World Bank Cuts Nigeria's Poverty Rate to 33.1%, Says North is Poorer

[superunknown23]

Imagine if they stop the corruption

and kick Boko Haram out

 

[ADevilYouKhow]

and kick Boko Haram out

for real

 

[Domingo Halliburton]

I smell bullshyt:dscustai:

 

[BlackFruitPunch]

Nigerian army is doing a decent job on handling Boko Haram.

Those girls have been missing a long time.

 

[ADevilYouKhow]

Those girls have been missing a long time.

they really have

 

[Dreamestorical]

Nigeria’s rising consumer class

Quote:
The growing size and strength of its consuming class is one of the most important under-appreciated changes in Nigeria.

New figures released by consulting firm McKinsey Global Institute (MGI), estimating Nigeria’s consumer market to be worth $1.4 trillion by 2030, clearly shows the huge impact rising consumption will have on the nation’s economy.

In 2013, an estimated 8 million households had incomes of more than $7,500 per year – the threshold for what MGI the considers “emerging consumers,” with sufficient income to meet all basic necessities and have money left over to start buying more and better food as well as health and education services.

By 2030, MGI estimates that about 35 million households (an estimated 160m people) could be living above that threshold.
Nigeria’s gross domestic product (GDP) per capita has tripled between 2004 and 2010, moving from $644 to $2,700, according to National Bureau of Statistics (NBS) data.

The latest (2012) Household Consumption Expenditure numbers for Nigeria’s 170 million people is estimated at N42.5 trillion ($260bn) by the NBS.

The figure is larger than the previously un-rebased GDP of $262 billion (N41.6trn), and about half of rebased GDP of N80.3 trillion, throwing more light into how consumer spending is powering Nigeria’s growth.

Household Consumption E0xpenditure (HCE), often the largest component when measuring GDP by expenditure, was equivalent to 58.9 percent of the rebased GDP of 70.07 trillion in 2012, according to BusinessDay’s analysis of the NBS data.

While more developed markets have data points like consumer confidence gauges and chain store sales data to gauge consumer health, the absence of such data in Nigeria means that proxies such as recharge card, cement and beer sales are often used to gauge consumer sentiment.

Nigerians collectively spent N449.7 billion ($2.77bn) a month, on recharge cards, according to the NBS with the major beneficiaries being the four telecoms firms (MTN, GLO, AIRTEL, and ETISALAT).

Nigerian Breweries reported in March that gross revenues for full year 2013, rose by 6.3 percent to N268.61 billion as against N252.67 in the comparable period of 2012.

Gross profits increased by 8.7 percent to N136.47 billion.

Total monthly national household expenditure on soap and washing powder came to N149.2 billion, according to the NBS.

Unilever, Procter & Gamble, and PZ are some listed names set to benefit from the growth of this sector.

The fact that most Nigerians pay in full and in cash for items they purchase such as cars, houses, big screen televisions, phones and fridges, means that there is room for consumer spending to expand exponentially, if banks can help the consumer leverage their budgets through credit cards or credit financing.

Consumer spending is also being boosted by Nigerians in the Diaspora who often maintain close links with home when they are away.

Remittances to Nigeria approached $21 billion last year, according to World Bank data.

http://businessdayonline.com/2014/07/nigerias-rising-consumer-class/#.U9aI7vldWSo

 

[Kritic]

what worries me about nigeria is this.... in the nollywood thread yall was excited and things were going great and literally the next week the story had turned around and sohh was full of the negativity going around with boko haram. shyt turned around in a week. it does hurt tourism there.
the "powers that be" have the power to change nigeria's perception and influence it for it to become a reality. every country has it's bullshyt and the media can decide to pick any country and fill the mainstream with that filth.

i'm not saying nigeria threatens hollywood, and the oil industry run by zionists... but they can knock nigeria just by choosing to run with the negativity. it's not in the zionists interests in the meida/business world to let the world know what's good with nigeria/africa unless they got a hand in it too.
it's good hearing good positive news coming from nigeria. makes me proud and almost scared hearing this shyt . these zionists don't like hearing anyone having nice things. they'll come take yo shyt. don't troll these ppl with what you have. hide yo wifes, hide yo kids.


i'm not sure you want to get negros running going crazy with credit cards. first get their heads right with education. you don't want to be like russell simmons getting negros enslaved with the rush card.
you don't have to have things you don't need.

samuel don't worry about what's in my wallet.