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Old 12-05-2015, 07:07 PM
 
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I think one of Africa's biggest problems is that the legal/judicial systems need to be improved around the continent. In too many African countries the judicial system isn't as developed as they should be. Things like fighting corruption,settling disputes and who owns what property aren't being handled in the best way on the continent and this affects development.


To anyone. This speaker gives a good lecture on the role of the legal system in helping with development.



https://www.youtube.com/watch?v=LSOX0Kr3-vk
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Old 12-07-2015, 09:11 AM
 
Location: Katy,Texas
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I agree good to see western Media focusing on Africa every once in a while. Another thing though is Nigeria is Africa's richest country but in terms of GDP per capita it isn't. They aren't talking about GDP per capita so in those terms Nigeria is the richest African country. Most people don't realize it but because of pure size Lagos might have the most successful blacks in the world. The Lagos Middle Class is roughly 2 million people. Although 15 million do live in terrible poverty things are improving. Niche industries like Toy Companies, The Restaurant-owning Business, Nollywood are all growing rapidly. One thing is if Nigeria can truly tax it's citizens instead of having a couple thousand rich guys trying to evade their taxes and the millions who don't pay taxes, because they work in the informal economy or don't have what constitutes as a house, if everyone paid taxes we could have a large amount of wealth from just that alone, and if the oil money was used to invest in local cities, and the police and military was completely overhauled that would be good.
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Old 12-07-2015, 02:53 PM
Status: "Then everything change forever..." (set 11 days ago)
 
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If you take the GDP of Nigeria and spread it equally among Nigerians, the entire population would live in poverty. That's not what should happen in a rich country. You do the same in say United Arab Emirates and the average person there would still live very well by global standards. The size of a country's economy doesn't necessarily equates with its prosperity.

India is another example similar to Nigeria. Spread the GDP evenly and all Indians will live in poverty. Do that in Canada and no Canadian would live in poverty. One is a poor country and other a rich one despite that the economy of the poor one is much bigger than that of the rich one.
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Old 12-08-2015, 08:14 PM
 
Location: Katy,Texas
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I understand but It was talking shear wealth, it is obvious Nigeria's a poor nation, but in sheer wealth because of huge amount people living here it is high.
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Old 12-09-2015, 01:31 AM
 
Location: Historic West End
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Wealth combine with government corruption is such a tragedy.
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Old 12-10-2015, 01:16 AM
 
Location: Springfield, Ohio
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Vice did a special on Nigeria awhile back too, and there was one point which stuck with me. In the West, if you own land which produces oil, you become rich. In Nigeria, if you own land which produces oil, you are completely screwed, because not only do you not become rich from the oil, your land is polluted and worthless for growing crops.
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Old 12-10-2015, 03:06 AM
 
Location: London, UK
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Quote:
Originally Posted by AntonioR View Post
More videos on the Eko Atlantic City project! This is amazing, almost something you would see in the oil-rich countries of the Middle East, especially in the city of Dubai!



Here is an almost hour long interview with the developer.

Such a great thing to see.
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Old 12-10-2015, 01:19 PM
 
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Quote:
Originally Posted by Natural510 View Post

Vice did a special on Nigeria awhile back too, and there was one point which stuck with me. In the West, if you own land which produces oil, you become rich. In Nigeria, if you own land which produces oil, you are completely screwed, because not only do you not become rich from the oil, your land is polluted and worthless for growing crops.
Do you know the situation with property rights in Nigeria? One problem with many African countries and poor countries in general is that their legal systems are under developed in relation to clarifying property ownership. Not knowing who owns what land legally could be why not enough Africans are benefiting from the resources on the land.

Property Rights and African Poverty | Hoover Institution
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Old 12-11-2015, 10:15 PM
 
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Read this profile on the Nigerian economy.


Nigeria Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption
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Old 01-06-2016, 12:54 PM
 
Location: London, NYC & LA
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Nigeria's strengths and weaknesses are well known. One of the most successful diasporas in the world and a growing middle class.

The key problem with Nigeria has always been corruption and poor rule of law. If Nigeria sorted out those problems it would be on its way.

Regardless of the posters moaning about whether Nigeria is the richest country in Africa. It is the wealthiest nation by GDP, anything else is a moot point.

In Western nations GDP is definately not divided equally, so such an argument is nonsensical. Whether people like it or not in the next 50 years based on current trends Nigeria will become one the world's 20 largest economies.

Interestingly to date it has produced the largest number of black billionaires in the world. Both the richest black man and woman in the world are Nigerian..

With privately funded projects like Eko Atlantic the future looks bright..
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