They Should Be Rich, But Their Economy Is Stuck in a Rut | Econ

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athompson

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They Should Be Rich, But Their Economy Is Stuck in a Rut | Econ


🇳🇬 Nigeria’s economy, rich in resources yet facing severe challenges. How vast oil reserves have led to corruption and mismanagement, creating a “resource curse.” 💰 The booming fintech sector, driven by a young, tech-savvy population, and the rapid growth of companies like FairMoney and PiggyVest. 📈💡 What is the impact of…

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@econYT

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@ThoreClips10

10 years ago Nigeria used to have higher GDP per capita than my country Vietnam

These people just want to have a particular wealth and forget the rest of population… they don’t mind to be a riches and live in a miserable way of life

How is Accra in a video about Nigeria?

@SamuelOP38

The simple truth is that Nigrlerian politicians and big business owners should be rich but the masses should be poor and more poorer by the year. Thats why Nigerians must fight for their country and tinubu is pushing us to do it. I wish my country-men can see this 😢😢

@DanH-u3f

They are economically like Russia.

@cleanstrikefc

Can things ever get better?Just thinking out loud

@42swanroad

How many steel mills/plants, factories, supermarket/restaurant chains, business hubs etc Nigeria can boast about since gaining independence from UK 63 years ago??

@TonyOkoro-c3u

THE BANANA 🍌🍌🍌🍌🍌🍌 REPUBLIC IS RUN BY THE MAFIA FROM THE NORTH CALLED THE FULANIS MAFIA 😮😅😅😊😊😊😊😊😊😊😊.

Aptly titled

@eisahkrash

Oil is a curse

@SeimaBlessings

The one main reasons of every African country's failure is corruption. These african leaders are too corrupt, they steal loans they get from the IMF.

@Cutebunny-x1e

The only solution to nigeria problem is to stop importation and learñ to manifacture goods ourselves and patronize each other and stop looking for products outside of nigeria

@Fxckkitt

As a Nigerian, most of what is said in this video is accurate. Apart from the part where you said a yearly salary can’t pay the bus fare, that’s too extreme 😂

@Quaserr357

We are curse for real😢

Thank You for This piece. Watching all the way from Nigeria

@David-io9lp

Natural resources like oil and gas or gold create the illusion of wealth. A nation like Nigeria can pretend that all is well because money is always coming in from oil. Wealth, though, is not the same as prosperity.

The average Nigerian is poor and remains poor simply because the government is literally incapable of feeling the pain. It is incapable of feeling the pain because it's Revenue — it's financial stability — is not dependent on tax revenue. It is almost entirely dependent on oil revenue. This is what is called the "Natural Resource Curse"

Countries like Singapore, Switzerland, and Taiwan are examples of nations that have very little resources to make money from. They have to depend solely on taxes for their Revenue. Because they have to depend solely on taxes, it is absolutely impossible for them to function if 75% of their population is living on less than 3 dollars a day.

The Nigerian government can function even if 90% live on those wages. The pain will not be felt financially, because we have oil. It's truly a curse.

@godwinclement7520

NO!!! IT IS NOT REDUCTION IN AGRICULTURE, IT IS THE ISLAMO-TERRORIST KILLING OF FARMERS OF THE MIDDLE BELT, SHAMELESSLY ENABLED BY BRITAIN.

WHEN YOU KILL THE FARMERS WHO PRODUCE THE FOOD IN THE RELIGIOUS TERRORISTIC MADNESS AND MEGALOMANIAC ATTEMPT TO ISLAMIZE THE COUNTRY – A CLEAR IMPOSSIBILITY WHOSE HANDWRITING ON THE WALL IS STUBBORNLY AND BARBARICALLY IGNORED – HAS LEAD TO THE IRREPARABLE DESTRUCTION AND CARICATURE“ OF THAT HITHERTO POTENTIALLY REAT COUNTRY.
THAT’S WHAT HAPPENS WHEN YOU ALLOW BARBARIANS TO LEAD INTELLIGENT AND CIVILIZED PEOPLE.

HOPEFULLY BRITAIN IS CELEBRATING THE ROT THEY HAVE SHAMELESSLY PERPETRATED IN/ON NIGERIA.

AS HEAVEN WATCHES, THEY HAVE THEIR REWARD EN ROUTE TO THEIR OWN NATION.

IT IS GROSSLY UNFORTUNATE, BORDERING ON EVIL.

AND THIS RIGHTEOUS CASTIGATION IS COMING FROM ONE WHO HAS LOVED BRITAIN, PARTICULARLY WINSTON CHURCH, WHOM MY LATE DAD LOVED AS WELL, WHILE MY LATE GRANDFATHER HIS ROYAL HIGHNESS…AND WARRANT CHIEF APPOINTED BY THE REPRESENTATIVES OF THE BRITISH EMPIRE IN OUR AREA OF THE EASTERN REGION OF NIGERIA.

NIGERIA COULD HAVE BEEN ONE OF THE LEADING NATIONS OF THE WORLD TODAY, WERE IT NOT FOR THE NEFARIOUS AND SINISTER DIVIDE AND RULE PERPETRATED BY BRITAIN IN NIGERIA, AND BRITAIN WOULD HSVE BENEFITED IMMENSELY AS A FAIR AND MORAL BIG BROTHER TO THE NATION.

Africans aren't that good with economy but are strong

It is due to rampant stealing, and dishonesty especially with its leaders. All the leaders are thieves, some are even claiming to be transparent highly, trustworthy, ostensibly though. They are found to be real thieves the country have never seen. In Nigeria, governance and been in a government as leader, is akin to looting instead of service to the people and for national development. What is the solution? Some are claiming revolution is the only answer, until it is damned too late.

@KayodeLawal-vz1ho

There is a strong correlation between the disunity amongst the elites of the diverse ethnic nationalities in Nigeria and its economic misfortunes. Most narrators don't see this perspective. if our political elites can unite the country based on the premise of justice and equity, then the world shall witness a tremedious development of Nigeria within a very short time never seen in any nation.

@kyomnomyakubu6187

lol, if it was not oil they will still steal the money.
it's a peope problem not oil problem

@R.E.V.O.L.T

Exclude Akwa Ibom out of this. We are not igbo’s are land is our land. 😊

0:04 "only enough money to last a day"- Because Nigerians are very big spenders

@baronde8551

Corruption

@igweogba6774

A shame of a nation

@kerrondaley7239

Humanity is Soo greedy and evil..may Jesus christ saved mankind

@kongming2005

Why is it like a puzzle or unsolved mystery? Isn't obvious that it is because of the western countries interference? Whiteman extract resources from Africa and only have goods railway system bring out the resources. They never bother about passenger railway or domestic goods railways system, energy, water dam or anything. They don't give a sh*t to anyone except their own benefit and profit. Only China went to Africa to help sincerely even in the 70's when China was poor, from 1970 to 1975, about 50,000 Chinese workers built 1,860km (1,155 miles) of track stretching from Zambia's copper belt to Dar es Salaam and many Chinese died for the Africans comrades.

Whenever someone aligned themselves to the west these will happens, be it South Africa (thank God they are distancing themselves from the west) and whoever got closer to the west especially USA will be in trouble. Japan Prime Minister are in deep trouble to increase their military budget double to serve their master USA, UK Bozo Johnson is already history, Lizz Truss also pro USA have life shorter than a lettuce, Scott Morrisson Australia PM brought serious problem to the country for being USA lapdog, South Korea and others that wanting to kiss USA feet will be the next

@papaj665

Why are all these shitty YouTubers talking about Nigeria?

@Emmanuel-n7y

You called Norway and other small European countries.So why did you put 1 million tribes together

@cwsdigitalacademy

May God help us ❤

Bad governance result

This country has become a criminal enterprise and a civilian dictatorship.

@ADE-of-LAGOS

Usual western propaganda video. Nothing new.

@ADE-of-LAGOS

What about war Europe is waging against the new refinery in Nigeria. Is it because is going to loose biillions of US dollars in the mind-boggling export of raw crude for refining in Europe, followed by import to Nigeria. The real enemies are on the other side of the Ocean.

@c4z.

1:57 Dem no call davido😭😭

@micahlish

As a Nigerian, this video is weak because of how generic it is. The statements are sometimes so broad and sweeping they could apply to anywhere but just specific enough that you know it's Nigeria. For an outsider, this is perfectly but as an insider, this video barely scratches the surface. For example when drawing parallels, Nigeria has Africa's richest man and the largest share of Africans living in poverty. Or Nigeria is home to many tech start ups but at the same time suffers from a severe shortage of talent for the tech start ups, etc.

While not up to what I expect. Great video as a starting point

@Lengdung

"Government is the number one problem of businesses"

Apt summary.

By the way, the fintech sector is growing inspite of governments policies, not because of it.

@daviddokubo3448

The country is run by extremely greedy people

@MeboMichael

Rank what?? 😂Bro we are no 1 don't play.

Talk about .multinationals role in corruptiom in oil.ri h

Check eiti trsnsparency

Shell.bribrry politivally

And why block dangote refinery

Sure trinidad oil regime similar curse😮

@Onome-x4q

In nigera only 4 politians stole 1/4 of nigerias gdp.and hide it in dubai

@ebenmosi6305

Our government is very bad.

@bitlebron8801

Corruption is peak

'We must first head to it's past'
Did you hear that?

For a nation that's her leaders
Have subjugated history into the lagoon of self-centeredness & propaganda of ethno-religous surpression

Now, how ll the needed change
Ever come🤔🪄😢

The number one prayer that should be on the mouth of every reasonable Nigerian now is that the oil should just dry up cuz it has been an absolute curse in the hands of the clueless people who call themselves leaders

@BLACKSTA361

Once Britain, France and co leave the fingers out of Africa things will improve

Most corrupt leaders are puppets to the west

@_snehaa_._2

Poor peoples 😂