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"Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" - Career (4) - Nairaland

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Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Anikulhapo(m): 10:21am On Jul 13, 2021
nedekid:

Do you remember that just few years ago, 140k was $1000? That a Nigerian earning 300k was earning 2k usd monthly?
That 1.4m was 10k usd. 14m was $100,000?
Do you know it was easier to get 14m ie $100,000 in Nigeria than in the US?
Each trip then of my truck was 60k ie $429 and in a good day I could do 2 trips.
Now that 1 trip is just over $150 and cost has increased but no purchasing power for people to pay more. Eg Diesel is 290 per liter.
Politics of the past 6 years has impoverished us jare.
Apart from what you have stated, #50m is not poor even in developed country

6 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Adakintroy: 10:25am On Jul 13, 2021
Oga nigeria better pass if you know your way.

My broda de there them wan finish am with work. To send money come huz no easy am. The huz him de stay na cubic. The standard no different from here own. Different is light and white girls he has not yet summoned courage to walk up to.

Everything there na pay pay. Maybe him go adapt Sha but for now.

If you Don de use to naija abeg leave.
Mile 12 market de there for me I buy everything cheap. I eat sleep well start the process over while waiting for best thing. Life na life anywhere omo just adapt you go de fine.

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Dijita: 10:25am On Jul 13, 2021
WisdomfromGod:
Why should I go to US if am already making 50m here..dude that's alot of money unless am going there for vacation
You make a good point. However, If you are not stealing money or get you position by who you know. If you are earning $100,000 salary base on you skill. That skill will earn you more in the developed country
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by BigDawsNet: 10:25am On Jul 13, 2021
That's not true

If I can comfortably earn 50m/year

I will consider returning to nigeria
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by tunapawizzy: 10:27am On Jul 13, 2021
op is spewing sumtin that looks like thrash......100k pa is poor in the US? Ikorodu beer parlour gist

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by rottennaija(m): 10:29am On Jul 13, 2021
opalu:
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
So Nigeria is generally better. If we can have constant electricity, we can figure out the rest for ourselves.

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by arazanbal: 10:32am On Jul 13, 2021
meobizy:
Solution; hold on to the longest time before birthing children. Majority of Nigerians pull themselves back by rushing into marriage. A bank manager in his late thirties earning 150k per month can comfortably feed himself daily. The major problem is when he gets pressured into starting a family with the salary.

earlier the beta bros. na old age u want take dy go sch PTA meeting
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by dake40(m): 10:33am On Jul 13, 2021
Someone will just wake up and write trash without doing proper findings and mod will move it to front page

Nairaland is now becoming trash lately

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by PAWG(m): 10:33am On Jul 13, 2021
opalu:
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


The reason is simple, the exchange rate system is badly skewed. 500 to $1 isn't the true representation of things
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by PAWG(m): 10:38am On Jul 13, 2021
lessonotes:
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.

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, - 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 as man's needs rise when finances rise.


cc:Ezegendiigbo

You guys mistake being rich for being wealthy. Please 50m ($100,000) anually is way above average anywhere in the world, how far the money takes you purely depends on your lifestyle

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by shegzhkn: 10:40am On Jul 13, 2021
Adakintroy:
Oga nigeria better pass if you know your way.

My broda de there them wan finish am with work. To send money come huz no easy am. The huz him de stay na cubic. The standard no different from here own. Different is light and white girls he has not yet summoned courage to walk up to.

Everything there na pay pay. Maybe him go adapt Sha but for now.

If you Don de use to naija abeg leave
Mile 12 market de there for me I buy everything cheap. I eat sleep well start the process over while waiting for death. Life na life anywhere omo just adapt you go de fine.

Which country & state ur bro dey ??
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Chachamiliano: 10:40am On Jul 13, 2021
Don't start such utopian comparison please. To start with how many people earn 50m yearly in Nigeria legally??
1. MDs, CEOs, Business men and few other. Note I said legally and I don't mean Yahoo boys.
2 I read somebody saying you will work your arse off to earn that in the state. Here what do we do??. We sleep and earn it abi?
3. We have refused to grow even with good climate, arable lands, natural resources, man power etc yet we are still stagnant
4. The annoying thing is you are working yourself hard to make a good living, and someone is there somewhere stealing the money.

Let not even compare. Like someone will say, If you ask Americans to come to Nigeria and inherits it's liabilities and assets and ask Nigerian to inherit Americans land, assets and liabilities, give both nation 20years you will see the difference.

A society that justifies the end, and neglect the means will not stand test of time.

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Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by PAWG(m): 10:42am On Jul 13, 2021
DropsMic:
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 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.

That's it, I think it depends on the individual's lifestlyle. My submission is that $100,000 annually is above average anywhere in the world.

Even the US' poverty threshhold for 2021 is $26,500 annually, so what is OP saying?
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by shopnimini: 10:42am On Jul 13, 2021
opalu:
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

In Ogun state I'll build 3 houses like that for N50m
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by SouthSouth1914: 10:44am On Jul 13, 2021
opalu:
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

Your argument is flawed! Access to better living conditions cannot be attributed in a one case scenario! Yes you can build a house with 50M! But is the security situation safe? Access to National parks? Health? Food? Schools?

Not walking around Lagos with Mopol and soldiers who in turn will sell you out to kidnappers! Please...
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by uthlaw: 10:45am On Jul 13, 2021
Chachamiliano:
Don't start such utopian comparison please. To start with how many people earn 50m yearly in Nigeria legally??
1. MDs, CEOs, Business men and few other. Note I said legally and I don't mean Yahoo boys.
2 I read somebody saying you will work your arse off to earn that in the state. Here what do we do??. We sleep and earn it abi?
3. We have refused to grow even with good climate, arable lands, natural resources, man power etc yet we are still stagnant
4. The annoying thing is you are working yourself hard to make a good living, and someone is there somewhere stealing the money.

Let not even compare. Like someone will say, If you ask Americans to come to Nigeria and inherits it's liabilities and assets and ask Nigerian to inherit Americans land, assets and liabilities, give both nation 20years you will see the difference.

A society that justifies the end, and neglect the means will not stand test of time.
this the kind of comment I was looking for from page 1-4....how many people even earn 500k naira a month in naija!

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by seborrhic: 10:46am On Jul 13, 2021
Jaysleeves:
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....
They don't know.
They think it's football stars salaries everyone abroad earns.
$8000/month salary is a very good pay anywhere in the western world where many people earn average $4000

5 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by PAWG(m): 10:50am On Jul 13, 2021
The word 'poor' has lost its value. A person has 2 cars, has internet, has Smart TVs, laptops, smart phones, luxury shoes and clothes and can't pay their rent and you call them poor? I'm seriously angry right now.

1 Like 1 Share

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Akharmony: 10:57am On Jul 13, 2021
Nah copy and paste or wettin.... If you are fortunate to b cashing out 50million yearly even canada go giv you them visa sharp sharp..

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by pafra(m): 10:59am On Jul 13, 2021
Oritna94:
Una don start again? Comparing a third world country with the likes of USA. The standards are not the same. Do you have basic amenities in naija? Do you have emergency services? Do you have retirement benefits? You see retirees fighting for their rights and in the end nothing. I can go on and on. Just don't compare.

Guy, be reasonable for once.
Your argument is off point because you don't understand the subject matter.
Read again and make mean full contributions.
I know you can do better. Please read comprehend then contribute.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by TeraHawks: 11:00am On Jul 13, 2021
$65k is approx N32m which translates to N2.7m per month. With N2.7m monthly in Nigeria, there's no quality of life anybody earning $65k in US can live better than the person in Naija.

Please stop the stories.

okuta007:



how did this poo make it to the front page? anytime I see phrases like "you see" in a response or contribution by a nairalander - it shows lacks of knowledge and desperation - rubbish post

For the benefit of those drawn into this foolish post and seeking to know.....N50m = $102k a year in the USA - how many Americans do you think make such and above that in year ? not up to 30% which means about 70% of the population makes less than that - However - people who make $65k a year live a better quality of life than those who make N50m a year in Nigeria. Take care with your childish post

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by redcliff: 11:03am On Jul 13, 2021
lessonotes:
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.

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, - 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 as man's needs rise when finances rise.

8k a month as Salary in the united states is more than enough to take you to a little above middle class. Don't be deceived, not very many earn that much in the states!!!

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by mofedamijo(m): 11:09am On Jul 13, 2021
opalu:
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

Your analysis are perfectly skewed. Why did you pick that property?? To buttress your point??

I don't know which U.S some of you are referring to. $100,000 per annum is a lot of money in the U.S. A whole lot of money.

Breaking it down to Pennslyvania and North Carolina where I am very conversant with.

Tax will be around 30,000

Your take home pay is $70,000

Mortgage for the year lets say $1,500 x 12 = $18,000

You are left with $50,000. Trust me, you can't feed with more than 12000 for the year except you're a glutton pro max.

As long as you pay tax, primary to college is totally free until university.

Tell me how $30-35,000 savings is not cool

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by okuta007: 11:09am On Jul 13, 2021
TeraHawks:
$65k is approx N32m which translates to N2.7m per month. With N2.7m monthly in Nigeria, there's no quality of life anybody earning $65k in US can live better than the person in Naija.

Please stop the stories.



WITH YOUR N27 million a year - SUFFER A MASSIVE HEART ATTACK IN NIGERIA at 2:00am, what are chances of surviving if you are rushed to General Hospital Warri ? Compare that to someone earning $32k a year suffering a MASSIVE HEART ATTACK IN DAYTON, OHIO at 2:00am and rushed to a Public Health Facility - what are his chances of survival ?

LET COMMON SENSE GUIDE YOU - Life is not all about stacking worthless bundles of naira notes which gives you little or non existent options and poor services.. That same person making N27M will be advised to travel abroad to care for himself when confronted with a life changing ailment - and God help him getting a visa quickly to save his life sad

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Adakintroy: 11:12am On Jul 13, 2021
shegzhkn:


Which country & state ur bro dey ??

Birmingham. England
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by pafra(m): 11:15am On Jul 13, 2021
okuta007:



how did this poo make it to the front page? anytime I see phrases like "you see" in a response or contribution by a nairalander - it shows lacks of knowledge and desperation - rubbish post

For the benefit of those drawn into this foolish post and seeking to know.....N50m = $102k a year in the USA - how many Americans do you think make such and above that in year ? not up to 30% which means about 70% of the population makes less than that - However - people who make $65k a year live a better quality of life than those who make N50m a year in Nigeria. Take care with your childish post

Guy you lie.
50m in Nigeria?
Leave sentiment aside and pounder for a moment.
If they live quality life is because they have better infrastructure.
But with 50m in Nigeria you can achieve much more here.

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by MT: 11:17am On Jul 13, 2021
EzegeNdiigbo:
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.

You need to rephrase the topic. I understand what you wanted to say but the title is obviously saying otherwise. The title is saying "A person living in Nigeria and earning 50M is being viewed as a poor man from abroad". Meanwhile that was not your intention.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by okuta007: 11:17am On Jul 13, 2021
pafra:


Guy you lie.
50m in Nigeria?
Leave sentiment aside and pounder for a moment.
If they live quality life is because they have better infrastructure.
But with 50m in Nigeria you can achieve much more here.



You have failed your own question!!!! grin - contradicting yourself
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by MT: 11:19am On Jul 13, 2021
rottennaija:

So Nigeria is generally better. If we can have constant electricity, we can figure out the rest for ourselves.

How can you have constant electricity when taxes are not being paid, when an appropriate taxes are not being, when politicians are looting the country blind.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Nobody: 11:19am On Jul 13, 2021
So, NIGERIANS have become this jobless to the extent of calculating people's salaries in far away diaspora. This is what breeds greed & crime.

We should be more concerned about restoring out image internationally. We have really messed up.

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Chachamiliano: 11:21am On Jul 13, 2021
uthlaw:
this the kind of comment I was looking for from page 1-4....how many people even earn 500k naira a month in naija!

As in eh. Someone will call big money somewhere and you will be like what?? To make matter worse, you work here, they deduct tax from you and to get your TIN will be a huge problem.

If I calculate how much tax I have paid to Nigerian government and am not enjoying 2% of it, I will continue to curse the system.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by DissTroy(m): 11:22am On Jul 13, 2021
lessonotes:
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.

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, - 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.

Erm, dude, there's nowhere in any Nigerian city you'd get a 3-bedroom flat for #250,000. Maybe you forced the landlord to agree at gunpoint. ...Or you inpregnated his daughter and he's giving you father-in-law discount.

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