Nigeria’s GDP per capita is same as Somalia
- Thread starter Varriris
- Start date
Sometimes I forget how mismanaged other african countries are, how does Nigeria, an oil rich country, have the same gdp per capita as us
Somethings up cuz they’ve never gone through a war or anything so why are they on our level. But then lowkey the country must not be doing well with how many people leave it. Always due to economic reasons too.Sometimes I forget how mismanaged other african countries are, how does Nigeria, an oil rich country, have the same gdp per capita as us
The truth seeker
Silent weapons for quiet wars
Somali needs to be the Florida of Africa we have all the advantages
-warm water ports that are good for trade
-costal cities that have the potential of being the gateway into east Africa imagine how much banks and financial firms could open
-young population we can get them to work giving them a steady paycheck while building the massive infrastructure needed
All we need is a stable government with a superpower backing it and favorable tax and business laws
Imagine Somalia looking like this
-warm water ports that are good for trade
-costal cities that have the potential of being the gateway into east Africa imagine how much banks and financial firms could open
-young population we can get them to work giving them a steady paycheck while building the massive infrastructure needed
All we need is a stable government with a superpower backing it and favorable tax and business laws
Imagine Somalia looking like this
TheLand
VIP
Also need a massive educated population which we simply don’t have right now
Chaseyourdreamzz
VIP
220 million population in Nigeria does anybody have any stats for countries in the 18-25 million range
Lahaine
VIP
All we could do is imagine nothing else.
Sigmundd
Pinkyandthebrain
After Somalia gets stable and running again they gotta change the name to anything other than Somalia. That name cant be turned around if we got Palestinians talking crap smh.
Don't forget the disparity in our numbers also. They have a nerve comparing the two countries.Sometimes I forget how mismanaged other african countries are, how does Nigeria, an oil rich country, have the same gdp per capita as us
A country that has had to endure civil war for 30+ years and with a population of roughly 18 million in comparison to a 220 million population and oil rich to boot.
Somalia's real GDP per-capita is actually 6000 USD . The IMF is using outdated numbers that hasn't beenrebased yet
We can know the exact GDP numbers of Somalia because 98% of the economic transactions of the country uses mobile, because mobile money transactions cover almost all financial activity in Somalia, they provide the most accurate estimate of GDP. meaning it captures almost all economic activity—both formal and informal. Because of this, Somalia’s mobile money transaction volume is a direct reflection of its real GDP, unlike in many other countries where cash and bank transactions are more dominant.
Informal workers also use mobile payment, so their contributions to the economy are visible in the data.
2.7 billion a month goes through , which is 32 billion a year and this has a share of 36% GDP meaning the total would be 90 billion.
Only 6% of these transactions are remittances so, it makes remittances only 2% of the economy, 98% is locally generated wealth.
It would actually make Somalia one of the richest countries in Africa ,an upper middle income country and the richest country in East Africa with a self-sustaining capitalist market/trade driven economy.
This economic growth trajectory actually began in 2012, after 2015 remittences started playing a less & less role in the economy. Dropping from 25%-45% to 2% currently.
'However experts acknowledged that the role of MTO in the economy has been declining since 2012 due to the return of many Somali Diasporas , and increase in the production of the domestic economy as result of new investments from both foreign investors and Somalis.''
We can know the exact GDP numbers of Somalia because 98% of the economic transactions of the country uses mobile, because mobile money transactions cover almost all financial activity in Somalia, they provide the most accurate estimate of GDP. meaning it captures almost all economic activity—both formal and informal. Because of this, Somalia’s mobile money transaction volume is a direct reflection of its real GDP, unlike in many other countries where cash and bank transactions are more dominant.
Informal workers also use mobile payment, so their contributions to the economy are visible in the data.
2.7 billion a month goes through , which is 32 billion a year and this has a share of 36% GDP meaning the total would be 90 billion.
Only 6% of these transactions are remittances so, it makes remittances only 2% of the economy, 98% is locally generated wealth.
It would actually make Somalia one of the richest countries in Africa ,an upper middle income country and the richest country in East Africa with a self-sustaining capitalist market/trade driven economy.
This economic growth trajectory actually began in 2012, after 2015 remittences started playing a less & less role in the economy. Dropping from 25%-45% to 2% currently.
'However experts acknowledged that the role of MTO in the economy has been declining since 2012 due to the return of many Somali Diasporas , and increase in the production of the domestic economy as result of new investments from both foreign investors and Somalis.''
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Won’t ever happen as long as lamagoodles are in charge.
Singapore with almost no natural resources is like this simply through education. Of course there were other factors but education was the driving force. If we educated our population and got rid of A1 sh@b@b, I imagine we could have one of the richest countries in SSA and Africa as a whole.
Don't forget the disparity in our numbers also. They have a nerve comparing the two countries.
A country that has had to endure civil war for 30+ years and with a population of roughly 18 million in comparison to a 220 million population and oil rich to boot.
Exactly. The way they keep saying in the quotes "like Somalia? No way" is annoying me. These guys haven't had a near 40 year long period of war and instability like us. What's their excuse?
All of what @The truth seeker said is actually already happening. Berbera and Mogadishu are being built to become specialized economic zones. Bosaso and Garacad ports are also developing.
And it's not just paved roads (what i linked was major highways that stretch several miles in different direction to different towns connecting trade)
And isn't just building a port, its expanding its capacity to faciliatate economic growth thats why they are building out an economic zone
They have set up a stock exchange headquarter in Garowe
There is actually a Somali stock exchange headquartered in Garowe founded in 2015 with the aim of fostering economic and private sector growth.
But it's still a new thing that hasn't fully taken off.
View attachment 353860
Somali Stock Exchange
The Somali Stock Exchange (SSE), founded by the Somali Economic Forum (SEF), aims to attract Foreign Direct Investment (FDI) and promote private sector growth in Somalia's emerging economy.www.sse.so
View attachment 353861
I personally i think they should relocate it to a more commercially driven location like Mogadishu and create business district anchored on a Somali Wall Street like you said.
I support their vision though
View attachment 353862
The government is moving into to tax and regulate transactions and businesses.
x.com
x.com
Disparaging Somalis won't actually diminish them and their progress.
The Somali government should start rebasing these figures, but I believe the outside factions bankrolling this sham of a government would be very unhappy to do so, the UN and the Global North need shithole countries to function, you can't trust their numbers when they have a vested interest in keeping Africa's PR down, which is why you have Gazans saying don't let us turn into Somalia, when they've long since gone past that point.
While we are improving fast were not anywhere close to $6000 gdp per capita. Thats about the level of Thailand which is above both vietnam and Indonesia. It would mean somalia would have a gdp 100 billion . Realistically i would put at the 1200-1300 level. If we were even at $3000 gdp per capita. We would have the infrastructure and systems in place to prevent tens of thousands from dying of starvation without any aid
Either the FGS is purely incompetent or the government is really pushing the image of Somalia as poor destitute country so that the west can prop it up because if they realize how wealthy, vibrant and economically self-reliant Somalia has become in reality they will cut any funding to them.
It's actually moronic that they haven't done a rebase , when lots of African countries like Kenya and Ghana has done it that revealed and even bigger size. There is a direct benefit to this because it will attract foreign investment, better trade deals, economic partnerships, diplomatic ties.
It will actually shock so many people if they realize this. It's also much more meaningful because Somalia is run by local domestic businesses and enterprises((telecom, trade, logistics, banking, construction and energy), they control their own economy so the wealth stays inside the country and re-invested back. Whereas the economies of other African countries all are export driven run multi national foreign corporation that extract and pay them pennys so half or more of their GDP is exits their country don't even reinvest back in the local areas
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