Nigeria’s GDP per capita is same as Somalia

[Idilinaa]

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

I did the math 2.7 billion a month(32 billion a year) in transactions that make up 36% of GDP is 90 billion . 0.3632.4 billion=90 billion. 15 million/90 billion = 6.000 per capita

if its 18 million population it is 18 million divided by 90 billion = 5.000 per capita.

Either way the math adds up. You can even compare it to Kenya as this article lays out

Mobile money transactions equivalent of half of Kenya’s GDP

Central Bank of Kenya data shows that mobile money transactions stood at Sh3.98 trillion ($38.5 billion), having increased by Sh346 billion (10%) from 2017.

www.paymentscardsandmobile.com

In 2018, mobile money transactions in Kenya were valued at 44% of GDP, based on an economic output of KSh 9.09 trillion ($89.6 billion) according to the IMF.

In 2023, mobile money transactions in Kenya totaled KSh 3.98 trillion ($38.5 billion), which is approximately 42% of GDP.

So the math for Somalia adds up. Other examples would be Ghana and Tanzania which are similarly sized economies with advanced mobile money. Same proportionality.

The main difference is that Somalia has similarly sized economy in the 90 billion range but 3 times smaller population.

The rest of what you said has mostly do with the government delivering services. It's up to the government to tax and collect the money domestically and resources in the country redistribute it and invest in infrastructure. It's not for lack of thereof.

It's not for private citizens to do this who are engaged in private sector activity and trade & business which is what is generating most of the wealth in the country and 90% of employment.

 

[Thegoodshepherd]

@Idilinaa you are mistaking a flow (transactions) for a stock (GDP).

I am 100% sure that Somalia's GDP per capita is under $600.

 

[Idilinaa]

@Idilinaa you are mistaking a flow (transactions) for a stock (GDP).

I am 100% sure that Somalia's GDP per capita is under $600.

GDP (Gross Domestic Product) is already a measure of economic activity over time, not a "stock" of wealth.

It measures the total value of goods and services produced in a year—it is not a fixed asset like national wealth or savings.

Mobile money transactions reflect real economic activity, meaning they directly contribute to GDP. So, mobile money transactions are a direct part of GDP calculations. NOT separate from GDP. GDP is a measure of yearly economic production, which aligns with mobile money transaction volumes. So basically GDP is a not a "stock" of wealth (like total money saved),

Saying Somalia’s GDP per capita is only $600, that would mean Somalia’s GDP is around $10–11 billion which is completely inconsistent with mobile money transaction data.

That would mean mobile money transactions alone would be nearly 3× the entire GDP, how does that even begin to make sense?

 

[Xassan]

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
View attachment 354518

Somalia should do its old architechture, white cities it always suited our country.

 

[Keep it a boqol]

These niggas had oil money for decades african corruption shows has no bounds

 

[Dalac Bilaash]

We haven't even started exporting none of our natural resources yet we're still not that bad don't take the blackpill our potential is looking good

 

[zeilaprime]

Wow we are catching up!

No, Nigeria is collapsing. Somalia is still the same. They were at 3000+ gdp per capita 10 years ago, but one retarded president later and its all gone.

This is why African "democracy" is so dangerous. The people chimp out and elect a retard and 20 years of development is reversed.

 

[Lahaine]

No, Nigeria is collapsing. Somalia is still the same. They were at 3000+ gdp per capita 10 years ago, but one retarded president later and its all gone.

Thought so lol.

This is why African "democracy" is so dangerous. The people chimp out and elect a retard and 20 years of development is reversed.

democracy rarely works in Africa. In east Africa only Kenya and Tanzania are the exception

 

[Aseer]

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.
View attachment 354521

Only 6% of these transactions are remittances so, it makes remittances only 2% of the economy, 98% is locally generated wealth.
View attachment 354523

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.''
View attachment 354524

But if we are an Upper middle income economy how are we so unstable and ridden with insuregency? Also you reckon the Overall GDP and Per Capita was higher pre-civil war?

 

[Marsh]

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.
View attachment 354521

Only 6% of these transactions are remittances so, it makes remittances only 2% of the economy, 98% is locally generated wealth.
View attachment 354523

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.''
View attachment 354524

Somalia’s GDP is nowhere near 6000 like @Thegoodshepherd comment says total transactions and GDP are not the same. Honestly the Nigeria numbers are depressing no wonder most Africans are not hopeful about the future.

 

[Diirad]

GDP (Gross Domestic Product) is already a measure of economic activity over time, not a "stock" of wealth.

It measures the total value of goods and services produced in a year—it is not a fixed asset like national wealth or savings.

Mobile money transactions reflect real economic activity, meaning they directly contribute to GDP. So, mobile money transactions are a direct part of GDP calculations. NOT separate from GDP. GDP is a measure of yearly economic production, which aligns with mobile money transaction volumes. So basically GDP is a not a "stock" of wealth (like total money saved),

Saying Somalia’s GDP per capita is only $600, that would mean Somalia’s GDP is around $10–11 billion which is completely inconsistent with mobile money transaction data.

That would mean mobile money transactions alone would be nearly 3× the entire GDP, how does that even begin to make sense?

Chatgpt says gdp can be inflated with mobile money transfer

Double counting happens when the same money is counted multiple times in an economic calculation, leading to an overestimated GDP.

Example in Mobile Money Transactions

Let’s say:

1. A farmer sells milk to a shop for $10 (transaction counted once).


2. The shop sells the milk to a customer for $15 (only the added value of $5 should be counted in GDP).


3. The customer sends $15 to a friend via mobile money.


4. The friend uses the same $15 to pay for a taxi ride.


5. The taxi driver uses $15 to buy lunch.



In mobile money transaction data, the total value recorded is:

10 + 15 + 15 + 15 + 15 = 70

But in GDP calculations, only the value added should be counted, not every transfer of money.

How It Affects Somalia's GDP Estimate

If $32.4 billion in mobile transactions includes multiple transfers of the same money, then GDP is inflated. The real GDP might be much lower once adjusted for these repeated transactions.

 

[The truth seeker]

No, Nigeria is collapsing. Somalia is still the same. They were at 3000+ gdp per capita 10 years ago, but one retarded president later and its all gone.

This is why African "democracy" is so dangerous. The people chimp out and elect a retard and 20 years of development is reversed.

I’m gonna be honest I think “democracy ”is just as way for foreign nationals and western governments to loot African nations Kenya being a good example since a Indian billionaire convicted of fraud tried to buy the nations main airport until wide spread protests stoped the deal

 

[The truth seeker]

Somalia should do its old architechture, white cities it always suited our country.View attachment 354561

View attachment 354562

Greece is a good model modern developed country and still retains its historical architecture

 

[Idilinaa]

Somalia’s GDP is nowhere near 6000 like @Thegoodshepherd comment says total transactions and GDP are not the same. Honestly the Nigeria numbers are depressing no wonder most Africans are not hopeful about the future.
View attachment 354578

Chatgpt says gdp can be inflated with mobile money transfer

Double counting happens when the same money is counted multiple times in an economic calculation, leading to an overestimated GDP.

Example in Mobile Money Transactions

Let’s say:

1. A farmer sells milk to a shop for $10 (transaction counted once).


2. The shop sells the milk to a customer for $15 (only the added value of $5 should be counted in GDP).


3. The customer sends $15 to a friend via mobile money.


4. The friend uses the same $15 to pay for a taxi ride.


5. The taxi driver uses $15 to buy lunch.



In mobile money transaction data, the total value recorded is:

10 + 15 + 15 + 15 + 15 = 70

But in GDP calculations, only the value added should be counted, not every transfer of money.

How It Affects Somalia's GDP Estimate

If $32.4 billion in mobile transactions includes multiple transfers of the same money, then GDP is inflated. The real GDP might be much lower once adjusted for these repeated transactions.

Double counting is not applicable here. Because we know how much of the GDP is Mobile transactions are valued at , so the fact that the UN economic report already considers mobile money as 36% of GDP, means it does not take mobile money transactions at face value it treats them as a proportion of total economic activity.

GDP measures the total value of goods and services, NOT just money movement.

Somalia’s GDP is driven by real industries like trade, logistics, manufacturing, and services. Mobile money transactions capture these real business activities, NOT just repeated personal transfers.

Money transfers alone do not increase GDP only the production of real value does. If a business sells a product, only the final sale value is counted, NOT every payment transfer along the way.

So they are measuring the economic activity not just movement of money.

Also just like i explained a few moments ago. If you look at Kenya’s GDP ($91 billion) matches its mobile money transactions, proving Somalia’s $90 billion GDP estimate is correct. If double counting were an issue, Kenya’s GDP would also be overestimated or inflated but it is widely accepted. That's because economist's remove double counting using ''value added'' methods.

 

[Hilmaam]

had chat gdp check math for me real quick. aid is not in calculation directly but all the consumption would not happen without it so indirectly influences numbers.the massive imbalance in imports and exports is aid flows and remittance increasing buying power

Data for 2022:​

• Household Final Consumption (C): $13,340 million
• Government Final Consumption (G): $759 million
• Gross Fixed Capital Formation (I): $2,699 million
• Exports of Goods and Services (X): $1,804 million
• Imports of Goods and Services (M): $8,182 million

Calculation for 2022:​

 

[Hilmaam]

reports on somalia gdp data posted by somalia national bureau of statistics

https://nbs.gov.so/wp-content/uploads/2024/07/Gross-Domestic-Product-GDP-2023.pdf

 

[Hilmaam]

exprt and import data reported by central bank of somalia. example report below can find much more in wesbite

https://centralbank.gov.so/wp-content/uploads/2024/11/Quarterly-Economic-Report_Q2_2024.pdf

 

[Abdisamad]

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
View attachment 354518

The sad reality..

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[Idilinaa]

exprt and import data reported by central bank of somalia. example report below can find much more in wesbite

https://centralbank.gov.so/wp-content/uploads/2024/11/Quarterly-Economic-Report_Q2_2024.pdf

View attachment 354591

View attachment 354592

View attachment 354583
View attachment 354584

had chat gdp check math for me real quick. aid is not in calculation directly but all the consumption would not happen without it so indirectly influences numbers.the massive imbalance in imports and exports is aid flows and remittance increasing buying power

Data for 2022:​

• Household Final Consumption (C): $13,340 million
• Government Final Consumption (G): $759 million
• Gross Fixed Capital Formation (I): $2,699 million
• Exports of Goods and Services (X): $1,804 million
• Imports of Goods and Services (M): $8,182 million

Calculation for 2022:​

Alright let me plug this into Chat GPT.

But the stuff about aid and remittances is wrong. Aid goes directly to the government and the government is mostly outside of most of the economy activity in the country.

Remittances only account for 6% of transactions and 2% of the total economy. Most of the economic activity is informal and hidden.

I fed Chat GPT the economic report by the UN in 2020.

If we take this and compare the widely held estimates by SNBS and World Bank. The UN gets those figures from mobile money transfer companies that digital track and record data btw. You can also see their estimate of 6% of this being remittances accurately fits the size being sent every year 1.9 billion by the diaspora. If it was inflated so to would be this number.

Also why stated figures in Somalia might be wrong? Is because Somalia's economy is largely informal and much that economic activity is not captured or counted.

But they start to become more fully visible when you look at mobile money transactions as they include both formal and informal activity.

 

[Hilmaam]

Alright let me plug this into Chat GPT. I also fed Chat GPT the economic report by the UN in 2020

View attachment 354585
View attachment 354586

I also fed Chat GPT the economic report by the UN in 2020.

If we take this and compare the widely held estimates. The UN gets those figures from mobile money transfer companies that digital track and record data btw. You can also see their estimate of 6% of this being remittances accurately fits the size being sent every year 1.9 billion.
View attachment 354594
View attachment 354595

Also why stated figures in Somalia might be wrong: Is because Somalia is largely informal and much that activity is not captured or counted

View attachment 354590

I'll make it simple. which numbers below do you think is incorrect. below is GDP formula. tell me value of each for you to get 90 billion

GDP =C+I+G+(X-M)

• Household Final Consumption (C): $13,340 million
• Government Final Consumption (G): $759 million
• Gross Fixed Capital Formation (I): $2,699 million
• Exports of Goods and Services (X): $1,804 million
• Imports of Goods and Services (M): $8,182 million