₦airaland Forum

Zxcvbnmghtr:
She should be properly oriented that racism is a reality of life and should embrace it in a positive way so much that it makes her stronger and not to make her depressed. Its all about our mindset.

Anyways, that's a way to handle the problem. My counterpoint to u was for u not to brush aside the problem and say it is nothing serious.. Because racism causes serious psychological distress.

Zxcvbnmghtr:
You didn't get her point. Her advice is very straight forward. Be of value, build on yourself so much that you command respect from others.

To even build on herself, she needs their platform.
See yes, u are more valued, the more value u have, but the racism is always there- even prominent footballers who have contributed a lot to their clubs experience racism. So don't imply that racism will disappear because u r successful.. they might not even allow u to be.

Zxcvbnmghtr:
Protest! Lol. . She should triple her efforts so that she becomes a super woman in the world of gymnastics so much that she becomes a god for the same whites to worship.

I learnt this from, Oprah Winfery.

Lets be calming down... hw many people can be successful like this? Very few. And even Oprah still experiences racism..

Petrol in a home cooking device-- pls those close to them should them it's dangerous! They don't even know enitre science of what they are doing. While they have the enthusiasm for tech, we can't be reinventing the wheels at high risk.. someone should just sponsor them through good engineering schools abroad, let them learn science & cutting edge tech.

SIRTee15:
Well I will admit this is an area that's grey to me. because I'm not sure if dangote will be purchasing the crude oil from Nigeria within the OPEC allocated quota for Nigeria.
Dangote refinery is meant to consume 600 thousand barrels per day, this is a huge chunk to take off Nigeria's OPEC quota when she barely produce up to 1.2-1.6 millions barrels per day.
However, remember dangote will also export refinery products- petroleum, diesel and by-products. He's not only going to sell to Nigerians. That would definitely help boost the Forex reserve.

To be clear, whatever crude dangote takes from Nigeria means crude fx loss.. and if he buys from outside- that's still fx expense.. Like I said d difference in either case is only in cost of refining(and shipping costs)which is about 15% of petrol cost.. that's something really but not much. So the refinery alone is not the All in all solution to d fx crises.. Many other things to be done!!

@VeeVeeMyLuv, Norway is just 5m pple.. we are 220m-- u can't even begin to compare.

SIRTee15:
The only way out is for the dangote refinery to be fully operational. 60 percent of our Forex demand is for crude oil. Once that is taken care of internally, the demand for dollar will fall.
I'm writing this based on the assumption dangote refinery will not source for its crude oil form overseas.
If it's within Nigeria, he can easily pay in naira at whatever equivalent rate of crude oil price in dollars.
Anything apart from above is simply a wild goose chase. Dollar will hit 2000 naira and there's nothing the govt can do about it.

Even if dangote refinery is fully operational and buys crude from nigeria, difference won't be much--- cos we would be losing d fx sales from d crudeoil he buys..

tuzle:
I know what u mean, even on Ali express they sell refurbished but on jumia u have the chance of returning the product within a week if it doesn't work the way u want it to.

They are 2 different things.. amazo refurbish- they will tell u it's refubished.. this one she is talking about is selling fake, low quality as original!
JUMIA needs to follow the money trail-- if u say there is market for ecommerce and pple need it, then u should be able to increase revenue a bit.. then drastically cut expenses.. there is no reason why that wage bill cannot be cut down to $50M... many other things can be cut down-- I don't know hw someone can be running a business model without profit

Kizyte:
Right now, Hyundai has more resell value than Toyota. Send me a DM so I can explain better, don't make a mistake.

This is not true.. post your response here..
When people talk about high resale value, there is a reason for it which is that toyota and honda are still reliable even after a lot of years hence d trust people have In them even after being used in Nigeria.

The problem is demand is greater than supply.. so u want to either reduce demand or increase supply. U increase supply by increasing crude production, encouraging mining exports & agric exports.. u reduce demand by encouraging local production with power, right policies, rule of law, & security and sometimes increasing import levies on goods already being produced locally. In all of these, the govt must take the lead in putting up right policies and motivating the necessary investment for the above to happen.

hazinibones:
Hello esteemed Nairalanders!

Recently decided to buy my first car. Knowing little to nothing about cars, I have been getting different opinions on what car to buy. Some say Camry & Corolla for resell value.

Please I want to seek opinion of people with experience with cars. What is a good car to get now in Nigeria for a range of 3-5M?

PS: The car is for personal use and I do not go out a lot.
Thanks in advance!

Good u chose to stay back in Nigeria. Yes toyota or honda products because of reliability which means lower maintenance frequency. Also they have cheaper parts than bẹnz, bmw and d likes.. They àre also stronger than kia/,hyundai/nissan. So since u like some bit of speed, camry does it for u over corolla. U can get a 2012/14 Nigerian used camry for 4.5-5.7..but make sure it's well checked by a trusted mechanic. U could as well just get tokunbo for extra 1.5m

.

DevilSignature:
Bsc in management and MSC in public administration not even in economics

I was just searching for what the yeye op said CV and couldn't find anything impressive

Cant see anything too.. No ph.d economics, no investment banking experience, no world bank/IMF experience, no snr banking experience (being a chairman of a bank is very different from being in mgt position where u can't perform without serious banking training)
All I can see is commissioner and NED of citi bank
I mean Otedola is an NED of a bank- does that make him in anyway fit to run CBN?

opicgif:
i don't believe abroad is heaven on earth.

i believe any Nigerian living abroad, encouraging people not to come abroad by implying that the standard of living in US/Europe is worse than Nigeria is being a hypocrite.


have a nice day sir

No they didn't say that..
Standard of living for their citizens there is better than for us Nigerians here in Nigeria - True.
What they are saying is things are harder for immigrant Nigerians abroad than for same Nigerians when they were in Nigeria(most of whom were middle class)
Let people not make decisions they will regret cos of emotions
Life may not be rosy for u in Nigeria but it CAN BE WORSE for u abroad if care is not taken!!

opicgif:
simple!
this is better
lets encourage people to do it legally, rather than saying things are harder abroad, legally or not

post=125768701]
But things can actually be harder for someone abroad... if for instance u were Upper middle class , had senior mgt job in a bank, telcom or oil coy and then u left all that to do very physical jobs in UK! Ur life will surely be harder. So yes abroad can be harder for people who are already doing well in Nigeria

Hmm.. people like u with sọ much of years abroad should be taken seriously..
I categorise the peace of mind, sense of belonging as internal or psychological environmnent which I believe are more important than external or economic factors

casualobserver:
Advising people to go is just as bad as advising people not to go. Everybody’s circumstance is different. Let people make up their own minds. I lived abroad for 2 decades, I had a fantastic job, I still have a house there, I am a citizen so I can go back if I want but I came back voluntarily and I will never go back. Nigeria is hard but for me there is peace, sense of belonging, I have in Nigeria I never had in the UK. Eventually you will realize these things matter.

I usually say this- in as much as someone is in a very bad situation doesn't mean he cannot find himself in a worse situation if he makes a wrong decision!!
So I would expect a reasonable person to not just throw away the advice about not relocate abroad but to make informed findings on whether he could be worse off over there or not and what are the chances!
It is a FOOLISH person that will hear warnings and just TOTALLY DISREGARD the warnings

opicgif:
if you are abroad
do your scholarship
pursue your PR
do what took you there
and STOP advising people about anything. just keep shut.

the hundreds of thousands of people crossing the sahara, crossing the seas, illegally (because they dont know any better) aren't stupid!

you are African in Europe/Americas, it means you relocated or someone in your lineage left Africa. SOMEONE LEFT!!!

DenreleDave:
Exactly.... Same thing happened to me and I regretted voting Peter obi

After he lost, they started insulting all Yorubas and when we talk, they forget they we were chanting obidents together and quickly isolate me all bcox I'm Yoruba..

It is well

U can't chicken out of your choice because ṣome people turned tribalist... Rather U should ask yourself- looking back was your decision right? If yes, then no regret for u.. Rather u then school d tribalists on why tribalism is bad but u stick to your choice

jayovan53:
Naah... too poor for the quality of the vehicle

It's Nigerian used, It's registered..

2.4

TENSORS

essentialone:
Mention that topic in Mathematics, that you still do not understand.

Mathematics lovers and haters, show ya sef.

Lol at who am I question-- I'm surely not an American
U don't need my credibility or experience-- it's just figures that can be verified..
I don't dispute what your pocket tells u over say 30 years, I'm saying just because u summed up 30 yrs effect and FX trumps real estate doesn't mean it will for a period of 3 yrs or it will be d same result in another 30 yrs! One has to look at the direction of the driving factors to make a decision!!

IbeOkehie:
Sir I'm a Nigerian. This is my real name. I've been quite open. Who are you and what gives you the credibility that I can believe?

I know the rewards...and risk....of real estate in Nigeria and the USA. I've lived between both countries for 30 years and owned real estate in both places as far back as 1993.

My summary is that real estate gains more value in the USA, UK and Anglo-Western countries than Nigeria. Also dollar has gained more value in Nigeria than Nigerian real estate. My pocket is my witness. That’s what I know and I challenge you to either use official data or your own experience to measure it. You can come to no other conclusion.

Good Luck to Nigeria.

This might be true this year because of the near 100% jump in official rate from 460 to 750. But loans supplied most of the profit in previous years... I mean in the Jonathan years, $ rate moved marginally 155(2011) to 185(2014). Hw were the banks making huge profit then going by ur theory?
Or would it have been more sensible to invest in FX than to invest in lands in a growing area in those 3 years (d original argument)

IbeOkehie:
They can LEND naira to real estate operators in Nigeria. Whatever ELSE that GTB is doing, the greatest source of their profits is forex arbritage.

Good Luck to Nigeria.

Let's be calming down. By law from sanusi's time as CBN gov, no bank can go into real estate. U can only own operate banks within & outside the country! And there are many reasons to issue fx loans-- for instance a loan to an indigenous IOC to buy equipment or well assets is most useful in FCY. Btw, the GTB FCY assets being revalued are mostly those from its subsidiaries outside Nigeria!

IbeOkehie:
Wroooong again But that's OK, it takes time and experience to understand some of these things. Most people never think about them.

How did GTB get the DOLLARS to make DOLLAR loans? The bulk of their deposit base is in Nigeria. They converted naira into dollars and then loaned it out, basically the same thing.

Here's something to think about - lending rates in Nigeria are generally over 25%, dollar lending right now are less than 8 to 10%. That GTB didn't concentrate on exploiting domestic lending and went to the trouble of converting to dollars and lending out, should tell you how terrible the Nigerian economy is. One of the best and biggest banks in Nigeria doesn't want to hold naira or lend it.

If the ROI is better in Nigerian Real Estate, GTB would be making more profit in that market. They're not. So your claim is baseless. This story is a distress signal telling us the worst is yet to come for the Nigeria Crisis.

Good Luck to Nigeria.

For the GTB issue, this particular gain was not about converting to naira and back etc. They gave out loans in $.and the loans are still active but they report in naira so it gave rise to the revaluation gain..
What I meant with my statement is what gives you a better ROI buying $ or buying land/houses is determimed by hw much naira depreciates compared to how house prices increase in the area you purchase it.

IbeOkehie:
Dear Sir, your comment is meaningless and conveys nothing, running in circles just to confuse issues. Read the report, if you doubt it go and find and read GTB earnings report, I'm sure it's on their website because it's a legally mandated and audited public document that ANYONE is entitled to read.

GTB made a huge profit from converting naira to dollars & pound sterling and holding the forex and then converting back to naira as opportunity presented itself. Nothing else. That's how banks and big wigs like Peter Obi, Aliko Dangote and Adenuga have been making mad money in Nigeria for a looooong time, most people just don't know it.

CBN recently tried to curtail the practice by restricting the use of dollars as collateral to borrow naira. It's a futile effort. As long as the Federal Government of Nigeria continues to rig the forex market, this carry trade will never die.

You were simply WRONG, sorry about that.

Good Luck to you.

Well.. the argument depends on hw much the naira depreciates and how much housing prices in that area increase!!

IbeOkehie:
https://abokifx.com/news/70274/details


(Bloomberg) -- Guaranty Trust Holding Co. reported a $468 million gain from its foreign-exchange holdings, helping Nigeria’s biggest lender by market value post a record profit.

The firm, which operates Guaranty Trust Bank, reported 357.5 billion naira ($468 million) in foreign-exchange gains for the six months to June 30, according to a regulatory filing. That’s after revaluing its overseas assets following the naira’s 40% depreciation and helping more than triple profit to 278.5 billion naira.

Nigeria allowed the naira to weaken in mid-June as part of measures to attract overseas inflows and help revive the struggling economy. The weakness in the naira — among Africa’s worst performing currencies — has helped banks with overseas assets, while manufacturers have reported losses because they have foreign-currency loans.

“Across the banking sector, most of them have a net positive foreign currency position,” said Muyiwa Oni, an analyst at Stanbic IBTC Bank Plc. “The revaluation gain is a trend we should see in the industry.”

Guaranty Trust Holding rose 3.5% in Lagos, heading of the biggest gain since July 21.

Flour Mills of Nigeria Plc, the West African nation’s biggest miller, reported its first loss in about four years this week after marking its overseas loans into naira. Six of the nation’s biggest companies announced a combined loss of $385 million after revaluing their overseas loans and letters of credit.

Good Luck to Nigerians.

millstone:
What makes you think I don't have him

Your habits-- u said u are not doing some of those things ur brother said u taught him (ONLY) because u don't have the time... The path your dad followed is just in front of you- u need to resist towing that path NOW, man!!! And u being around 30, are not getting younger!!! U need to ACT now!
If you are born again, u need to get closer to God, stand at all cost for Him and his Ways.
After this, you need to forgive your dad(U don't have to live with him,u can just check up on him from time to time, pray for him too) PRAY & actively seek for your brother to also come to Christ-- He is your blood brother, u should have that responsibility towards him.

I think u particularly need JESUS!!

cenaman:
Pls if you have the means and resources to jakpa, jakpa.

Japa and then what happens? If you have something doing in Nigeria, stay back! And don't go because of children

Unsubsidized fuel in 2012 was N138 and also about N140 in 2016 when buhari removed subsidy.. Ask ursef why it is over N600 now after 8yrs of buhari rule?
So it's not just about subsidy removal but why is d unsubsidized price this high really?

nairalanda1:
Abuja...N615-617


It's a mess, and it's painful...but the alternative is government keeping subsidy, and paying for it from other sectors of the budget and from loans and from revenue...what's left of it.....leaving behind a deficit that has to be filled with...more loans.

Yes, APC, PDP, and the army as well as the first and second republic are responsible for years of bad and silly government.