Many Ghanaians are excited about the discovery of crude oil and its expected revenue. The general feeling is that, money is expected to flow to all pockets hence; politicians would be able to fulfill their election promises.

However, many may be thrilled but not majority and those with thinking caps; who know that all African countries with resources especially only turn out worst than when such resources where not discovered. Their reasons for not being excited is not far fetched, who will blame them? For years the benefit of gold, diamond, cocoa and other mineral export has not brought any seemingly benefit to majority of the country.

Rather majority still wallow in chronic poverty, with no access to water, healthcare, education, electricity with transport and other infrastructures crumbling. For years Ghana has received billions of dollars ($) from its gold export including timber and cocoa yet the living standard and lifestyle of its populace with most African countries has failed to improve.

Who then is gaining from its revenue? Probably the politicians, leaders and multi-nationals companies can explain better to the populace on whom resource revenue is benefiting most. Since most sub-Saharan African nations are prayerful Ghanaians inclusive; perhaps an immediate impact would be to pray more to reduce the damage that resources normally bring to its immediate communities. Such as: pollution, creating joblessness instead of gainful employment, the case of the Niger-Delta region in Nigeria a region of predominantly fishermen who have been rendered jobless without alternative due to crude oil extraction by government and multi-nationals companies sets a real example.

The question is will majority of the populace benefit from oil revenue when gold, timber and cocoa has not profited them. Though many forums have been and would still be organized on how to utilize crude oil revenue, yet the ones concluded so far have no blue print on how to maximize oil revenue. It has probably turned into a political maneuverings by politicians and their cohorts at the expense of the majority.

Worrying is that Ghana's oil producing neighbours in West Africa have not been able to utilize its oil revenue to the maximum. There are shout and cries of massive corruption and human rights abuses in neighbouring Oil producing West African countries like the rest of Africa.

How will the country differentiate itself from the club of nations whose resources have become a curse than a blessing with the latest stealing un-covered in the cocoa sector?

Despite all steps being taken by the government to eradicate corruption/reduce it to the barest minimum. The corruption in most sectors of the country that are yet to be uncovered can set an example as to where the nation will go when oil revenue starts pouring into government coffers.

Nigeria

A country with abundant crude oil and gas resources that has received over $400 billion from the sale of crude oil has over 80 million of its population living on less than two dollar daily. More frightening is the Niger-Delta region which produces 90% of the country foreign earrings has a very large pool of young able-bodied men unemployed hence; militancy has provided a means of gainful employment for them.

This is what Nigeria can show for its oil revenue totaling billions of USA dollars poverty, increased crime and kidnappings including political instability in the country and a very angry population that no longer trusts its political leaders.

The oil producing and exporting countries of Angola, Gabon, Algeria, Libya and Equatorial Guinea are not any better. Millions of people in these countries live in abject poverty and in squalor conditions while the leaders live in opulence with luxury villas and numerous fat bank accounts in France, Switzerland, United States, Britain and their colonies of safe haven centers in Caymans Islands, Jersey and the rest.

Gabon, Equatorial Guinea & Congo

The affluence of political leaders from oil producing countries in Africa is amazing and unheard of even among political leaders from developed nations. This prompted a French judge to investigate how some African leaders launder and acquire properties in France. Much noise was made but the final outcome was expected they and their partners in world had their way once more at the expense of millions of starving people in their home country.

Late President Bongo of Gabon was suspected of having 59 push apartments in France while President Obiang of Equatorial Guinea is believed to use of the country oil revenue to enrich himself, family members and close associates.

The President of Congo Sassou-Nguesso fares no better he is believed to have 18 apartments and have 112 bank account and several luxury cars all bought from stolen crude oil revenues. One can only wonder how much each of these leaders has in each bank account.

A US Senate investigation established that late President Bongo and his family spend up to $55 million dollars; these monies are mainly from crude oil proceeds.

Angola

An irony of these mis-placed crude oil revenues are that all these oil producing countries always seek international donors when they rather should be lending to other poor nations. An example is Angola where the threat of starvation was reported by the Independent Newspaper.

This lead to pressure on the government to report how it has spent billions of dollars ($) from oil revenue, nothing has come out of that probe yet; that is expected. Since the end of the war with Unita rebels there are reports that over three million Angolans are on the verge of famine. President , Eduardo dos Santos, has appealed for international help, pleading that his government is broke, this has raised anger from within and outside the country since the oil revenue is expected to rival that of Nigeria any time soon.

Maybe the hosting of this year African cup of Nations is an indication that the country is gradually coming out from its poverty. The competitions lead to the building of three/four new stadiums. The attack on the Togolese national football in a disputed region of the country leaves much to be desired; it goes to show that plenty of people are still angry with how oil revenue is being spent by the government.

Unfortunately innocent footballers had to pay with their lives for the sins of bad political leadership and mis-management of state funds. Reports from the independent.co.uk have attributed the massive corruption of President Dos Santos of Angola to that late and disgraced Mobutu SeSe Seko of Zaire now Congo DR. According to the Sunday Times, quoting a police probe report, the Bongos bought a mansion worth 18.8 million euros in Paris in 2007. The 21,528-square-foot home is in Rue de la Baume, near the Elysée Palace, the home of French president Nicolas Sarkozy. A Luxembourg-based company that bought the home is owned by two of Bongo's children, Omar, 13, and Yacine, 16, and his late wife Edith.

United Nations report

There is nothing to show in any of the above mentioned countries that majority of the population has benefited from oil revenue. It's a fact that citizens of these countries have fared worst off. Gabon has a population of 1.4 million people yet it was ranked 124 out of 177 countries in 2007 by the UNDP report on human development. According to the United Nations Development Program (UNDP), only 14 percent of Gabonese can afford a doctor's consultation. Gabon's total debt in 2007 stood at $2.5 billion including $ 1.1 billion owed to France, while the country imported more than 60 percent of its food with more than 30 percent of the population living on less than a dollar a day.


The same poor human rights were recorded in the report for Angola, Equatorial Guinea, Libya and Nigeria with citizens and foreigners subjected to torture, killings and inhumane treatment by the leaders and their security agencies.

Fears for Ghana

The fear is that like her neighbours in the region there is a high probability that the flow of oil money into Ghana may encourage unscrupulous army officers and unelected Ghanaian leaders to take over the administration of the nation by force and drown democracy, breach human rights and suppress all dissents as happened during gold and diamond discoveries where army officers seized power overnight, stole as much as they could and mismanaged what remained of their loot with Ghanaians and the economy ultimately paying for their reckless corrupt actions.

I don´t know which figures they took, Popa1980 or what source? But certainly not the World Bank

People living on less than $1.25 a day


http://upload.wikimedia.org/wikipedia/en/thumb/0/03/Percentage_population_living_on_less_than_%241.25_per_day_2009.svg/800px-Percentage_population_living_on_less_than_%241.25_per_day_2009.svg.png


People living on less than $2 a day

http://upload.wikimedia.org/wikipedia/en/thumb/7/71/Percentage_population_living_on_less_than_%242_per_day_2009.png/800px-Percentage_population_living_on_less_than_%242_per_day_2009.png



These are lists of countries of the world by percentage of population living in poverty. "Poverty" defined as an economic condition of lacking both money and basic necessities needed to successfully live, such as food, water, education, healthcare, and shelter. There are many working definitions of "poverty," with considerable debate on how to best define the term. Income security, economic stability and the predictability of one's continued means to meet basic needs all serve as absolute indicators of poverty. Poverty may therefore also be defined as the economic condition of lacking predictable and stable means of meeting basic life needs.

* The first table lists countries by the percentage of the poorest population living under 1.25 and 2 dollar a day. The sourced data refers to the most recent year available during the period 2000-2007.

Map of world poverty by country, showing percentage of population living on less than $1.25 per day. Based on 2009 UN Human Development Report.
Map of world poverty by country, showing percentage of population living on less than $2 per day. Based on 2009 UN Human Development Report.
Map of world poverty by country, showing percentage of population living below the national poverty line.

Courtesy of Rdokoye

http://en.wikipedia.org/wiki/List_of_countries_by_percentage_of_population_living_in_poverty

Map of world poverty by country, showing percentage of population living on less than $1.25 per day. Based on 2009 UN Human Development Report.

I wish these people would stop mentioning Nigeria in every Oil discovery

Nigeria has nothing to do with you people. If you guys want to become Dubai or if you want to become Iraq it is your own cup of tea.

We have made our own mistakes but if you think looking back at Nigeria's completely different history is going to help you plot your future, you are wasting your time.

I wish these people would stop mentioning Nigeria in every Oil discovery

Nigeria has nothing to do with you people. If you guys want to become Dubai or if you want to become Iraq it is your own cup of tea.

We have made our own mistakes but if you think looking back at Nigeria's completely different history is going to help you plot your future, you are wasting your time.

I am fully aware of what you are saying but tell that to your friend Popa1980

Its very important to look at Nigeria so Ghana doesnt make the same mistakes.

Any new oil exporting nation HAS to look at other established oil nations to learn from them.

For instance, I think Ghana could learn from the failure of the NNPC and the roaring success of Sonangol. The GNPC should be modelled on the latter.

And Ghana is planning to set up a fund based on Norways highly successful one.

And of course there are the lessons to be learned from the "Dutch disease" especially in nations like Gabon and Venezuela.

Compare and learn.....

Its very important to look at Nigeria so Ghana doesnt make the same mistakes.

Any new oil exporting nation HAS to look at other established oil nations to learn from them.

For instance, I think Ghana could learn from the failure of the NNPC and the roaring success of Sonangol. The GNPC should be modelled on the latter.

And Ghana is planning to set up a fund based on Norways highly successful one.

And of course there are the lessons to be learned from the "Dutch disease" especially in nations like Gabon and Venezuela.

Compare and learn.....

you are comparing apples and bananas, even a tiny unimportant oil minnow in the world like Gabon is compared to Venezuela which is supposed to harbour the same amount of oil like Saudi Arabia.:nuts:

and it also bores me stiff to read that whenever they find oil, they look to Nigeria: a nation of more than 150 million people and which has just one third of the Kuwait´s oil wealth. However, the latter has a local population of slightly more than just 1 million. Dumb journalists, maybe they won their diplomas in the lottery.!

When Mauretania found oil a couple years ago. Everybody thought it would change their country and lift many people out of poverty. The leaders promised the people to transform Mauretania into Dubai.
But nothing has changed.


I am afraid that Ghana will go the same way. Democracy, developing country and oil is not a good combination. Every time when new leaders and politicians come to power, they will demand some part of the oil wealth.

you are comparing apples and bananas, even a tiny unimportant oil minnow in the world like Gabon is compared to Venezuela which is supposed to harbour the same amount of oil like Saudi Arabia.:nuts:

and it also bores me stiff to read that whenever they find oil, they look to Nigeria: a nation of more than 150 million people and which has just one third of the Kuwait´s oil wealth. However, the latter has a local population of slightly more than just 1 million. Dumb journalists, maybe they won their diplomas in the lottery.!

Matt, its the same principle in Gabon and Venezuela. How much oil is not important. Both these nations are, quite rightly, used as prime examples of the "Dutch disease".

Btw, taken in relation to its population- Gabon produces ten times as much oil as Nigeria, so its a very significant amount for such a small nation. You would expect it to be higher than 124 in HDI. How its not in the top 100 at least is a miracle, a testament to African mastery of corruption and mismanagement.

Matt, its the same principle in Gabon and Venezuela. How much oil is not important. Both these nations are, quite rightly, used as prime examples of the "Dutch disease".

Btw, taken in relation to its population- Gabon produces ten times as much oil as Nigeria, so its a very significant amount for such a small nation. You would expect it to be higher than 124 in HDI. How its not in the top 100 at least is a miracle, a testament to African mastery of corruption and mismanagement.

Popa1980, where the hell do you get your sources from?!


...every other day you claim something different.

a collapse of Nigeria?

Gabon with more than 30% living on less than 1 US dollar a day? - Look at the UN/World Bank maps above....

Angola which is invaded by droves of uneducated Portuguese fitness trainers and guards?

and now a HDI of 124?

Get your facts right, man or just leave it!

http://upload.wikimedia.org/wikipedia/commons/thumb/d/d2/UN_Human_Development_Report_2009.PNG/800px-UN_Human_Development_Report_2009.PNG

http://en.wikipedia.org/wiki/File:UN_Human_Development_Report_2009.PNG

Gabon is at 103 with HDI of 0.755 (edging towards 0.8which is "developped")

Yes, of course, it is low, nobody is denying it although it is still by far the highest in all of continental Africa South of Sahara and much higher than your beloved Botswana and Rwanda....although Botswana has a higher GDP per head than the country that you love to criticize.;)


PS: What about your world trip? Doesn´t it keep you busy walking the streets of Manhattan, Rio, Bogota...?

Popa1980, where the hell do you get your sources from?!


...every other day you claim something different.

a collapse of Nigeria?

Gabon with more than 30% living on less than 1 US dollar a day? - Look at the UN/World Bank maps above....

An Angolan which is invaded by droves of uneducated Portuguese fitness trainers and guards?

and now a HDI of 124?

Get your facts right, man or just leave it!

http://upload.wikimedia.org/wikipedia/commons/thumb/d/d2/UN_Human_Development_Report_2009.PNG/800px-UN_Human_Development_Report_2009.PNG

http://en.wikipedia.org/wiki/File:UN_Human_Development_Report_2009.PNG

Gabon is at 103 with HDI of 0.755 (edging towards 0.8which is "developped")

Yes, of course, it is low, nobody is denying it although it is still by far the highest in all of continental Africa South of Sahara and much higher than your beloved Botswana and Rwanda....although Botswana has a higher GDP per head than the country that you love to criticize.;)


PS: What about your world trip? Doesn´t it keep you busy walking the streets of Manhattan, Rio, Bogota...?

Well whatever, my point is that a country like Gabon- people forget that it produces ten times as much oil as Nigeria per capita- should be a lot, lot richer, were it not for laziness, corruption, mismanagement and the Dutch disease. I mean you have 1.5 million people in a nation the size of England- one third or more living in the capital- apart from oil you have amazing tourism potential and unused agriculture land.

Im actually not worried too much about Ghana turning like Nigeria, I think worse case scenario is Gabon, which is bad enough in itself. Oil is to Gabon what heroin is to an addict. I think Ghanaians passive nature makes them prime targets for being Gabon II. If Ghana would be outside the top 80 or so nations, in HDI, in the world, after 30 years of oil and peace, I would consider that a failure of the highest order.

Nah, Im a lazy tourist, more into partying with locals then sightseeing.
Im near Boston, visiting Harvard right now then I head back to NYC later this afternoon, London Wednesday then Scotland or Paris the week after.

Well whatever, my point is that a country like Gabon- people forget that it produces ten times as much oil as Nigeria per capita- should be a lot, lot richer, were it not for laziness, corruption, mismanagement and the Dutch disease. I mean you have 1.5 million people in a nation the size of England- one third or more living in the capital- apart from oil you have amazing tourism potential and unused agriculture land.

Im actually not worried too much about Ghana turning like Nigeria, I think worse case scenario is Gabon, which is bad enough in itself. Oil is to Gabon what heroin is to an addict. I think Ghanaians passive nature makes them prime targets for being Gabon II. If Ghana would be outside the top 80 or so nations, in HDI, in the world, after 30 years of oil and peace, I would consider that a failure of the highest order.



Tell me when you get back to your senses as you fail to understand what I am saying....the same bla bla as usual! YAAAWWWNN.

Nah, Im a lazy tourist, more into partying with locals then sightseeing.
Im near Boston, visiting Harvard right now then I head back to NYC later this afternoon, London Wednesday then Scotland or Paris the week after.

:rofl:

Cambridge is near Boston.

Oil for your politicians. Thats inevitable.

This article makes my heart sink.

This article makes my heart sink.

:hahaha:



Oil is good stuff. Oil is coursed when its being managed by Cursed Politicians. When its managed by Honest men, then its a blessing.

I just wonder what it will take for resource rich african countries to do the right thing for their citizens. I know what needs to be done such as developing transparent institutions of governance, curbing corruption etc but what will it take for it to happen? What has to be the catalyst? Our leaders don't seem to be motivated by the needs of their populaces or their discontent.

Another bullshit article thats living in the Past

Heres what people dont want to realize or cant get into their thick skulls

The Nigerian Economy has been fundamentally changed

oil as a percentage of GDP has fallen from close to 50% in the 1990s to less than 18% today(which is good)

U all keep mentioning Nigeria but keep missing the point. . .I have made this point before but most folks are too lazy to think sometimes

so here i will make it again. . Oil prices crashed in 2009(from $140 - $35),so in theory if Nigeria depends on oil like everyone claims its economy should have shrank. . .well lets see. .In the imf data below. .i compared Nigeria's growth in 2009 to other OPEC countries,oil producers and African regional economies

IMF DATA OF GDP GROWTH OF SELECT OIL PRODUCING and OTHER COUNTRIES IN 2009

1. NIGERIA 2009 GDP GROWTH. . . .5.6%
2. ALGERIA 2009 GDP GROWTH. . . .2.02%
3. ANGOLA 2009 GDP GROWTH. . . .-0.411%(Negative growth)
4. EGYPT 2009 GDP GROWTH. . . . 4.67%
5. GABON 2009 GDP GROWTH. . . . -1.417% (Negative growth)
6. GHANA 2009 GDP GROWTH. . . . 3.514%
7. INDONESIA 2009 GDP GROWTH. . . . 4.546%
8. IRAN 2009 GDP GROWTH. . . . 1.823%
9. KENYA 2009 GDP GROWTH. . . . 2.104%
10.KUWAIT 2009 GDP GROWTH. . . . -2.665% (Negative growth)
11. LIBYA 2009 GDP GROWTH . . . . 1.755%
12. MEXICO 2009 GDP GROWTH. . . . -6.538% (Negative growth)
13. NORWAY 2009 GDP GROWTH . . . .- 1.523% (Negative growth)
14. QATAR 2009 GDP GROWTH. . . .9.035%
15. RUSSIA 2009 GDP GROWTH. . . . - 7.9% (Negative growth)
16. SAUDI ARABIA 2009 GDP GROWTH. . . .0.146%
17. SOUTH AFRICA 2009 GDP GROWTH . . . - 1.789% (Negative growth)
18. SUDAN 2009 GDP GROWTH . . . 4.52%
19. UAE 2009 GDP GROWTH . . . - 0.670% (Negative growth)
20. VENEZUELA 2009 GDP GROWTH. . . - 3.287% (Negative growth)

http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/weorept.aspx?sy=2009&ey=2009&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=51&pr1.y=12&c=612%2C614%2C672%2C273%2C694%2C142%2C453%2C922%2C456%2C469%2C199%2C646%2C732%2C652%2C536%2C429%2C466%2C664%2C299%2C443&s=NGDP_RPCH&grp=0&a=

We have Oil producing states like Akwa ibom, Rivers and Bayelsa transforming yet people are still bothering with our past.

That Oil region in a decade will be something else and they will still be singing about the Oil Curse. :lol::lol::lol::lol:

In the next 10 yrs if Nigeria Maintains it above 7% growth averaged in the last 10yrs it will
be a G-20 nation. . . .
the likes of POPA,the writer of this article and the rest of u can keep living in the past
Meanwhile Nigeria is already on the way to 8% growth this yr. . . .

Its a well known fact every Ghanian would rather see Nigeria fail.. You guys now have a small amount of oil i guess that means Africa now revolves around you huh?... Why do you Ghanians revel in issuing derogatory statements about Nigeria. Ghana should DO WHAT EVER IT DEEMS FIT with its new found pool of oil and stop bitching about other peoples ''supposed misery'' Christ !!! Nigeria this Nigeria that... grow up !!!.

Meanwhile Nigeria is already on the way to 8% growth this yr. . . .


This is spectacular news! I just hope that all this growth translates into a higher standard of living for the ordinary Nigerian. I don't think the fact that there will be growth in several African countries this decade is debatable. The issue is really whether the monies trickle down and impact the life of the ordinary person who needs running water and sanitation, electricity, access to affordable healthcare and quality education etc. This is where most African countries fail.

The living standard in Nigeria while not where it should has risen dramatically. Today there are over 59 million Nigerians with living conditions on per with several middle income and developed countries. Another 20 million Nigerians are millionaires. looking at these figures thats more than five times Ghana's population as a whole and we are just starting. With reforms given time to grow you will see a huge difference. The thing Nigerians need the most is just a working social infrastructure and good road and electricity. Ill provide you with official figures i my subsequent posts.

The living standard in Nigeria while not where it should has risen dramatically. Today there are over 59 million Nigerians with living conditions on per with several middle income and developed countries. Another 20 million Nigerians are millionaires. looking at these figures thats more than five times Ghana's population as a whole and we are just starting. With reforms given time to grow you will see a huge difference. The thing Nigerians need the most is just a working social infrastructure and good road and electricity. Ill provide you with official figures i my subsequent posts.

Thanks for the offer i'll definitely take you up on it.:) Could you commence with a source supporting that 20 million Nigerians are millionaires? Which currency are you considering when you make this statement?

millionaires in Naira.. that means hundreds of thousands of dollars and not millions of dollars.. Still much by African standards. Ill rig up the sources.

What about your 59 million figure?

Where did you get that from

This is spectacular news! I just hope that all this growth translates into a higher standard of living for the ordinary Nigerian. I don't think the fact that there will be growth in several African countries this decade is debatable. The issue is really whether the monies trickle down and impact the life of the ordinary person who needs running water and sanitation, electricity, access to affordable healthcare and quality education etc. This is where most African countries fail.

I dont believe those things u highlight can come without growth. . .
In essence,Economic growth is the minimum condition that must be taking place for other things to fall in line. . .
Economic growth means more GOVT taxes,to use to provide those social services u highlight

Remember that right now there are over 80million mobile phone subscribers in Nigeria(from only 400,000 in 2000). . and while thats not a proxy for everything u talked about

it shows that with economic growth u can improve the lives of the poor
Mobile phones have managed to change the lives of poor Nigerians. . . increasing incomes,improving standard of living and so on

Thats the power of free markets/deregulation and Growth. . .Nominal GDP/capita has also grown 4fold in 10yrs. . with PPP its closer to 5fold

Things like electricity will soon be deregulated and i expect the same thing to happen

I think that to even begin to make reference to Nigeria any time Ghanian issues are discussed is completely ridiculous. I mean, you should really be making reference to a single state in Nigeria to even come close to balancing the equation. That's how large the gap is between both countries.

The fact remains, Nigeria probably remains the biggest "not what to do with oil" nation in Africa. For this reason any nation which has recently discovered oil will look at where it all went wrong. I am glad to see that Angola has been ploughing its oil money into manufacturing and agriculture. Im sure they are determined not to fall to the fate of Nigeria.

I am not seeing anything Angola has done that Nigeria didn't do.

Are you even aware of Nigeria's infrastrucuture boom in the 1970s, it was probably only rivalled by South Africa.

When Nigeria was at its Agricultural peak, we were a leader in Africa and the world and countries as far away as Malaysia came to Nigeria to import.

Angola needs to look towards the gulf nations and try to diversify as they have.

As things stand Angola is still like other Oil reliant countries, its growth is not sustainable as with Nigeria, Russia and some other OPEC countries.

The fact remains, Nigeria probably remains the biggest "not what to do with oil" nation in Africa. For this reason any nation which has recently discovered oil will look at where it all went wrong. I am glad to see that Angola has been ploughing its oil money into manufacturing and agriculture. Im sure they are determined not to fall to the fate of Nigeria.

Lol this is the most ridiculous statement i ever heard

Angola has no stock market,no bond market to speak of. . .and u think its a model?

Ps Nigeria today has the 2nd largest stock and bond markets in Africa(After South Africa)

Angola is where Nigeria was at in 1970 - 1980

Nothing Angola is doing now that Nigeria didnt do then. . . .

Angola should be moving away from that and following Nigeria in developing a domestic consumer led growth

thats why Nigeria grew by 5.6% last yr,while Angola and all other major oil producers shrank. . .(see my IMF data in the last page)except Egypt and Indonesia(which have domestic led growth like Nigeria)

What Im saying is that Im sure than Angola looked at Nigeria when developing its economic policies to ensure she doesnt end up the same way. You cant say "dont talk about Nigeria"- its extremely immature aswell as being ridiculous.

Look at Sonangal, a shining example for the rest of Africa, in stark contrast to NNPC. You think Ghana wouldnt look at both of them when looking how to structure the GNPC?

I think Matt posted something recently which says the non-oil sector will be the primary driver of growth in Angola by the end of the decade.

Im confident Angola wont go the same way as Nigeria.

I am not seeing anything Angola has done that Nigeria didn't do.

Are you even aware of Nigeria's infrastrucuture boom in the 1970s, it was probably only rivalled by South Africa.

When Nigeria was at its Agricultural peak, we were a leader in Africa and the world and countries as far away as Malaysia came to Nigeria to import.

Angola needs to look towards the gulf nations and try to diversify as they have.

As things stand Angola is still like other Oil reliant countries, its growth is not sustainable as with Nigeria, Russia and some other OPEC countries.

I agree with everything u say. . .except that Nigerias growth is sustainable

Nigeria has changed in the past 5yrs. . .most of its growth is in the non-oil sector

at the height of the militancy in the Niger Delta,when oil production was cut in half,Nigeria was growing at high single digits

last yr with collapse in oil prices(pls see my chart in page 1),every other major OPEC and oil producing Nation registered negative or < 1% growth. . .while Nigeria grew at 5.6%

our economy is not defined by oil. . we have 150million ppl
the oil economy is tiny compared to the rest of whats happening in the country
The ppl it affects in terms of jobs is tiny

Nigeria is moving in the direction of Indonesia,but ppl still cant see it

Its a shame when ppl compare a country without a domestic stock or domestic bond market with Nigeria
thats the height of folly. . .

Nigeria issues enough sovereign bonds in one month that equals the budget of ghana

pls stop comparing the 2. . .cause theres no basis for it

Lol this is the most ridiculous statement i ever heard

Angola has no stock market,no bond market to speak of. . .and u think its a model?

Ps Nigeria today has the 2nd largest stock and bond markets in Africa(After South Africa)

Angola is where Nigeria was at in 1970 - 1980

Nothing Angola is doing now that Nigeria didnt do then. . . .

Angola should be moving away from that and following Nigeria in developing a domestic consumer led growth

thats why Nigeria grew by 5.6% last yr,while Angola and all other major oil producers shrank. . .(see my IMF data in the last page)except Egypt and Indonesia(which have domestic led growth like Nigeria)

LOL. I was specifically talking about its oil industry- Ghana should make the GNPC emulate Sonangol not the corrupt shambles that is the NNPC.

And read that article Matt posted about Angolas future growth- its non-oil.

You are obsessed with bond and stock markets. Whats the deal with that? You really love penis measuring, dont you?

Doesnt China have a bigger stock and bondmarket than Norway? Which nation is richer? The many countries in Africa that rank above Nigeria in living standard, including Ghana, have smaller stockmarkets.

What Im saying is that Im sure than Angola looked at Nigeria when developing its economic policies to ensure she doesnt end up the same way.

what exactly does this mean. . if Nigeria is growing at 5.6% and Angola is shrinking in 2009

The 2 economies are different. . theres no basis for comparison

except in your,clueless brain

You are obsessed with bond and stock markets. Whats the deal with that? You really love penis measuring, dont you?

If in 2010 u dont understand the need for robust stock and bond markets for capital formation,credit growth and overall wellbeing in a nations economy,then i cant help u

Afrinvest Report Harps On Deepening Bond Market For Economic Growth

23 March 2010

A viable bond market, the report concluded, "will free up capital for investment in small businesses, allow the government to focus on economic development and fuel economic growth through government spending. It will also increase investment and money flows within the country and support the development of other financial markets like stock exchanges and corporate bond markets. This will increase the source of capital for private sector and make significant contributions to the government's plans for diversifying Nigeria's economy and ensure its long-term viability."

In the first half of last year, according to analysts at Afrinvest, Nigeria's bond market recorded a 34.2 per cent expansion, while its economy staggered towards recovery from the global economic downturn. Federal Government bonds outstanding as at the end of December 2009 stood at approximately N2.0 trillion, representing a 58.2 per cent increase in local currency terms from the end of December 2008, amidst expectations that this would grow even further this year "on the back of a recourse by the Federal Government to sourcing a significant portion of planned budgetary spend (estimated to be over N700.0 billion) through domestic borrowings."

In January and February of 2010, the federal government, the report noted, has raised N168.5 billion (US$1.1 billion) through the issuance of bonds.



The bulk of the growth has however come from domestic institutional investors, as foreign investors, explained the report, still accounts for only 10 per cent of the market assets managed by institutional investors have grown in recent years as a result of the pension reforms, rapid growth of the insurance industry and the expansion of collective investment schemes. Between 2008 and 2009, pension fund assets grew by 21.9 per cent, outperforming the nation's Gross Domestic Product (GDP) growth estimate of 6.9 per cent last year.

"Thus far, domestic investors have been the primary purchasers of domestic bonds. In fact, bonds have become the preferred asset class in the portfolios of institutional investors (pension funds, insurance companies and mutual funds) as they seek to avoid the extreme volatility experienced in equity markets following the 2008-2009 market downturn. Pension funds and insurance companies, both of which tend to have very long-term liabilities, are best supported by high-quality debt instruments such as long-term government bonds. However, retail investors are yet to take notice of the Nigerian bond market despite the relative safety of this investment option," the report added.

Importance Of Bonds

Analysts have since defined a bond simply as an "I owe you" of some sought, or a "promise to pay" instrument, the market of which remains risk pricing and investment valuation models, which relies on its data. Also not in dispute is the fact that a functional domestic bond market is necessary for capital investments, just as monetary authorities also use bonds to define the yield curve and to ensure stability of short-term rates.

"An active sovereign bond market prevents the economy from overheating as it allows large temporary overflows from the money market. The bond market therefore plays such a vital role in ensuring the health of the economy that the monetary authorities must be concerned with its structure and operation. In Nigeria, Federal Government bonds constitute about 90 per cent of the market while state and corporate bond account for the remainder," the Afrinvest report added.

It however listed pre-conditions for a well-functioning bond market including "a reliable regulatory framework, an efficient market infrastructure, effective corporate governance culture, a functioning sovereign bond market that provides corporates with a stable and liquid benchmark curve in local currency and a developed 'credit culture'. In Nigeria's case, while sovereign bonds dominate the scene with very little participation of corporate bonds, we are of the opinion that the funding needs of local firms will drive corporate bond expansion as bank loans alone will be an insufficient and inefficient mechanism for reallocating the expansion capital needed to fund a growing economy."

Afrinvest analysts noted in the report that Nigeria is yet to attain the level of most markets- whether developing or developed, where empirical evidence have shown that the development of efficient bond markets plays a significant role in economic growth and development process. In such terrains, they argue, the debt market is more popular than the equity market, acknowledging the fact that the nation's capital markets has become a much more vibrant trading field for debt instruments from the rudimentary market of about a decade ago.

While reviewing the fixed income market in Nigeria, the report added, identified the reforms of the pension industry as the catalyst for the growth of the debt market in the last five years. The fixed income market, it added, has grown from a market value of N1.3 trillion at the end of 2008 to N2.3 trillion at the end of last year,

The secondary trading and settlement platform for both state and corporate bonds are also currently at a developmental stage. The corporate bonds market is expected to record significant growth arising from a recent CBN directive pegging the tenure for commercial paper for both issuance and rollover to a maximum of 270 days. The issuers and the issue must be rated by a rating agency acceptable to CBN, just as issuers and investors in Commercial Papers are being encouraged to hold such instruments in dematerialized form, while settlement will be done via the Central Securities Clearing System Limited (CSCS).

Following the stock market meltdown and in need of fresh capital that would enable it perform their role of financial inter-mediation, several banks have joined the foray for fresh capital. Those in the league are Access Bank, which indicated interest in sourcing N200 billion, just like Diamond Bank, Guaranty Trust Bank, Zenith Bank and Fidelity; First City Monument Bank, N100 billion; while First Bank and United Bank for Africa is eyeing N500 billion each. Access Bank has already issued N13.5 billion in the first tranche, while GTBank sourced N13.165 billion. Others includes integrated energy giant- Oando, N200 billion and UACN Property Development Company, N30 billion.


http://allafrica.com/stories/201003240132.html

Go to any Asian tiger economies and understand how the Stock and domestic bond markets are fuelling growth. . not only today,but since 1990s

u think u can grow by selling commodities and spending it on building roads or whatever. . thats ludicrous

well we see how that ended up for major oil producers last yr didnt we. . .with negative growth and economic stagnation in 2009

what exactly does this mean. . if Nigeria is growing at 5.6% and Angola is shrinking in 2009

The 2 economies are different. . theres no basis for comparison

except in your,clueless brain

Tut, tut. Be mature and discuss this without insults. Im sure it wont be the first time the mods would have had to speak with you about this.

Angola and Nigeria are both major oil exporters so why wouldnt I compare them?

1) Angolas stockmarket is in the process of being created

2) HDI

Angola= 143
Ghana= 152
Nigeria=158

3) As of 2007

Angola 54.3%
Ghana poverty rate- 30%
Nigeria- 60%...ouch!!!

At the end, the ultimate goal of any economic growth is to improve living standards. The fact that India and China have bigger stock and bond markets than Iceland or Norway is a complete irrelavence to its citizens.

Stop this puerile dick measuring!

Afrinvest Report Harps On Deepening Bond Market For Economic Growth

23 March 2010

A viable bond market, the report concluded, "will free up capital for investment in small businesses, allow the government to focus on economic development and fuel economic growth through government spending. It will also increase investment and money flows within the country and support the development of other financial markets like stock exchanges and corporate bond markets. This will increase the source of capital for private sector and make significant contributions to the government's plans for diversifying Nigeria's economy and ensure its long-term viability."

In the first half of last year, according to analysts at Afrinvest, Nigeria's bond market recorded a 34.2 per cent expansion, while its economy staggered towards recovery from the global economic downturn. Federal Government bonds outstanding as at the end of December 2009 stood at approximately N2.0 trillion, representing a 58.2 per cent increase in local currency terms from the end of December 2008, amidst expectations that this would grow even further this year "on the back of a recourse by the Federal Government to sourcing a significant portion of planned budgetary spend (estimated to be over N700.0 billion) through domestic borrowings."

In January and February of 2010, the federal government, the report noted, has raised N168.5 billion (US$1.1 billion) through the issuance of bonds.



The bulk of the growth has however come from domestic institutional investors, as foreign investors, explained the report, still accounts for only 10 per cent of the market assets managed by institutional investors have grown in recent years as a result of the pension reforms, rapid growth of the insurance industry and the expansion of collective investment schemes. Between 2008 and 2009, pension fund assets grew by 21.9 per cent, outperforming the nation's Gross Domestic Product (GDP) growth estimate of 6.9 per cent last year.

"Thus far, domestic investors have been the primary purchasers of domestic bonds. In fact, bonds have become the preferred asset class in the portfolios of institutional investors (pension funds, insurance companies and mutual funds) as they seek to avoid the extreme volatility experienced in equity markets following the 2008-2009 market downturn. Pension funds and insurance companies, both of which tend to have very long-term liabilities, are best supported by high-quality debt instruments such as long-term government bonds. However, retail investors are yet to take notice of the Nigerian bond market despite the relative safety of this investment option," the report added.

Importance Of Bonds

Analysts have since defined a bond simply as an "I owe you" of some sought, or a "promise to pay" instrument, the market of which remains risk pricing and investment valuation models, which relies on its data. Also not in dispute is the fact that a functional domestic bond market is necessary for capital investments, just as monetary authorities also use bonds to define the yield curve and to ensure stability of short-term rates.

"An active sovereign bond market prevents the economy from overheating as it allows large temporary overflows from the money market. The bond market therefore plays such a vital role in ensuring the health of the economy that the monetary authorities must be concerned with its structure and operation. In Nigeria, Federal Government bonds constitute about 90 per cent of the market while state and corporate bond account for the remainder," the Afrinvest report added.

It however listed pre-conditions for a well-functioning bond market including "a reliable regulatory framework, an efficient market infrastructure, effective corporate governance culture, a functioning sovereign bond market that provides corporates with a stable and liquid benchmark curve in local currency and a developed 'credit culture'. In Nigeria's case, while sovereign bonds dominate the scene with very little participation of corporate bonds, we are of the opinion that the funding needs of local firms will drive corporate bond expansion as bank loans alone will be an insufficient and inefficient mechanism for reallocating the expansion capital needed to fund a growing economy."

Afrinvest analysts noted in the report that Nigeria is yet to attain the level of most markets- whether developing or developed, where empirical evidence have shown that the development of efficient bond markets plays a significant role in economic growth and development process. In such terrains, they argue, the debt market is more popular than the equity market, acknowledging the fact that the nation's capital markets has become a much more vibrant trading field for debt instruments from the rudimentary market of about a decade ago.

While reviewing the fixed income market in Nigeria, the report added, identified the reforms of the pension industry as the catalyst for the growth of the debt market in the last five years. The fixed income market, it added, has grown from a market value of N1.3 trillion at the end of 2008 to N2.3 trillion at the end of last year,

The secondary trading and settlement platform for both state and corporate bonds are also currently at a developmental stage. The corporate bonds market is expected to record significant growth arising from a recent CBN directive pegging the tenure for commercial paper for both issuance and rollover to a maximum of 270 days. The issuers and the issue must be rated by a rating agency acceptable to CBN, just as issuers and investors in Commercial Papers are being encouraged to hold such instruments in dematerialized form, while settlement will be done via the Central Securities Clearing System Limited (CSCS).

Following the stock market meltdown and in need of fresh capital that would enable it perform their role of financial inter-mediation, several banks have joined the foray for fresh capital. Those in the league are Access Bank, which indicated interest in sourcing N200 billion, just like Diamond Bank, Guaranty Trust Bank, Zenith Bank and Fidelity; First City Monument Bank, N100 billion; while First Bank and United Bank for Africa is eyeing N500 billion each. Access Bank has already issued N13.5 billion in the first tranche, while GTBank sourced N13.165 billion. Others includes integrated energy giant- Oando, N200 billion and UACN Property Development Company, N30 billion.


http://allafrica.com/stories/201003240132.html

Wow. Will the funds released end up in the hands of your corrupt politicians- just like they did with the oil money?

The living standard in Nigeria while not where it should has risen dramatically. Today there are over 59 million Nigerians with living conditions on per with several middle income and developed countries. Another 20 million Nigerians are millionaires. looking at these figures thats more than five times Ghana's population as a whole and we are just starting. With reforms given time to grow you will see a huge difference. The thing Nigerians need the most is just a working social infrastructure and good road and electricity. Ill provide you with official figures i my subsequent posts.

:lol::lol::lol::lol::lol::lol::lol::lol::lol:

The living standard in Nigeria while not where it should has risen dramatically. Today there are over 59 million Nigerians with living conditions on per with several middle income and developed countries. Another 20 million Nigerians are millionaires. looking at these figures thats more than five times Ghana's population as a whole and we are just starting. With reforms given time to grow you will see a huge difference. The thing Nigerians need the most is just a working social infrastructure and good road and electricity. Ill provide you with official figures i my subsequent posts.

Are you sure? That would mean over 10% of Nigeria's population consists of millionaires. That's millionaires!!! 1 out of ten people.....millionaires!!!! every 10th person on the street is a millionaire and half of the rest are middle class!!!!!

Lets see how Ghana is going to manage this Oil thing.

I am a bit bemused that Ghana's development be it Oil or any other resource cannot be explained in it's own right. There always have to dbe a reference to this country or that country. I would like to assume that Ghana has a wealth of intellectuals to manage the resources of that country.
A thread which was supposed to be discussing Ghana's oil has morphed into Nigerian wealth etc.
It will be a breath of fresh air to discuss the tops rather than fringe issues. :)

This is ridiculous!! Please my Nigerian brothers, you are adding more fuel into the ridiculously restricted and constrained thinking of our Ghanian brother. Please, perharps you can give the ghanian brother a single state in Nigeria to fight against his beloved Ghana. In that way, in my view his sinister views and comment would be brought some where close to being justified.

Suggestion: Enugu and Ghana! Ehm.....!! Let's see.

To my Ghanaian brethren.. although most Ghanians choose to dream of themselves as some rivals of some sort. Why cant you guys just shut up and stop bitching on everything Nigerian. Yes i realize the fear you have, the growing xenophobic fear about Nigerians overrunning your country but the truth is we already are. Nigeria's is Ghana's largest foreign investor and biggest export market. Your girls are dumping you lackluster and boring Ghanian guys for a Nigerian any day any time. Hell the economy of Lagos state alone $33 Billion USD is more than the entire GDP of Ghana. We have more successful people, we are far more enterprising and innovative and who told you the average Ghanian lives better than the average Nigerian? dream again, i have been to Kumasi, Tema and Accra and i can say the level of poverty there is disgusting. Im curious, why do you derive pleasure in these anti Nigerian posts disguising them under the cloak of some stupid article. Face it dude, we are not rivals and neither will we in any form. We have the largest stock exchange second only to that of South Africa, second largest economy second only to south africa. Largest and most powerful military from West to central Africa. And this is Nigeria at its worse. Heaven knows what happens if we even live up to just %30 of our potential. And you keep talking about oil like its some password to the big league, dream again. Besides Nigeria is more of a Gas superpower than Oil. Our Natural Gas reserves is second only to that of Russia. Can you find something Better doing with your time than try to make yourself feel better about Ghana's importance with trashing comments about fellow Africans..Ghana is not, has never been and will never be a Regional power economically, military wise oroherwise.. and oh.. did i forget to mention your food and music sucks.

To my Ghanaian brethren.. although most Ghanians choose to dream of themselves as some rivals of some sort. Why cant you guys just shut up and stop bitching on everything Nigerian. Yes i realize the fear you have, the growing xenophobic fear about Nigerians overrunning your country but the truth is we already are. Nigeria's is Ghana's largest foreign investor and biggest export market. Your girls are dumping you lackluster and boring Ghanian guys for a Nigerian any day any time. Hell the economy of Lagos state alone $33 Billion USD is more than the entire GDP of Ghana. We have more successful people, we are far more enterprising and innovative and who told you the average Ghanian lives better than the average Nigerian? dream again, i have been to Kumasi, Tema and Accra and i can say the level of poverty there is disgusting. Im curious, why do you derive pleasure in these anti Nigerian posts disguising them under the cloak of some stupid article. Face it dude, we are not rivals and neither will we in any form. We have the largest stock exchange second only to that of South Africa, second largest economy second only to south africa. Largest and most powerful military from West to central Africa. And this is Nigeria at its worse. Heaven knows what happens if we even live up to just %30 of our potential. And you keep talking about oil like its some password to the big league, dream again. Besides Nigeria is more of a Gas superpower than Oil. Our Natural Gas reserves is second only to that of Russia. Can you find something Better doing with your time than try to make yourself feel better about Ghana's importance with trashing comments about fellow Africans..Ghana is not, has never been and will never be a Regional power economically, military wise oroherwise.. and oh.. did i forget to mention your food and music sucks.

There's no need for this.

There's no need for this.

I agree. It is pure ignorance:bash:

There's no need for this.

lol. .that popa dude is the one asking for this. . so he should be able to stand the heat. . .

Naija attitude. All I can say is :lol:

The poverty rate <$1.25 a day is almost twice as high in Nigeria than it is in Ghana.

Ghana is less corrupt, more stable, more democratic and we dont go around hacking people to death all the time for being a different religion.

You are right, there is no competition at all :)

I dont believe those things u highlight can come without growth. . .
In essence,Economic growth is the minimum condition that must be taking place for other things to fall in line. . .
Economic growth means more GOVT taxes,to use to provide those social services u highlight




I think you've missed my point which is simply that growth for African countries whilst increasing the capacity of the governments ability to provide services doesn't usually translate into that. In other words the perks of the growth continue to be enjoyed by a small minority even where it could be enjoyed by the ordinary person. Almost every country of sub-Sahara Africa is a transgressor regarding this point. I hope that Nigeria does well regarding this in the future but only time will tell.

Naija attitude. All I can say is :lol:

The poverty rate <$1.25 a day is almost twice as high in Nigeria than it is in Ghana.

Ghana is less corrupt, more stable, more democratic and we dont go around hacking people to death all the time for being a different religion.

You are right, there is no competition at all :)


I cry for Africa when i see comments like this. You are so obsessed with the negative aspects of fellow African cou ntries it blinds you from reality. Instead of wastsing your time googling through the internet for derogatory items on Nigeria why not find something better doing? and pray to God Nigeria dosent disintergrate cos if it does the first 15 million refugees will flock to Ghana, displacing your population, same goes for the rest of West Africa. Nigeria has trhe 8th largest christian population in the world and the 9th largest muslim population in the world. It holds the unique position of having both the largest christian and muslim population on the continent. Religious violence might have happened before but tis a thing of the past. While other Africans on here are celebrating developments in the continent you choose to highlight the negative trends of your fellow Africans. Good luck to you on that.

I cry for Africa when i see comments like this. You are so obsessed with the negative aspects of fellow African cou ntries it blinds you from reality. Instead of wastsing your time googling through the internet for derogatory items on Nigeria why not find something better doing? and pray to God Nigeria dosent disintergrate cos if it does the first 15 million refugees will flock to Ghana, displacing your population, same goes for the rest of West Africa. Nigeria has trhe 8th largest christian population in the world and the 9th largest muslim population in the world. It holds the unique position of having both the largest christian and muslim population on the continent. Religious violence might have happened before but tis a thing of the past. While other Africans on here are celebrating developments in the continent you choose to highlight the negative trends of your fellow Africans. Good luck to you on that.

Im rather a cynic when it comes to Africa but I post as many positive threads as I do negative. Look at my recent post on East Africa. Why the heck would you think I would want Nigeria to disintegrate? Religious violence in Nigeria isnt a thing of the past, people were hacking each other to death just last year.

Im rather a cynic when it comes to Africa but I post as many positive threads as I do negative. Look at my recent post on East Africa. Why the heck would you think I would want Nigeria to disintegrate? Religious violence in Nigeria isnt a thing of the past, people were hacking each other to death just last year.

There is a Genocide going on in sudan today, there are pirates disrupting the ocean trading routes bringing shame upon Africa,.. there are countless crises all over Africa far worse than the few pin pricks violence we have here that are internal. Why dont you highlighte those hotspots, you can sugar coat your dumb posts for all i care but most Ghanians i know have your kind of attitude. Not all, but most. I spend a couple of months in Kumasi each here so i know what im saying. Try visiting Lagos, Port Harcourt or Abuja when you can, youill discorver no body even cares if youre a Ghanian neither do we engage in the stupid time wasting act of critising and glossing over our neighbors problems. We just try to forge ahead in life. Try developing that attitude.

There is a Genocide going on in sudan today, there are pirates disrupting the ocean trading routes bringing shame upon Africa,.. there are countless crises all over Africa far worse than the few pin pricks violence we have here that are internal. Why dont you highlighte those hotspots, you can sugar coat your dumb posts for all i care but most Ghanians i know have your kind of attitude. Not all, but most. I spend a couple of months in Kumasi each here so i know what im saying. Try visiting Lagos, Port Harcourt or Abuja when you can, youill discorver no body even cares if youre a Ghanian neither do we engage in the stupid time wasting act of critising and glossing over our neighbors problems. We just try to forge ahead in life. Try developing that attitude.

Dont come to SSC oasis then because its a forum for discussing, both praising and criticising. If you dont want to hear it, go to CNN news or something.

What African country HAVENT I criticised? Ghana, Kenya, Angola- you name it. Everyone takes the criticism apart from you guys who :cry:

Dont come to SSC oasis then because its a forum for discussing, both praising and criticising. If you dont want to hear it, go to CNN news or something.

What African country HAVENT I criticised? Ghana, Kenya, Angola- you name it. Everyone takes the criticism apart from you guys who :cry:


:lol: Please dont be ridiculous. Cry? Cry over what? the only thing i cry over is the childish attitudes of my Ghanian brethren. You sound just like my younger brother for real. Compare the postings of all Nigerians all here with that of Ghanians, youill see the difference, thats the difference in mentality we have thats why we are always above you despite our shortcomings.

:lol: Please dont be ridiculous. Cry? Cry over what? the only thing i cry over is the childish attitudes of my Ghanian brethren. You sound just like my younger brother for real. Compare the postings of all Nigerians all here with that of Ghanians, youill see the difference, thats the difference in mentality we have thats why we are always above you despite our shortcomings.
ya, Nigerians tend to be annoyingly nationalistic.
and too much times have i seen Nigerians make fun of Ghanaian when they see their name high on an economical list. sure enough, the Ghanaians defend their country and get criticized for it :nuts:

ya, Nigerians tend to be annoyingly nationalistic.
and too much times have i seen Nigerians make fun of Ghanaian when they see their name high on an economical list. sure enough, the Ghanaians defend their country and get criticized for it :nuts:

Yeah, if they actually had something to brag about then it would be understandable.

Naija attitude, Ive told you before that Im going to criticise whatever country I see fit, Nigeria is not above this. You shouldnt feel obliged to come on SSC or reply to my posts if you cant take it. Its that simple. This is a pointless discussion because Im not going to stop the criticism, this is NOT NIGERIA.

ya, Nigerians tend to be annoyingly nationalistic.


Everybody on here is nationalistic. . . .so dont even go there. .

and too much times have i seen Nigerians make fun of Ghanaian when they see their name high on an economical list. sure enough, the Ghanaians defend their country and get criticized for it :nuts:

Wrong. . .Most Nigerians could care less if Ghanaians exist. . and while on here we dont start most of these stupid arguements. . .

what dont u guys get?. . .Ghanas GDP is smaller than Lagos state. . the Annual budget of Lagos state is bigger than that of ghana

so why would we worry about u?. . its like South Africans getting worked up over swaziland or zimbabwe. .

However u ghanians just cant keep our names outta your mouths

Id like to see that list where a Nigerian made fun of a Ghanian. . unless of course u guys mention us first. . .

Talk of projecting your faults on others lol. . .

P.S check out this locked thread. . page 1
http://www.skyscrapercity.com/showthread.php?t=1195831

Another thread. . show me who made fun of ghana there?
http://www.skyscrapercity.com/showthread.php?t=1192917

Like i said. . .what u guys do aptly well. . u coyly come on here and try to pin on others. . yea right

Yeah, if they actually had something to brag about then it would be understandable.

Naija attitude, Ive told you before that Im going to criticise whatever country I see fit, Nigeria is not above this. You shouldnt feel obliged to come on SSC or reply to my posts if you cant take it. Its that simple. This is a pointless discussion because Im not going to stop the criticism, this is NOT NIGERIA.

One camel does not make fun of another camel's hump.
-Ghanaian proverb

Everybody on here is nationalistic. . . .so dont even go there. .



Wrong. . .Most Nigerians could care less if Ghanaians exist. . and while on here we don't start most of these stupid arguments. . .

u Ghanaian just cant keep our names outta your mouths

Id like to see that list where a Nigerian made fun of a Ghanaian. . unless of course u guys mention us first. . .

Talk of projecting your faults on others lol. . .

P.S check out this locked thread. . page 1
http://www.skyscrapercity.com/showthread.php?t=1195831

Another thread. . show me who made fun of ghana there?
http://www.skyscrapercity.com/showthread.php?t=1192917

Like i said. . .what u guys do aptly well. . u coyly come on here and try to pin on others. . yea right

1.) I'm not Ghanaian

2.) everyone is nationalistic on here, but Nigerians are annoyingly nationalistic. Nigerians say Ghana is a small shit of a country and it could never compare to Nigeria and other such things. sorry, I'm not gonna lie.
the truth is, ghana is doing very well for a country of it's size and considering how much recourses it has an it's population.
both countries have there faults, sorry, naija, your shit doesn't smell better than anyone elses.

Insult is been misplaced for criticism here, I think. It is good to stay on topic.

1.) I'm not Ghanaian

2.) everyone is nationalistic on here, but Nigerians are annoyingly nationalistic. Nigerians say Ghana is a small shit of a country and it could never compare to Nigeria and other such thing. sorry, I'm not gonna lie.

saying Nigerians are annoyingly nationalistic means u are not neutral. .cause if u follow this oasis well u will see everyone gets into arguements and defend their countries,the morrocans,South Africans,Egyptians,Angolans,Algerians,Kenyans. .they all do it. . .

As for your second point. . no-one says Ghana is a shit country. . however we rightfully tell ghanians to stop comparing themselves to Nigeria. .

If they must,they should compare to one Nigerian state(to get a better context). . .of Lagos or Rivers,with a larger GDP than ghana. . .

In Africa Nigeria,SA,Egypt,Angola.Algeria,morrocco should be compared. . .which makes sense,again in terms of putting things in context. . .

Total GDP in 2009 in billion US dollars at market exchange rates:
1- South Africa: 286.0
2- Egypt: 188.3
3- Nigeria: 169.0
4- Algeria: 140.6
5- Morocco: 90.9
6- Angola: 69.0
7- Libya: 62.4
8- Sudan: 54.7
9- Tunisia: 39.6
10- Kenya: 30.2
11- Ethiopia: 28.5
12- Côte d'Ivoire: 23.0
13- Cameroon: 21.8
14- Tanzania: 21.6
15- Réunion: 20.1
16- Uganda: 15.7
17- Ghana: 15.6
18- Senegal: 13.1
19- Zambia: 12.7
20- Botswana: 11.6
21- Gabon: 11.1
22- Democratic Republic of Congo: 10.8
23- Equatorial Guinea: 10.4
24- Mozambique: 9.8
25- Namibia: 9.4


Ghana should compare itself to kenya or tanzania if its wants to be taken seriously. . . .:cheers:

saying Nigerians are annoyingly nationalistic means u are not neutral. .cause if u follow this oasis well u will see everyone gets into arguements and defend their countries,the morrocans,South Africans,Egyptians,Angolans,Algerians,Kenyans. .they all do it. . .

As for your second point. . no-one says Ghana is a shit country. . however we rightfully tell ghanians to stop comparing themselves to Nigeria. .

If they must,they should compare to one Nigerian state(to get a better context). . .of Lagos or Rivers,with a larger GDP than ghana. . .

In Africa Nigeria,SA,Egypt,Angola.Algeria,morrocco should be compared. . .which makes sense,again in terms of putting things in context. . .

Total GDP in 2009 in billion US dollars at market exchange rates:
1- South Africa: 286.0
2- Egypt: 188.3
3- Nigeria: 169.0
4- Algeria: 140.6
5- Morocco: 90.9
6- Angola: 69.0
7- Libya: 62.4
8- Sudan: 54.7
9- Tunisia: 39.6
10- Kenya: 30.2
11- Ethiopia: 28.5
12- Côte d'Ivoire: 23.0
13- Cameroon: 21.8
14- Tanzania: 21.6
15- Réunion: 20.1
16- Uganda: 15.7
17- Ghana: 15.6
18- Senegal: 13.1
19- Zambia: 12.7
20- Botswana: 11.6
21- Gabon: 11.1
22- Democratic Republic of Congo: 10.8
23- Equatorial Guinea: 10.4
24- Mozambique: 9.8
25- Namibia: 9.4


Ghana should compare itself to kenya or tanzania if its wants to be taken seriously. . . .:cheers:
1.) don't get me wrong, it's just what i see, that doesn't mean I'm biased. after all, i never originally thought nigerians were annoyingly nationalistic, i still don't think all nigerians are annoyingly nationalistic, just the ones on this site.
2.) well, i was following the oasis long before i signed up and I've seen you say such things more than once. :ohno:

One camel does not make fun of another camel's hump.
-Ghanaian proverb

Surely a dromedary can make fun of a bactrian.

Surely a dromedary can make fun of a bactrian.

they both have humps don't they?

they both have humps don't they?

But one has an extra one.

But one has an extra one.

if you had 1 stab to your heart, and someone else had 2, would you laugh?
the point is, both Nigeria and Ghana are developing 3rd world countries and they're both heading up the same road so to an outsider, it seem outlandishly foolish and ignorant for one to make fun of another. :ohno:

if you had 1 stab to your heart, and someone else had 2, would you laugh?
the point is, both Nigeria and Ghana are developing 3rd world countries and they're both heading up the same road so to an outsider, it seem outlandishly foolish and ignorant for one to make fun of another. :ohno:

I know what your point is. I am just playing about.

I know what your point is. I am just playing about.

oh :lol:
i was really disappointed for a while :rofl: