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"Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" - Career - Nairaland

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"Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by EzegeNdiigbo: 7:39am On Jul 13, 2021
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.

7 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by DropsMic(m): 9:54am On Jul 13, 2021
When my My grandma was alive she lived below $1 a day but she never went to bed hungry because she grew her own product... Back then if you dash her money she go dash the money to her lil grandkids because she had no use for it. Following the white man's definition of poverty (one who lives on less than $1 a day), you'd conclude that my grandma was poor, but in reality she was wealthy.

RIP CATHERINE

447 Likes 25 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by lessonotes(f): 9:54am On Jul 13, 2021
Here in Nigeria, going by the new parallel exchange rate of NGN500 to $1, my yearly rent in a 3 bedroom apartment in a remote area of Lagos is $500 (NGN250,000); yes you heard that right; $500 or $608 if were using the new CBN NAFEX rate of NGN411 to $1.

Here am considered average, and through the Grace of God I feed 3 times a day. This is all square and good if I earn $400 USD per month here in Naija which is at least N200k per month.

I believe in the States, monthly house rent like the OP quoted is like $1000 USD per month; my sis in the UK too pays 1000 GBP (pounds) per month; so they have to work their socks off so as to pay monthly house rent. Likewise me down here in Naija, once I rally round and find N250k for my yearly house rent, i can go six months without job, just sleeping inside house and praying for better tomorrow, since I don't need to pay monthly house rent. In some form of sincerity, Naija is better due to what I just posited, thou i provide my water via pumping machine and generator is on me.

N50,000,000 is $100,000, which falls to $8,333 per month for an American.

According to NPR,
The American median household income is roughly $59,000 a year. But around the country, even six-figure salaries for some single-person households don't necessarily furnish financial security.On paper, that kind of salary is considered well-off. But as we heard from many, it often takes just one major expense for that to not feel like enough: student loans, health care, childcare or housing costs.
- https://www.npr.org/2017/12/03/567602293/what-living-on-100-000-a-year-looks-like

So the OP is right, $100,000 USD per year isn't necessarily sufficient for an American and can be considered above median in the United States, but for a Nigerian earning N50,000,000 per year or $8,333 per month (4 Million plus), he is considered a millionaire, for he can ride a brand new car, live in some choicest estates, build a house and his kids will go to some very good schools. He has escaped the poverty trap, and with some good investments, he can only get richer.

164 Likes 13 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Nobody: 9:54am On Jul 13, 2021
hmmmm. the matter tie rapper o

3 Likes 2 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by omoyankee3(m): 9:54am On Jul 13, 2021
50M naira is an above average salary in the US (unless you live in LA, NYC etc). So a person who earns that much in the US is not considered poor.

215 Likes 15 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by EddyNumerouno(m): 9:54am On Jul 13, 2021
no
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Johnrake69: 9:54am On Jul 13, 2021
There's no point for this comparison really. It's the capitalist mindset of always wanting more.

If you live in Nigeria and you earn 50M annually you're among the really privileged among humanity.

50M is about $100k.

$100k is a dream yearly income anywhere in the world.

165 Likes 10 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Queenserah26(f): 9:54am On Jul 13, 2021
grin grin grin

2 Likes 1 Share

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by oluseyiforjesus(m): 9:54am On Jul 13, 2021
#50m dats wat one person will steal in a state government house in 5minute

If u see the fraud going on in Nigeria government u will weep for Nigeria

Everybody want to be billionaire in any government office they are occupying

An average Nigeria is greedy

90 Likes 4 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Amspecial: 9:54am On Jul 13, 2021
grin

2 Likes 1 Share

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by opalu: 9:54am On Jul 13, 2021
The mistake that people make is to just compare the currencies between two countries without comparing what each of the two can achieve in their respective country. For instance, with N50m annual Salary, you can afford the quality of life that someone in the US earning equivalent of N50m can never enjoy except he funds that lifestyle on debt (credit).
With such salary, you would have good leadership, constant electricity and quality security that is lacking in Nigeria.
I can build this house in a secured estate in Abijo in Lekki for N50m including land. But this kind of house in an 'undeveloped' part of USA like Utah will be more than 10 times that price. Even a bungalow of low quality goes for more than N400m in a bushy part of Utah

88 Likes 12 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Afam4eva(m): 9:54am On Jul 13, 2021
That's why the Nigerian dream is earning dollars while living in Nigeria wink

174 Likes 17 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by November24(f): 9:54am On Jul 13, 2021
How much do they earn

4 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by melaniaup: 9:54am On Jul 13, 2021
Rubbish whatever USA worker earn standard of living is assure

13 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by nonny1212: 9:54am On Jul 13, 2021
Nigeria is cheap. Enjoy it

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Officialgarri: 9:54am On Jul 13, 2021
But many would still prefer to stay poor over there. grin
But I think your conversion rate is wrong tho.

6 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Nuelito: 9:54am On Jul 13, 2021
Here to learn
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by abhosts(m): 9:55am On Jul 13, 2021
50 Million Naira is equivalent to $100,000 USD. Nobody earning that annually is considered poor anywhere in the world.

233 Likes 13 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Godsown0: 9:55am On Jul 13, 2021
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Anikulhapo(m): 9:55am On Jul 13, 2021
No, average annual salary in the US is not up to $80,000, #50m is around $100,000

63 Likes 4 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by mailemy(m): 9:55am On Jul 13, 2021
I tire for this una inferiority complex. How is such amount poor in the UK,Canada and US.
Ask yourself how many people over there have such amount in their account.

30 Likes 2 Shares

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Sebastine1994(m): 9:55am On Jul 13, 2021
Stop all this comparing and solve the real problem holding the country back. The exchange rate will improve if the government improve.

The United States will keep fucking all countries until they become wise. Why should the USA dollar be the default currency of the world?

That is why smart countries like Russia are investing heavily in Bitcoin and etherium to hit America where it hurts. a lazy America worker earns more than a hard-working Nigerian because of poor exchange rate. but with Bitcoin everything will be equal.

it would be the end of the brain drain to America

34 Likes 1 Share

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by AustineCJ: 9:55am On Jul 13, 2021
Confusion
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by dragnet001: 9:55am On Jul 13, 2021
The unanswered questions should be do you get to spend the money in U.S. or Nigeria? You live and make your Benjamins in the US or Canada and you get to spend it there.

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Jaysleeves(m): 9:55am On Jul 13, 2021
50m " naira " is equivalent 121k U.S dolls and 87k pounds sterling annually.... man those ain't small cash. You earning those figures mean you are In an highly paying job, sport or entertainment.. my guy life also hard for yankee.. different na just quality of life and the spending power of there currencies . And you think you can just migrate over and start earning those figures , nahhh.
If you earning 2.5k and above monthly after tax in any of the western countries or Europe.. omo u're a big boy....

34 Likes 1 Share

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Boomboost(m): 9:55am On Jul 13, 2021
Imagine what the exchange rate will be 20years from now.

Shay all of us know they've borrowed money on our head and no debtor is considered wealthy.

8 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by pretydiva(f): 9:55am On Jul 13, 2021
Following
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Grupo(m): 9:56am On Jul 13, 2021
Lol. You don't know what you are saying.

50m naira is equivalent of 100k dollars using today's exchange rate.

Anybody that earns that in the US and UK is in middle class.

Average income in the US is around 31k dollars.

100k dollars is times 3 of that.

Just shut up abeg.

100 Likes 8 Shares

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