Nigeria set to be Africa's largest economy

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JOHANNESBURG – South Africa could soon lose its status as Africa’s biggest economy to Nigeria, but in the race to be the continental powerhouse, being biggest may not be everything.

Nigeria, Africa’s top oil producer, will complete a rebasing of its gross domestic product (GDP) by next month, its statistics office says, which economists estimate could expand the size of its economy by between 20 and 60 percent.

Mushroom Farming: A Cure For Nigeria’s Mono-Economy Syndrome

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My personal experience as an agric entrepreneur has proved that farming Mushroom, Antelope, Quail, Rabbit, Grasscutter, Snail, Laboratory rat and Guinea pig is second nature. In the particular case of mushroom cultivation, its production gives small holder farmers a big chance to increase their income, improve their health and offers an alternative means of livelihood to urban and rural farmers. The process of growing mushroom is one of the easiest ways to earn a living and not much physical strength is required in its production.

The potentials in mushroom farming makes it an investor’s delight as a viable money making option. Investment in mushroom production will in the long run contribute to food security, wealth, health and employment creation.

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Short sightedness is killing the economy – Ex-National Planning Minister

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Rasheed Gbadamosi

Mr. Rasheed Abiodun Gbadamosi is an economist. His credentials include being minister, National Planning, Chairman, National Committee on Industrial Development for the Industrial Master Plan project, Chairman, Petroleum Products Pricing Regulatory Agency (PPPRA), Chairman, Governing Council, Nigerian Institute of Social and Economic Research (NISER) and member, Nigeria’s External Debt Rescheduling team. 

He speaks, in this interview, on the state of the economy in the last 14 years, the initiative by the Central Bank of Nigeria (CBN) to make cashless monetary policy a universal phenomenon, privatisation of Power Holding Company of Nigeria (PHCN) and the need for government to harness the potentials in agriculture. Excerpts:

Nigeria has just celebrated 14 years of uninterrupted democracy. How has democracy impacted on the economy?

To start with, I do not like this exultation about democracy. It does not mean that if we do not have democracy we won’t have relative prosperity. Economic indices were positive even in non-democratic governments.

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Okonjo-Iweala Opens Up, Says Nigeria Economy Is In Danger

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On Monday, June 10, at the third round of the 2013 ministerial platform in Abuja, Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala, spoke glowingly about the Nigerian economy, saying the fundamentals were strong and that the economy was buoyant beyond danger.

But a few hours later, on Tuesday, when all the doors were closed, the minister sang a different tune. She told her colleagues in government point blank that the Nigerian economy is shaky despite the official fundamentals and that drastic steps are needed to save it from collapse.

Mrs Okonjo-Iweala spoke at the 50th meeting of the 15-member Federal Government Economic Implementation Team held behind closed-doors at the presidential villa.

Why Nigeria’s economy may collapse soon, by ACN

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THE Action Congress of Nigeria (ACN) has raised an alarm that the nation’s economy may collapse unless the Federal Government cuts the “astronomical cost of running a bloated government and takes urgent measures to diversify the economy and shore up the production of oil which remains the mainstay of the economy.”

The party, in a statement issued in Lagos Sunday by its National Publicity Secretary, Alhaji Lai Mohammed, warned that if the listed measures are not taken, the government may not be able to pay its bills, including workers’ salaries, in the next few years.

‘’Contrary to what the Federal Government may say, this warning is not about crying wolf but is actually borne out of a patriotic fervour devoid of politicking, which is the usual refrain of this government when alerted to its shortcomings. We will like to be proven wrong, but this will depend on uncommon and monumental effort, rather than on the basis of the usual canned response from the government,’’ the party said.

Sack Workers To Save Economy, Sanusi Tells Govt •Says 36 States Unsustainable; 774 LGAs Waste Of Public Funds

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Mallam Lamido Sanusi.  Source

GOVERNOR of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has asked the Federal Government to downsize the labour force if it must achieve anything meaningful as far as economic resuscitation is concerned in the country.

Sanusi, who also insisted on total fuel subsidy removal, took a swipe at the Nigerian political system, asking for an inexpensive government system that will bring down overhead cost and liberate capital for infrastructural development. These calls were made during his presentation at the second Annual Capital Market Committee retreat that was held on Tuesday, in Warri, Delta State. To Sanusi, it is illogical for a country to have its economy developed when it spends 70 per cent of its revenue  in servicing salaries and gratuities of workers.

NACCIMA to address dearth of technical personnel

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Worried by the declining vocational studies and technical education with the attendant dearth of technical personnel needed in key productive sectors of the economy, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, has announced plans to hold a national education summit soon.

2012 budget: FG releases N300bn for capital projects

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Coordinating Minister for the economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala
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