Thread by @sarnchos

I want to do a thread on Singapore

I find that the tiny country has a lot that we can learn from in our quest for development

1. Singapore attained self governance in 1959 (2 years after Nigeria)

2. She attained independence as part of the Malaysian federation in 1963

3. Land size is 721.5 sq. Km

4. Singapore was kicked out of the Malaysian federation in 1965

5. As at 1965,

Malaysia's GDP & GDP per capita were; $2.956b & $310.33

While

Singapore's GDP & the GDP per capita were; $974.2m & $515.29

(Malaysia had over 300% of Singapore's GDP)

6. Today (2019)

Malaysia's GDP & GDP per capita are; $372.628b & $11,338

While

Singapore's GDP & GDP per capita are; $372.807b & $65,627

(Singapore has a larger economy than Malaysia, in spite of 1/6th of its population & 1/458 of its land mass. Both consist of same people)

7. Singapore is the world's 3rd largest oil refiner globally with capacity to refine 1.4m bpd

Singapore has ZERO crude oil deposits

What this means is that Singapore buys crude, refines it, & sells its by-products (sometimes back to oil producers like Nigeria) for a tidy profit

8. Because of the location of so much processing capacity in Singapore, it has attracted a huge allied chemicals industry to the country which provides massive employment for its citizens at very favorable conditions to investors and financiers.

9. Because most of what Singapore processes is too much to be consumed by its citizens, she also finds herself as a very large exporter of processed & finished goods

10. Singapore made its economy so conducive that it's now home a sizeable proportion of global capital

It's the world's 3rd largest financial centre after New York and London

11. Singapore has a sovereign AAA rating from all major ratings agencies, & is classified 3rd least corrupt country in the world

12. Singapore's seaport, airport, & airline are regarded as the world's best

13. As of 2019, Singaporean citizens had visa-free or visa-on-arrival access to 189 countries & territories, ranking the
Singaporean passport 1st in the world, tied with Japan

14. Singapore has the 2nd highest GDP per capita in the world after Luxemburg

15. GIC (Govt of Singapore Investment Corp) Private Limited, is a sovereign wealth fund it established to manage its foreign reserves

The fund's assets are estimated at $359b

In addition, Singapore also owns another sovereign wealth fund, Temasek Holdings, with $308b of assets

What this means is that Singapore has over $667b in surplus value, which is privately managed with strict KPI's, under investment, on behalf of the ordinary Singaporean people

A country with almost zero natural resources

Apart from being ashamed of ourselves, we need to sit up!

17. It's economy is known as one of the freest, most innovative, most competitive, most dynamic & most business-friendly

2015 Economic Freedom index ranked it as 2nd freest economy in the world; & the Ease of doing business index also ranked it as easiest place to do business

18. Despite market freedom, Singapore's government operations have a significant stake in the economy, contributing 22% of the GDP.

In other words, even though Singapore is a free market economy, state owned corporations still account for 22% of it's economy (around $75b)

What this means is that "privatization" as a pathway to true economic & market freedom in Nigeria, was a falsehood, & has only led to widespread inequality & poverty

The true key to investor confidence is the absolute intolerance of corruption to the highest degree possible

19. FYI Singapore is the 14th largest exporter, and 15th largest importer in the world.

Singapore both imports and exports heavily, while focusing on adding value.

Its port services are top notch

What is Nigeria doing to improve its ports' efficiency?