ednut1:
if i have to struggle to buy petrol, or buy diesel at 800 to put on fan or AC. Is that not government

U dey mind them.dem get Selective myopia and amnesia .,. And run with it and then try to blame you.

BigIyanga:

You set no bait my friend… or you’re still in denial of how much Naija micro/macro-economic policies are centered around FX and foreign remittances.
Naija is import dependent. Its import in 2021 was around $53bn…Our export in that same period was around $43bn… So in order to maintain our foreign reserves and fulfill other FX needs, remittances are used to pay importers.. fuel import, food etc. FX remittances are so vital that CBN is incentivizing and paying diasporans to send more$$€££.
You’re still stuck on 95%vs5%… 5% is year on year… which contributes in building house, paying rent, food , hospital bills.
Your India obsession lacks merit cos it receives over $350bn in FX… so it does not need FX remittance to offset its balance of trade or shore up its foreign reserves

good morning bro. Where were we? Oh India! See I don't just do anything or say anything on a whim. I usu have verifiable facts to back it up. Basically india figures are basically Naija figures on a higher or larger scale due to their also larger scale population. The ratios are almost the same, remittance to GDP ratio same. Import to export ratio almost same. You mention 350billion but you didn't check the import figures. See it below and tell me that isn't almost same ratio with the Import-Export ratio you yourself shared for Nigeria. So you see, if you insist remittance is keeping Nigeria afloat, then you can't say it isn't keeping India afloat, cos I have been showing you back to back, (with proof, not conjectures) since yday that it is virtually same. Basically india is just like 10x of whatever you wanna calculate for Nigeria in terms of ratios, almost to a T, even population (in case you wanna go there next). Speak all the English you wan speak, the math and the figures do not lie and will not bend.

Just agree that diaspora remittance is keeping India afloat. Simple. It's your opinion, you are entitled to it. But don't tell me, there is a difference when the figures shows it is basically same scenario in both Naija and India based on this argument.
In simplest terms, 350:480 or even 500 is comparable/same as 43:53. Why is that so hard to see??

Oya remittance to GDP ratio DONE
Import to export ratio DONE
What next?

see the small thread we dey manage

BigIyanga:

So who uses CBN rate? Delta Airlines had to switch to black market cos govt could notnhonor the mou it had signed.
Do Naija banks use CBN rate? Charge your Naira card on Aliexpress and tell me how far?

card is 480-ish, I think, as at last month when I used it. I want to believe these major COYS get it at official rates for the most. Whilst I was in Vitafoam up until 2020, I KNOW for a fact we were not buying dollars from BDC.

Treadway:
card is 480-ish, I think, as at last month when I used it. I want to believe these major COYS get it at official rates for the most. Whilst I was in Vitafoam up until 2020, I KNOW for a fact we were not buying dollars from BDC.

Story.. mention bank that gives N480/Naira.. we’re talking about 2022-23 and you’re talking about 2020… lol. In 2020 delta and foreign airlines used to charge CBN rate, but try it now.. they only accept $$

Treadway:
good morning bro. Where were we? Oh India! See I don't just do anything or say anything on a whim. I usu have verifiable facts to back it up. Basically india figures are basically Naija figures on a higher or larger scale due to their also larger scale population. The ratios are almost the same, remittance to GDP ratio same. Import to export ratio almost same. You mention 350billion but you didn't check the import figures. See it below and tell me that isn't almost same ratio with the Import-Export ratio you yourself shared for Nigeria. So you see, if you insist remittance is keeping Nigeria afloat, then you can't say it isn't keeping India afloat, cos I have been showing you back to back, (with proof, not conjectures) since yday that it is virtually same. Basically india is just like 10x of whatever you wanna calculate for Nigeria in terms of ratios, almost to a T, even population (in case you wanna go there next). Speak all the English you wan speak, the math and the figures do not lie and will not bend.

Just agree that diaspora remittance is keeping India afloat. Simple. It's your opinion, you are entitled to it. But don't tell me, there is a difference when the figures shows it is basically same scenario in both Naija and India based on this argument.
In simplest terms, 350:480 or even 500 is comparable/same as 43:53. Why is that so hard to see??

Oya remittance to GDP ratio DONE
Import to export ratio DONE
What next?

Your India math is not mathing up in Naija
Your india fact is not facting up in Naija
You’re just obsessed with anecdotal evidence
We have dispelled the myths that Naija is minefield of opportunities.. you're still obsessed with Indian data with no direct relationship with Naija situation.

Quotes from Emefiele

BigIyanga:

Story.. mention bank that gives N480/Naira.. we’re talking about 2022-23 and you’re talking about 2020… lol. In 2020 delta and foreign airlines used to charge CBN rate, but try it now.. they only accept $$

you're gonna argue this too? Na wa o. Access bank card, the rate was about 486 or so. Check abokifx card rates for last month and see for yourself. As per the company, I no argue cos I don't have the current intel, which is why I talked about 2020 when I was in the loop.

BigIyanga:

Your India math is not mathing up in Naija
Your india fact is not facting up in Naija
You’re just obsessed with anecdotal evidence
We have dispelled the myths that Naija is minefield of opportunities.. you're still obsessed with Indian data with no direct relationship with Naija situation.

Quotes from Emefiele

Wetin i wan use screenshot of 'Emefoole' speech do in this instance? Diaspora remittance is a major source of FOREx supply, YES. Disapora remittance is not what is keeping the economy afloat, NO.

If you say yes, it is keeping the economy afloat, then in same vein you must agree that diaspora remittances are keeping India afloat, because they are practically the same ratios all through. I showed the math and the ratios, you are sending a screenshot of a statement made by Emefoole


How is the math not mathing bro?

I have done Import-Export and remittance to GDP ratios and both countries have comparable results AS SHOWN.

Ok, one more 'anecdotal evidence' (at least na still evidence wey dey verifiable), let's look at the foreign reserves relative to the population. Again we see comparable results, altho the ratio is not as exact as the other two analyses, and that is that:

$471b to 1.42b people, is comparable to $43b to 200m people. After this, I no dey for this argument again. Let those who read through look at the facts shared with regard to this argument and decide what is spot on and what is not.

Diaspora remittance are not what's keeping the economy afloat in Nigeria or India. 3 or 4 or 5% of a whole can never be a major force in this instance, unless you want to turn mathematics upside down, which you can't.

sheldonbbt:


Truth is, you lack common sense.

I left Nigeria for Poland last 2 years with my wife immediately we got married and it was one of the best decisions we made. In so many ways, Poland is less better than Canada

Some of you are so fortunate that you complain about what others pray for. Remember someone is praying to have 1/10 of what you have right now.

You probably have the means to live your best life in Nigeria and find living in Canada hell.

I was earning 82K in Abuja after deduction, how would anyone survive on that with a wife and incoming babies?

A month after arriving in Poland I got a work from home job, that catered for me and my wife all through the pandemic and because I pay tax, my wife was listed under me as a dependent and all antenatal visits were free, tests conducted was free, delivery of the baby was also free including anaesthesia that was given when she went into labour all free. Infact she got the best care, way better than the best in Nigeria.

After delivery a Midwife called to inform us that she will be responsible for my wife's care till 6 months after delivery. For those 6 months, she visited the house every 2 weeks to check up on my wife and the baby and if she detected any issue, we were given referrals to consult a pediatrician or Gynaecologist. Till today, we don't pay for Healthcare except maybe one or two drugs that we maybe required to get on our own.

Aside the Healthcare which is better than the best we have in Nigeria, the government pays us an equivalent of 70K naira monthly to take care of our baby till he is 18 years and at the end of the year, we still file for tax refunds.

Our baby is currently enrolled in a daycare that is free of charge and we leave him there from 7AM-4PM so we can have some time to work and rest when need be.

Please please please, it is rosy for you does not mean it is like that for everyone. We are happy we moved.

What type of visa did you use to relocate with your family?

Treadway:
Wetin i wan use screenshot of 'Emefoole' speech do in this instance? Diaspora remittance is a major source of FOREx supply, YES. Disapora remittance is not what is keeping the economy afloat, NO.

If you say yes, it is keeping the economy afloat, then in same vein you must agree that diaspora remittances are keeping India afloat, because they are practically the same ratios all through. I showed the math and the ratios, you are sending a screenshot of a statement made by Emefoole


How is the math not mathing bro?

I have done Import-Export and remittance to GDP ratios and both countries have comparable results AS SHOWN.

Ok, one more 'anecdotal evidence' (at least na still evidence wey dey verifiable), let's look at the foreign reserves relative to the population. Again we see comparable results, altho the ratio is not as exact as the other two analyses, and that is that:

$471b to 1.42b people, is comparable to $43b to 200m people. After this, I no dey for this argument again. Let those who read through look at the facts shared with regard to this argument and decide what is spot on and what is not.

Diaspora remittance are not what's keeping the economy afloat in Nigeria or India. 3 or 4 or 5% of a whole can never be a major force in this instance, unless you want to turn mathematics upside down, which you can't.

You had to misrepresent fact that your bank charged you N480 just to win an online argument in a namelsss forum?? Come on.. you can do better.
We have put all your conjectures to test and scrutiny.. and None stood up to facts on the ground.

Need I remind you… this post is about Naija and how it would have been easier to make there than in Canada… you have not proven your point.

BigIyanga:

You had to misrepresent fact that your bank charged you N480 just to win an online argument in a namelsss forum?? Come on.. you can do better.
We have put all your conjectures to test and scrutiny.. and None stood up to facts on the ground.

Need I remind you… this post is about Naija and how it would have been easier to make there than in Canada… you have not proven your point.

I'll drop this just to shut you up. I used my paltry 20usd limit to buy an item on AliExpress at rate of 486, go and sue Access bank chief!! You will not agree even in the face of facts. No point continuing with you. Some people would have learnt a thing or two so far about the math and figures of these countries. That one don do for me. Believe whatever you wanna believe bro

In contrast to that bro up there, my interest here is quashing the bogus and vapid claim that diaspora remittances are keeping Nigeria afloat and not which country is better to live in than the other, and this I have done with facts and finesse, per usual.

I am a very enlightened person if I do say so myself, and I will make it a point of duty to continue to expose falsities that are being propagated as truth here, albeit with verbose big English . Big English no mean wits o..gbabe!

Title of the thread is 'Lonely part of Canada No one Bothers to tell'

Dog say people that has buttocks don't know how to sit down, what is the comparison between Canada and Nigeria.

Abeg make I pass jare

tshtsh:


Regarding money I always maintain that anyone that wants to be rich and wealthy will have a better chance in Nigeria than Canada. But for a comfortable, stress-free life Canada wins. I will not leave Toronto to Lagos to go work as an officer again. When I lived in Edinburgh I was so anxious to move to Nigeria that people thought I was rich or had a rich family. I moved back as a youth corper in 2015 and I began to see that a lot of things we took for granted in Scotland were actually big in Nigeria. After NYSC I worked at a bank (so called top 5) as a mobile application developer but the bosses were very reluctant to give me a laptop to work with. They kept saying I just finished NYSC and want to be given a macbook. I used a macbook as a student in Scotland and I didnt see anything special about it. I was supporting the Ghana operations of the bank on a project and when the Ghana team needed me physically present I was told some people had spent 10 years working in the bank and hadn't been opportune to travel outside Nigeria on official duty and hence wont be fair for a young employee like me to go on such trip. As students in Scotland we use to take weekend trips to netherlands, france, spain, iceland, portugal , Gran Canary and as far as miami on one occasion. I couldn't relate. We were not expected to express ourselves at meetings. Everyone was working in fear trying not to offend the GM or ED. I saw the reality of life in the Nigerian workplace. Everyone engaged in one eyeservice or the other to get things that I didn't see as anything. I left Nigeria after a short stint and I was made to understand that workplace hostility and bullying was common practice in many organizations in Nigeria. The fact that I owned a car and lived 10 mins from the office in VI also made my bosses complain about me from time to time LoL.
I was meant to hide my car or pretend to be poor/in need. I believe I prefer my life in Toronto. When I garner the necessary experience and get my business plan/funding right I'll move back to Nigeria for business but not to take up an officer position at a Nigerian company.

You have spoken very well

What you explained here is the reason why I said bye bye to Nigeria and didn't look back

I can NEVER be happy living in Nigeria as it is configured; no matter how much I have

Makes perfect sense.... this is what those that shouted down the OP should realise.. it is a different kind of hardship/discomfort... so rather than waving it off, try and find out what the pros and cons of the abroad and honestly consider if you are more adapted to that or to what we have here...
For instance for one person, having to raise children in an openly gay society with no cane discipline, too much liberty might be worse off than not being able to eat 1 out of 3sqr meals if considered critically. For another, he might be just fine with it.

mvem:
You know that the expectation going abroad is great that when you go and see it is not that rosy, you can't project it to your people down home

Why?

Because the expectation is high and no one will ever agree that you are having it tough. So most times what you see people enjoying and all that is them trying to project something to you down home. It's very tough in western world. You have all the basics like water,light, welfare etc and you can make some money and send home

But what many can't understand is lifestyle is totally different. I can relate to him not being able to talk to anyone. They are very independent here and lack community life. That's why they don't play with mental health. The whole system fu*ks up some individual head. Also hardship is of another form that you can't relate until you see it. The normal hardship will relate to is being not able to eat well, having no basic amenities etc. But in the western world they do have it but in another form not what you can relate to

This is in no way to discourag your pursuit of the greener pastures but sometimes it is good to have a better context of all these so that you won't come and start writing epistle like the OP or me...it is a different world out here but still pursue your dreams and know that you can never replace home

monex:


Canada has a good social system and ideal for families/raising kids

For economic migration, US is miles ahead.

also note that our concept of wealth and that in most of this countries is different. If you are thinking of making/saving a fortune then you'd probably be dissapointed. You earn to spend and live a quality life. Credit is easily accessible so you can live that life and continue to work all your life. that's how the society develops by maxmising factors of production.

US is even boring lol, but its miles ahead better than Canada. America is blessed with multiple climates.

If you like the Scandinavian Arctic weather, japa to Alaska, or if you like the Naija hot weather, you go to Houston.

If you want to feel like you're the only one that exist on the planet, go to almost empty States such as Wyoming, or if you're a Lagos city person, then New York is for you.

States like California even have a higher GDP than Canada, so yes, the US is an economical behemoth. And offers far more interesting life than boring Canada.

planetx:
Canada is a bloody overrated shithole. That is why more and more immigrants that they lured in with the fake Canadian paradise stories are now packing up and returning home.

Yes, a huge chunk of Canadian immigrants return home. I've met few Nigerian Canadians that left Canada. One just could not stomach the thought of waiting for her citizenship.

She got only PR, and ran off. Na woman sha. So she needs to be in a place where men will be toasting her, and Canada is literally dead in that angle.

The men there are so sissy. I just feel like catch one and beat am for no reason. How can you be so tamed? And you're a man? So scared to talk to a woman. The dating scene there is so bad.

If you don't have tinder to satisfy your romantic void, you can go for years without even going for a date. And even the tinder, na narcissistic psychos full am.

Transgenders, gays, fork boys, etc. It's a giant shit festival. If you want to enjoy life and money is not your problem, avoid Canada. US still good, or even Mexico.

But to Nigerians, migration is always to western countries, in such a vast, rich, beautiful world.

sukkot:
yeah lol i feel you

Na your kind fit understand. You've been out there in the belly of babylon, and past the cravings for things of thy flesh.

pansophist:


Na your kind fit understand. You've been out there in the belly of babylon, and past the cravings for things of thy flesh.

Yes Sir. well said. its a freeing experience when you are no longer a slave to your desires and you can see things clearly. To the Mosthigh be the glory . Salute to you Sir

sukkot:
Yes Sir. well said. its a freeing experience when you are no longer a slave to your desires and you can see things clearly. To the Mosthigh be the glory . Salute to you Sir

Sharp.

When I see people that are slaves to their desires, I just feel sorry for them. No inner strength, and the consciousness to even notice they are a slave. Tolerable in women, a tragedy in men.

pansophist:


Sharp.

When I see people that are slaves to their desires, I just feel sorry for them. No inner strength, and the consciousness to even notice they are a slave. Tolerable in women, a tragedy in men.

quite aptly put. and men like these try to lead women. its like the blind leading the blind. this why relationships never work out. two blind mice leading each other to destruction lol

pansophist:


Sharp.

When I see people that are slaves to their desires, I just feel sorry for them. No inner strength, and the consciousness to even notice they are a slave. Tolerable in women, a tragedy in men.

I would like this 1000 times if I could. So concise, and yet so loaded. Your head dey there. That consciousness is lacking in a record number of people .

pansophist:


US is even boring lol, but its miles ahead better than Canada. America is blessed with multiple climates.

If you like the Scandinavian Arctic weather, japa to Alaska, or if you like the Naija hot weather, you go to Houston.

If you want to feel like you're the only one that exist on the planet, go to almost empty States such as Wyoming, or if you're a Lagos city person, then New York is for you.

States like California even have a higher GDP than Canada, so yes, the US is an economical behemoth. And offers far more interesting life than boring Canada.

Talk true Canada don deny you visa before lol

hammed71:
Talk true Canada don deny you visa before lol

How can Canada deny me a visa when I don't need a visa to enter Canada in the first place? You think say na every person de travel with Naija passport? This one de learn work sha

Treadway:
good morning bro. Where were we? Oh India! See I don't just do anything or say anything on a whim. I usu have verifiable facts to back it up. Basically india figures are basically Naija figures on a higher or larger scale due to their also larger scale population. The ratios are almost the same, remittance to GDP ratio same. Import to export ratio almost same. You mention 350billion but you didn't check the import figures. See it below and tell me that isn't almost same ratio with the Import-Export ratio you yourself shared for Nigeria. So you see, if you insist remittance is keeping Nigeria afloat, then you can't say it isn't keeping India afloat, cos I have been showing you back to back, (with proof, not conjectures) since yday that it is virtually same. Basically india is just like 10x of whatever you wanna calculate for Nigeria in terms of ratios, almost to a T, even population (in case you wanna go there next). Speak all the English you wan speak, the math and the figures do not lie and will not bend.

Just agree that diaspora remittance is keeping India afloat. Simple. It's your opinion, you are entitled to it. But don't tell me, there is a difference when the figures shows it is basically same scenario in both Naija and India based on this argument.
In simplest terms, 350:480 or even 500 is comparable/same as 43:53. Why is that so hard to see??

Oya remittance to GDP ratio DONE
Import to export ratio DONE
What next?

Interesting figures but not the full picture. It will be further instructive to examine the broad categories of imports and exports for Nigeria vs India to see for example that one country imports stuff mainly for consumption while the other imports stuff, processes and exports value added products. One key example is petroleum products. Nigeria exports crude oil but imports higher value refined products which form a conservative estimate of almost 50% of its import bill. India imports crude oil but is in the top 10 exporters of refined higher value petroleum products in the world. Same goes for jewelry and precious stones, machinery and equipment, pharmaceuticals. It’s not an apples to apples comparison between Nigeria and India. One consumes its imports, the other processes a large portion with cheap labor and exports at multiple the value at which it imports.

Mancala:


Interesting figures but not the full picture. It will be further instructive to examine the broad categories of imports and exports for Nigeria vs India to see for example that one country imports stuff mainly for consumption while the other imports stuff, processes and exports value added products. One key example is petroleum products. Nigeria exports crude oil but imports higher value refined products which form a conservative estimate of almost 50% of its import bill. India imports crude oil but is in the top 10 exporters of refined higher value petroleum products in the world. Same goes for jewelry and precious stones, machinery and equipment, pharmaceuticals. It’s not an apples to apples comparison between Nigeria and India. One consumes its imports, the other processes a large portion with cheap labor and exports at multiple the value at which it imports.

fair enough, valid points. Nevertheless, it is still very far-reaching to say 4% weighed remittance is a major thing keeping 100% afloat. 4% major, while 96% is minor? Cmon. If there are any words sharper to describe an illogicality, I would use it. Also the ratios also tell a story oo, as their exports should be double of their imports if we look at it through the lens thru which you stated your position, but let's just say it remains as you have said it. Lovely evening to you.

Everyone is entitled to voice his feelings....

Treadway:
fair enough, valid points. Nevertheless, it is still very far-reaching to say 4% weighed remittance is a major thing keeping 100% afloat. 4% major, while 96% is minor? Cmon. If there are any words sharper to describe an illogicality, I would use it. Also the ratios also tell a story oo, as their exports should be doubling their imports if we look at it through the lens thru which you stated your position, but let's just say it remains as you have said it. Lovely evening to you.

I think the argument is that Foreign remittances have big impacts in Nigeria and India because it forms a large percentage of total forex inflows. May seem small as a % of GDP, but the appropriate ratio to examine would be the % of remittances of total forex inflows. A small change in the volume of remittances in Nigeria would result in movement of the value of the currency which then actually affects the GDP in real terms. In India, remittances often exceed other sources of inflows and yes, they have a disproportionate impact on current account balance like in Nigeria.

Mancala:


I think the argument is that Foreign remittances have big impacts in Nigeria and India because it forms a large percentage of total forex inflows. May seem small as a % of GDP, but the appropriate ratio to examine would be the % of remittances of total forex inflows. A small change in the volume of remittances in Nigeria would result in movement of the value of the currency which then actually affects the GDP in real terms. In India, remittances often exceed other sources of inflows and yes, they have a disproportionate impact on current account balance like in Nigeria.

if you look at my previous posts, you'd see that was never in contention. Disapora remittance is in recent times a major source of FX supply, YES. But that it is the major buoy of the economy, NO.

July 2021 - Jun 2022 export earnings alone is about $62b (sum the fig in that graph up)
Just a couple of years ago it was hundreds of billions.
We never talk productive activities within the country too contributing to the GDP all totaling above $500billion. If diaspora remittance wan hang make e hang, those who need the USD dearly will pay heavily for it. 20million japa bill will become 60million. Prices will go up, for most things and for the most part, but the show will go on, best believe that. If war no break out, gbabe the show will go on. Na today inflation dey happen.. I have been restricted to $20 a month on bank card for months now, I haven't died. Abeg.
Minor is minor, major is major. Let's classify what diaspora remittance is doing which is boosting FX supply, and leave it at that.

Treadway:
if you look at my previous posts, you'd see that was never in contention. Disapora remittance is in recent times a major source of FX supply, YES. But that it is the major buoy of the economy, NO.

July 2021 - Jun 2022 export earnings alone is about $62b (sum the fig in that graph up)
Just a couple of years ago it was hundreds of billions.
We never talk productive activities within the country too contributing to the GDP all totaling above $500billion. If diaspora remittance wan hang make e hang, those who need the USD dearly will pay heavily for it. 20million japa bill will become 60million. Prices will go up, for most things and for the most part, but the show will go on, best believe that. If war no break out, gbabe the show will go on. Na today inflation dey happen.. I have been restricted to $20 a month on bank card for months now, I haven't died. Abeg.
Minor is minor, major is major. Let's classify what diaspora remittance is doing which is boosting FX supply, and leave it at that.

I’m not arguing that remittances are not a relatively minor percentage of GDP. I am saying that they are a large albeit stable portion of forex inflows and therefore fluctuations in their volume will have a disproportionate impact on everything including GDP in an economy that is largely import dependent. They are not a major catalyst in the economy today because volumes have not fluctuated widely like oil prices which we all recognize as having a large impact. On the flip side, changes in price and export volumes of oil which is the other major earner of forex wreaks havoc on our economy. Remittances have not changed that much (down about 5 to 10 billion since 2019) so it’s actually making for a stabilizing effect while oil goes all over the place. If per chance we double the amount of remittances, there is no doubt it will have a positive effect on our exchange rate and our GDP in real terms. The opposite will also be true. You quote GDP numbers but have you noticed that GDP has declined more than 20% in real terms although growing in Naira terms since 2014. This is in direct correlation to current account accruals and decline in exchange rate which is impacted directly by inflows.

Ugosample:

You have spoken very well

What you explained here is the reason why I said bye bye to Nigeria and didn't look back

I can NEVER be happy living in Nigeria as it is configured; no matter how much I have

Yes sir. Many will not understand but It is what it is.

Agbegbaorogboye:

He was looking at it in terms of remittances. He is a bit right in the sense of dollar inflow into a dollarized economy. But in literal terms, I agree with your analysis 100%.
I will also add that we all know that the agriculture that keeps majority of Nigerians busy is predominant in the North. And I can hazard a guess that number of families in the North who have people outside to send them money can't be more than 10% of the northern population!! And that's a very extravagant guess.
Oh, and let me also say that a good amount of those remittances is actually monies kept in overseas account by our polithiefcians.

A lot of the so called northern food and livestock production is actually imported from neighbouring countries in the sahel!