emmanuelewumi:


It looks like an easy business, that requires little start up capital and it is profitable.

During a recession expect more people to go into that line of business and this will affect market share and profit margin going forward

Of course,how much is a basket of tomatoes?
How long can it take me to raise 25k capital?
People will always go into what they know,it is something recession can't change.
Remember recessions don't last forever,thereby keeping people hopeful and in waiting for their businesses to bounce back.
Switching businesses is not like buying bonds,it takes a lot of planning,faith,prep and capital.
So trust me,people will always wait and lay helpless while those with the knowledge cash out steady.
Before the rest of the people will build faith to get into it though,the ones already in it would have made so much that will become a very huge force to contend with in the same line of business,making every attempt futile for a newbie
It is left for he who has the knowledge to maximise it to its fullest
Na so we see am ooo

seanwilliam:
this life sha.. na money person dey use find money ..I see one bro up there wey one invest 5m..if I'm not mistaking, by the end of the year, he would have like 500k to 600k as gain.. which that might take care of him house rent or start another business self.. the question now is how person one gather 5m in this Nigeria nitori oloun.. coming from a shaking background, after settling bills and other stuff.. how u one gather 5m extra.. would appreciate una input abeg.. put us through ...

In addition to all the advice above, save a minimum of 10% of all your income and invest it every quarter. If your rent is more than 20% of you income, then you are living above your means.

seanwilliam:
hmmm, just that if I have small change like this. I don't know how to say no.. but after granting the request, I would now be regretting
..... u people are doing great here..

Your small change will definitely have a pattern which it comes. It may come inform of salary, wages, earnings e.t.c In like manner you will have to design a pattern of giving too. You are not to turn to a bad person overnight...nope.. but you will need to set a limit to it.. decide a percentage you want to give out after you save and take care of your bill. If that amount is exhausted then whatever request that comes will have to wait till you earn again.


You go need strong your mind small oooo till when you feel you have saved and invested to a particular level or when your earnings capabilities have improved and you feel you need to give out more.

I bought the whole $500 from him at N350/$, I took it aboki during lunch time today and behold they were all real. I was confident to buy from him as he is a colleague i see every week, he is a big man who thinks less about exchange rate.

He said the cash has been sitting in an envelop and he believes it will be useful in my next trip, aboki is willing to buy at N415 per dollar as at today.
I intend to keep it at home, hopefully it will be safe.

Franky826:


It's a no brainer considering USD is currently selling for N410. What you should be checking is if the USD he has is counterfeit.

TotoNaRubber:

I bought the whole $500 from him at N350/$, I took it aboki during lunch time today and behold they were all real. I was confident to buy from him as he is a colleague i see every week, he is a big man who thinks less about exchange rate.

He said the cash has been sitting in an envelop and he believes it will be useful in my next trip, aboki is willing to buy at N415 per dollar as at today.
I intend to keep it at home, hopefully it will be safe.

keep it.
Naira is going to weaken more when the lockdown is lifted due to over demand for forex from businesses with low oil revenue fx to defend it.
You'll get to make more money from the deal by selling then rather than now.
But I wonder the kind of person that will lose 32k willingly all in the name of big man.
Maybe he doesn't know all those aboki them and prefer to give it to you and cut his loss.
Your luck!!

freeman67:


Your small change will definitely have a pattern which it comes. It may come inform of salary, wages, earnings e.t.c In like manner you will have to design a pattern of giving too. You are not to turn to a bad person overnight...nope.. but you will need to set a limit to it.. decide a percentage you want to give out after you save and take care of your bill. If that amount is exhausted then whatever request that comes will have to wait till you earn again.


You go need strong your mind small oooo till when you feel you have saved and invested to a particular level or when your earnings capabilities have improved and you feel you need to give out more.

I'll surely keep to that baba.that's why I'm perching here...

Oga you allowed your dollar to touch the hands of an aboki and you did not change the dollar after that? Una get mind o.

Stories abound of aboki exchanging real USD for fake USD simply for reneging on agreements and you asking them to return your money to you.

Anyway, I believe you should be safe sha.

In future, before you do that, ensure you write the serial number of the money or snap each of them before you hand it over. Even banks scan each dollar before handing them over to you.

TotoNaRubber:

I bought the whole $500 from him at N350/$, I took it aboki during lunch time today and behold they were all real. I was confident to buy from him as he is a colleague i see every week, he is a big man who thinks less about exchange rate.

He said the cash has been sitting in an envelop and he believes it will be useful in my next trip, aboki is willing to buy at N415 per dollar as at today.
I intend to keep it at home, hopefully it will be safe.

seanwilliam:
this life sha.. na money person dey use find money ..I see one bro up there wey one invest 5m..if I'm not mistaking, by the end of the year, he would have like 500k to 600k as gain.. which that might take care of him house rent or start another business self.. the question now is how person one gather 5m in this Nigeria nitori oloun.. coming from a shaking background, after settling bills and other stuff.. how u one gather 5m extra.. would appreciate una input abeg.. put us through ...

You are poor

OgogoroFreak:
You are poor

yes I agree.. that's why I'm here so my eyes can open

OgogoroFreak:
You are poor

Poor is a state of the mind, broke is a state of the pocket.

I want to believe he is currently broke, with the right attitude and mind set he will be better and okay

OgogoroFreak:
You are poor

Meaning?

seanwilliam:
yes I agree.. that's why I'm here so my eyes can open

let's just assume he was high on that thing his moniker depicts

Tvegas:


Lol, see how you have used knife to share the virtual ROI. Dont be moved by what you see online,i may just be asking for asking sake.

Back to your question, learn a skill or trade that can generate cash. Keep developing yourself in that trade or career till you are among the top in your industry. Develop your personal finance skills, have a saving habit ,Cultivate the habit of investing No matter how small. etc

Tvegas is that you We miss you in the GBIA thread... Are you done with missionary journeys?

OgogoroFreak:
You are poor

really? or we are just joking and horsing around here? when did we start mocking newcomers here? I m not very happy about this

IyawoToBe:


Tvegas is that you We miss you in the GBIA thread... Are you done with missionary journeys?

Which one is GBIA thread again?

OgogoroFreak:
You are poor

Learn to Shut up!!!!

maybe he was joking. I dont remember his being a troublemaker on this thread.

9jatriot:
Oga you allowed your dollar to touch the hands of an aboki and you did not change the dollar after that? Una get mind o.

Stories abound of aboki exchanging real USD for fake USD simply for reneging on agreements and you asking them to return your money to you.

Anyway, I believe you should be safe sha.

In future, before you do that, ensure you write the serial number of the money or snap each of them before you hand it over. Even banks scan each dollar before handing them over to you.

This scenario you painted is possible only if you deal with the roadside / dubious exchangers. If you walk into a real Bureau the Change nothing of such will happen.

True, but I think the guy specifically mentioned aboki. Abokis tend to pay a better rate than BDPs though.
Anyway, it is always good to know of certain risk in our actions so that you are better guided.

freeman67:


This scenario you painted is possible only if you deal with the roadside / dubious exchangers. If you walk into a real Bureau the Change nothing of such will happen.

IyawoToBe:


Tvegas is that you We miss you in the GBIA thread... Are you done with missionary journeys?

Lol my person, how you dey? . Its same Tvegas. . I was done with those missionary journey before Trump started his wahala.

emmanuelewumi:



Which one is GBIA thread again?

Giving Birth in America,It was a vibrant thread in the travel section in its days.

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emmanuelewumi:



Nigeria is very broke, there will be little or no money to loot by the politicians

Chairman of the governors forum informed his colleagues that there might be no money to share in May 2020.

Prices of crude oil our major source of income is now selling below the cost of production. This will have negative effects on the finances of the country and we never saved nor planned for days like this, just like the way 95% or more of Nigerians operate.

Norway, a country with less than 6 million people have over $1 Trillion in their s
Sovereign Wealth Fund. The country has shares and gets steady dividends from the following companies Coca cola, Microsoft, Apple, Google, Toyota, Shell, Exxon, Nestle , Sovereign Eurobonds and other multinational companies and investments in the world.

Nigeria with a population of 200 million had less than $3 billion and we have also borrowed from the fund

Rather sickening!
And when we curse our looters
Or should I say leaders,
They say we are wailers
I think they are monsters!

mindtricks:


Rather sickening!
And when we curse our looters
Or should I say leaders,
They say we are wailers
I think they are monsters!

Not looting per se.
I think Nigeria don't make enough money for its size and population.

Theconglomerate:
Not looting per se.
I think Nigeria don't make enough money for its size and population.

Nigeria is poor, we don't generate enough income, the few income are mismanaged and looted, our population is growing higher than the economy, we failed to invest on critical infrastructure, we rely solely on crude oil and we have failed to diversify the economy

seanwilliam:
hmmm, just that if I have small change like this. I don't know how to say no.. but after granting the request, I would now be regretting
..... u people are doing great here..

Learn these 3 lessons
1. Success is impossible in the wrong environment.
2. Money is a reward for value in the right environment.
3. Do everything within your power to get out of the wrong environment.
If you're finding it difficult to save money because of your circle.... then change your environment!

seanwilliam:
hmmm, just that if I have small change like this. I don't know how to say no.. but after granting the request, I would now be regretting
..... u people are doing great here..

Reminds me, "Your Worst Enemy is Yourself".

emmanuelewumi:



Nigeria is poor, we don't generate enough income, the few income are mismanaged and looted, our population is growing higher than the economy, we failed to invest on critical infrastructure, we rely solely on crude oil and we have failed to diversify the economy

Where I always get confused is who is responsible for the failed economic diversity?
The government or the people?
Because the only place I think the government failed is not generating enough electric power.
Just my thought though.

Theconglomerate:
Where I always get confused is who is responsible for the failed economic diversity?
The government or the people?
Because the only place I think the government failed is not generating enough electric power.
Just my thought though.

The people and the government.

Agriculture is an area every state government ought to invest in, it will have a great effect on our GDP

Theconglomerate:

Because the only place I think the government failed is not generating enough electric power.
Just my thought though.

TCN is generating enough power that can cater for 24/7 power supply but the issue is from the Distro and the final consumer.

If every house should have prepaid meter then there won’t be issue of crazy bills.

IKEDC buys 1000 unit of power at the rate of 5000 and distribute to Area M.

Now Area M pays 3000 when asked to pay.

MelesZanawi:


With all respect to all members and contributors to this thread, this idiot I'm quoting is a very stupid fellow. I'm not insulting him, but his actions fit the dictionary definition of stupidity. So, it's a compliment to him.

If a Muslim man decides to take an additional lady with a view to marriage, how is that unfaithfulness? Did he make a vow of monogamy or does his religion prohibit polygamy? You stupid boy without manners, it is your father in Ebonyi that is a dog, not us here.

Meanwhile, this stupid criminal defending monogamy from his myopic sense of reasoning thinking he's doing right was recently justifying defrauding the Central Bank by diverting Agric loans to other ventures. It seems commonsense is your mortal enemy.

I suggest you seriously behave yourself here and don't think that because some would overlook your stupidity, others would pamper you. Who the bleep do you think you are? Are you feeding anyone here? I suggest you donate your unsolicited advice to your elders at home.

I'm glad you took the time to go through my previous comments. I don't have that kind of time to do same for you. I have said what I said.

Oh and by the way, my elders at home are the ones running Ebonyi. Look up the name Umahi. Down to my youngest uncle who is not even in politics, everyone moves with at least one police escort (now that is affluence). What are your own elders doing? Selling palm oil?

I said what I said.