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Relocation To Nigeria by baylor: 1:53am On Jan 01, 2011 |
I would be glad if anyone in Nigeria could please let me know what I can earn in Nigeria and how it will be spent using the fomat below.i am a normal guy who wants to relocate and continue living my life in Nigeria happily. I am not looking to forward to 2M per month and I'm not really bordered about bad roads or poor power supply as I have only lived in the Uk for just 6 years, all I am worried about is my career and earnings in about 5 years to this time . Below is a snapshot of my present situation and as u can see it's not looking very great and I am not ready to be involved in any illegit activity. I would also appreciate comments from naira land members in the Uk who might know a better way of addressing this issue rather than relocating. Thanks Qualifications:uk degree Bsc Accouting (2:1)+ ACCA 40 hrs A week Job £ *NGN Gross Annual Income 25,000 6,000,000 Net Montly Income (After tax) 1,600 384,000 [b]Monthly Expenses House Rent (1 Bedroom Flat) 600 144,000 Council Tax 110 26,400 Gas & Electricity Bill 70 16,800 Water bill 35 8,400 Mobile Phone (1000 munites) 30 7,200 Land phone + Broadband Internet 30 7,200 Calling Card (Nigeria) 15 3,600 Television Licence 12 2,880 Sky Tv 30 7,200 Economist + Financial time Suscription 14 3,360 Professional Body membeship subscripton (Mandatory) £190 PA 16 3,840 Road Tax @ £125 PA 10 2,400 Car Insurance 100 24,000 Fuel 60 14,400 Hair cut @ £8 3 times a month 24 5,760 Grocery @ £60 per week 240 57,600 Fast food/ Takeaway /beer/ wine/cinema 40 9,600 Bank Current Account fee 6 1,440 Health care 0 0 FamilyAssistance 40 9,600 Personal Savings 100 24,000 Total monthly Expenses 1,582 379,680 |
Re: Relocation To Nigeria by AjanleKoko: 5:39am On Jan 01, 2011 |
In Nigeria, you'll definitely save on the rent, council tax, car insurance, and utility bills, but spend maybe upwards of N20,000 a month on generator fuel. You definitely won't spend 57,000 naira a month on groceries. Family assistance is random though, and depends on the nature of your family. As per the job proper, you might earn a lot less than N6m a year, but if you have reasonably okay experience as an accountant, you might just earn up to that with your qualifications. maybe even more if you have a postgraduate degree like an MBA. My take: Start applying for jobs in Nigeria. |
Re: Relocation To Nigeria by jaybee3(m): 9:31am On Jan 01, 2011 |
I can’t really comment on the chances of you getting a comparable job in naija but I would advice you to consider getting CFA certified so as to stand out a bit from the crowd. I have a friend at KPMG with over 3yrs experience that earns about 8.5M per annum. Similar background with you (2:1 from unilag, ICAN certified) but an added advantage of a MSc in Finance/Invest from a very reputable uni. However, if you do have a change of heart and want to continue living in the UK then you just need to do targeted applications. You might need CFA as well. Don’t they pay more than that as a management accountant? Anyhoo, you can always apply via efinancalcareers as I’m sure finance professionals are always in demand Lastly, below are some quick steps that you can take to improve your current situations. why is your council tax that high? It’s too high for a 1 bed flat so please do any of the following: Apply for a 25% discount that you will qualify for if you are a single occupant Move to a favourable borough that you won’t have to pay exuberant tax fees Gas & electricity should be around 50 quid for a 1 bed flat. Have you considered using the same energy provider? Water bill shouldn’t cost you more than 15 quid per month so u really ought to shop around. Moneysaving expert forum is good for this kind off things You can save money by having your Sky+Land Phone+ISP with one supplier. You should be able to save at least 15 quid going via this route Why is your car insurance high? Are u a new driver? Your grocery appears to be high for a single person. Have you considered doing bulk shopping? |
Re: Relocation To Nigeria by baylor: 5:38pm On Jan 01, 2011 |
@Ajanlekoko thanks for your contribution but please I would like accurate figures for all this bills in Lagos or Abuja in order for me to know hw much exactly i will be saving if i relocate and my chances of reaching SNR management quicker. @ jay bee i would be more than happy to secure 8.5m per annum job.I now dislike England with passion especially their racist behaviour and the hatred they have for coloured pple. and I will not consider doing CFA now cos ACCA was hard enough. I have both sky and virgin cos sky internet is very bad in my area while virgin tv isnt really good for me. I would like you to link me with your friend if he is on NL so he can be my mentor and put me tru since we are in the same profession |
Re: Relocation To Nigeria by debosky(m): 5:46pm On Jan 01, 2011 |
^^ You're spending way too much on groceries. . . .try bulk buying or discount stores, or cut down on the alcohol. Why are you living alone at this stage of your career? Sharing a flat, even a 2 bedroom one will cut many of your bills down and enable you to save more than you're doing at the moment. You can also save on your internet/phone bills - if you need sky at all costs, keep the sky subscription and ditch the virgin internet. Try using your mobile phone company's home internet - O2 and Orange offer big discounts if you are a mobile subscriber. Like Jay said, why should you be spending so much on council tax and water bills? Or are you sharing the one bed apartment with someone else? |
Re: Relocation To Nigeria by Nobody: 6:00pm On Jan 01, 2011 |
Exactly my thoughts. Your bills are way too high for a bachelor, this is the opportunity you have to save and save as much as you can. Try and look for a reasonable person to share your flat with to start with. You can share the bills, or move to a 2 bedroom as someone suggested and share. Find out from your council about about your council tax bill, you should get a discount for being a single occupant, Why is your car insurance that high?? try Tesco or Asda car insurance Try and reduce bills every way you can, extra 10 pounds saved is something. Finally, your groceries , thats way too high for one person And note that you need to have money when going to Nigeria, saving 100 a month would amount to 2000 after almost 2 years, that's not even up to half a million naira. |
Re: Relocation To Nigeria by AjanleKoko: 9:17pm On Jan 01, 2011 |
baylor: What are your chances of reaching senior management in the UK? I'd say you would relatively fare better in Nigeria if you compare. But that's not where to start from. You need more qualifications, quality exposure and experience, and a bit of luck, like you would anywhere else. As per bills, let's say you managed to get a job of N4m per annum (I chose this figure because your work experience and qualifications are not that outstanding, so anything above that may be pure chance): Rent in Nigeria is per annum. To get a good place in Gbagada or Yaba could be around 700k to N1m a year. For the island, your costs may go all the way to N1.5m a year. A three bedroom apartment is what we're talking about. PHCN bills are not so relevant, but you might have fuel costs of up to N20,000 a month or N240,000 a year. DSTV is about 9,500 a month, or roughly N120,000 a year. Internet will cost you around the same N120,000 a year for a really good provider. The crappier ones will cost maybe half of that. If you have a car, budget around N25,000 a month for fuel costs, since Lagos is very traffic prone. In a month, typically your budget might look like this: House rent - 80,000 Energy (house/car) - N50,000 Internet/TV - 20,000 Cleaning costs - N10,000 (you'll probably need to hire a laundryman) Ancillary/other costs - 30,000 Feeding/Groceries - N30,000 (this can even feed two people if we are talking groceries) Total - N220,000. Now this is the thing. You only need to spend the money if you want to maintain the jand look and feel. For everything, there's a local alternative which is by far cheaper, and not demeaning. In any case, on a N4m salary, you should get worst case N250k a month, which will mean you have to be more realistic with your expenses. jay bee: CFA is neither here nor there. Plus, the investment banking market is flat right now. Traditionally they have preferred MBAs + experience, as opposed to the CFA qualification. I doubt we have 50 CFA charterholders in Nigeria in practice. |
Re: Relocation To Nigeria by queensmith: 9:40pm On Jan 01, 2011 |
.. |
Re: Relocation To Nigeria by vanitty: 9:45pm On Jan 01, 2011 |
What are you buying at tesco? hope you not buying their rice or chicken or any Nigeria food there A 20kg rice is ~ 22 pounds and will last you at least a month + half if not more, get those at one of the Pakistan or African shops. Also your yam etc. If you like fruit so much ALDI are forever on sales on fruit, you could buy non perishable fruits there in bulk and even your seedless grapes. A box of chicken is ~18 pounds where I get them from - just thighs though and they are so much , that should last you a month also if not more. Buy your food items in bulk and I don't see how you will spend 240 pounds per month. You really should be getting only food stuffs like milk and bread weekly. . everything else, buy monthly. And lastly you better curb your sweet tooth, you can't afford to be eating all you like Good luck |
Re: Relocation To Nigeria by debosky(m): 9:59pm On Jan 01, 2011 |
Abeg post where you buy your chicken and rice from? Provide store details for the OP so he can use the links. |
Re: Relocation To Nigeria by baylor: 10:17pm On Jan 01, 2011 |
vanitty: |
Re: Relocation To Nigeria by Nobody: 1:06am On Jan 02, 2011 |
I don't even see clothing and other things on your list Your standard of living is too high, you need to cut down. Try and save more money, |
Re: Relocation To Nigeria by Nobody: 1:09am On Jan 02, 2011 |
queensmith: Try Tesco or Asda insurance |
Re: Relocation To Nigeria by tboy1(m): 1:22am On Jan 02, 2011 |
Have you completed your NYSC? If YES to the above question, Only advice i have : Secure the job in Nigeria before you finally move back Goodluck and i wish you well |
Re: Relocation To Nigeria by tboy1(m): 1:26am On Jan 02, 2011 |
aysometin:His price might be higher because of his car insurance group @ Post Try moneysupermarket.com |
Re: Relocation To Nigeria by DisGuy: 9:13pm On Jan 02, 2011 |
Is CFA really necessary after studying ACCA + Accounting; especially if you're not changing your field? |
Re: Relocation To Nigeria by candylips(m): 12:21am On Jan 04, 2011 |
CFA is not really that necessary for an ACCA qualified accountant. |
Re: Relocation To Nigeria by candylips(m): 9:03pm On Jan 04, 2011 |
Well i think one of the problem is buying premium brands from the store but I ones tried tesco value coffee it tasted like wee wee.I guess i will definetly have to adjust and the is the main reason why I am upset because now there is no diff between me and others who did not even bother to futher their education in uk if at the end of the day we r both competing for value range . you can't live large with that small salary. If you wan to live large u need to come join us in the contracting club. then u can afford all these things and save a lot as well if u want |
Re: Relocation To Nigeria by queensmith: 10:21pm On Jan 04, 2011 |
funny enough i wont call any of that living large! you dnt buy anything out of the ordinary! i earn much less and live much larger its all about how smart you are with your money! |
Re: Relocation To Nigeria by debosky(m): 10:55pm On Jan 04, 2011 |
^^ provide advice for the op on how to be 'smart' with his money |
Re: Relocation To Nigeria by queensmith: 12:19am On Jan 05, 2011 |
tbh im not as good as the op at breaking down every penny! i dont like looking at bank statements and im only concerned with money coming in and not going out! im guessing those are the kind of things people living in Nigeria are used to. and i definitely wont call the op's salary small! right now i will kill to be on 25grand! what i can add is the fact that i earn less than the op, i spend a minimum of 10pounds everyday on food, i go shopping at least 6 times a month- the less expensive the store the more i spend, thats a minimum of 40pounds 6 times a month not to mention my horrible shoe addiction ( i wont even go there!), I also go out almost every week/end, clubbing (50) bar (20) bowling (20) restaurant (30) i pay gas and electricity quarterly 150pounds each! i have a very expensive broadband package i cant be bothered to change a monthly subscription to the gym and live in a 1bedroom apartment by myself i really dont get how the op ends up with soo little? I still manage to travel abroad at least every 3 months and spend no less than 700pounds on each holiday! i dont drive (yet) maybe the op should get rid of his car for now, you might also wanna consider paying your rent annually, i also think you should get a credit card, it helps spread cost and is there for rainy day! |
Re: Relocation To Nigeria by debosky(m): 12:37am On Jan 05, 2011 |
^^ Simple arithmetic combining just food, shopping and weekend entertainment would give 70 + 240 + 100 = £410 per week (ignoring shoes, gas and electricity, gym and the holidays you take). In a typical month you're spending over £1600 before we take in some other major expenses. That is what the OP earns. You are either building up serious debt, making more than you claim or are greatly embellishing your weekly spend. |
Re: Relocation To Nigeria by queensmith: 12:47am On Jan 05, 2011 |
nope! your simple arithmetic is all soo wrong! then again i dont want you to add up my weekly expenditure cos its going to bother me! |
Re: Relocation To Nigeria by debosky(m): 1:00am On Jan 05, 2011 |
^^ I didn't even add rent. . . . arithmetic cannot be wrong. |
Re: Relocation To Nigeria by jaybee3(m): 6:47am On Jan 05, 2011 |
Looks like queensmith is living her self proclaimed life-style on a combo her salary + CC. anything above 22K per annum is an OK salary for a single person |
Re: Relocation To Nigeria by candylips(m): 6:16pm On Jan 05, 2011 |
queen u are living on credit cards. |
Re: Relocation To Nigeria by queensmith: 6:22pm On Jan 05, 2011 |
^^ if only, no i dont! im just goo with money! |
Re: Relocation To Nigeria by candylips(m): 6:46pm On Jan 05, 2011 |
no way u can live the way u do now with a salary under 25k . i think minimum wage is around 25k per annum |
Re: Relocation To Nigeria by queensmith: 6:55pm On Jan 05, 2011 |
yea you think wrong mate! iwell i do it! *kanye shrug* |
Re: Relocation To Nigeria by candylips(m): 2:56pm On Jan 06, 2011 |
hmm |
Re: Relocation To Nigeria by baylor: 11:25pm On Jan 06, 2011 |
candylips: @Candylips minimum wage is £5.93 per hr . A 42 hrs per week minimum wage job will be £990.00 per month ,£11,895.00 per annum |
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