@coogar,
I disagree with you. I work in the financial services sector over here and currently the average age for first time buyers in the UK is 38 years circa. When there is a big glut in the market and most homeowners even old aged pensioners have put their houses up for sale just for them to be able to wind down their mortgages and some are taking out second mortgages just to pay off a first one and thereby increasing the vicious cycle of debt? You can do the research your self and see link below (this was even in 2010!). You are still going along the lines of the main short coming for the model (i. e PPP). We need to stop comparing exchange rates!. You also say that a master degree holder earning £1,200 a month is surviving and can take care of his family. How? When the £1,200 is taxed at basic rate of 20% and deducted at source, there is house rent(£300-£400 circa for one small room with shared facilities), council tax, utility bills, cost of commuting to work, N.I etc etc. Whilst, if he was earning an equivalent in Nigeria, he would live like a small king! Besides, how many whites do you see with masters doing security job abroad? We have allowed ourselves to be under the captivity of another form of slavery-MENTAL SLAVERY.

I will not deny the fact that we do have a lot of issues in Nigeria but the exaggerations are uncalled for

Your comment on 'home cooked beans' causing diarrhea does not add up, I will not even comment on this but wake up!


@Dis guy, I didn't make any mistake. Tuition in the UK now, is on the average is £9,500 per session. You are required to complete three academic sessions for a degree (depending on your course of study) hence , 9,500* 3= £28,500. Also, consider living cost and expenses which on the average is about £5,400 per session (depending individual preferences) hence 5,400 * 3 =16,200. Don't forget to add the interest rates because these loans are not free, inflation and above all, the 'discounting factor' of money. The survey is based on historic data and the new tuition takes effect from 2011

Finally, I would prefer to be 31yrs old and still leaving with my parents rather than moving and piling up irrelevant debt!

God bless Nigeria!



http://www.independent.co.uk/life-style/house-and-home/property/no-place-like-home-the-generation-who-cant-afford-to-buy-1921781.html

For some reason , my replies on this thread are 'hidden' Anyway, I will try to repost some salient points again.
@coogar,
I disagree with you. I work in the financial services sector over here and currently the average age for 'first time buyers' in the UK is 38 years circa and increasing and also bear in mind that the home is never really yours till you have paid in full the mortgage tied to the house which oon the average takes about 20-30 years to complete! Bear in mind too, that a lot of these houses have been repossessed because the home owners cannot afford to keep up with payments! So in reality, some of the so called 'first time buyers' are actually living in rented apartments now! When there is a big glut in the market and most homeowners even old aged pensioners (OAP) have put their houses up for sale just for them to be able to wind down their mortgages and some are taking out second mortgages just to pay off a first one and thereby increasing the vicious cycle of debt?

Additionally, the credit score assumption you are brandishing here is no longer relevant, you still have to make a 'down payment' to secure a mortgage, the credit score only presents a picture of your credit history and thus, is an 'estimated' indication of your ability to meet obligations when due. In fact in retrospect, the whole idea of using credit score is currently challenged as I type, because using historical ability to 'pay when due' is not an ideal way to determine if such obligations will be met in the future. What if circumstances change? You are still going along the lines of the main short coming for the model (i. e PPP). We need to stop comparing exchange rates!.

You also say that a master degree holder earning £1,200 a month is surviving and can take care of his family. How? When the £1,200 is taxed at basic rate of 20% which is deducted at source, there is house rent (£300-£400 circa for one small room with shared facilities), council tax, utility bills, cost of commuting to work, N.I etc etc. Whilst, if he was earning an equivalent in Nigeria, he would live like a small king! Besides, how many whites do you see with masters doing security job abroad? We have allowed ourselves to be under the captivity of another form of slavery-MENTAL SLAVERY.

I will not deny the fact that we do have a lot of issues in Nigeria including corruption but the exaggerations are uncalled for. Also, I do acknowledge the fact that there is poverty in Nigeria but the figure thrown at us shouldn't be accepted without a well balanced form of reasoning

Your comment on 'home cooked beans' causing diarrhea does not add up, so wake up! People can eat baked beans and still have the same diarrhea! This is the kind of the mental captivity we need to free our selves from. Now, all of a sudden eating 'home cooked beans', a national delicacy will automatically cause diarrhea whilst baked beans which has been prepared with all sorts of chemicals that could be detrimental to our health in the long run will not!


@Dis guy, I didn't make any mistake. Tuition in the UK now, is on the average is £9,500 per session. You are required to complete three academic sessions for a degree (depending on your course of study) hence , 9,500* 3= £28,500. Also, consider living cost and expenses which on the average is about £5,400 per session (depending individual preferences) hence 5,400 * 3 =16,200. Don't forget to add the interest rates because these loans are not free, inflation and above all, the 'discounting factor' of money. The survey is based on historic data and the new tuition takes effect from 2011

Finally, I would prefer to be 31yrs old and still leaving with my parents rather than moving and piling up irrelevant debt!

God bless Nigeria!

P.S I have links to support my claim but my posts have been 'hidden'

hello forumites, d statistic given above is nt far from the truth, if we consider d student in various campus who ve turn garri to their lunch food, factory workers who get little pay, the ever increacin numbrs of sales girls but all in all it is we that have to take responsibility by hauing other means of income no matter small. it is better for #10 to be comin in than #10 to be goin out

Unless we have some concrete, official numbers this argument will remain subjective.

Let me add though, that it seems like some people have not seen Nigerians living in true poverty. One person mentioned people sleeping in houses made of zinc and wood and categorized them among the poor. I guess you haven't been to the villages where people still live in mud huts and the kids all run around naked; a lot of these places are not accessible by motor vehicle. You have to disembark at some point and walk the rest of the way. No, this is not a fairy tale.

Also there are places where you can eat for N40 (without :-), for those who know what that means ) per meal. $2/day equates to about N320 or N10,000 a month and that is really not far away from where the majority of Nigerians are.

Ok, Just a quick point.

Nigerians depend a lot on Uncles and Aunties- and in a way wealth is dispersed. I know some of you will be like--No-It ain't true but it is.

How many so called people can boast of never begged or asked their wealthy relatives for money or help raising their kids?

How many househelps pay for their lodging and school fees?

How many people beg others to recharge their cell phones or is even gifted this cell phones by others?

How many times in a year do the wealthy go to their village and gift the less fortunate with food and clothing or even money?

Have any of you ever visited a politician or a well-to do person in Nigeria? If you have then you can attest to the fact that they are surrounded by all manners of village people or so called 'my broda or sista' asking for money or something.

Wealth is dispersed in Nigeria. Yes its not everyday this happens, but it does happen and If anyone of you have visited the UK or US- Noone gives you a penny whether you are their kid or brother, everyman for themselves and they obviously think that is how africa works and conducts their research in that manner.

To answer the question of why can't we do our own research- Its simple- there is no data and research costs money. Tell me how easy it is to get lets say Dangote's 10 year financial reports [ which is supposed to be a readily available document]? Nearly impossible. We have to accept our own limitations, we can't afford to spend money conducting research when we have pressing issues, Afterall person never chop bellyful, na to dey answer questionnaire, smh.

This is my two cents

For some reason, my replies on this thread are 'hidden' Anyway, I will try to repost some salient points again.
@coogar,
I disagree with you. I work in the financial services sector over here and currently the average age for 'first time buyers' in the UK is 38 years circa and increasing and also bear in mind that the home is never really yours till you have paid in full the mortgage tied to the house which on the average takes about 20-30 years to complete! Bear in mind too, that a lot of these houses have been repossessed because the home owners cannot afford to keep up with payments! So in reality, some of the so called 'first time buyers' are actually living in rented apartments now! When there is a big glut in the market and most homeowners even old aged pensioners (OAP) have put their houses up for sale just for them to be able to wind down their mortgages and some are taking out second mortgages just to pay off a first one and thereby increasing the vicious cycle of debt?

Additionally, the credit score assumption you are brandishing here is no longer relevant, you still have to make a 'down payment' to secure a mortgage, the credit score only presents a picture of your credit history and thus, is an 'estimated' indication of your ability to meet obligations when due. In fact, in retrospect, the whole idea of using credit score is currently challenged as I type, because using historical ability to 'pay when due' is not an ideal way to determine if such obligations will be met in the future. What if circumstances change? You are still going along the lines of the main short coming for the model (i. e PPP). We need to stop comparing exchange rates!.

You also say that a master degree holder earning £1,200 a month is surviving and can take care of his family. How? When the £1,200 is taxed at basic rate of 20% which is deducted at source, there is house rent (£300-£400 circa for one small room with shared facilities), council tax, utility bills, cost of commuting to work, N.I etc etc. Whilst, if he was earning an equivalent in Nigeria, he would live like a small king! Besides, how many whites do you see with masters doing security job abroad? We have allowed ourselves to be under the captivity of another form of slavery-MENTAL SLAVERY.

I will not deny the fact that we do have a lot of issues in Nigeria including corruption but the exaggerations are uncalled for. Also, I do acknowledge the fact that there is poverty in Nigeria but the figure thrown at us shouldn't be accepted without a well balanced form of reasoning

Your comment on 'home cooked beans' causing diarrhoea does not add up, so wake up! People can eat baked beans and still have the same diarrhoea! This is the kind of the mental captivity we need to free our selves from. Now, all of a sudden eating 'home cooked beans', a national delicacy will automatically cause diarrhoea whilst baked beans which has been prepared with all sorts of chemicals that could be detrimental to our health in the long run will not!


@Dis guy, I didn't make any mistake. Tuition in the UK now, is on the average is £9,500 per session. You are required to complete three academic sessions for a degree (depending on your course of study) hence , 9,500* 3= £28,500. Also, consider living cost and expenses which on the average is about £5,400 per session (depending individual preferences) hence 5,400 * 3 =16,200. Don't forget to add the interest rates because these loans are not free, inflation and above all, the 'discounting factor' of money. The survey is based on historic data and the new tuition takes effect from 2011

Finally, I would prefer to be 31yrs old and still leaving with my parents rather than moving and piling up irrelevant debt!

God bless Nigeria!

P.S I have links to support my claim but my posts have been 'hidden'

100% Negative!!! Maybe some, not all of them though!

The recent estimate states that 88% now live on less than a dollar.

Alot of Nigerians live on less than that $2 dollar stated, here in Abuja i have seen and i know people who only eat 50naira boiled groundnut in d morning and 1 boiled corn of 50naira later in the day and go to bed. So please if we have the opportunity to speak out for those who don't have access to d internet to confirm their Poverty. We should speak for them.

2 dollars a day is actually 60dollars a month, which gives a rough estimate of 10,800 naira/mo. . . . How many Nigerians can afford to live above this on their real incomes?. . . .surely not the millions of unemployed graduates. . . . nor millions of government workers getting paid below minimum wage. . . .nor millions of individuals with low skills who take up just about any job to survive.

If we factor in the effects of inflation on nominal wages, the percentage of Nigerians living below 2 dollars a day will likely be in the 90 percent basket!

@deneey thankyou very much. I will like to ask @Cooger how many days he can survive without a Job in the U.K even with income support. Please remember that the EURO zone is in a serious crisis. Your jobs are all going to china and social services are shrinking faster than you can imagine.

The west has a way of scaring Africans into submission, the issue in Nigeria is infrastructure thats all. No one is poor. That beans cake i eat with bread. If i exported it to you, i will sell it at USD10/meal so because i bought it from the "akara" woman for N50 does not mean Jack to you in the West. Seriously Coogar that plate of beans and rice is 15pounds in 805 a Nigerian restaurant in London .

So to invest in infrastructure the West wants you to borrow heavily from worldbank e.t.c and not depend on yourselves like the akara woman.

E.g if we where so scared of setting up mobile NETWORKS we would have hired Vodaphone or Orange network or AT&T but guess what we did it our selves that is now history. Now they are scaring us again ohh you leave on less than US2/Day what happened to malaria drugs and Glaxo we told them we don't need them, i can go on and on.

We leave in a global village now West, not a global Empire so lets talk don't chat rubbish. You want us all to carry VISA/MASTERCARD in our pocket before you will say oboy these guys are spending some money!!!