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, 6 tweets, 3 min read
Alhaji Dahiru Mangal
Dutch disease. Everyone should read this. Our problems are accurately explained in the pages attached
This clearly explains the nexus between 5+% GDP growth and Nigeria's economic destruction
This book is a must read for everyone interested in how our economy died under PDP, and why our wailers will never be happy with pmb
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Awe Onisokuso
@sarnchos
One thing that gives me a hope of rapid economic growth in the not too distant future are Nigeria's active free trade/export processing zones.

In Lagos,

Lekki free trade zone
Alaro free zone
Dangote free zone
Lagos free trade zone
Ladol free trade zone (among others),

are some
of the state's biggest claims to be Nigeria's no. 1 growth and employment area within the next decade.

The state's effort at preparing for the needed skills include its employment trust fund (LSETF)

Other notable free zones in Nigeria include:

Ogun Guangdong free zone
Olokonla oil and gas free zone (jointly owned by Ogun and Ondo)
Ore industrial city
Cross River free zone
etc

Some will sneer at the time it is taking for these initiatives to yield appreciable returns in terms of economic and employment impact, but we must bear in mind that
Read 7 tweets
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Awe Onisokuso
@sarnchos
A little history of how stockfish (aka okporoko) became a fixture of Nigerian cuisine.

It started (sadly) during the Civil War when South Easterners were experiencing starvation and severe malnourishment.

The Norwegians could only help with their fish

bbc.com/news/world-afr…
Not only did the wartorn victims make do with the Norwegian gifts, they also found uses for virtually every part of the fish's body

Including the head

You see, Norwegians usually discard the head of the stockfish as useless, but Nigerians eventually convinced them of its value
Today, Nigeria is Norway's largest buyer of stockfish, and its only buyer of stockfish head, to the tune of over 9,000 MT annually.

So what started as charity for Norway has become an irreplaceable part of Nigerian cultural identity.

undercurrentnews.com/2019/08/01/nig…
Read 3 tweets
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Awe Onisokuso
@sarnchos
Old Port Harcourt Refinery (60,000 bpsd commissioned in 1965)

Warri Refining & Petrochemical Company (125,000 bpsd commissioned in 1978)

Kaduna Refining & Petrochemical Company (110,000 bpsd commissioned in 1980)

New Port Harcourt Refinery (150,000 bpsd commissioned in 1989)
By 1998, all 4 refineries (445,000 bpsd) were operating at about 15-25% capacity combined.

This was the impact of corruption on the Nigeria's publicly owned companies.

While we should have been building more refining capacity, we were busy with destroying what we had, to make
room for imports.

While we slept, others developed their capacities at our expense.

And we kept telling ourselves that govt cannot do well in business.

Isn't the running of govt a business?

Why do we prize businessmen as good leadership material, if govt can't run business?
Read 6 tweets

Related threads

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Funter
@Funter21510910
State of the Economy through Charts and Tables

As the GDP growth (at 5%) slowed to a 25 quarter low in Q1 of FY 2020, let us examine the various economic indicators to understand the 'real' state of the Indian economy. Here is a thread. 1/13
1) 2-Wheeler Sales - dipped by ~17% in July, 2019. Motorcycle sales fell by 19% while Scooter sales declined by 12%. Scooters sell more in urban India. Motorcycles sell in both urban as well as rural India. The data shows distress in both India and Bharat. 2/13
2) Car sales - saw a massive YoY volume degrowth of 30.3%. Car purchase is a discretionary spending. People buy cars only when they are assured of future economic prospects. It shows that urban economic sentiment is at rock bottom levels. 3/13
Read 19 tweets
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Kishore C Iyer🇮🇳
@Kishoreciyer1
#GDP #ArvindSubramanian
Now that I have invoked the names of the great "Harvard" educated person. Let me break down what he has actually done! And as he claims he wouldn't have taken ~6 months to complete this paper, max would be a month. Ok diving into this... 1/n
I'm giving a layman's explanation of this so I will refrain from using complicated terms:
1. Get the Revised GDP growth rates from 2011-2017, do a correlation with all publicly available data like auto sales, credit growth, petroleum consumption, IIP data.. etc 2/n
Conclude that the correlation levels are not high enough
2. Use the same GDP data and find out the growth rates vs the same set of data & conclude that the relationship is haphazard (which is normal)
3. Using above two initial tests conclude that GDP is overestimated 3/n
Read 14 tweets
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Oby Ezekwesili
@obyezeks
Economic illiteracy is frankly a disease.
Economic illiteracy qualifies to be given a place on the List of Deadly Diseases stagnating our country and continent.
We cannot tackle pernicious Poverty while proudly wearing Economic illiteracy as though it were a beautiful garment.
One of the plans I had, running for President, was to launch a Public Economic Literacy Program so we all can at least understand the Basics of what happens in an Economy. 📚

We need this badly to build a measure of understanding for a menu of mandatory economic policies.✍🏾
Read 8 tweets
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Daniel Ade Sodimu
@Sodimu_DA
#Nigeria's #GDP growth remains just above 2% YoY in Q1 2019, albiet lower than in Q4 2018.
#Nigeria: Real #GDP continues to grow at slightly more than 2% YoY in Q1 2019 (+2.01%). However, this represents a slowdown from 2.38% growth in Q4 2019, and is still well below growth levels before the 2014 oil price crash.
#Africa
The slowdown came from both lower non-oil growth (+2.47% vs +2.70% in Q4) and a deeper contraction of oil #GDP (-2.40% vs -1.62% in Q4). It was the 4th consecutive quarter of decline in the #oil sector.
#Nigeria #Africa
Read 11 tweets
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Laurent Franckx
@LaurentFranckx
Thread on #GDP, the environment and happiness. As I have already repeatedly pointed out here, GDP is often charged with all the evils of the world, but that is mostly because both the people who use it and those who criticize think it measures things it doesni't measure /
First of all: most of the things I will write here are discussed at length in the excellent "GDP: A Brief but Affectionate History" by @DianeCoyle1859 , a book that I consider a masterpiece of economics explained to a general public.
As was said about Hannibal Lecter, if you want to understand evil (or GDP 😉) you need to go back to its origins. Rudimentary attempts to measure national income have existed for centuries. Some of them were actually really valiant attempts, given the state of data at the time
Read 51 tweets
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SBM Intelligence
@sbmintelligence
1/ The country’s profile got bleaker this week for a host of reasons - impetuous regulatory behaviour, refugees left out in the cold, a needless rise in public recurrent spending and an unshackled rogue police squad.
2/ Nothing illustrates #Nigeria’s dysfunction as much as the minimum wage palaver. The ₦27,000 ($75) or even ₦30,000 ($83) is not much – those that earn it will hover around the poverty line.
3/ The issue is that even such a wage is beyond the capacity of @AsoRock to pay, and for many small businesses as well, this will represent a massive upswing in cost. There is a disconnect between value creation by the workforce, and how much they earn.
Read 24 tweets

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