How Africa’s Biggest Economy Lost 50% of Its GDP

[@EconomicsExplained]

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[@toji_killua97]

we need a economics explained video about Tunisia ASAP.

[@Brian-the-navigator]

In your Nobel prize episode, you mentioned batswana as the acception to the Africa poverty issue, is an episode on that country coming?

[@orboakin8074]

As a Nigerian, I appreciate the objective coverage of my country from your video. Extra kudos for not simply using the "colonialism" excuse that so many other people (even here) tend to use. It's genuinely tragic how mismanaged it has become. From civil war and tribalism plaguing us to military dictatorships and economic mismanagement ruining our fragile nation. Even after returning to democracy, we still face corruption, MASSIVE insecurity, lack of infrastructure, and economic mismanagement. There are some things to be cautiously optimistic about. Our current government has finally ended the useless fuel subsidy program that was a huge drain on our economy for decades and they have been implementing several phases of economic and tax reforms to stabilize our inflation, diversify our economy, curb insecurity and chronic deficits and also to curb corruption. It's resulting in hardships but is also generating some positive results. I hope for the best.

[@m.hughmungus121]

As a taxpaying American , you're welcome for the subsidized food and money for police and prison guards

[@hyuxion]

I would argue developing countries need to consolidate power to develop the economy, but this is just my opinion.

[@t2udu]

​@@m.hughmungus121Thanks!. But don't worry your government probably got discounted oil and increased presence in Nigeria for their trouble, America NEVER gives money to others for free, we don't live in an utopian world, so rest easy brother. The cause of economic problems in America has more to do with inept fiscal policies than anything else, don't waste your time blaming other countries and hold yours accountable, assuming you think other countries are the source of your problems.

[@Dru-y4s]

Truth is, Nigeria is a dead country with no hope of the future. The sooner you understand this, the better for you. Nigeria needs to be broken up based on ethnic nationalities. We are very different people with different mindsets, cultures, languages, intelligence etc. As a Yoruba people, Nigeria has been holding us back from moving forward & prospering as an ethnic nationality. One thing is certain, a second civil war is around the corner.

[@Homer-OJ-Simpson]

@@t2uduthe US still takes a loss financially, you should know that. It’s very one sided in favor of Nigeria. But that’s because the US is looking for a more peaceful and prosperous Africa. You could argue that it’s still doing that for an overall benefit to the US as a more peaceful and prosperous Africa benefits the whole world one way or another.

[@hungo7720]

Nigeria is an epitome of how mismanagement can seriously drag the entire economy down.

[@lm_b5080]

the story of Africa my friend, sadly.

[@Kaiserboo1871]

@@lm_b5080 Some countries have managed to escape that trap, like Botswana and Rwanda. But unfortunately the failures outnumber the successes.

[@thelegendofthefive838]

Your the reason i am doing economics as an A level. Thanks!

[@meninomaria7003]

I also watched his first videos when i was stil studying, had to drop out to take up a huge opportunity but this and way more keeps me in the loop to when I go back to a more academic pursuit

[@meninomaria7003]

this, caspian report, wendover productions just to name a few here on YT

[@thelegendofthefive838]

@ yes I have watched all of these since I was a kid I can’t wait to finish micro and get into macro ima dominate

[@TKMRacer28]

You’re*

[@thelegendofthefive838]

@ there’s always one isn’t there

[@aitoluxd]

Each time i watch a video about Nigeria or an article, it's usually about what has been and what could've been. Each time I weep a little inside.

[@Demmytheboss]

Same 😭😭😭💔💔💔

[@victorohiovbeunu2730]

As a nigerian youth i can assure you that this video is underestimating how bad things are Which is sad

[@acham182]

It’s hard to document if you’re not a citizen tbf

[@adefolarin5280]

Finally! I've been waiting for this video. The country's economy has been through highs and lows, but it has been at its worst since the previous decade.

[@CryingCroc.]

I remember, back in the 80s, reading about Nigeria's political leaders clamoring for a permanent UN Security Council seat - stating Nigeria was ready to lend Africa's voice on the world stage. That was forty years ago. Sadly, the social-political-economic state of Nigeria (and Africa in general) have actually fallen even farther behind in these last forty years! One might argue that Nigeria was more advanced than China, India or Indonesia in multiple fronts back then - but today, these Asian countries are far more advanced - esp. China.

[@HismumYT]

I'm in Nigeria and our trajectory changed in 2015 with new leadership. And it's been downhill since then, trust me we know

[@RK-cj4oc]

​@@HismumYT As long as the North rules the South Nigeria will never prosper.

[@Heegooat]

I remember the Nigeria and South Africa of the 2000s. They were giants.

[@TheHunterOfYharnam]

@@HismumYT how do you feel about the huge population increase in this century that will be unable to sustain? because that is a problem for both nigeria, its neighbours and western countries if nigeria's population becomes 700 million (the population of europe) the west is both unable to get MILLIONS of people just from there and nigeria can't sustain them and they will create problems for all neighbour countries. I am wondering what nigerians think about overpopulation in the country

[@VTh-f5x]

Nigeria was not more advanced than any of those three countries even in 80s. Their GDP per capita was higher due to oil exports. But those three countries particularly China and India had far more robust institutions dedicated to governance, education and scientific research. Nigeria unfortunately didn't get a chance to develop those institutions because the civil war started right after independence.

[@faraibee]

I wonder why experts ignore tribalism when it comes to Africa. Botswana is mainly 1 tribe unlike Nigeria's dozens of tribes. If you live in Africa you know how tribes play a big role

[@clementoseitano7568]

Thanks for pointing that out.

[@moah2012]

They are more like ethnic groups than tribes. Tribes sound barbaric, but they are just different empires in the same country- Oyo, Nri, Arochuwku, Sokoto, Hausaland, Benin-Edo and many empires lived in that land that hated each other for years before Britain became in.

[@alexis101629]

I feel because that is something very unique to Africa , the power that tribes have and how it play in the geopolitics and economy. The closest things that come to mind are religion in the Middle East and indigenous groups in Latin America but even these operate different

[@pfalzFinest]

Because western experts don't actually care about improving Africa. Corporations only care about African resources, corrupt dictators are good enough for that and academics only care about furthering white guilt/white savior narratives and giving agency to anyone but white people gets in the way of that.

[@majeedmamah7457]

Dont listen to this guy. Botswana has several tribes. In fact after independence Khama called various tribal leaders so theyd all agree on how to handle resource sharing, particularly with diamonds.

[@segunajayi3594]

Thanks fr covering my country Nigeria. Many things are wrong with the economy at the moment

[@manumahadevankoipallil7094]

Kenya, Ethiopia and Egypt next. Explore further on Botswana also.

[@mr.x817]

Ethiopia will be at war in the next year or few years.

[@atownofbigheads]

One of the main reasons between developed and developing countries is the inefficient governments. There is a level of corruption and bureaucracy in developed countries as well, but in poor and developing countries, the politicians and elites strip the country of all its resources for the highest bidder and the poor/middle class are left to fight for scraps.

[@wise5674]

Wrong. It is more fundamental than that. Developed countries leaders do not "not loot" because they have better hearts than those of developing countries. It is because these countries have developed systems that produced those checks and balances. And this often took centuries to do.

[@acham182]

@@wise5674 essentially what he said. The acts of corruption just aren’t as blatant as in countries like Nigeria

[@hk254lyt8]

Finally some african content. Hope one day you’ll cover my country Kenya

[@elvisochieng6267]

Bana🇰🇪

[@CryingCroc.]

Careful what you wish for! On too many western media, no news is actually good news!

[@SathyaswamyS]

Yes. Full support from India sar

[@leroydanny4072]

Corruption kwani Kuna stori ingine

[@Woolymammoth-db1lt]

what about ethiopia. it has powerful potential but its civilwar with mostly eritrea holds its back

[@eyitayofajimi7041]

Finally I have been waiting for this since I starte following you

[@kemfonekwere1148]

Finally, been waiting a while for this 😊

[@corvusglaive5769]

You forgot to mention a very important point: currency depreciation. The naira has lost over 50% of its value in just one year.

[@Homer-OJ-Simpson]

That is an important detail since the gdp data was in USD

[@motivatedgeorge]

A video of Nigeria finally. Been waiting since Covid!!!

[@mayank.9203]

can you make the 'Economics explained leaderboard' permanently public in some way ? maybe a website or gdrive or any other way ? would really love to have access to the list whenever i want .

[@zacharychiagozie6720]

great video as usual

[@HeleneHolst-n1i]

could be really cool to see a video on novo nordisk at some point in regards to its role in the danish economy

[@KevinArogunmati1234]

Waiting for this video to come. (I wanna see how low Nigeria will get in this leader board) 🗣️🗣️🔥🔥

[@tylerhackner9731]

Thanks for talking about this

[@biinniit]

Your root cause analysis cannot possibly end at a bad international reputation. Nigerians know what our problem is; we're just unwilling to admit it.

[@benjaminchukwujama5259]

I’ve been waiting for this.

[@wise5674]

This was a good video. As a Nigerian economist, I must say you put a lot of things into the broader global context, which was helpful. There were some crucial things you omitted like the currency exchange rates, the recent economic reforms and the underperforming power sector. But no video is perfect and I still give you a B+.

[@ILikeVideos62]

Praying for better times in Nigeria 🙏

[@m.hughmungus121]

Isn't Nigeria a mooslim nation ?

[@aakashagarwal8966]

Posted just in time for my lunch break 👍

[@shivam_singh_kill_pro]

usa?

[@rayrayray5911]

Finally!!! I've been waiting for this video since 2018

[@victortoba-ogunleye4056]

Finally!!!!! A video on Nigeria

[@omoniyitoby5685]

Finally... been waiting on this one as a Nigerian

[@Playful_minds_]

Oh Nigeria the great nation that never was. Well done 👏🏾👏🏾

[@toji_killua97]

we need a economics explained video about Tunisia ASAP

[@mrbobsevil]

What is currently holding Nigeria back? Nigerians.

[@Jkub101]

Chinese picking Nigeria apart thanks to help from Nigerians.

[@creat_o_r180]

A fine example that pertains to this year's economics nobel price topic.

[@davidibhasebhor6206]

As a Nigerian I've been wanting for a video on us for like 3 years

[@weikeazeh602]

Final Nigeria episode 🎉🇳🇬 make I go watch it full.

[@Heavy_Chevy]

Funny how you mention reputation. The first thing that came to mind from the title instantly made me think of Nigeria.

[@Ushio01]

Over the next 20 years Nigeria's population is expected to grow by around a 100 million people so I don't expect things to get better there anytime soon.

[@altesande]

T-Pain !!

[@christ_inspire_daily]

Short answer: We voted APC into power

[@JustinOlpompa]

this is because the masses are still uneducated which means their only way of knowing how to vote is those that are of their ethnic group or religion. the elites purposely keep them stupid

[@emmanuelaliji3497]

Fools like you are the problem, our problem is beyond party. Nigeria needs a systemic revolution not a political party. Politicians can join new party at will.

[@N.B.E-042]

Nigeria is a synthetic country that was cobbled together by the British in 1914. It expired in 2014.

[@wise5674]

Exactly.

[@OntologicalShock777]

tbf, all countries are synthetic.

[@okene]

The thing about southerners like you is that, what does the North have to gain from the dissolution of Nigeria. You must be willing to fight and 🪦 if you want to break up this country

[@mxtthe3]

Every country is synthetic. Especially in the Western Hemisphere

[@atypicalafrican]

Apart from a few errors on the maps, this is an extremely fair assesment with zero political propaganda 😅

[@bloodspartan300]

When are we gonna stop measuring a companies success by gdp... japans gdp has been stagnant for decades.

[@gideonofori9649]

For a moment I was expecting Ghana to be mentioned when I saw some clips with Ghana vehicle plate... I think Ghana will be another interesting country to look at... considering it was one of the first countries to gain independence and a rollercoaster economy

[@sherif5804]

I wish best for most Africa countries. This corrupt leaders just make me sad why they are treating the country like this.

[@caresword]

PLEASE DO ONE FOR ETHIOPIA NEXT!! PLEASE

[@richardkeyen199]

Oil has been the greatest curse for us as a nation, no other sector has been able to thrive due to our over reliance on it, let's not even discuss the high level of corruption. Regardless we are resilient and would never give up striving for a better Nigeria

[@Noob-zi2ce]

Oil is not a curse. It's our saving grace. Our problem is corruption. Politicians are stealling over 50 percent of the money we have. That's the only problem..

[@okene]

Without oil Nigeria would've split a long time ago. Perhaps for the best

[@SilverScarletSpider]

I thought Nigeria 🇳🇬 would be first to grow with China 🇨🇳 Brazil 🇧🇷 Mexico 🇲🇽 Poland 🇵🇱 and Indonesia 🇮🇩. My friend bet on South Africa 🇿🇦 instead. Turns out it was Kenya 🇰🇪 that grew institutions

[@enzozacarias5362]

Good video, do mozambique next

[@princemc35]

But for 2024 It's $199 Billion $877 as per capita Surprised it didn't get lower

[@screamskilos3951]

199bilion isn't the biggest in Africa I'm pretty sure egypt and algeria have more no?

[@Franklyn-j8l]

That is not Nigeria's gdp, people keep quoting projections. 2024 GDP will be out in april next year after the year is fully over, anything before then is a projection. In Nigeria case their new refinery will definitely mean the GDP will be bigger than the projection.

[@kotharts]

Now that you mentioned Nigeria, kindly find time for Kenya as well... Also Ethiopia.

[@getnohappy]

I'm reminded of the phrase "you can trick an honest man but you cannot con one".

[@OsamaBinKevo]

Economic south is a truly hilarious euphemism. I also love how many excuses are made for failed countries.

[@kakaeriko]

How the North African Arabs separated themselves when we became "Sub Saharan Africa"

[@d16024]

That’s sad. As an Indian, I was (still am) rooting for Nigeria. ❤

[@tomshady3530]

Low foreign investment nonsense. I helped a nigerian prince, even tho they arent monarchy and won the nigerian lottery without playing!

[@markolsen7253]

Nigerian is poor because the Princes over there keep sending all their money to random people overseas!

[@phendel100]

GUYANA, although small is the fastest growing economy in the world. I'd love a video on us.

[@schister6677]

The Crude oil graph at <a href="#" class="seekto" data-time="514">8:34</a> has 2015 listed twice. Also at <a href="#" class="seekto" data-time="577">9:37</a>, the dates go 2006, 2008, 2010, 2002, 2014 - that 2002 should have been 2012 i assume.

[@bleankdallas2924]

Focus on the needs of people, you say? We're currently demolishing People's livelihoods to build a shiny new road. Oh wait, we're just leaving all of it demolished now because it was corruption with no real plan to begin with.

[@jontalbot1]

I know this is slightly off point but as a UK academic l supervised a Nigerian student writing a dissertation on public health provision in Nigeria. When l looked at the level of provision it was way behind countries with a similar GDP and pretty much the worst rates of infant mortality in the world, among other indicators. Another Nigerian student, true to form, tried to scam me ( and other staff).

[@aztank]

A Video on Morroco Please??

[@TrangleC]

Apparently Nigeria's population is much smaller than reported. Regions get money from the central government on the basis of their population numbers, so they inflate those.

[@okene]

I've never been to the north but for the south I believe it. People are mostly concentrated in big cities. More smaller cities and transition zones are sparsely populated

[@synonys]

<a href="#" class="seekto" data-time="648">10:48</a> “The Country was crudely put together by the British” Is something repeated over and over again

[@musiccarteL-x7n]

62 years of doing nothing about it

[@acham182]

@@musiccarteL-x7n that’s just it, all these years have passed and Nigeria has been anchoring on that flimsy blueprint, getting worse over time

[@ikeemmanuel]

See how everything stated going down immediately a new political party took over the country since 2015, and yet many of the people still supports and keeps voting for the same party based on religion affiliation, political party and tribe. The country is just too divided among religion, tribes and region to grow as a nation.

[@davidanalyst671]

you didn't give a lot of reasons for the 50% drop. just a loss of image. Okay, but Wagner is in the neighborhood too, did you look that up?

[@fieryjustin]

Ahhh, I no go dey here ke? No leave our neck abeg.

[@ossuseryoutube]

Religious conflict in Nigeria is a huge problem.

[@justindwilson83]

I was contacted by a prince from Nigeria. He had 10 million dollars he wanted to share with me. Are you saying that isn’t true?

[@TheGahta]

Yes we are saying that you are lying 😂

[@Luminousplayer]

Mismanagenent for a couple of years can ruin decades of effort

[@elbeemastro]

Uh oh. I've been dreading this day cos I knew this video was coming. I anticipate we'll be dead last on the economic leaderboard. 😂

[@mauri3853]

do a video about the magherb region morocco,algeria,tun...

[@natefoster5454]

I've heard of stories where some petrol refinery security officers were bribed. And then that group would then tank out some of the oil and sell it on the black market. It's good for them in the short run, but utterly awful for them in the long run.

[@stonehorsegaming]

Stealing from local industry is robbing prosperity from the local community.

[@isaiahGere]

2015 is when APC came into power

[@pacmanqwerty1325]

Can you do Romania next? 😁

[@Gfjhdyin]

"If institutions are mismanaged it doesnt matter what can be grown on the surface or whats down under ground"

[@KennethKlein-lc2mk]

I don't think Nigeria's economy can be diagnosed in 18 minutes.

[@obichisom8756]

haaa God. see rankings. someone will think there is an all out war in this country

[@kazeemquadri01]

I commend your take on this video and will also want you to talk about the massive brain drain happening, the effects will not be felt much now but in a decade's time, the tech sector in Nigeria is growing but not directly proportional to the number of good minds leaving the country and this applies to medicine and all.

[@-Dialogue.]

Can you do a video about Zimbabwe

[@Mr.Howell-jn5gy]

Nigeria is like Argentina it is geographically and economically blessed and positioned. Argentina progress has been meddled with by America and also poor political choices. But Nigeria has no excuse. They are squandering it.

[@RK-cj4oc]

They do have an excuse. The North of Nigeria is ruining it for the rest.

[@armorbearer9702]

I suppose Nigeria is in desperate need of a cultural reform. It has the resources but needs virtue to use them effectively.

[@hakanaki]

Does saily work in Nigeria? 😅

[@danmcnerney7886]

James Madison Virginia Plan is the answer.

[@davianoinglesias5030]

Nigeria would be at par with South Africa were it not for the crescent moon and star people in Northern Nigeria

[@Franklyn-j8l]

Nigeria don't ever want to be in par with southafrica, south africa is not a good place.

[@PanCynik]

It's really commendable how Economics Explained tried to not put "N" word in yt title

[@FlintIronstag23]

Nigeria needs to get its population growth under control if it wants better long-term prosperity. It has been predicted by 2050 Nigeria could become the third most populous country on Earth while only being the 32nd largest in terms of land area.

[@divine3608]

I'm strongly against stalling population growth. It's very easy to ease population growth but tremendously difficult to increase it even by a single percentage. And also there is absolutely no reason to ease population growth when active human activities barely covers 20% of liveable land

[@des_moines840]

​@@divine3608yeah look at Italy, japan or Bulgaria

[@wise5674]

Besides it is very hard for a democratic country to "get population growth under control". It is just urbanization that gives rise to it and as the video said, Nigeria is urbanizing fast

[@VTh-f5x]

World needs more children not less. The birth rates are collapsing everywhere else. Africa is our only hope.

[@FlintIronstag23]

@@VTh-f5x That is myth. There is no reason to fear a declining population. The world would be fine with a human population equal to what it was in 1960. It's just the difficult transition period that people fear.

[@eseoghenetuoyo1357]

What did Buhari do for nigeria?

[@princemc35]

Lol

[@post_eternity]

T-Pain doings.

[@9jaamebo372]

Finally

[@JustinOlpompa]

Simple as this; bad leadership. The moment Nigeria gets a good leader, everything will turn around. It has the systems in place for a good leader to make the changes he needs, but theres no one who will make those changes.

[@ericagyemang1377]

Some of this footage is from Ghana not Nigeria at leat <a href="#" class="seekto" data-time="217">3:37</a> to <a href="#" class="seekto" data-time="222">3:42</a>

[@jhamara647]

"dem call it a scam, me call it reparation" - vybz kartel

[@markchang2964]

Traveling soon.

[@Gbode]

I know we are doomed when we make it here. welcome to lagos my city

[@techlon]

Economists are uncanny in their ability to get things wrong. You'd expect this when people rely on you to make predictions for a living though 😊

[@Gfjhdyin]

🤔 If China Did it Africa can do it. Start with Grace and Educating the population

[@Jearrow]

China achieved it with a visionary leader and disciplined population. As long as african countries are ran by corrupt presidents neglectful of their population, this won't happen.

[@icetrip2417]

Nigeria is honestly cooked saddly most rather argue with south Africans than develop their country

[@sylvesteronoja7426]

Go and research thoroughly on Nigeria; you would know the only problems of this country are leadership issues and Western interference. We really dont care about South Africans; your self-hate is yours alone. alone dont add us to a beef or competition we barely care about .

[@pineapplesareyummy6352]

Huh? I just looked up the data. No, Nigeria did NOT lose 50% of its GDP even using nominal values. The last decade has been exceptionally bad for Nigeria, whose average growth over the period is much lower than it should have been, due to many reasons. Nigeria's nominal GDP was $569 billion in 2014. It had already exceed that again by the end of 2023. Most of the change is just a drop in the exchange rate of the Naira. By purchasing power parity, Nigeria's economy did grow about 40% from 2014 to 2023 - nowhere near India or China, and much slower than it should be.

[@ibinaboalasia6869]

Everything thing went downhill after President Goodluck Jonathan was removed as President

[@Peizxcv]

Nigeria have more demographic divided so it will be the next India soon

[@guysnacho]

So many relevant points, I'm pretty upset that you didn't touch on Shell destabilizing the country further (kzbin.info/www/bejne/l5evYYFnbpZ8fKs) but that doesn't take away the mismanagement. I'm looking to change things, wish me luck.