Ijoba85:
Baba stop spreading your illiteracy here abeg

Go and look for a job. If you had one or a business you'd understand what I mean.

PHOTSEE:


You just made me laughed in your first and second assumptions. Coming to the bolded

Do you thing it is only, employee, entrepreneurship (small bussines) and big corporation can be a source of income to the masses, what happens to investment as a source of income, oh the capital market does not matter! But we have the elite at the realms (such as damgota) using it for capital sourcing for their various project, being issued to the public (mass). When you talk about finance i expect you to face it squarely.

Where did I say capital market isn't important?
I said we don't need foreign investors in our capital market at this point in our economy because they're the ones putting strain on our naira because they'll eventually have to repatriate their profits/capital.
Let them leave the capital market for Nigerians to invest in ,who might have little to no need to use whatever naira they make from it to be chasing fx.

IbileIfe:

He worked as an accountant for Mobil, Arthur Andersen, an American accounting firm based in Chicago that provided auditing, tax advising, consulting and worked for Deloitte US | Audit, Consulting, Advisory, and Tax Services.
Where have you and your fellow ignoramuses worked or presently working?
Idumota, Ladipo or filthy stinking Onitsha?
Did you even pass Mathematics in your WAEC or GCE?

Have you ever done any Accenture Assessment Test?
Do you even know Accenture?

Where I have worked?
At 21, I was a public health illustrator for John's Hopkins University's Population Communication Services (JHU/PCS) and at 25 I was a national Program Consultant for the UNICEF in Nigeria and later at 27 I worked for the Publicity Department of the Alhaji Bamanga Tukur's presidential campaign.

One thing I have noticed about many of the ignoramuses supporting Peter "Pandora" Obi is the intellectual ignorance in displaying their gullibility and stupidity.

Yet you and him don't know the basics of credit, inflation and lending. I pity those who hire you.

kayperry:




What you don't is surely bigger than you, loans/mortgage could be short or longer term while mortgages are mostly longer term.
A loan could last for as long as 15yrs while mortgages could span 30yrs depends on whats suitable for the loanee relative to personal income. Google is your friend educate yourself

Yea, and in 15 years the naira will be 3000/ dollar,
while servicing a fixed rate loan.

See who's talking about credit system and stopping corruption. We don't need your lies to survive. Peter Obi is our choice. You talk about corruption but bullion van is resident in your compound. Hypocrite. APC said more than this in 2015. You can't hoodwink Nigerians for the 2nd time.

Midastorch:


Dumb assertion, people abroad take years to complete their Mortgage payments, it's about picking the best payment plan for yourself that won't hurt you....

Comparing Nigeria whose currwnvalue has fallen from 180 to 600 in 7 years to abroad. Sit down and think.

pacesetting:
That's why I always say Tinubu has nothing to offer Nigeria.

Otherwise, he will know a credit system will not work in Nigeria's current state. The first thing is to empower SMEs and provide a conducive environment for them to strive.

With diesel at 900/litre, horrible roads and multiple taxation - both legal and illegal? Remember the SMEs will have to compete in terms of price and quality with SMEs in China, Vietnam and India.

geosegun:


What you wrote here doesn't make sense at all!

Why not correct me?

Why I sl³pt with my son — Mother confesses after they were caught

A Nigerian woman identified as Matina Agawua from Yelwata in Nasarawa State has confessed to sl³³ping with her biological son.

The woman speaking in an interview admitted that she slept with her son to confirm if she is fertile.

Agawua said when she lost her first husband, she decided to remain a widow for 13 years. She revealed she lost her first husband to herdsmen att@ck in Northern Nigeria. Her first marriage produced a son.

She remarried years after the de@th of her husband but had difficulties having a child with her second husband, Mr James after six years of marriage...

Keep reading by clicking on the link below;

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Kennedyli:

Yea. It's easy to compare Nigeria that is suffering from massive currency devaluation to the U.S.

Interest rate in U.s and u.k is below 10%. Is your bank giving loans less than 25%? Think banker.

25%?
It's not that bad yet,commercial banks are still doing 17-19%.
Banks are giving high interests because MPR is still double digit.
If CBN reduces MPR,bank will reduce lending rates.Its not rocket science.
And yes,banks can give longterm credit if CBN also gives them long term credit facilities(mentioned this cos I saw where you talked about the impossibility of banks to give long term credit because of unstable naira).
Devaluation or not.
Afterall it's not their money.

wirinet:


I agree with with except your mention of the mining sector. Mining has always been exploitative and destructive in nature. Foreigners (Chinese and Europeans) will just continue to exploit and destroy our people and environment, while our people (governments, communities and youths) will to kill each other to collect rent. That's what has brought sub-Saharan Africa to its present sorry state.

What we need is education. Technical, entrepreneural and scientific education. We must encourage research in other to solve our own problems instead of hopelessly depending on outsiders. We must convert from being consumers to producers.

For you to develop the manufacturering sector, you must develop the power and mining sector. Where will the manufacturers get raw materials from. Ask innoson how much has spend on steel, Dangote how much he spends to get lime stone. These raw materials should be made available and easy to get by manufacturers.

And about China, those guys are having a field day because the government is corrupt.

wirinet:


With diesel at 900/litre, horrible roads and multiple taxation - both legal and illegal? Remember the SMEs will have to compete in terms of price and quality with SMEs in China, Vietnam and India.

Easy fix,increase Chinese and India import tarriff at the ports to offset local cost disadvantage inefficiencies.

Saintinoo:


For you to develop the manufacturering sector, you must develop the power and mining sector. Where will the manufacturers get raw materials from. Ask innoson how much has spend on steel, Dangote how much he spends to get lime stone. These raw materials should be made available and easy to get by manufacturers.

And about China, those guys are having a field day because the government is corrupt.

Steel mining isn't developing here because of cheaper imports of the same steel.
It's not government's place to make steel available for industry,let the private sector handle that if they can.
I also don't think we aren't manufacturing a great deal because of lack of mining capacities.
There are great nations out there that don't even have steel deposits.
How then did they do it?
Only thing they need to fix is power.

SeaTrade:
I keep saying that this man is way smarter than his counterparts running for this election,including the arm chair wannabe economist called Peter obi.
Not just credit but cheap ,single digit credit for consumption and businesses.
A cash based economy is recipe for corruption and stunted economic growth.

You need help

Failure awaits nigeria again

Af0nja:


Sounds progressive!!! But how do we migrate to a credit economy without further crashing the Naira??

Such sophisticated economy is perfect for us as a country if only we have proper circulation of money to all the different societal classes.(which can only work when the employment security is stable)

How long will it take you to pay 4 million naira when minimum wage is 30k??

For instance, we know that there's a huge difference between the rich and lower classes, will a credit economy succeed in a country that 80% of it's wealth is in the hands of 10% of the population.

Kudos to Jagaban though, that's true insight. We can't get that from Atiku.

Akuko Mike Ejeagha

Saintinoo:


For you to develop the manufacturering sector, you must develop the power and mining sector. Where will the manufacturers get raw materials from. Ask innoson how much has spend on steel, Dangote how much he spends to get lime stone. These raw materials should be made available and easy to get by manufacturers.

And about China, those guys are having a field day because the government is corrupt.

I now understand what you mean by mining. You mean mining for local industries as against mining to collect rent. I am still not convinced as mining is prone to abuse. Since we do not possess the machinery, technical knowhow and refining capacity to process mined materials to usable materials, we will still have to depend on the Chinese and Indians to mine for us. And you know how these people are degrading the people and the environment in other parts of Africa.

I will prefer we import raw materials from and recycle for now. There is an enormous potential in recycling old materials into new raw materials. Even the recycling industry is dominated by Chinese and Indians. I will prefer Tinubu or Peter Obi talks about building manpower and skills apart from infrastructures essential for development.

Everlastingson:




Akuko Mike Ejeagha

Okwu Mazi Iti Komkom

SeaTrade:
25%?
It's not that bad yet,commercial banks are still doing 17-19%.
Banks are giving high interests because MPR is still double digit.
If CBN reduces MPR,bank will reduce lending rates.Its not rocket science.
And yes,banks can give longterm credit if CBN also gives them long term credit facilities(mentioned this cos I saw where you talked about the impossibility of banks to give long term credit because of unstable naira).
Devaluation or not.
Afterall it's not their money.

Devaluation or not? Banks are businesses and have shareholders to satisfy. How would theuy gix the rate if the naira isn't stable?
Or are you suggesting the government fund personal loans, mortgages and others? When above 80%of Nigeria's revenue is going for debt servicing. Which money will government use to fix electricity, roads, and others? You guys should be realistic with your projections. You fell for buhari and here you are projecting the same unattainable talking points.

trutharena:


You end up saying nonsense.

Why can’t the few that are employed have access to mortgages easily? Even if you employ all Nigerians, there will still be a need for mortgage.

You have civil servants and private sector workers that get paid monthly, can’t you service those for now with mortgage and then continue with your drive of curbing unemployment?

Both can be done simultaneously.

Trash!!

pacesetting:
Production economy is what got developed countries where they are today. You can't have a proper functioning credit economy without becoming productive.

Nigeria has a macro economic issue, and not a micro economic one.

Every country in the world have both Macro and micro economic issues. Infact, the two economic indicators are twins. My brother, let's tell our self the truth, I have never seen a people so hard working like Nigerians. Our problems are more of structural, administrative and political. I am sure you want a better Nigeria, that is exactly what I want and many Nigerians.

See, Nigeria have population meaning we have a strong market. Meaning we have a big market for both products and services. Our service sector is a bit okay but we have a poor production sector because our environment is not in anyway supporting production. So we have a very poor production efficiency. EFFICIENCY is the most important concept in a free market economy. If we have the right environment to support production today, I can assure you most of our Igbo brothers doing importation will start moving to production. I don't want us to criminalise our brothers doing importation, they are not criminals and they are not undermining the economy, instead, I will want you to see them as being in the service sector. Everybody in the world would have wanted to invest in Nigeria because we have a BIG market but we got to work very hard to remove most of the structural, administrative and political issues. They are indeed the killer. There is no part of this country that is not endowed with both abundance of natural and human resources.

So I don't agree with Peter Obi, on the issue of importation rather than production. I am not an Igbo man but I know the Igbos are not in anyway undermining the economy, rather they are providing a service for which their is a big DEMAND. If the environment supports production, a lot of the importers will move into production.

Anybody who wants to be president must be ready and prepared to face all manners of challenges, there is no magic wand anywhere. The politicians are the biggest issues. They will promise heaven on Earth and then they will end up creating more problems, so the country continues to deteriorate. They are the one undermining the economy and heating up the polity. The biggest issue right now is that we don't have a country.

SeaTrade:
Steel mining isn't developing here because of cheaper imports of the same steel.
It's not government's place to make steel available for industry,let the private sector handle that if they can.
I also don't think we aren't manufacturing a great deal because of lack of mining capacities.
There are great nations out there that don't even have steel deposits.
How then did they do it?
Only thing they need to fix is power.

You obviously are not in the real (productive) business. Probably you are an admin person. I have undertaken many productive businesses. Steel (and recently plastics) is the backbone any industrialisation. countries use steel bans and tarrif as an effective weapon in a diplomatic or economic war. Nigeria's industrialisation was stalled because of the failure of Ajaokuta and Delta steel industries. Nations without steel deposits import from other countries.

trutharena:


Gone bad for what he proposed? It’s evident you don’t have the intellectual capability to undesirable his statement.

Insulting people you want to convince.

Fake and empty promises won't hold water this time again, as a king maker, what did you do right in this present dispensation, under your watch alot of persons has lost their lives across the federation, food item on a daily increase, but you were just scheming to rule since it's your turn.. it's too late.

Kennedyli:

Devaluation or not? Banks are businesses and have shareholders to satisfy. How would theuy gix the rate if the naira isn't stable?
Or are you suggesting the government fund personal loans, mortgages and others? When above 80%of Nigeria's revenue is going for debt servicing. Which money will government use to fix electricity, roads, and others? You guys should be realistic with your projections. You fell for buhari and here you are projecting the same unattainable talking points.

Rates wouldn't matter to them much if the CBN is giving them bigger credit(increase credit limit),isn't that so?
Commercial banks can't be talking about devaluation affecting their profits for long term loans/mortgages when the capital they used to finance those loans isn't theirs or was gotten on credit from CBN.
They can hedge against devaluation and make profits for their shareholders from commercial loans and use the excess credit gotten from CBN to finance long term ones.
And please,credit isn't free money mr man,they'll repay.
Did FG/CBN tell you that naira based debt servicing is their problem?Did they tell you they lack naira?
Where they have issues on debt servicing is foreign dollar based loans as they have to earn it before they repay.
The only thing they'll own here is liability for default, not devaluation as whatever transaction they make with CBN is naira based.

SeaTrade:
Steel mining isn't developing here because of cheaper imports of the same steel.
It's not government's place to make steel available for industry,let the private sector handle that if they can.
I also don't think we aren't manufacturing a great deal because of lack of mining capacities.
There are great nations out there that don't even have steel deposits.
How then did they do it?
Only thing they need to fix is power.

No sir, those great nations you are talking about have the technology and man power, they get raw materials from undeveloped countries at a very cheap price, process it and sell their finished goods to the same undeveloped countries at higher price.

For Nigeria to fully develop, it must break this chain, how will the country so this? It must invest in man power development.

Nigeria needs to develop it raw materials sector, produce and consume what it produce.

Africa countries tried to break this chain with the "New International Economic order" without success.

The poster above me who talked about man power development is very right.

soojar:


Yeah, go and borrow and live a good life don't steal. That's the message.

The America most Nigerians are running to today is basically on mortgage. Every middle class citizen you see there is on one mortgage or the other. The houses you see people living in is on mortgage and many people would not even finish paying it in their life time, but they would have ended up living a good life that most of you are envious of, and running down there to.


We learn everyday

And you think this is America, examine your mentality.

Coming from a corruption boss himself

Golan007:


Sure.

Because you cannot put 3 million Naira together doesn't mean you shouldn’t own a car.

Because you cannot put 25 million Naira together doesn't mea you shouldn’t own a home.

How many loans has Nigeria government given you since you are alive?

MartinsD12:

How many loans has Nigeria government given you since you are alive?

Who is talking about government giving loans?

Honestly, this issue seems more above the understanding of many of you.

No offence.

wirinet:


You obviously are not in the real (productive) business. Probably you are an admin person. I have undertaken many productive businesses. Steel (and recently plastics) is the backbone any industrialisation. countries use steel bans and tarrif as an effective weapon in a diplomatic or economic war. Nigeria's industrialisation was stalled because of the failure of Ajaokuta and Delta steel industries. Nations without steel deposits import from other countries.

The way you people assume and throw words around without knowing who you're talking to baffle me a lot.
Oga there are countries that have developed their steel sector so much that the economies of scale they've acquired on it has made them unbeatable in the international steel market.
They can produce it cheaper and sell cheaper and make Nigeria investing on it stupid since an industrialist can always import from those countries way cheaper than he would have gotten buying from Nigeria.
You don't just go about investing out of emotions.
Steel isn't a sector that has an international cartel like OPEC that fixes it's price worldwide.
If not for OPEC,Nigeria oil would have been useless because countries like US,Saudi,Russia would have use their capacity to make Nigeria oil unsellable and useless.
We can discuss without you throwing words around please.

Kennedyli:


Yea, and in 15 years the naira will be 3000/ dollar,
while servicing a fixed rate loan.

it could be more or less, if we start doing the rights like producing, exporting and refining our own cruel oil, naira will gather flour wey soak yeast.
Stop being emotional, credit service system has more advantages than whatever disadvantage you bear in mind .... i remember my dad bought some expensive home appliances on credit system way back in 2004 .. from my experience the payback was much feasible than waiting to save the huge amount required.