not because of it.
It’s not too late to perks up the Agrarian sector of economy for Nigeria,economic chalenges are lurking in most countries just have to put a not corrupt leaders
government should calibrate changes and see immediate results before full implementation
How many steel mills/plants, factories, supermarket/restaurant chains, business hubs etc Nigeria can boast about since gaining independence from UK 63 years ago??
Na lie, no be oil. Speaking as a bayelsan BTW, we never really got to industrialize first off, then there's the kleptocracy and the dormant majority of the population that is delusional and would rather hope on a paradise in the next world.
The number one prayer that should be on the mouth of every reasonable Nigerian now is that the oil should just dry up cuz it has been an absolute curse in the hands of the clueless people who call themselves leaders
The real way to End Bad Governance is to introduce some newer and more Modern Good Governance Practices and Corporate Social Responsibility acts and actions such as Human Ecology, Environmental Social Governance, etc., which are part of the Environmental Sustainable Goals and Human Development Goals of the UN that need to be addressed before the end of the decade by all Stakeholders involved including Local, State, Federal and International Stakeholders.
Good luck 🎉🎉🎉
Corruption is peak
Just allow Dutch/Swedes/Finns to govern for 2 decades. Things will improve.
It will not. Even if the entire goverment was Dutch for 25 years the population has such a different culture the goverment policies that work in NL would not work in Nigeria, this is with all respect to Nigerians.
@@RK-cj4ocThat's untrue.
@@David-io9lp Good arguement 10/10.
@@RK-cj4oc I have no need for arguments.
@@David-io9lp Sums up your backward mindset.
As a Nigerian, this video is weak because of how generic it is. The statements are sometimes so broad and sweeping they could apply to anywhere but just specific enough that you know it's Nigeria. For an outsider, this is perfectly but as an insider, this video barely scratches the surface. For example when drawing parallels, Nigeria has Africa's richest man and the largest share of Africans living in poverty. Or Nigeria is home to many tech start ups but at the same time suffers from a severe shortage of talent for the tech start ups, etc.
While not up to what I expect. Great video as a starting point
Can things ever get better?Just thinking out loud
Either he let go, or Nigeria ends up like Sri Lanka.
great work 👍
We are curse for real😢
Oil is a curse
Resource curse? No such thing. It is always a culture curse. There are countries with abundant resources as well as zero resources that have prospered (e.g. Norway and Japan).
Nigeria was exploited for centuries and continues to be
Exactly. Thomas Sowell explains this very well.
It really helps when you have a stable, strong and centralized government with a history that people respect and believe in. Incredibly unified people as well - culture / language / religion / common history, etc.
Norway is more of an exception to the rule, and Japan isnt a particularly resource rich country. The resource curse is a heavily studied phemomina and is generally accurate in predicting the trajectory of countries upon discovering large sums of natural resources. The case of Nigeria and other developing african and middle east countries is made particularly bad because they discovered their natural resource wealth early in their history, however elements of the resource curse (also known as dutch disease) can be found in developed economies such as Australia
@@tssj8827 I gave Japan as an example of a resource poor country that has prospered.
Southeast Asia has a brighter future than Africa.
Overall, yeah. But this isn't very impressive, considering the fact that it only applies to Thailand, Indonesia, Malaysia, and philippines, compared to the poorest continent. (I don't include singapore cuz it's already a developed country) I mean neither laos, nor Cambodia or Myanmar do have a bright future as far as I know . That being said, they're many outstanding African nations such as Botswana, Gabon, Cabo Verde , Rwanda or Namibia developing rapidly. For example, there's no southeast asian country other than singapore or Brunei wealthier than Gabon, Botswana and Libya , or more stable than Mauritius and Rwanda. Botswana, for exemple, has better infrastructure than the philippines according to the Competitiveness report. The same country holds a higher Education index than both vietnam and indonesia. So, Southeast asia might be a promising region, but there are still many african countries they gotta catch up.
@@Jearrow no other south east asian economy that wealthier than botswana, gabon and libya?
Bro check malaysia, they are very close to reach high income developed status. The only reason why Malaysia is still in upper middle class is because of currency valuation. If only their currency is stronger than they would achieve a high income developed status a year ago
@@Ħæïķăł yeah, you're right, I didn't think of it. I was specifically targeting other developing southeast asian countries. However I do not think that currency is the factor preventing Malaysia from reaching a developed status. I mean, an over-reliance on foreign direct investment (FDI) and low productivity have been cited as factors that keep Malaysians trapped in the upper-income bracket. The way forward is to improve capability and drive competitiveness, according to economists
Well, it has a brighter present as well so not surprising it's future will also be brighter.
@@JearrowComparing countries with small populations such as Gabon, Rwanda, Botswana, Cape Verde, Namibia with countries with large populations such as Thailand, Indonesia, Malaysia, Vietnam, the Philippines that's so unfair, Southeast Asian countries will certainly have lower GDP per capita, but Southeast Asian countries such as Thailand, Indonesia, Malaysia, Vietnam, and the Philippines have much higher HDI scores than the average African country.
Interesting
Nigeria cant function as consitituted youve got an entire north of the country just just absolute dead weight that southerners carry im not nigerian but i believe nigeria has no hope if they dont split that country
Your part of the problem, encouraging division and tribal violence please educate yourself
@@dikko9729 I’m not encouraging tribal violence I’m saying the north f
Goes their own way cause they clearly have proven 60 years straight they have different interests and they split peacefully let the south take off completely let those who are more in tune with modernity or those who embrace it fly in the modern world those that want to go to the past can do so and all will be happy
@Izzy_B241, if you knows nothing about a country, it is better to shut up and just watch. More than 80% of agricultural products are from the North.
@@star77667 so who needs who in Nigeria ?
You are part of the greater problem with this comment. So cry more
A shame of a nation
corruptions the curse not crude
8:00 of the cause of the curse is bad management and corruption... then why is it called the resource curse...
You called Norway and other small European countries.So why did you put 1 million tribes together
May God help us ❤
It's all so tiresome..
When i heard 500 different languages that was it for me.
👌👌
How is Accra in a video about Nigeria?
They are economically like Russia.
These people just want to have a particular wealth and forget the rest of population… they don’t mind to be a riches and live in a miserable way of life
Incompetents, incapables and corruption!
👍
Aptly titled
If you like the conclusion. Like this❤
Corruption
Africans aren't that good with economy but are strong
They are bad with both
@@princessglandy6776 Africans are strong
Resume: All things that we realized in present, reflect our descendents in the future!
Corrupt politicians what do you expect
Nigeria has tremendous potential, the only thing that hinders our development is good leadership
Humanity is Soo greedy and evil..may Jesus christ saved mankind
Exclude Akwa Ibom out of this. We are not igbo’s are land is our land. 😊
He was ill-advised by so called "development partners"
No comment yet
Ah Ah now
It will fall soon Nigeria will fall
Rank what?? 😂Bro we are no 1 don't play.
Lmao
Black excellence 😂😂
😂😂😂😂
Yes
Would urge you to decrease the amount of generic video clips in the video.
You can't get the basic geography of the country right yet you want to explain its economy?
May Allah help Nigeria
Allah is dead
😂🤣🤣🤣
bruh
Your Allah don't exist
Nothing will change unfortunately
Bad governance result
Mafia and corrupte country 😅😅😅
Talk about ethiopia economy, its has already collapse.
Is that not due to the war that happened?.
Not what happened their economy doubled.
@@FictionHubZA no, its nigeria that will soon double with dangote refinery, ethiopia will shrink with devaluation.
@@jyde50 It's delusional to think so. You are the same guy who called me a liar a few months ago for saying South Africa was going to overtake Nigeria. It happened.
@@jyde50 Nigeria has deep structural problems. For one, none of you trust the government and establishment. You see corruption as the only way ahead. Divisions along tribes are worse than nearly everywhere else in Africa.
Your economy is too reliant on oil.
Infrastructure is barely even third-world. Regional development divides are visible. Especially along the north and south.
Don't even get me started on your currency. A dollar was 149 naira in 2010. Now it's closer to 2000 naira per dollar.
You got beat in economic output by countries with less than half the amount of people you have.
i am firsr one
reply to me
first one
don't come here
Lmfao did you seriously just say Canadas government isn’t corrupt?! Lol
Usual western propaganda video. Nothing new.
Poor peoples 😂
I was told the missing issue in the discussion is the laziness of the people. Can't discount that factor.
@@naijapropagator9244 Our Nigerians are not lazy, please, do not say that about your own people. In so few countries in the world are the people lazy, people are only brought down by the systems around them. Maybe in countries with lots of subsidies are people lazy, like Qatar and Venezuela before everything blew up for them. Nigerians have so many businesses, naturally entrepreneurs thanks to the environment they find themselves in without a system that helps them find their own proper employment. The only lazy trait people have is their laziness to do research and to change themselves and vote for someone NEW. We saw Peter Obi make big promises to change people’s lives, much better than the other two candidates… And he still lost by a lot. That is the issue with Nigerians. Division caused that loss. The two other candidates were Muslims and Yoruba and Hausa, giving them extra votes. If Obi was from the North or a Yoruba Christian, or a Yoruba Muslim, he would have won. If he was Ijaw or Ogoni, or Kanuri or Tiv he would be no where near the top because the big groups of Nigeria would not vote for him.
Why would people even bother when their salaries are not enough to buy food. It's either stress out and suffer or ride it easy and get by.
A family of four with both parents working 3 jobs each just to eat one square meal a day and you still call Nigerians LAZY???
How do you do business when there are no roads to take your good from north to south, highly insecure atmosphere! What do you do??!! Stop this lazy talk, you can't even borrow money to start or expand your business cause the rates are 25% +
So, wtf do you mean by lazy??!!
who gave birth to this colonial officer 😂😂
"Despite economic challenges, the country’s spirit of innovation and determination remains promising." LOL weird delusions. It's the people that make a place work or not and Nigeria is cursed with nigerians.
Every country with bad leaders is shit, lol, no matter where you go around the world... The fact is that Nigerians are doing better than many other Africans in other countries thanks to this determination from them, as many Nigerians own their own businesses. One good leader would transform Nigeria because the country is not cursed with bad people, if it was, everyone would be impoverished. However, outside of the slums on the outskirts of the big cities and the rural areas, people in Nigeria are doing fine, people in cities are well educated and have big goals. They just need the system to actually help them be able to prosper. Any system which brings down all of the people, or some of them, makes those people have terrible lives. Many Asian countries are rich now. Why are Cambodia, Laos and Myanmar still so poor? Many arab countries are rich. Why is Yemen and Iraq so poor? Almost all European countries are rich. Why are Moldova, Ukraine and Albania so poor? Bad leaders. It is not just Nigeria.
@@ziedyacoub8488 Laos and Cambodia are not far better than Nigeria in every aspect? And pre war Myanmar is not current Myanmar, and it was not better than Nigeria. All of these countries are poor. Moldova and Albania are better but it doesn’t change the fact that theyre still poor.
@@JustinOlpompa
Ukraine? Russian meddling and political instability/corruption. Laos is a Chinese vassal state.
@@JustinOlpompa no, Nigeria is going better not because of the people but because of the number of reosurces it is blessed with.
There's no way you can tell me you live and work in Nigeria and claim the businesses are innovative or the people in the city doing better. All the hunger protests are from the cities, whether Suleja or Kano.
@@JustinOlpompa You didn't answer their question though? Why is Myanmar, Laos and Cambodia still poor compared to their asian neighbours? It still boils down to leadership. Nigerians as a people are the ones carrying the nation up while the government actively destroys our efforts. If you watched in the beginning of the video, the narrator mentioned the music industry, fintech and Nollywood. These are initiatives started by the people and the only thing the government does to help is to use these three industries as distractors saying "Look our country isn't so bad let's steal more" while we suffer.
LoL
It iz beacoz op evil West
Pls do not talk about Nigeria like this
Why? Is he wrong? 🤨
Look at this one😂
@@musical_lolu4811an olodo fr
Can't take the truth?
Talk about .multinationals role in corruptiom in oil.ri h
Check eiti trsnsparency
Shell.bribrry politivally
And why block dangote refinery
Sure trinidad oil regime similar curse😮
No comment yet