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If the GDP of lagos is close to $100B (2013 rebased numbers) and the population of Lagos is 20M people what does per capita amount translate to?
Your numbers seems to be based on 2010 GDP figures which were not rebased.
If you wanted to go the PPP route in any case you should probably know that Nigeria's GDP (PPP) is about $1 trillion (Nominal amount about 510B) in 2013.
This means that the average GDP per capita (PPP) in 2013 for the entire country is over $5K. In other words my numbers for Lagos look to be more accurate and up to date than yours. You should also know that a huge chunk of Lagos economy is non-oil as well.
I honestly don't want to go back and forth as I understand that Nigeria will always be portrayed in a certain light for different kinds of people and there is nothing I can do to change that.
You can respond if you wish but I won't be commenting any further in this thread.
For anyone interested in the Nigeria's GDP figures for 2013, please visit the below link:
My Lagos GDP figures were sourced from summary newspaper articles following the Nigeria's press release on rebased GDP (there isn't a detail state by state data released for 2013 yet, as far as I know).
One trillion for purchasing power parity?! I know the exchange nominal rate is right but I will check the PPP figure to make sure.
Its now $2 a day. The bureaucrats think that the millions who live in Lagos and make $3 aren't poor. Because an Indian peasant can survive on $2/day (no need to pay rent, light bill, transportation, decent range of clothing, or buy food) they use this as a gauge of 3rd world quality of life.
Poverty is widespread in Lagos, and this is the most prosperous part of that nation. In any case corruption in Nigeria is massive and a significant amount is spirited out of the country, therefore not entering the economy, and much of the rest is squandered on luxury imports. Nigeria doesn't even produce enough refined hydrocarbons to meet its fuel needs.
That's what I suspected. I read some splashy profile in the NY Times about Nigeria's elite going to various fashion shows and tooling around luxury vehicles. The article then pointed out the unreliability of electricity and other dangers. A more sensible elite would look to develop the infrastructure at the very least before they recklessly consume. Oh well.
That's what I suspected. I read some splashy profile in the NY Times about Nigeria's elite going to various fashion shows and tooling around luxury vehicles. The article then pointed out the unreliability of electricity and other dangers. A more sensible elite would look to develop the infrastructure at the very least before they recklessly consume. Oh well.
I've said it repeatedly. Nigeria should be doing what Japan was when it was at this stage in it's development over 100 years ago. They should be paying adviisors from the top oil, manufacturing and agricultural companies and organizations from all over the world to come in and teach their people from the highest execs to the lowest technicians how to successful run their enterprises the way the best in the world do.
A lot of African's have too much pride and don't won't outsiders coming in and telling them how to do things. The Japanese had a tremendous amount of pride too but they realized that if they ever wanted to be on an equal level with the foreigners that bullied them they had to learn from them and figure out how to do things as well and even better than they could. And that's exactly what they did.
But I also feel very sorry for new developing countries today. Countries like Japan when they were just coming along could set up low tech cottage industries making things by hand like silk garments, pearl jewelry, jade, pottery and all sorts of trinkets. They could then trade these items in large quantities with the west earning enough money to pay taxes which were used to build infrastructure like rail roads and such. They were able to, off this trade, set up trading companies that led to shipbuilding, finance, banking, and steel companies as well.
Today there is no way Africans making hand made items can compete with Asian manufacturers in China and elsewhere that can mass produce very similar items at much lower prices using much more modern methods and machinery along with an equally large population of low paid workers.
On top of this, trade is hindered by ever increasing Western strictness in standards on products especially agricultural products. For instance farmers in Nigeria and Ghana produce very high quality very natural products ranging from bananas to pineapples, mangoes, etc. but they have a hard time meeting european and USDA food standards which would require them to use expensive food processing equipment, chemicals and fertilizers.
They produce very good Talapia and cocoa in Ghana and Nigeria for instance but in order to compete with Chinese and Malaysian producers they would have to have much much larger scale to bring down price which would mean building giant expensive feed mills and fertilizer plants
Countries like Nigeria are going to have to become exporters eventually if they are ever going to stand on their own feet but that is a very daunting undertaking because competition from Asia especially is so fierce.
Last edited by Galounger; 08-01-2014 at 03:13 PM..
I've said it repeatedly. Nigeria should be doing what Japan was when it was at this stage in it's development over 100 years ago. They should be paying adviisors from the top oil, manufacturing and agricultural companies and organizations from all over the world to come in and teach their people from the highest execs to the lowest technicians how to successful run their enterprises the way the best in the world do.
A lot of African's have too much pride and don't won't outsiders coming in and telling them how to do things. The Japanese had a tremendous amount of pride too but they realized that if they ever wanted to be on an equal level with the foreigners that bullied them they had to learn from them and figure out how to do things as well and even better than they could. And that's exactly what they did.
But I also feel very sorry for new developing countries today. Countries like Japan when they were just coming along could set up low tech cottage industries making things by hand like silk garments, pearl jewelry, jade, pottery and all sorts of trinkets. They could then trade these items in large quantities with the west earning enough money to pay taxes which were used to build infrastructure like rail roads and such. They were able to, off this trade, set up trading companies that led to shipbuilding, finance, banking, and steel companies as well.
Today there is no way Africans making hand made items can compete with Asian manufacturers in China and elsewhere that can mass produce very similar items at much lower prices using much more modern methods and machinery along with an equally large population of low paid workers.
On top of this, trade is hindered by ever increasing Western strictness in standards on products especially agricultural products. For instance farmers in Nigeria and Ghana produce very high quality very natural products ranging from bananas to pineapples, mangoes, etc. but they have a hard time meeting european and USDA food standards which would require them to use expensive food processing equipment, chemicals and fertilizers.
They produce very good Talapia and cocoa in Ghana and Nigeria for instance but in order to compete with Chinese and Malaysian producers they would have to have much much larger scale to bring down price which would mean building giant expensive feed mills and fertilizer plants
Countries like Nigeria are going to have to become exporters eventually if they are ever going to stand on their own feet but that is a very daunting undertaking because competition from Asia especially is so fierce.
Don't worry China is about to export 80 million manufacturing jobs.
If the GDP of lagos is close to $100B (2013 rebased numbers) and the population of Lagos is 20M people what does per capita amount translate to?
Your numbers seems to be based on 2010 GDP figures which were not rebased.
If you wanted to go the PPP route in any case you should probably know that Nigeria's GDP (PPP) is about $1 trillion (Nominal amount about 510B) in 2013.
This means that the average GDP per capita (PPP) in 2013 for the entire country is over $5K. In other words my numbers for Lagos look to be more accurate and up to date than yours. You should also know that a huge chunk of Lagos economy is non-oil as well.
I honestly don't want to go back and forth as I understand that Nigeria will always be portrayed in a certain light for different kinds of people and there is nothing I can do to change that.
You can respond if you wish but I won't be commenting any further in this thread.
For anyone interested in the Nigeria's GDP figures for 2013, please visit the below link:
My Lagos GDP figures were sourced from summary newspaper articles following the Nigeria's press release on rebased GDP (there isn't a detail state by state data released for 2013 yet, as far as I know).
That is only true if you strictly want to use World Bank figures. IMF, UN and CIA show completly different numbers. I wonder why you only use World Bank figures. http://en.wikipedia.org/wiki/List_of...PP)_per_capita
But it doesn't matter how much you want to talk about GDP. Anyone who knows anything about Nigeria knows that 100K naira is considered a very high salary. You are claiming that is the average salary of Lagos.
In reality median salaries (formal and informal) in Lagos is around 100 - 150 dollars per month. That means the average Nigerian is extremly poor. With per capita growth rates of 1-3% per year, then it will take forever before they can escape poverty. Overpopulation will destroy Nigeria before they get rich.
Ethiopia is like a whole world away from West Africa and Nigeria. Interesting story but I didn't read much about China planning on bringing any work to Nigeria's part of Africa. Or maybe the reporter just left that out.
Last edited by Galounger; 08-02-2014 at 07:28 PM..
Ethiopia is like a whole world away from West Africa and Nigeria. Interesting story but I didn't read much about China planning on bringing any work to Nigeria's part of Africa. Or maybe the reporter just left that out.
It's not just Ethiopia. China is looking for cheap labor and the most populated country in Africa can give that to them.
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