Third world economy is a term used to describe countries that have refused to get their acts together since the end of the last great war in 1945. The countries so designated are at various stages of under development. The main casualties of these economies are the wage earners in the informal sector of the local economy which forms the majority of the economy in these third world nations. Many are maintained as contract staff for years without any rights under the law, no access to credit, paid low wages and can be dismissed at any time after the end of their short term contract. This is characteristic of third world countries as such is never condoned in industrialised or rational nations. In a modern nation that is an immigrant worker destination, it is characteristic of them to fix wages because income tax is often the major source of government revenue. Workers are paid well. Slave labour and casualisation of workers are not allowed and any perpetrator found out is jailed. You as an employer can not say this is how much I can afford to pay. You have to pay a minimum meaning you have to invest a minimum as well to make the profits required. In advanced and rational countries, workers are not on top of the food chain but they get paid enough to live comfortably, they go on leave and are able to travel to anywhere in the world for leisure. The arrangement is so structured that such an economy becomes a magnet for workers from across the world. Obviously because people tend to go where they are well treated and respected, where the authourities are on the lookout for them and where their contribution is valued.

In rational nations that are advanced, all economic activities are in the open, all profits are made in the open, all wages are paid in the open via banks. The informal sector of the economy is almost non existent and trying to make profit informally is a criminal offense in these advanced and rational nations. If they have an informal sector in the economies of nations like the US, UK and etc, then it can not be up to 5 percent of the economy, whereas in nations like Nigerria, India, Pakistan and etc, the informal sector dominates, maybe by up to 90 percent of the economy. People who participate in this sector as wage earners are often little better than slaves. They work and receive meagre salaries, irrespective of profit made by their employer. They have no relationship with banks and hence no access to credit and often can be sacked unceremoniously. They have no pension plan, sometimes no appointment letter. So in all ramifications, they are the main people bearing the brunt in an economy in third world status. The employers of labour sit pretty and self employed people as well, to a large extent. A serious minded self employed person in a third world nation maybe as a carpenter, bricklayer, trader, welder, electrician and etc will more often than not have completed their personal house by the time they are around forty years of age but it is the people stuck in the unregulated labour market of a third world economy that bear the brunt of everything, then the economy as a whole after them. Since a third world economy can not be advanced and developed, some crucial sectors will be missing like heavy industries and etc and it will mean less opportunities for all. So the wage earners are always the biggest losers followed by the whole nation as a whole.

Take a scenario where wage is regulated and employers have to standardize their relationship with their employees or go to jail, pay them through the bank and etc. It will mean if a man and a woman are married and one of them is in business like poultry farming, education, catfish farming, vegetable farming and etc, needing money for expansion while the other is seeking employment. Once the employment seeker, maybe the woman, gets a job, she will open a salary account where her salary will be paid as payment by hand and casualisation of staff will be a criminal offense in a rational setting. If she is paid a minimum of 70 thousand naira as a fresh graduate of which 18 thousand or so is taken as income tax, then it will mean she will have access to credit at her bank and can be able to raise a loan, maybe between 500 thousand and a million naira to help her husband's business. Note that the business is already established and with customers and there is little risk of failure. Think of such happening in ten million places and the loan demand such will generate, think of the multiplier effect on the economy, then you see that what is keeping a third world economy down partly the lack of access to credit like is the case in rational nations. There is money in our banks which is exported to organised nations by the bank management when no one is coming for it here. This applies to all third world nations. It is what led to Mr Erastus Akingbola of the defunct Intercontinental bank exporting bank funds to invest in Asian stocks. He lost the bank money to a crashed market and ended up in prison. The way out is obvious to anyone with common sense. It is to eradicate the informal sector of the economy and bring everybody together.

**** Nigeria is the failed nation that was inaugurated or initiated mainly by Yoruba people but it has failed and we must ****. Then we set up a new **** where only the government holds a banking license and the profits from loans serves to supplement government revenue. May God assist us.

So now yoruba people primarily initiated Nigeria?

Ofodirinwa:
So now yoruba people primarily initiated Nigeria?

It is the Yoruba that conceived Nigeria. Our people formed the first national parties and conducted the first political sensitizations up North. Sir Macaulay is the father of Nigerian nationalism. Our people prevented the British from dividing Nigeria. So we now must end it.

OP, if you want to opt out of Nigeria, quitely do it with your family or join IPAD/IPOD. We are Yorubas and not easily brainwashed, not with dis junk you wrote up there

lawani:


It is the Yoruba that conceived Nigeria. Our people formed the first national parties and conducted the first political sensitizations up North. Sir Macaulay is the father of Nigerian nationalism. Our people prevented the British from dividing Nigeria. So we now must end it.

but the constitution acknowledged Nnamdi Azikiwe as the father of independence in the country and made him an honorary president?
Nna eh, just say what you've done and who you are. You don't need to add salt to sugar to everything.

Do you think a country starts from a political party? What about the Aba Women's riots? The Coal Miners Strike? People who's bloodshed and sacrifice for an independent self ruled nigeria predated any political party?

Ofodirinwa:


but the constitution acknowledged Nnamdi Azikiwe as the father of independence in the country and made him an honorary president?
Nna eh, just say what you've done and who you are. You don't need to add salt to sugar to everything.

Do you think a country starts from a political party? What about the Aba Women's riots? The Coal Miners Strike? People who's bloodshed and sacrifice for an independent self ruled nigeria predated any political party?

I am not saying Dr Azikiwe is not a founding father but the struggle started when he was still a teenager and who can be regarded as the initiator, who travelled to the North and etc for politics is Sir Macaulay. he was also on good terms with the British and could have persuaded them to split the country if he chose that line of reasoning and action.