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6 Money Myths That Has Left So Many Nigerians Broke / Tired Of Being Broke? See An Opportunity Many Nigerians Have Overlooked / 5 Reasons Why Nigeria Lost Its Place As Africa’s Largest Economy (2) (3) (4)

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(pic) See Why Nigeria Is Broke by NwaAdazi: 10:02am On Feb 18, 2016
Ebele Ogbuanu the Hunter goes into the bush, kills a very big Antelope and sells it to Mama Ngozi who sells peppersoup. He sold the game for N1,000. He told mama Ngozi to make sure the peppersoup is well made because he is coming along with his friends in the evening to enjoy themselves. When they got there that evening, they ordered for plates of peppersoup. Ebele bought the head for N500, he bought the four legs for four of his friends at N500 each, another person ate the intestines as assorted, he paid N500 for it, three other people also ate N500 worth of peppersoup each. The hunter ended up spending N4,500 to buy what he sold to Mama Ngozi for N1,000. Mama Ngozi made a cool N3,500 profit just by cooking (processing) the meat and selling it back to where she bought it from. That is 350% profit and yet she still had excess remaining to sell to other customers. So who is wise and who is foolish here?

Let us relate this story to our dear country Nigeria. We sell crude oil to UK at $110 per barrel and we are very happy; so happy that we spend the money lavishly, and then go back immediately to UK to buy the processed crude oil in the form of Kerosene, PMS, AGO, Tar, petroleum jelly, wax, petrochemicals etc. At the end of the day we end up buying these products at 12 times the cost of what we sold them. How is it possible Nigeria is not broke. Nigeria sure has been broke since 53 years ago.

Culled

Ayeni Ekundayo
(Inbound Marketer |Google Certified AdWords Fundamentals, Search Advertising, Display Adverts)
https://ng.linkedin.com/in/dayoayeni

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Re: (pic) See Why Nigeria Is Broke by tutorng: 10:04am On Feb 18, 2016
Apt illustration!

This is the layman's explanation of all these economy downturn and oil subsidy jargons making the rounds these past years. Every one should understand this.
The solution to Nigeria's problem is having our own refineries to process our crude and cut costs

108 Likes 6 Shares

Re: (pic) See Why Nigeria Is Broke by Baawaa(m): 10:10am On Feb 18, 2016
Fact, though it sound childish

2 Likes

Re: (pic) See Why Nigeria Is Broke by tutorng: 10:12am On Feb 18, 2016
Baawaa:
Fact, though it sound childish

i dont think its childish bro

Sometimes we have to use the simplest illustrations to explain complex concepts

185 Likes 9 Shares

Re: (pic) See Why Nigeria Is Broke by kilokeys(m): 10:15am On Feb 18, 2016
He used 30 naira bullet to kill that animal he sold for 1000 naira..
Thats a better profit margin undecided

And u didn't consider other condiments she used, the staff she has to pay, cooking fuel, shop rent, taxes and other miscellaneous... Most importantly, nothing is better than beer and peppersoup.. U can't quantify fun in terms of cash my bro..


But we get the message

118 Likes 8 Shares

Re: (pic) See Why Nigeria Is Broke by jaybee3(m): 10:18am On Feb 18, 2016
I could have sworn crude SWAPS was meant to address that phenom

2 Likes 1 Share

Re: (pic) See Why Nigeria Is Broke by tutorng: 10:22am On Feb 18, 2016
kilokeys:
He used 30 naira bullet to kill that animal he sold for 1000 naira..
Thats a better profit margin undecided

And u didn't consider other condiments she used, the staff she has to pay, cooking fuel, shop rent, taxes and other miscellaneous... Most importantly, nothing is better than beer and peppersoup.. U can't quantify fun in terms of cash my bro..


But we get the message

Lol...you have a good sense of humour.

The profit margin she made already and will make is far greater than all the paraphernalia you mentioned. Remember, she already made 350% and still has more of the meat remaining.
Nice analysis though

42 Likes 1 Share

Re: (pic) See Why Nigeria Is Broke by pacino26(m): 10:38am On Feb 18, 2016
Spot on. If you get to they office off the DPR to initiate process to set up a refinery they'd give you the paper criteria but to get approval is the real issue. My time in 2013 working seriously on setting up a refinery with some patrons made me realise that Nigeria isn't ready for the word 'PROGRESS'

We keep fooling ourselves, you don't have power CCGP will need to be imported asking with all accessories, steel for interconnecting piping needs to be imported, to make roads heavy earth moving equipment needs to be imported. To set Nigeria on the path of industrialization will take another ten yrs.

As far as I am concerned, there's no proactive plan in place.

30 Likes 2 Shares

Re: (pic) See Why Nigeria Is Broke by FazzyKachi(m): 10:45am On Feb 18, 2016
This illustration really makes sense oh! Even sand sef don cost, sand wea dy Nigeria here oh! Smh

2 Likes

Re: (pic) See Why Nigeria Is Broke by LoveMachine(m): 10:45am On Feb 18, 2016
This is an apt illustration of problems at hand.
Re: (pic) See Why Nigeria Is Broke by FazzyKachi(m): 10:47am On Feb 18, 2016
This illustration really makes sense oh! Even sand sef don cost, sand wea dy Nigeria here oh! The one that's annoying is the fact that Ofada rice(Made in Nigeria) don cost!

2 Likes

Re: (pic) See Why Nigeria Is Broke by Iroh88(m): 11:02am On Feb 18, 2016
tutorng:


i dont think its childish bro

Sometimes we have to use the simplest illustrations to explain complex concepts
I understand your logic but you failed in one crucial aspect.

Not all aside the N1000 is "profit" as you captured it. You should have realised she spent some extra monies in preparing the peppersoup, like buying all the ingredients she used to prepare it.

Therefore, surely, she must have made some profit, but not in the way you put it.

Thanks.

2 Likes

Re: (pic) See Why Nigeria Is Broke by omohayek: 11:09am On Feb 18, 2016
Iroh88:
I understand your logic but you failed in one crucial aspect.

Not all aside the N1000 is "profit" as you captured it. You should have realised she spent some extra monies in preparing the pepersoup, like buying all the ingredients she used to prepare it.

Therefore, surely, she must have made some profit, but not in the way you put it.

Thanks.

Exactly. And then there's the cost of all those years of learning how to cook great pepper soup, and any money that might have been spent undergoing the necessary training.

To translate into national terms, human capital, which is actually much more important than physical capital, also needs to be accumulated, and the cost of doing so isn't necessarily cheap. It's precisely the lack of adequate human capital in our political elite which has lead to so many years of economic mismanagement.

6 Likes

Re: (pic) See Why Nigeria Is Broke by greenmonk: 12:08pm On Feb 18, 2016
so there is no content of human capital and training associated with the hunter.
You are also ditorting the import of the analogy.
The hunter would have made a better economic sense to make his wife prepare the pepper soup. When are we really going to face reality and build our econemy instead of looking finished products from other lands?

8 Likes 1 Share

Re: (pic) See Why Nigeria Is Broke by tietie85(m): 12:14pm On Feb 18, 2016
u are right
Re: (pic) See Why Nigeria Is Broke by omohayek: 12:14pm On Feb 18, 2016
greenmonk:
so there is no content of human capital and training associated with the hunter.
You are also ditorting the import of the analogy.
The hunter would have made a better economic sense to make his wife prepare the pepper soup. When are we really going to face reality and build our econemy instead of looking finished products from other lands?

Why does the two costs have to be the same? You're being so literal-minded that you completely miss my point.

Oh, by the way, it's spelled "distorting", not "ditorting", and "economy", not "econemy". There's that human capital thing in play again!

1 Like 1 Share

Re: (pic) See Why Nigeria Is Broke by tietie85(m): 12:14pm On Feb 18, 2016
u are very correct
Re: (pic) See Why Nigeria Is Broke by EastanPower(m): 12:25pm On Feb 18, 2016
Lalasticlala, this is front page material.
Re: (pic) See Why Nigeria Is Broke by greenmonk: 12:32pm On Feb 18, 2016
@omohayek ur type are exactly d problem in this country. Trying to prove that u are better than others when u add nothing to d economy.
The bolded is adding value to our economy and the ability of our peple to sustain themselves. Not cosmetic values like ur types.

5 Likes

Re: (pic) See Why Nigeria Is Broke by kayfra: 12:36pm On Feb 18, 2016
jaybee3:
I could have sworn crude SWAPS was meant to address that phenom
Crude swaps was meant to give its stakeholders private jets. That's the most corrupt sector of the oil and gas industry.

2 Likes

Re: (pic) See Why Nigeria Is Broke by richidinho(m): 12:44pm On Feb 18, 2016
you said we are broke since 53yrs ago

then why use Ebele n Ngozi in your analysis

and not Mallam bubu and Kemi
grin

4 Likes

Re: (pic) See Why Nigeria Is Broke by 50shot: 12:44pm On Feb 18, 2016
.
Re: (pic) See Why Nigeria Is Broke by yungkelz(m): 12:45pm On Feb 18, 2016
Buhari is working
Re: (pic) See Why Nigeria Is Broke by mysticgal(f): 12:45pm On Feb 18, 2016
Fierce illustration embarassed
Re: (pic) See Why Nigeria Is Broke by Nobody: 12:46pm On Feb 18, 2016
Abi ooo
Re: (pic) See Why Nigeria Is Broke by cogbuagu: 12:46pm On Feb 18, 2016
Ok
Re: (pic) See Why Nigeria Is Broke by keypad1: 12:46pm On Feb 18, 2016
All i know is that yoruba hausa igbo and fulani are the people that killed this country with their corrupt tribalistic and religious bigotric minds.

Full stop

2 Likes 1 Share

Re: (pic) See Why Nigeria Is Broke by missKiffy(f): 12:47pm On Feb 18, 2016
This country is not broke joor undecided
Re: (pic) See Why Nigeria Is Broke by ednut1(m): 12:47pm On Feb 18, 2016
mama ngozi is a witch, d day u try to outsmart her she will finish u. ask Ghadafi, Sadam, Mugabe, Buhari(1985), Nkrumah and odas wat mama did to dem

6 Likes

Re: (pic) See Why Nigeria Is Broke by buoye1(m): 12:47pm On Feb 18, 2016
Almost perfect illustration
Re: (pic) See Why Nigeria Is Broke by samx4real(m): 12:47pm On Feb 18, 2016
pacino26:
Spot on. If you get to they office off the DPR to initiate process to set up a refinery they'd give you the paper criteria but to get approval is the real issue. My time in 2013 working seriously on setting up a refinery with some patrons made me realise that Nigeria isn't ready for the word 'PROGRESS'

We keep fooling ourselves, you don't have power CCGP will need to be imported asking with all accessories, steel for interconnecting piping needs to be imported, to make roads heavy earth moving equipment needs to be imported. To set Nigeria on the path of industrialization will take another ten yrs.

As far as I am concerned, there's no proactive plan in place.





If we start from somewhere we can make it!

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