CIA - The World Factbook 2012 reveals interesting figures and facts about Nigeria's economy
To achieve a really thriving domestic economy Nigeria must create jobs. Those jobs must be created in the first as well as in the secondary private sector. Given the economic situation, more public and private sectors' inflation is not needed.
As known the population as a matter of fact must produce, buy and pay for all goods and services provided by the private and the public sectors in it's country.
70% of the Nigerian considered poor
Given that 70% of the population is below or at the poverty line, they are living off an estimated USD 235.0 MILLION at a daily consumption of USD 2.-. thus 30% of the population is living off USD 273,36 BILLION. So 70% of the population contribute only 0.09% to the GDP whereas the remaining sectors' contribution amounts to 99.91% which in fact is ALL.
The 30% are composed almost totally of private services such as hotels, banks, insurances, transportation, port acitivities, airport activities among others as well as the public sector which are the country's and the states' non-productive administrations. As the budget deficit accounts for some USD 18 Billion the country's debt picks up by this figure yearly.
Poor industrial sector - jobs as well as levied taxes to the advantage of countries abroad
The industrial sector in Nigeria is small. When looking at the import details it can be seen that almost all durable goods are imported. Nigeria is simply not in the position to manufacture machinery, chemicals, transport equipment, manufactured goods, food and live animals. Nigeria is not even able to produce the variety of fuel and other crude oil derivatives. There are no facilities to produce such goods.
Creation of jobs in the industrial sector inevitable
This must be changed. The creation of jobs in the industrial sector must become task number one of the politicians. It is insufficiant to create non-productive jobs in the public sector just to chop the present and the future generations' money.
Get rid of ghost-workers - reorganize public sector
On the contrary the still existing ghost-workers must be tracked down for elimination. It also does not make sence to invent further states with all their officials (governors, senators and others) inflating the cost of public services.
Observation e.g. automotives
When driving through Nigeria all sorts of vehicles are exposed for sale on the board of the roads. There are brand new vehicles of JAG (China), TATA (India), Peugeot (France), Opel (Germany), SangYong (Korea), Toyota (Japan), VW (Germany), Nissan (Japan), Ford (USA) and others.
Impact
All jobs but for Nigerian Sale's force and custom acitivities are abroad. Tax on salaries earned by workers and employees abroad are for the benefit of foreign countries' administrations. All bonuses and top management remunerations are cashed in various countries abroad as well.
While the majority (70% below/at poverty line) of Nigeria's population is starving, the remaining 30% composed of government officials and wealthy private individuals help foreign firms achieving their goals.
Advice
1) Politicians are to invent the Chinese approach applied in the second half of the last century.
(When China opened up its market they allowed foreign firms to enter their markets only by forming joint ventures with local firms in China. This only under the condition that the foreign firms build facilities in China and provide skills, experience, knowledge, science and know-how to the Chinese employees and workers. Cars are now entirely built in China meant for the Chinese domestic market.)
2) As the market labour right now is cheap, time is not considered as in Northern Countries. Thus the employees and workers can easily trained on the jobs.
3) Invent craftsmen education systems as e.g. apprenticeships in Switzerland to boost skills and knowledge of the Nigerian population.
4) Ventilate to youths that university degrees are not the ultimate goal in a economy such as Nigeria's.
(As already done regarding the agric-sector.)
5) Contact firms abroad to pick up productive activities in the domestic Nigerian market.
6) Persuade them that there will be no competition threatening their countries of origin.
(This given the fact that adequately paid workers will buy the goods produced themselves. Show them the huge potential of the roughly further 50 Million buyers in Nigeria.)
7) Persuade them that financing will not be a problem. Funds are available.
8) Show them the improving financial system in Nigeria. Make them aware of the fact that private acitivity later can be listed at the Nigerian stock exchange.
9) Arrange and undertake roadshows together with Nigerian Embassies and NIDO in the relevant countries.
Quote CIA The World Factbook
| Exports | ||||||||||||||||||||
$97.46 billion (2012 est.)
Goods exported
petroleum and petroleum products 95%, cocoa, rubber
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