I agree with Jen33 and Iyke-D. When the market for luxury homes becomes saturated, I have no doubt that the home builders would turn their attention to the lower income earners.

That reasoning is not consistent bro., high end being staturated does not in any way imply they'll move to low end. If that was the case everything being equal, don't you think that a smart investor willl move to build low end apartments now so as to gain the first movers advantage when the rest realize that the THIN high end apartments have become saturated?. . .Why isn't this happening?. . .

Like I said before, I can parallel this to the cellular phone period in Nigeria, the thing never got to the poor man until core sectoral reforms took place that permitted the entrance of the GSM technology which was immediately available to every Dick and Harry, rest assured the GSM has been 100x more succesful than the stagnant "rich man" only cellular phones.

We need thorough reforms in banking to begin with, we need to get funds into the hands of good enterpreneurs and not enterpreneurs with connections who are often wasteful. If this can be done, then I can see some light in Iyke-D's argument. Even at that, I do not see why an enterpreneur should wait till the high end market is saturated before moving into the low end ones, the smart thing to do is to move now if such a thing is even profitable.

As per Nigerian getting poorer, please provide me with facts or numbers and be sure to make adjustment for the population growth.

GDP/capita is less than half what is was at independence and I do not see why anyone should make adjustments for population growth. That is NOT done in economics bro., a growing economy should keep up with population gtowth. If income growth is not keeping up with population growth, it implies that the extra person born is marginally contributing less than the average income, this will cause income or GDP/capita to fall. Such an economy is not healthy, end of story!

Ofcourse in gross terms, Nigerian GDP has increased but per capita, it has decreased over the past 47 years!. . .GDP per capita is what matters, it ensures that income growth is keeping up with pop. growth, which isn't happening in Nigeria's case since independence atleast. You even asking anyone to adjust per-capita variables for population growth is laughable but I'm patient today so I decided to explain.

Also, as per "there is nothing to write home about the Nigerian market", please cite concrete proof as well, are you suggesting that
the Chinese, or the South Africans that are invading Nigeria at the moment don't know what they are doing?

The Chinese are in Somalia, does not mean Somalia is any good. The Nigerian market infrastructure is weak, end of story. Here is my own definition of a market from http://www.answers.com/topic/market

Economic system bringing together the forces of supply and demand for a particular good or service. A market consists of customers, suppliers, and channels of distribution, and mechanisms for establishing prices and effecting transactions.

By an economic definition, I'm sorry Nigeria's market system has LOTS of room for improvement.

all this big big thread self - na wa o.

The Chinese or anybody for that matter "invading" the Nigerian market is not in any way indicative of a healthy economic situation. First of, we know that the Chinese thirst for Oil is becoming increasingly insatiable due to the growth of their manufaturing sector. They need oil to power those huge industries and would do anything to be in good terms with countries that has the product. Nigeria unfortunately is one of those countries. They know all about the unsavoury economic terrain of Nigeria but is a risk they have to take. Most importantly, the huge population of Nigeria is another factor that makes the risk worth taking. A country of 150 million people (and still counting) that produce nothing but import almost everything is a market that no manufacturer of goods and services can afford to take lightly. MTN can attest to that. They braved all  odds of  the rocky economic terrain of Nigeria and banked on the sheer number of the populace. That paid off instantaneously. So the Chinese are not naive nor are they impressed with our economic situation. They know exactly what they are doing.

That reasoning is not consistent bro., high end being staturated does not in any way imply they'll move to low end. If that was the case everything being equal, don't you think that a smart investor willl move to build low end apartments now so as to gain the first movers advantage when the rest realize that the THIN high end apartments have become saturated?. . .Why isn't this happening?. . .

It is not happening because the market for the high end apartments is not yet saturated. Why let go of 60% return that is still well and alive to settle for 35% return ? A business man would always exhaust the business with the highest rate of return before he looks for other profitable businesses with less return.

I am confident that the developers would eventually turn to the lower end apartments because they would have developed an expertise in their field, they wouldn't just want to let go of their skills as developers. The overwhelming majority of the population are below the high end, so  that is where the opportunity for growth lies. It only makes sense that they'll lean toward that direction.

_{disclaimer:- the percentages used here were just meant to prove my point, they aren't factual}

@GNature

Are you naturally unable to reason?. . .If the high end sector is eventually going to get saturated and thus forcing people to move into the low end sector, I see no reason to rush into the high end sector with everyone else. I can easily lay back, invest in low end apartment buildings so that when the high end is saturated (which you claim it will be), I'll be THE BOSS in the low end sector.

Furthermore, simple analysis suggests that if everyone goes into the high end sector (like you claim they will since it is always more profitable), it will drive profits in that sector down. Your reasoning doesn't apply bro., life is not that simple especially not the life of real estate business where profits do not begin to come for about 10 years or more!

I can't think of successful ventures in Nigeria that catered to the rich and ultimately filtered down to the poor. I can easily think of telecoms, movies, luxurious bus transportations, CYBERCAFESas businesses which catered to the needs of the poor the needs of those who aren't as privileged and expanded from that.

If you can provide a COCRETE example of where this high end - low end reasoning has worked in Nigeria, it willl help. I've already showed you how it FAILED when it came to cellular phones (not GSM).

Donzman said:

If you can provide a COCRETE example of where this high end - low end reasoning has worked in Nigeria, it willl help. I've already showed you how it FAILED when it came to cellular phones (not GSM).

I read somewhere projections to the effect that 50 million Nigerians would own a cellphone by 2008, making it by far the largest telecoms market on the continent,

Thus, I don't think GSM has ''failed'' one single bit.

I don't think we require 'concrete examples' of 'high end - low end reasoning'.

In terms of things working well or straight, there are not a lot of good examples to draw from in Nigeria.

We are basically operating in virgin territory in Nigeria, under the new dispensation characterised by banking reforms which have empowered the banking sector (this has never happened), elimination of the debt burden, and greater financial transparency.

So it's no use calling for past examples - there aren't any.

But we can see the trend in other places such as India for instance where many private apartment blocks are now being constructed with the less well-off in mind, compared to 8-10 years ago when they catered exclusively for the nouve riche.

I think we can legitimately draw from the experience of others to project where such policies would take us.

@jen33

Stick to posting pictures, nobody said the GSM has failed. I said "cellular phones" which only catered to the rich failed but GSM succeeded because they took everyone with them. You probably do not know that cellular phones existed in Nigeria before GSMs, ridiculous wasting a post. Keep posting pictures because I have little patience when peple do not comprehend or miscontrue what I say!

In terms of things working well or straight, there are not a lot of good examples to draw from in Nigeria.

We are basically operating in virgin territory in Nigeria, under the new dispensation characterised by banking reforms which have empowered the banking sector (this has never happened), elimination of the debt burden, and greater financial transparency.

So it's no use calling for past examples - there aren't any.

How come I can find examples of businessses which catered to the poor, middle as welll as upper classs and succeeded? There are no 'concrete examples' of 'high end - low end reasoning' because they do not apply, the reasoning has no precedence and is terribly faulty. Keep posting pictures!

Seun:

The cell phone industry preceded the banking "reforms". Please stop giving credit where credit is not due.

Nobody gave the banking sector credit for GSM, credit goes to NCC for deregulating and liberalizing the telecoms industry which made it possible for foreign banks to finance MTN, Econet and Glo. Foreign banks won't finance low end apartment buildings in Nigeria, we need local bank reforms to achieve that. You get it now?

i see jen is very passionate about nigeria, indeed things are getting better in nigeria, but the expectations are very much, i pity the incoming administration, Obj performed above average but things like corruption poor managment skills have hindered our progress, we need reforms in the state and local goverment levels, we need innovative leaders, have you noted the amount of new cars in town, thats an indicator of an emerging middle class, in the last 5 years ,lots of new job opportunities are springing up, i repeat corruption is our only hinderance.

@ jen33
if u were indeed a reasonable person u would know that there is not need to insult people simply because they do not share your views. this is the same thing the country is facing in the hands of a dictatorial OBJ.
u keep making references to your friends who got jobs like they are the most important people in nigeria. so because a few of your friends got jobs the rest of the population can go to hell? in any case u take me back to where i am coming from. u claim your friends who are foriegngraduates are getting jobs in nigeria while the thousands of nigerian graduates roam the streets jobless! who does this potray the 'new nigeria' u are trying to force down our throats?
like donzman said keep posing pictures. u are obviously unable to reason

@donzman

Stick to posting pictures, nobody said the GSM has failed. I said "cellular phones" which only catered to the rich failed but GSM succeeded because they took everyone with them. You probably do not know that cellular phones existed in Nigeria before GSMs, ridiculous wasting a post. Keep posting pictures because I have little patience when peple do not comprehend or miscontrue what I say!

That reasoning is not consistent bro., high end being staturated does not in any way imply they'll move to low end. If that was the case everything being equal, don't you think that a smart investor willl move to build low end apartments now so as to gain the first movers advantage when the rest realize that the THIN high end apartments have become saturated?. . .Why isn't this happening?. . .

You know "everything is not equal" even though they like to say that in economics. You are right, high-end apartment being saturated does not
in any way imply they will move to building low-end ones, but it makes sense. Also, it may not necessary be the current developers themselves, but
new developers may come along with the intent of focusing on the low-end market niche. Banks may not only need less convincing to fund projects
in this market segments, but are actually also better positioned (capitalization-wise) to invest. Whether they do is something we will have to find
out in the years ahead, but it makes sense logically and economically.

Like I said before, I can parallel this to the cellular phone period in Nigeria, the thing never got to the poor man until core sectoral reforms took place that permitted the entrance of the GSM technology which was immediately available to every Dick and Harry, rest assured the GSM has been 100x more succesful than the stagnant "rich man" only cellular phones.

I am not sure what you were trying to achieve with your cellular and GSM phones comparison here. There was nothing unique to Nigeria with
respect to this technologies. When the first cell phones came out, a handset was going for about $1,000 or more in the US, obviously it wasn't
meant for the masses then, but with time and technological evolution, it became more and more affordable up to the point where we are right
now. Of course if one is looking for a $1000 handset, its available, but manufacturers know they will be wasting their investments if they attempt
to mass market those.

As per my "laughable" comment about Nigerian getting poorer, it was a statement you made without citing any proof (per capita income). All I
asked was that you provide proof and make adjustment for population growth. Now, I will think it would have been more "laughable" if I had
asked you to make adjustment for population growth if you had cited per capita income to begin with. In any case, I do not profess to be an
economic guru - I am just a common sense guy. Thanks anyway for educating us.

I suppose we can go on and on, but the next few years will tell if the Nigerian market will evolve all remain where it is. While the obvious risks
are there, the Chinese or South Africans wouldn't be here if the returns did not match the risks. If the Chinese came only for oil, what do we
have to say about the South Africans?

@ jen33
if u were indeed a reasonable person u would know that there is not need to insult people simply because they do not share your views. this is the same thing the country is facing in the hands of a dictatorial OBJ.
u keep making references to your friends who got jobs like they are the most important people in nigeria. so because a few of your friends got jobs the rest of the population can go to hell? in any case u take me back to where i am coming from. u claim your friends who are foriegngraduates are getting jobs in nigeria while the thousands of nigerian graduates roam the streets jobless! who does this potray the 'new nigeria' u are trying to force down our throats?
like donzman said keep posing pictures. u are obviously unable to reason

My youngest cousin graduated in Fine Art at UNN, and had no work for like 6 months. He started messing around with Web technologies like Flash/Director/Photoshop etc.

Meanwhile, he worked as a waiter at some bar, and added to a few hussling here and there, gathered 300,000 naira. Two years later, today, the guy's got his own Advertising business, home based, and he's inundated with requests from companies like Shell/Guiness Nigeria/Oando, and smaller companies, simply because there's a boom and companies in Nigeria have wisened up to cutting-edge advertising.

I expect this guy's business to be generating nothing less than $500,000 pa over the next couple years.

This is the new Nigeria we're talking about. This guy, he did not have any ''connection'', beyond connecting you with a woman to fuuk if you visited him.

Graduates these days pool resources and form companies in Nigeria, many of which go on to  become multi-million naira enterprises.

Some, multi-million dollar enterprises.

Many don't want to hear this. But it is TRUE, and it is happening.

NOW, WHAT STOPS OTHER GRADUATES FROM DOING THE SAME?

NOTHING.

A change of mentality towards a  more entrepreneurial mindset among our graduates is EXACTLY WHAT WE NEED.

Ultimately, as their businesses bloom, the graduates will be the ones to create the jobs for the less-qualified.

Many Indian graduates don't come out looking for who's going to employ them. They start up an outfit themselves by pooling resources, and before you know it, BOOM - the business explodes into a multi-milion dollar concern.

The banking reforms in Nigeria have made it such that if you have a SOLID BUSINESS PLAN today, you can walk into the banks and virtually DEMAND funding for your project, which itself will, be looked at by top-notch analysts, and on passing the criteria - BOOM. You got the finance.

Right now, banks are virtually CRYING OUT for just such projects. They are awash with billions of dollars, issuing from a deliberate policy to engineer private-sector led growth.

This is exactly what India's doing, despite that 60% of industries there rely on generators for their power supply. Yes, India!

http://www.csmonitor.com/2005/0601/p05s01-wosc.html

So we're not in this unique hell we all imagine ourselves to be in. I think the government has gone a long way in laying the foundations for sustainable growth, which is more than I can say for ANY GOVERNMENT in Nigerian history.

Donzman:

@GNature

Are you naturally unable to reason?. . .

Watch your mouth donzman, what is the matter with you ?

Donzman:


If the high end sector is eventually going to get saturated and thus forcing people to move into the low end sector, I see no reason to rush into the high end sector with everyone else. I can easily lay back, invest in low end apartment buildings so that when the high end is saturated (which you claim it will be), I'll be THE BOSS in the low end sector.

The typical business man would want to exhaust the most profitable end of an industry before looking elsewhere. Being the boss in the low end sector comes second to profitability. Why go into the 35% return end of an industry when there is still plenty of room to make money in the 60% end of an industry ?

You asked for an example so let me give you one. When cell phones first became popular in the U.S., the cell phone companies ran credit checks on people (or they had to make hefty deposits) before they could become subscribers. A couple of years later, the companies realized that there is a group of people who don't have good credit and cannot afford to pay deposits to get cell phone service. And those group of people were quite substantial ! 

That was how the pre-paid scheme came about here in the states. Now, no credit check or hefty deposits are required - Just pay the nominal $20, pay for the phone (or get a cheap one for free) and top up every 2 or 3 months.

So, like we have been saying, when a segment of an industry becomes saturated, the players in the industry would most likely look for other segments that were not initially targeted (for growth) as long as the segment is profitable, and I have no doubt that there is a big untapped low end real estate sector in Nigeria that if carefully targeted would result in impressive returns.

@jen33,

I thought you might want to read this.

peteroby:


tings don change for naija for better. my little sister is a Naval officer and we no see GOD before she get am .the selection is by state

Source:-  https://www.nairaland.com/nigeria/topic-51234.0.html#msg1115135

I have read from numerous people on Nairaland that they have gotten jobs without having any connections. Backslider on this thread said the samething about his brother.

I am indeed overwhelmed by the degree of ignorance that some people display about issues concerning economic and social wellbeing.

@jen33
I see what you are trying to show. I understand. I know that when the UK government expends so much energy to bring the Olympics to the East of London (Where I live by the way) they know that an ELITIST event such as this would naturally bring with it SME's that have to cater for the feeding, housing, cleaning, maintenance etc that follows such events.
I know that the housing industry in both the UK and the USA (where many of me and my 'Itooknow' brothers live) is primarily funded by the financial services industries (i.e banks etc for the lesser knowledgable) who take a position in the housing market and avail funds to developers to erect those grand (not) edifices that you guys live in in thamesmead, stratford, deptford, dagenham.
Now, a key element in those your mortgaged properties is the OWNERSHIP of the property. The person who holds the leasehold or freehold owns the property and the LAND for a specific amount of years. That is not the case in Nigeria. As at the last check I made in Nigeria the Land use decree allows the government to issue you a CofO but the land is not yours. The government can decide to build a road through your property tomorrow and will only need to 'refund' you the COST (not the market price) of your building (the land is the governments remember). What this does is that it limits the amount of investments that can be committed to the industry. I am happy to hear that the President 's'elect   has made the land use act his premier submission to the national assembly.

My brothers who are waiting on the government to provide them with infrastructure before they can start - farming, recharge card business, mining, trading commodities, trading stocks, providing services like teaching languages, cleaning RICH peoples houses for them removing the need for housegirls and houseboys, providing interface for people that need to get to the UK and the USA for business purposes but cant get visas, selling clothes to the milions of time poor but cash rich Nigerians, I say dont worry jare it is not possible (even on Nairaland here the business section bears witness to this). All of these are middle class and lower class pursuits.

I am looking at the pedigree on this post and I am thinking- an entrepreneur needs exactly this kind of environment to thrive. The Charles Bronson's of this world, the Stelioses etc.

I see what you are trying to show jen33 and I know we are not yet there but we will get there much sooner than all the NaijadonlossforAmericaandLondon wish us.

Aluta Continua.

@GNature

Nigerian example please?. . .American and British market infrastructures are strong, I expect it toadjust rather easily, I do not expect the Nigerian market to behave the same way without reforms.

@jen33

So we're not in this unique hell we all imagine ourselves to be in. I think the government has gone a long way in laying the foundations for sustainable growth, which is more than I can say for ANY GOVERNMENT in Nigerian history.

You sound really out of touch with Nigerian business environment. As someone from a business family, I can tell you that if things remain the way they are, businesses will keep going under. Imagine paying interest rates of almost 30% with all sorts of hidden charges, what sort of sustainable environment is that?

Banks will forge documents to clear a client's goods and hold the client at ransom, real healthy man!

@ijogbon

victoria asserta

I must confess my people
I use to be among the people who thought that Nigeria is not progressing.
But from 2003 till now I have stoped resoning that way.

Honestly BABA IYABO has done what no other president has done for Nigeria. Rating all the president we have had since 1960 he is the most achieved in terms of infastructural development. If Yaradua continues where baba stop, na im be say soon we will have every reason to smile again in this country

Shame on the original poster of this thread. Shame on you.

Its things like this that make me realize why Africans cannot get it together.

We are not monkeys. Do not try selling your bullshit propaganda. Maybe a monkey will buy what you are selling. We Nigerians don't

The typical business man would want to exhaust the most profitable end of an industry before looking elsewhere. Being the boss in the low end sector comes second to profitability. Why go into the 35% return end of an industry when there is still plenty of room to make money in the 60% end of an industry ?

You asked for an example so let me give you one. When cell phones first became popular in the U.S., the cell phone companies ran credit checks on people (or they had to make hefty deposits) before they could become subscribers. A couple of years later, the companies realized that there is a group of people who don't have good credit and cannot afford to pay deposits to get cell phone service. And those group of people were quite substantial !

That was how the pre-paid scheme came about here in the states. Now, no credit check or hefty deposits are required - Just pay the nominal $20, pay for the phone (or get a cheap one for free) and top up every 2 or 3 months.

So, like we have been saying, when a segment of an industry becomes saturated, the players in the industry would most likely look for other segments that were not initially targeted (for growth) as long as the segment is profitable, and I have no doubt that there is a big untapped low end real estate sector in Nigeria that if carefully targeted would result in impressive returns.

All this happens in a well regulated FREE MARKET ECONOMY. Nigeria doesnt have that. You people try to apply bussiness scenarios that occur in the West to Nigeria. It doesnt work that way my friend. Companies selling cellphones to Nigerians is not going to stimulate squat in a place like Nigeria.

Please, die hard DOOM prophets,,,,there is a thread for 'Things I will do to make Naij better' ,,,,please post there and let us know how you would answer the great question that is Nigeria.
It can also avail us the opportunity to determine your intellectual, entrepreneurial, social and phycological PEDIGREE,,,,you know? so we can compare apples to apples,,,,,,,

I am starting another thread titled - What I have tried to do to make Nigeria better but failed, Pls Help.
Please Optimists I hope you contribute lets try to help each other solve whatever problems are confronted here,,,,,PLEASE Optimists ONLY !!!!!!!

All this happens in a well regulated FREE MARKET ECONOMY. Nigeria doesnt have that. You people try to apply bussiness scenarios that occur in the West to Nigeria. It doesnt work that way my friend. Companies selling cellphones to Nigerians is not going to stimulate squat in a place like Nigeria.

Your argument is flawed beyond comprehension.

I recall when GSM was first introduced to Nigeria. MTN and Econet were the major players then, their charges were very high, the average Nigerian could not afford their services. They also stood their ground on charging customers per minute, not per second.

Then competition - Globacom - came into the mix and the prices have fallen considerably such that today, market women, bus conductors etc have cell phones. When I was in naija in 2004, even the bus boy at the hotel I was staying in had a cell phone.  

A 'business scenario' that is used in the west which is -  the more competition, the less monopoly, the tendency for prices to drop - was applied in Nigeria and it worked with the telecoms !

@GNature

Get your mind right, I already told you tha the telecoms sector underwent core reforms, can't say the same for the financial sector who are the main financiers of real estate.

Donzman,

There has been big reforms in the banking sector. The N25 billion naira re-capitalization requirement has put banks in a position where they can lend to  the 'real' sector of the economy.

Due to the reforms, Oceanic bank provided a good chunk of the funds used to build the new MM airport local terminal. Due to the reforms, a consortium of Nigerian banks, including First bank, provided billions of naira in funds used to build the Tinapa resort in Cross Rivers State.

Many Nigerian banks have gone to the stock market to raise their capital shares beyond the N25 billion mark. Zenith bank's N50 billion or N75 billion public shares offering was over subscribed !

Aliko Dangote is offering shares of Obajana Cement Company at the stock market, First Bank is offering N100 billion shares at the stock market and you are sitting here saying there has been no reforms. When was the last time you saw this taking place in Nigeria ?

If the banks can provide funds for the airport and tinapa, they can provide funds for commercial real estate. If the stock market can provide funds for the banks, it can provide funds for commercial real estate purposes.

UPDC is an example of a reputable real estate firm that currently targets the high net-worth folks. If it decides to generate funds by going to the banks or the stock market, I have no doubt of their ability to come out on top, especially when you consider the housing shortages of the nigerian masses.

@GNature

The recapitalization made banks more stable, it hasn't changed the fraudulent ways bank do business with customers. People who do business with these banks will tell you how awful they are. Infact they have no interest in seeing your business grow but ever ready to confiscate your collaterals!

Stop posting stories about Dangote like it applies to the millions of other small busineses looking to break even. Again all you folks are ever ready to dish out BIG projects without noting that there are millions of other Nigerians whose biznesses cannot breakeven with the terms these banks place on loans and other illegal things they do to frustrate businesses.

You also fail to recognize that some of these bank loans can easily be public funds funnelled through banks!

Donzman,

You have a very hard time sticking with the issue. Who is talking about Bank's customer service here ? The truth of the matter is, the banking reforms have put the banks in a position where they can lend to the real sectors of the economy.

A whole airport was built without a kobo from the government, over 85% of the funds used to build tinapa did not come from the government, these funds came from the private sector - the banks ! and the banks were able to come up with the funds as a result of the reforms.

That is progress how ever way you want to interprete it.

You also fail to recognize that some of these bank loans can easily be public funds funnelled through banks!

Which public funds ?

Where were you when Soludo took out the govt funds from the banks ? Where were you when the banks had to merge in order to meet up with the N25 billion requirement ? Where were you when 89 banks were reduced to only 25 well capitalized banks ?

Everyone knows the money available for the banks to lend is a direct consequence of the N25 billion recapitalization.

You also fail to recognize that some of these bank loans can easily be public funds funnelled through banks!

I am also not clear by what Donzman meant by that, are you talking about looted public funds that were in
turned washed through the banks?

If you are, wouldn't that be considered progress too? As supposed to the looted funds being used to fund
real estate projects in Europe, they are now washed through local banks in the name of public offers, but may
ultimately be used to fund other real sectors in Nigeria by these banks. The funds stays in the country while
providing gainful employment to fellow citizens and also they are within easy reach of the EFCC's searchlight
if need be. No need to be begging a foreign government to take action!

Finally, I understand Donzman's frustration about small businesses in Nigeria, but at the same time, are we
not forgetting that the banking reforms just occurred within the past 3 years? Already, the banks are feeling
interest rate pressures and may not afford to charge the way they used to. Ultimately, that will be good news
for small businesses. With respect to customer service, it all boils down to competition, even First Bank knows
that it has to stay competitive to ward off the likes of Zenith Bank or Oceanic Bank. Sooner or later, they will
realize (if they haven't already) that itsn't enough to be the big elephant with zero customer service. It will take
time but we are getting there slowly. I believe its these type of incremental progress that we are highlighting.

Yeah, public funds being spent in Nigeria is an improvement, I already said so in another thread but . . .

Small and Medium Sized Enterprises are key for every economy, building Tinapa and co. is great but its SMEs that will affect the people most in a place like Nigeria.

OBJ flags off $449m rail project in Lagos
Dayo Ayeyemi, Lagos - 16.05.2007

President Olusegun Obasanjo on Tuesday in Lagos flagged off the $449million Iddo – Ijoko Light Rail Mass Transit Project being coordinated by the Lagos Mega City Development Authority.


He also granted an approval for the extension of the project to cover Kajola in Ogun State.


While performing the ceremony at the Iddo terminus of the Nigerian Railway Corporation, Obasanjo said that Lagos, being the nation’s economic capital, deserved attention and support from the Federal Government in order to improve on its infrastructures and make life conducive for the residents.


He also said the LMCDA was established by his administration when it realised that the Lagos State government alone could not solve the various problems confronting the former capital of Nigeria.


According to him, Lagos was fast assuming the status of a mega city, and currently faced with the problems of sanitation, bad roads, chaotic traffic situation, among others, adding that the situation required an urgent solution.


The enormity of the problem, he said, necessitated his decision to involve Ogun State in the tripartite project that would address the environmental and infrastructural problems affecting the city.


He said the Federal Government would contribute 45 per cent of the cost of the project while Lagos and Ogun states would contribute 40 and 15 per cent respectively.

Your argument is flawed beyond comprehension.

I recall when GSM was first introduced to Nigeria. MTN and Econet were the major players then, their charges were very high, the average Nigerian could not afford their services. They also stood their ground on charging customers per minute, not per second.

Then competition - Globacom - came into the mix and the prices have fallen considerably such that today, market women, bus conductors etc have cell phones. When I was in naija in 2004, even the bus boy at the hotel I was staying in had a cell phone.

A 'business scenario' that is used in the west which is - the more competition, the less monopoly, the tendency for prices to drop - was applied in Nigeria and it worked with the telecoms !

So competition for the cellphone market benefits nigerians how? Okada drivers with cellphones that cannot send their children to school and are barely scraping buy at least can buy cellphones on the Cheap. WONDERFULL. THAT IS THE TYPE OF PROGRESS WE NEED. NEVERMIND IMPROVING SCHOOLS OR PROVIDING A DECENT MEANS OF LIVING. AT LEAST OUR POOR PEOPLE CAN AFFORD GSM CELLPHONE TO CHAT WITH THEIR NEIGHBORS ABOUT THEIR WONDERFULL LIVES IN THE GREAT NAIJA.

I bet you you are not even in Nigeria right now. If good things are happening there why are you here eeh?

Like I said, try to sell your bullshit scenarios and prospects elsewhere. We are not monkeys

So competition for the cellphone market benefits nigerians how?

Okada drivers with cellphones that cannot send their children to school and are barely scraping buy at least can buy cellphones on the Cheap. WONDERFULL. THAT IS THE TYPE OF PROGRESS WE NEED. NEVERMIND IMPROVING SCHOOLS OR PROVIDING A DECENT MEANS OF LIVING. AT LEAST OUR POOR PEOPLE CAN AFFORD GSM CELLPHONE TO CHAT WITH THEIR NEIGHBORS ABOUT THEIR WONDERFULL LIVES IN THE GREAT NAIJA.

I bet you you are not even in Nigeria right now. If good things are happening there why are you here eeh?

Like I said, try to sell your bullshit scenarios and prospects elsewhere. We are not monkeys

Some people cannot carry on a conversation without acting so immature. Nothing anyone has said on this thread has warranted the use of such profanity as 'bullshit scenario'. Just because others have a different point of view from yours doesn't mean you have to start cursing them out. Besides, I was addressing Donzman and the other sensible folks on this thread in the first place, not you, so I don't know why you were quoting me to begin with.

Henceforth, I am just going to ignore you and your posts.  I am too old to be dealing with folks that can't carry themselves in a respectable manner.

closetpervert:


OBJ flags off $449m rail project in Lagos
Dayo Ayeyemi, Lagos - 16.05.2007

President Olusegun Obasanjo on Tuesday in Lagos flagged off the $449million Iddo – Ijoko Light Rail Mass Transit Project being coordinated by the Lagos Mega City Development Authority.

He said the Federal Government would contribute 45 per cent of the cost of the project while Lagos and Ogun states would contribute 40 and 15 per cent respectively.

Sounds great !  I hope they can come through with it. It'll go a long way in addressing the traffic congestion in Lagos.

Like I was saying on another thread, the only issue is how the light rail system is going to be powered. I hope they get this ironed out ahead of time. God forbid NEPA strikes while the light rail system is in-transit, that would not be funny at all. lol

Baba is probably considering using firewood to power the light rails.