Eriokanmi:
No need to brag. I have a house in a choise location in Lagos. [b]Ask how much a plot is sold there nah. [/b]Why would you now build pay small small house on top that kain land?

How much?

femi4:
You ve not answer my question. Are those struggling for palliatives building ? And you say we are rich

You should know when I talk, I don't talk of the poor amongst us. They're everywhere on earth. It's just like asking you...are those depending on food banks over there building?

shaybebaby:

How much?

Google a the cost of a plot of land in Ikeja GRA.

Nigerians are better off...people live off credit in Developed world ...Everything credit and that is poverty


Who is rich? the man that buys car cash and walks away or the man that pays the same car for 3 years

Angelfrost:


Face it... You don't really pay taxes here.

You literally live off subsidy, yet poverty is still extremely high.


How many working and earning Nigerians can boast of owning or building houses despite the relaxed taxation?!!

Speaking of Mortgage... Go study the nation's debt profile and servicing.

Even the futures of your unborn kids are already mortgaged.

chyzoo4u:


I don't know about that, I just shared someone's story then emphasized that I can make enough money to buy a house in a year once I step into UK.

Most of those houses are not fully paid for at a glance.

My classmate who's a pharmacist in Canada bought a house on mortgage that would run for 25 years term.

Try to find out also

AfroBeatDiary:
Fully bought or 25yrs mortgage with an initial down payment?

Don't mind him. Let him come and buy in 5 months nau

AfahaAbia:
Paying mortgage for another 30 years sealed!!! Nothing special about this. The worst place to own a home is in Western countries.

The op is a corper full of dreams

Money dey Nigeria bad, na mugu dey use millions travel go dey do security jobs

Shantyken:
My love for naija ehh no get part two, if u see me abroad na business carry me come.

SIRTee15:


Oga rest, Only 13,000 new cars were sold last year in naija.
That's how depressing the new market is in naija.
South Africa sold 300,000 new cars, Morocco - 140,000 while egypt- 130,000.
That's why no car manufacturer is building anything in naija. Its also the reason imnoson and other domestic car assembly will struggle to breakthrough or become competitive enough to take on global car manufacturers.
Without car loan, no country can have a viable car manufacturing sector.

And don't make it look like Nigerians are rich enough to afford to pay for new car in full. They don't - Nigerians are poor, that's why only 13k new cars were sold last year.
Note- I mentioned new cars and not used or tokunbo.
So I really don't understand the pojnt of your bragging.

https://www.focus2move.com/nigerian-cars-market/

You're not getting my point. The SA you mentioned, they didn't buy them outrightly, it's on loan. Even students aren't left out over there. There are people here too who can embrace a car loan option but aren't doing so. Apart from the fact that people don't like anything debt, our system isn't made for that yet. Maybe with government orientation on people, those who would prefer to take a loan would embrace that. I remember when I was telling someone about an atm in Nigeria in the 90s. He said thieves would take the money away, that we can't have atms in Nigeria. Today, nobody says that anymore.

I know of a few friends who can afford new cars but prefer to be driving their old but well maintained SUVs. They don't want to get noticed cos of insecurity in town. You can't say someone who owns 2 hotels in lagos eith 3 children can't afford a new car or take a loan for a new one. Orientation needs to change , for those who may consider that. Are you saying Morocco or egypt that you quoted have richer people than Nigeria of over 200m population?

MrBrownJay1:
if they both have a full time job, within 24months of good credit, they can easily get a mortgage and buy a house in the UK....nothing special here.
REMEMBER, the house will only truly be "yours" 20/30yrs down the line, after you finish repaying the mortgage (until then, the house belongs to the bank).

dat na if the village people madness of feminism and divorce no creep in swallow dem up in the next 2 years 😂

Eriokanmi:
You just watch your income vanish even before collecting it. We're actually richer than most of them but na greed dey worry us for naija.

We build our own house with our money, no mortgage. We buy our own cars with our money, no need to worry or thinking about APR all the time, still buy air tickets and travel to where they love but they dare not travel as frequently as we do cos they've got bills to pay. Now tell me, who's richer?

a #10m millionaire here is a poor man over their

Allisgud:
a #10m millionaire here is a poor man over their

Cos standard of living isn't same. What the 10m man would do with that money here would not do anything over there. We pay less taxes here, pay cheap accommodation fee on much better facilities here than they do over there. Check out a 2 bed apartment price in Ikeja yearly. That's what they pay for rent monthly over there.

Digmygold:


STFU. Try get Multi Million Naira first nah. Who dash you Multi Million Dollar. On top Cab wey you dey drive or care work.wey your wife dey do? Just be realistic. Stop fooling yourself. Nigerians are no longer that naive. Mortgage Advicer isonu.

Run along on your 25-30 year jail term and stop your yen,yen,yen bragging. Okay?!

Why are you so bitter?
Extremely bitter.

No be online people put you for your condition.
E go better

sulaak:


Building a new federal government road when exiting roads are in dire condition is not big thing

Who's this one
What's the correlation here Biko

shaybebaby:

How much?

I have no idea how big your plot is but I found this which seemed to be mid range for the area. 600m2 with a house on it ( reno job).

That's £180k at today's exchange rate.

Meanwhile, second pic is half a parking space in front of someone's house in London going for £55k.

hansomb:
You're absolutely correct. A Middle Class in Nigeria is better than a middle class in abroad. You can play around the non functioning system. Maybe The lowest class n abroad is better than the lowest class in Nigeria because of their government support programs.

Who are the middle class abroad?
Middle class abroad are the rich in Nigeria. Know the difference.
Your drs, Pharmacists, nurses in some countries are Middle. Those in white collar jobs.
They are the millionnaires of Nigeria.

Hezzyluv:



Thanks bro for this eyes opening advice.
In a non shell, one should just say back home if he can cater for himself n family.

Little wonder why some people Pity those who sell their properties to japa to start afresh.

Yeah, it's actually a mistake for many to sell their properties in Nigeria to leave the country when many they're going over their to meet are struggling to build or buy one in Nigeria.

Eriokanmi:
Cos standard of living isn't same. What the 10m man would do with that money here would not do anything over there. We pay less taxes here, pay cheap accommodation fee on much better facilities here than they do over there. Check out a 2 bed apartment price in Ikeja yearly. That's what they pay for rent monthly over there.

Do take it easy.
With your so called vast knowledge, you are yet to know your money is paperweight.
An average middle class in uk makes about 36million in naira yearly using the current exchange rate. Do your middle class make that
In Nigeria. That is what a white collar office worker can make, not even health professionals
Guy, rest pls.
They will still send money home.
Check diaspora remittance and be grateful to these people for their help in holding the Nigerian economy together. You may be OK but millions are not and depend on these people you hate so much. Its so bad yet many are plotting on how to leave.

A diasporian can easily buy a new duplex in that ikoyi while still paying his mortgage as a care support worker.
Shush.

Guy, rest pls

Eriokanmi:
I tried not to spill the beans but I think I should...each time I visit Disneyland Adventure in LA, I hardly see blacks not to talk of Nigerians there. Na so so white. One day I asked myself, don't blacks too enjoy life?

There was a day I spotted a blackman. The way we looked at each other was strange. I'm sure he must be thinking...so a blackman like me too is seen here today. Its same experience everywhere in fun and tourist sites. Where are they? You have the answer.

Maybe it's because they are at the one in Orlando, you know..the one where you can do Universal studios and Sea life centre all in one go.

Or maybe they go to Disney land Paris, for those of us that stay in Europe. I mean my son has been to Disney Land Paris 3 times and all before he was 10.

Eriokanmi:
You should know when I talk, I don't talk of the poor amongst us. They're everywhere on earth. It's just like asking you...are those depending on food banks over there building?

You no do comparative analysis for school

Those depending on food banks are immigrants trying to find their feet

Those struggling to get palliatives are citizens on their own soil

Eriokanmi:
No need to brag. I have a house in a choise location in Lagos. Ask how much a plot is sold there nah. Why would you now build pay small small house on top that kain land?

I don't get you

Chai, Nairaland posters has turned the discussion to Nigerians in Nigeria versus Diasporans, forgetting that the system/ incomes/ purchasing Powers/ minimum wage / earning Powers / taxes in Both climes are million times apart and are not the same

chyzoo4u:
If you know your onions just like myself (yes, I'm bragging), you can own a house within a year in the UK unlike some discouraging stories some people like to tell.

Where Mr A did not succeed, it doesn't mean that Mr B or C won't succeed there.. all are coming with different ideology and orientation

People will ordinarily not report thus type of news, it is only news of people sleeping on the streets they will tell you so that you can remain in your poverty here eating garlic and cucumbers

Harddiskng:


You think UK it is Nigeria that someone would come about a million pounds and you can trace the source lol.

Just so you know You have a better chance of suddenly “blowing” in Nigeria then in UK.

If you don’t know Most Nigerians in Uk live paycheck to paycheck and live their comfortable lives on flexible lines of credit.

Your knowledge ends where your exposure ends.

femi4:
But that's the fact. We have more discouraging stories than pleasant ones.

So many people are here without jobs, depending on food bank to survive.

My colleague had to japada to Nigeria cos he couldn't get job with sponsorship

Remember I said... "If you know your onions..."

Fearyourcreator:

I don't get you

Ooh, sorry. I was thinking you said I was bragging on my point, not knowing you're on same page with me. Don't mind them. They pay for the house they claim they bought for their entire life. That's why most of them don't come home. They're tied to the mortgage and nothing is left to buy air ticket. You can dash people 50k here without blinking an eye but they can't part with one dollar.

Eriokanmi:
I tried not to spill the beans but I think I should...each time I visit Disneyland Adventure in LA, I hardly see blacks not to talk of Nigerians there. Na so so white. One day I asked myself, don't blacks too enjoy life?

There was a day I spotted a blackman. The way we looked at each other was strange. I'm sure he must be thinking...so a blackman like me too is seen here today. Its same experience everywhere in fun and tourist sites. Where are they? You have the answer.

Forget this guys dem, wetin dem no know dem go just dey speak anyhow, whites wey dey travel steady steady, going to different places yet we wey be say less than 15% manage travel we go begin brag anyhow

Eriokanmi:
I understand you. Why not engage in a group practice? Pull some trusted colleagues together and build a hospital. You may set up an ICU or a theatre for other colleagues to use and pay you buy a ventilator and rent out. Read about The Premier Specialists' Medical Centre @VI. Group practice pays if you can't afford to build singly.

Hmmm, great but I'm actually in Psychiatry residency training. Not sure if other specialist doctors would want to collaborate with a Psychiatrist

franchasofficia:
Most of you guys are misinterpreting and misunderstanding people's criticisms of this story which most Nigerians love to tell without details just to make people feel that they are now big.

A lot of Nigerians (business owners mostly) can afford to buy outrightly, a detached or semi detached duplex in the UK, US, Canada or any other western country if not for certain factors.

Before the rapid plummet of the value of the naira, I agree with the bold.

Mortgage houses favor married women abroad than men, so any Nigerian married man abroad hurrying to get a mortgage house when he hasn't acquired enough properties and investments in Nigeria and in other African countries is nothing but a fool that will leave to regret it sooner or later. Only married Nigerian ladies abroad celebrate mortgage house, real Nigerian married men abroad don't celebrate such feat unless they have invested enough back home, it's not a wise decision for a married Nigerian man to do, unless your wife is working and ready to contribute 50% or more for the mortgage.

What if the Nigerian man isn't interested in returning to Nigeria or anywhere in Africa at all? There are men like that too. But for those who intend to return, I agree that it makes to have a house Nigeria and at the same time, have a house in the abroad.

Houses are costlier in highbrow areas in Nigeria than it is in US, UK, Canada, etc. The money used to buy just 1 plot of land in Lekki phase 1 will buy a semi detached duplex in Houston, Birmingham, Dallas, Atlanta, Halifax, etc. The money used to buy a plot of land in Ikoyi or Banana Island will buy a celebrity mansion in most US, UK, etc cities.

Apples to oranges. You compare highbrow areas in Nigeria to highbrow areas in the abroad. On that note, houses in highbrow areas in Nigeria are not more costlier than those in highbrow areas in the West.

Many Nigerian business owners are richer and financially better (without stress) than most Nigerians abroad, but the issue in Nigeria is the recent level of insecurity and inflation brought upon Nigerians by useless Buhari government and continued by Tinubu's stolen regime If not for insecurity, nothing would have made me to live outside Nigeria permanently, unless they will make me President of that foreign country
If not for insecurity and high inflation in Nigeria now, anybody that owns his own successful business in Nigeria is far better off living in Nigeria than migrating abroad to do 5/9.

Again, apples to oranges. You are comparing successful Nigerian entrepreneurs in Nigeria to Nigerian employees in the abroad. You compare entrenrepeurs in Nigeria to entrepreneurs to those abroad. Nonetheless, I somewhat agree that financially successful Nigerians might be more stable than their counterparts in the abroad as they mostly generated their wealth via physical businesses rather than through the stock market.

Imagine if $1 = NGN250, and £1 = NGN310, tell me why someone that makes a profit of between NGN700,000 to NGN2,500,000 monthly should relocate abroad? Talk more of those that make above 2.5million monthly after expenses without stress or worries?

The value of the naira isn't even the major issue. The Yen and Won of both Japan and South Korea are significantly lower than the dollar yet their business people arent interested in living in the West. The problem is the dysfunctional nature of Nigeria, not the currency valuation.

In as much as I encourage young Nigerians of today to relocate abroad if they see an opportunity to leave legally, let's not make it seem like those back home are in horrible state when in reality, most in Nigeria are doing far better than those abroad legitimately.

Agreed.

Na insecurity and Naira depreciation by useless APC led governments since 2015 destroyed Nigeria and made it hopeless

The bold it is.

shaybebaby:

You are comparing specific areas in lag to whole countries, lol.

Why don't you compare Lekki and Ikoyi ( so called high brow areas) to the Hamptons in Newyork or Chelsea in London?

But majority of Nigerians don't live in those areas nor do Americans or brits in the areas I mentioned. Let's stick to what gives for the average citizens in these countries.

Next Ownership!

Asset (which means ownership): House

Liability ( how your Asset is financed I.e.debt: Mortgage.

Equity: Asset less Liability.

Now let's focus on the Liability part (mortgage).

At the point you enter into one, what you are effectively saying to the bank is, lend me Bleep amount of money and I'll pay you back over an agreed period of time. Banks are not charities, so they want to minimise the risk of you defaulting on the loan + maintain the time value of the money they are giving to you. How do they do this?

1) a lien on your Asset. Meaning if you don't pay me my money, I'll take this thing ( house) to recover what you owe me. Also it means if you sell the Asset and are paying off other debts, they are first in line amongst all your creditors.

A lien does NOT mean the banks own the Asset, if in doubt, go download the financial statement of any bank. What you will see is as their assets( receivables) is the value of the loans they issued.

If the banks own these houses as you say, then it would be recorded as a different Asset class namely PPE( property, plant and equipment. But it isn't.

So banks do NOT own these properties.

Interest is charged to maintain the time value of the amount loaned. A pound today is worth more than a pound next year because of inflation. Interest is charged to hedge the impact of inflation over the term which you will repay the loan+ a risk premium.

Now because your loan is backed by a security, is is deemed less risky by the bank. This is why mortgage rates are ALWAYS lower than say your credit card which is an unsecured loan.

In both cases, ownership belongs to the loan holder not the loan issuer.

Thank you for the breakdown. Nigerian men are emotionally tied to the country yet are not interested in ensuring it is a functioning place to live.

franchasofficia:
It's mostly married Nigerian ladies abroad that celebrate owning a mortgage house, Nigerian men, the sensible and wise ones don't celebrate it.


If you are a Nigerian man abroad, before you think of getting a mortgage house abroad, please make sure you have acquired two or three solid commercial buildings in a bubbling city in Nigeria. Don't be in a hurry to get a mortgage house as a Nigerian man.
***

Don't be deceived, houses and lands appreciate a lot in Nigeria too.


I know some properties and lands I bought some few years back how much they are today if I am to sell them.


But before you buy any land or property in Nigeria, especially in Lagos, please get a competent property lawyer to go to Alausa secretariat to check the status for you, dont be in a hurry to buy, check the status first.


If you are Igbo, focus more on buying lands and properties in Southeastern cities like; Owerri, Onitsha, Enugu, Aba (though lands don't appreciate fast here dunno why), and maybe Asaba.


Avoid Lagos and Portharcourt if you don't live in Nigeria. Buying land in Abuja as an Igbo person living abroad is even better than buying in Lagos and Portharcourt. This advice is mainly for Igbos living abroad because currently, with the Lagos state government policies of recent, buying land or properties in Lagos if you are not a Yoruba person or you don't live in Lagos is risky, avoid it if you can.


Botswana is another nice place to invest in.

Ivory Coast is also okay.


Avoid Ghana, Ghana used to be good but situation seems to be changing of recent, guys are selling off now.

***You really don’t know the benefits of mortgage in abroad*** what do you stand to gain in renting house/ apartment in abroad? For your information your mortgage repayment form part of your equity.. The equity you have in a certain house abroad over time can buy a house outright in Lekki*** rent money in abroad na dead money