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"Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" - Career (5) - Nairaland

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Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by pafra(m): 11:23am On Jul 13, 2021
SouthSouth1914:


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...

Guy stay on the argument.
What can you achieve with 50m In both countries?
We are not talking about security
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Chachamiliano: 11:27am On Jul 13, 2021
MT:


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.

This sums it up for me
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by mamdanju: 11:29am On Jul 13, 2021
With 25 million naira you can buy a completed 4 bedroom house then pay yourself 1.6 million per month.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by pafra(m): 11:30am On Jul 13, 2021
okuta007:




You have failed your own question!!!! grin - contradicting yourself

We are talking of the individual in this case. What can he achieve with 50m.

Which questions I fail?
Where I contradict myself?
Please show me.
But if you can't show me you were off the point
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by mofedamijo(m): 11:31am On Jul 13, 2021
seborrhic:

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

You are bro, I am quite surprised so many illiterates abound on this forum. $5,000/month salary in the U.S is good pay, except in places like cali, NY, LA.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by shegzhkn: 11:31am On Jul 13, 2021
Adakintroy:


Birmingham. England

The Tax.

Very Crazy.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Chachamiliano: 11:31am On Jul 13, 2021
DissTroy:


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.

The question is which kind house be that. House with one toilet, no infrastructure, no good bathroom, stained walls, hoodlum environment, gen noise everywhere
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Nobody: 11:33am On Jul 13, 2021
oluseyiforjesus:
#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
The one going on is ministries is beyond redemption! If only people knew! Sha. Make I talk too much. Ministry of education, aviation and .,.....
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by okuta007: 11:34am On Jul 13, 2021
pafra:


We are talking of the individual in this case. What can he achieve with 50m.

Which questions I fail?
Where I contradict myself?
Please show me.
But if you can't show me you were off the point


what is your answer to my question of heart attack scenarios for the Dayton OH and Warri residents? IF you can answer that question truthfully there you have your solution!
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Nobody: 11:35am On Jul 13, 2021
$100,000 annual salary in the US is ABOVE average. not poor. Infact how many people do u think are making $100,000 a year in the US legitimately?

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by mofedamijo(m): 11:36am On Jul 13, 2021
abhosts:
50 Million Naira is equivalent to $100,000 USD. Nobody earning that annually is considered poor anywhere in the world.

As in, I did know so many illiterates abound on this forum. Imagine the comparison. The question is, how many people earns the 50m in Nigeria??
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by pafra(m): 11:36am 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.


Guy, you Sabi book.
That guy comment is so annoying.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by pafra(m): 11:39am On Jul 13, 2021
okuta007:



what is your answer to my question of heart attack scenarios for the Dayton OH and Warri residents? IF you can answer that question truthfully there you have your solution!


Check, another person mentioned your nonsense comment. Answer the person
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by membranus: 11:41am On Jul 13, 2021
Sebastine1994:
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

Stop advertising bitcoin, its Chinese backbone has been dismantled, and is now falling like a pack of bad cards.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by okuta007: 11:42am On Jul 13, 2021
pafra:


Check, another person mentioned your nonsense comment. Answer the person


ok since you are now insulting instead of a civil discuss - you win - God bless you - enjoy grin
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by 001spice: 11:43am 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.
oga get your fact right before posting rubbish
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Hotspotbro(m): 11:45am On Jul 13, 2021
Everyone is a billionaire in Zimbabwe
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by pafra(m): 11:48am On Jul 13, 2021
okuta007:



ok since you are now insulting instead of a civil discuss - you win - God bless you - enjoy grin

How is not making sense an insult?
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Stephenmoka4(m): 11:49am On Jul 13, 2021
bxcode:
A Zimbabwean dollar is also useless when changed to naira in another instance, despite the fact that the person is a billionaire in Zimbabwe.
That's why being wealthy, being rich, and being comfortable are in levels.
Your aim should should be to pass the test of universality when it comes to money.
I think Zimbabwe dollars is worth more than Naira. Shocking
Hotspotbro:
Everyone is a billionaire in Zimbabwe
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by TeraHawks: 11:49am On Jul 13, 2021
How many people earn $100k annually in US? About 70% of Households in US earn below 100k annually. So you must be a big boy to earn that much in the US.

But the key issue is how much is left after paying bills and taxes.

In Naija, the equivalent is about N32m which comes to about N2.7m monthly. Do you know what you can do with N2.7m monthly? If you live in a duplex in Ikeja GRA (swimming pool inside your compound etc.), your annual rent is about N6m, so broken into months it comes to about N500k; and that is the major monthly expense o. By the time you remove rent and all other expenses, lets say every thing comes to N1.2m monthly (that is on a balling level o!). You can comfortably save N1.5m every month for a family of 4.

Now look at the US with approx $8k monthly, to live in a townhouse in a good part of town (their version of Ikeja GRA high brow area), you are looking at about $2.5k monthly (for a reasonable house). Monthly bills and every other costs for a family of 4 lets say another $3.5k (keeping it conservative). It leaves you with $2k for savings. That is approx N1m.

It's pretty close overall though the dude in Naija also has the luxury of a driver and maid.

Bottomline is, people in that pay range are living comfortably and stacking paper both at home and in the abroad.

But the person in Naija has the advantage of saving more overall. Plus, he enjoys all the amenities you can think about; good schools, good healthcare, constant power, water and security etc.

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!
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by okuta007: 11:55am On Jul 13, 2021
pafra:


How is not making sense an insult?


you don win - Guy rest na, abi the one wey dey do you pass wetin we dey discuss? abeg free me joor - you win - you make sense - go be happy!
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Yoighaman(m): 11:55am On Jul 13, 2021
abhosts:
50 Million Naira is equivalent to $100,000 USD. Nobody earning that annually is considered poor anywhere in the world.

Gbam! Thread closed.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Adakintroy: 11:57am On Jul 13, 2021
shegzhkn:


The Tax.

Very Crazy.


Lol. Me I never go so I know know. But apparently it's not what he was expecting so now he is talking about moving to Canada I think.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by chaloskyx: 11:58am On Jul 13, 2021
naa if you earn 50m annually you are a baller and are in the high middle class section this is what computer engineers programmers and project managers earn in us and canada
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Kennydoc(m): 12:05pm 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.

How many people earn 50m naira in Nigeria except large business owners? That's over 4m naira per month.
Even the well paid Nigerians probably earn about 5-10% of that.

If you want to compare, do it to the full. A position that pays you 50m per annum in Nigeria will probably pay 500k to 1m dollars per annum in the US.

As some have already said, an equivalent of 50m in the US or UK is a big amount of money. Only a small proportion of people earn that much (especially in Europe), and they are not considered poor.

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by zexy2030(m): 12:06pm 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, 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.
Nigerians are suffering but these resources are natural and for everyone but some people hoard it and claim riches. Getting rich by oppression will soon make your mouth be filled gravels. Distribute the wealth and reduce crime. Forget US economy. Let Nigerians be justified and be given their rights for sustenance.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Munzy14(m): 12:06pm On Jul 13, 2021
abhosts:
50 Million Naira is equivalent to $100,000 USD. Nobody earning that annually is considered poor anywhere in the world.
At all...

All this permutations and combinations here and there na wash.

100k dollars annual earning will afford average life with basic needs anywhere in the world..

But these motivational speakers will not separate wants from needs in their usual talk of earning.

If i use 4m to acquire Lexus es350..for mobility...It is want if i leave that lexus to go for 20million+ G-wagon..

So in reality, know your onion and slice well...
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by RodgersAkpafu: 12:07pm 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.
There is no basis for comparison between Nigeria and the West.
Poverty is Nigerias middle and last name
What is the percentage of the populace that earn N3m gross annually in nigeria and above ?
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by zexy2030(m): 12:07pm 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.

That Nigerian is a poor man, because he is just earning and never adding value to the economy.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by RodgersAkpafu: 12:08pm On Jul 13, 2021
Kennydoc:


How many people earn 50m naira in Nigeria except large business owners? That's over 4m naira per month.
Even the well paid Nigerians probably earn about 5-10% of that.

If you want to compare, do it to the full. A position that pays you 50m per annum in Nigeria will probably pay 500k to 1m dollars per annum in the US.

As some have already said, an equivalent of 50m in the US or UK is a big amount of money. Only a small proportion of people earn that much (especially in Europe), and they are not considered poor.
That's true
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by RodgersAkpafu: 12:09pm On Jul 13, 2021
pafra:


Guy stay on the argument.
What can you achieve with 50m In both countries?
We are not talking about security
The person you quoted is on point
Poverty is multidimensional
And what he just stated is one angle to the poverty
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by DropsMic(m): 12:10pm On Jul 13, 2021
Premiumwriter2:
your point is....

I thought it was obvious.. Thanks for pointing it out to me sha.. You fit check the point now

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