₦airaland Forum

erico2k2:
THERE IS NON,unless you are on the top flight job,Banks and Oil sector.Both my parents are TOP civil servants, Dad chat accountant and Mum Head Mistress.So I do know what I'm talking about.My Dad's fuel consumption alone is average N50K a month when you add Generator fuel to it, abeg nor even let me start.

Paid employment well maybe but in business setting, na lie o!
For an average igbo man doing business at alaba or idumota. He can get 24million naira in cash or asset in 30yrs. There are plenty evidences around me, so I cannt argue that.
Infact I'v come to the conclusion that an average business trader makes more money than average salary earner.
You are also forgetting that the individual investment skill. Someone that's quite savvy with land investment or stock trading can grow his money to 20million in 30yrs. Its all bout what's in your brain & how it can be converted to money. But as for trading , average igbo boiz dey make 5million sef in 3yrs

emtol:
Imagine the whole of South-East is smaller than Niger state and some people somewhere will calling for new state in their region cry marginalization where it does exist.

Lemme burst your brain bro.
Niger state is about 20times bigger than Lagos in size
- They also ranked no 13, in terms
of Population size according to 2006 census. Higher population than even Enugu or Ogun.
- Higher allocation than Enugu or Ogun
........................................................................ Yet,
their Internally Generated Revenue as of 2014 isn't even half of what Enugu/Ogun generates.
- Infact they are among the poorest IGR
states.....
Just imagine? Land dey oo, Labour
(population size) dey oooo, Money (allocation) dey, yet the state Cast. Sometimes when you hear of some ministers or Governors preaching self-employment, or entrepreneurship on Tv, Just look them with bad eye coz some of dem na "Iti- kom kom".....them never know sabi how to generate revenue na to come empower youths or graduates, Ndi-Anumanu! #PDP #SHARE THE MONEY!

Ihenancho will play. One thing I like pep for is his rotational method. everyone on the team gets playing time. I dunno gabriel but I know sane. I watched few bundesliga games at home, thanks to startimes decoder & the sane I know plays on the wing. Except pep will be ready to play 4-4-2. I dnt see how aguero will give way for ihenanncho oh!

Where is the minister of labour,Ngige & his labour act rule of law. If it were banks now sacking people, na then una go know say there is a procedure to be followed in laying off workers. Now konga is laying off workers yet nobody dey mention the so called labour act that Ngige was yapping about. Coz them be marketers ni?

NameChecker:
I respect your display of maturity in quoting me, unlike those who are born to curse and abuse.

There are Raw Materials in Nigeria, but Untapped
Google "location of raw material in Nigeria" and you will be shocked.
The only issue is that we are scared of investing in them

Scared of Investing in them? Lool are u for real?
Talking aboutt local production is just like preaching enterpreneurship to graduates. Its been overflogged. Its nothing new, its like an anthem to our ears.
Let the foundation be set first by Govt then watch individuals come in. Have you asked yourself why even foreign Investors that can see the raw materials aren't coming through? Its coz the foundation is shaky!

FxDuke:
Look inward? fire!
how do you expect masses to look inward and build?
in an economy where an individual will by accident or chance step into the political arena, and before you say Jack Robinson
He has moved 50billion naira?
and to cap it all, unfortunately you will still manage to find ZOMBIES and WAILERS somehow
worshiping and hailing such an individual!
the move is ill conceived!
certain infrastructure has to be put in place, before such a move is even considered!

Baba no mind these fellas. How can a building stand without a solid foundation.
- loan Interest rate is over 20%
- electricity is very very erractic
- Industries like ajaokuta steel industry gone extinct making raw materials import dependent
How can manufacturers compete? . Not forgetting the numerous taxes (some fradulent) by our corrupt officials. One reason richard brandson (owner of virgin airline) ran away from doing bizness in nigeria sometime.
President of manufacturers association of 9ja once said on NTA "
****************************************The cost of manufacturing in nigeria is two times the cost of what you'll get in ghana & 9times the cost of what you'll get in china.
How can one then compete internationally via export with such cost of manufacturing?
***************************************
#even the stats on "Ease of doing Business" by World bank proves so.

ba7man:
Didn't bother reading your lamentations.

Don't have time for small minded pessimists without vision or direction in life.

You don't need read it. All you need know is that You lack foresight. Simple!

ba7man:
You're free to sit down in your poverty, scream and curse Buhari, complain about the economy while you gnash your teeth and pour ashes on your head.

I just made contacts with suppliers of what I need......don't have time for people without vision.

I laugh at people like you with poor foresight. Because you export you think you are now an O.G., a baller a shot caller. After making money from your export bizness. Shey you'll come back with naira abi
- buy a car , a foreign one at that ?
- you'll hope to build a house , the materials like roofing sheets are produced in naija abi?
- you'll do some shopping right? Get the latest suit or jeans with materials gotten in 9ja
- your children will go to school with a stable school fees all year round abi
- you'll buy food stuffs like Rice @ a stable price in yur crib huh?
- You will go out to drink beer or wine with your pals them, that's made in naija abi
Gerrara here mehn..........Your country is FUC..KING IMPORT DEPENDENT. At the end of the day, your purchasing power will be gradually eroded if your abroad suppliers don't pay higher for your product.
FG has no clue how to generate revenue other than increase taxes which will be passed onto us in the final goods & you are here talking about exporting leather belt,lool #this nigga amaze me. You think it won't affect you, wait till you hit the market to buy stuffs. #awon economist

ba7man:
For starters, we have a lot of raw materials that western countries lack and they need.

My external searches has even brought me back to this forum for contacts.

While some are busy engaging in tribal warfare and bigotry, some were busy making business contacts.

I even know a guy that started with leather slippers and now he exports belts, shoes, bags etc.

Mr man abeg keep kwayet. Look at nigerians GDP, its technically in recession. U know why? Because the so called manufacturers are finding it hard to cope. Forex increase, high loan rates, high duty rate is killing them.
Even the phone you used to type this rubbish, is it made in nigeria? Look around yur room where you lay to spit this gibberish & then Point out ten things in your room that is made in Nigeria. You people just harp on export export like its A B C.
How much things of value do we produce to even satisfy consumer demand, Mr man take your time there o! A country that can't produce pencil. No vex me this afternun.

alaskido:
My guy, take am easy now. Why your blood dey hot? I guess you cycle only on VGC and Banana Island. Try come cycle for Mushin, Oyingbo and Ikorodu Road. You will know the difference between 6 and half a dozen. I will never be caught on a bike on Lagos roads.

Well u'v a point, I cycle within festac. Cars don't move as crazy as it would @ oyingbo or mushin

jmax22:
The is no much risk invloved for cause the system is still at its unsaturated stage... Even if you are to be consious of any risk,you should have already recovered your capital plus interest after just the first month.so you can proceef with your gains... Many ppl are already into that program but i dnt want to mention the name here..note: its not dependent on referals or pyramid.

You hvnt said anything concrete. Yu are still beating around the bush bro!

ernie4life:
have being trying to post pictures of mutual funds valuation as published on daily business day news paper.

if you can get a copy of the 25/07/2016 daily you will see mutual funds valuation, yields where relatively low but hopefully it will change for Q3 and Q4

I don't have the copy for nigerian report on the general mutual funds. But if you are an Ivestor in FBN mutual funds like I am; the money market segment. Here is the data from January-june. I store them in my phone for refrence purpose.
#Below you'll notice the shrinking fund size but increasing monthly rate.

Naijainvestor:
This is the worst CBN governor I ever known, when an economy is not doing well, almost in a recession, you do not increase interest rate, you lower it, that was how Ben Benanke got US out of the housing crisis of 2008/2009
Even as the US economy has bounced back, Yellen has only increased rate by 0.25 basis points.
When you increase interest rate you kill production and the demand for money falls. Emefiele should have realized that the high inflation rate is a cost push inflation triggered by the currency crisis in Nigeria. The problem with Nigeria is that the company treasurers are so lazy that they cannot research on how to hedge currency exposure. The increases in interest rates will increase finance cost to companies and will translate into higher cost and invariably higher prices and higher inflation
Nigerians are in for a vicious circle

Yes we know that. But the reasonn behind the increased rate was to lure foreign Investors. Remember CBN floated the naira, yet foreign Ivestors refused to enter back. This was the last stunt they could pull. Without Dollars flowing into our economy, the so called production will face crisis because of a high exchage rate. It was a gamble he had to take.
The only move to entice FPI (foreign portfolio investors) was to Increase rate, let's hope it works!

Funpeter:
Fear people who pretend........



What osho did was bad after all is human also and i believe most of us have said worst than that......






Trust politician at your own peril..........




If you wan help no need to broadcast am......

Its obvious you are not an ardennt news reader, if not this comment wouldn't arise. Yes osho insulted the woman but he apologized to her when he visited her in her home. How many men can lay down their ego to do such, let more a state Governor? Most people with 1or 2million naira in their account will say such things to widows & still tramp on her feet jst to show u they are bigger than you..
Gov Oshomoile acted otherwise, Gifting the woman 2million naira & scholarship to her kids as compensation for his harsh remarks. Can you compare it to the miserly sum that fayose handed to that beggar? I bet that money fayose gave out isn't upto 5k.
Don't always believe all you read Online bro! #heres a pic of Osho with the widow

Rubbish! Total rubbish. A governr that lacks foresight in improving her revenue. Ekiti governor can only yield revenue of 4% from her federal allocation, making the state so dependent on FG monney. What then is to be praised? Yes oshomoile abused a widow but he later apologized which was publicly shown & the woman adequately compensated.
I'msure you didn't know he apologised & compensated her handsomely, all this yeye front page seekers!

YOLO1:
Thanks so much. I appreciate. Like what range of gear would you advice me to get?

Anny gear would do. You are not in a speed competition. Just get a good fitting bike that's strong & you are good to go. Over time u'll select the gear that fits you best.
I like to ride with a selected hard gear (chain is on the Biggest wheel in front & 2nd smallest wheel at the back). I'v been training on it for long, so its my preferred style. A 90RPM (rotation per minute) on that selected gear gets my FLYIIINGGG...I don't need to pedal so hard, but I'll move faster than someone pedalinng faster (like one doing 100RPM) on an easy gear. #so just get a bike with any speed gear, over time u'll find ur comfort zone with the bike #You'll still flyyy when u must hv built ur leg muscles

alaskido:
I hope you are not thinking of riding the bicycle on Lagos road because you have just signed your death warrant.

Na lie. My morning workout is majorly cycling. & I cycle on the road, never gotten hit by a car in my 3yrs of cycling. A cyclist needs excellent cordination, before you make a move a good cyclist has already calculated the possible movt of a motorist & taken decision. People who fear cycling on lagos route are those who lack road confidence on bike like you.

OP forget all these long talk. Here's the real deal.
Go to alaba market if u are in lagos, go to the store of those who sell Uk used bicycle. Buy one, preferably a Hybrid or a Mountain bike. Most of the pics u posted here are road bike, stay away from such bikes coz of your back.
Those bikes shudn't cost you more than 15,000 naira for the Uk used. As for speed, it depends on you set the gear......
Get a Mountain bike, it has shock absorbers, fat tyres for our bumpy roads & its fast enough. I ride one daily for my workout, so I know wtsap

And then somebody will tell me that lack of subsidy will create competition amongst oil marketers & drive fuel price down.....I SAY NA LIEEEEE.......as long as 9ja lives, Greed will always suffice in the Oil & gas sector. Imagine, they buy 73/litre & sell to masses 180/250. Over 100% ROI MADE!!!
Meanwhile, don't we refine kerosene in Nigeria? Or will someone lie that the consumer demand for kerosene outweighs the supply in nigeria? Hence we had to resolve to Importation....na wa o!

How e no go insult when wenger don frustrate arsenal fans.

pendusky:
Op your topic is misleading...

You could have written

"How Technology is making people poor"

My sister "flash" me in the middle of the night, I didn't have much credit, Do I have to call iya sikiru to send me Airtime at that time? no.. I simply dial Sterling Bank Recharge code *822*Amount# and my account was credited, when I call her she was crying, she need data to finish her term paper which to her will be submitted in the morning, I simply dial *822*Amount*Her No# (Sterling Bank third party recharge) and she was credited, that solve the problem.. Gbam

Take a careful look at banks these days, you don't meet much paying tellers, they will advise you, sire pls use the ATM, owing to these, banks don't employ more hands for this purpose because ATM (Technology is doing the work)

I could remember when I was in school when water biz came out, you only need waterproof, refrigerator and water to start the biz, but when rich men saw that they can bring in Machine for purification and packaging (Technology), that the beginning of Pure Water Business which led to wiping out of the poor ones who started the biz.

Take for example our old women in market who sell salts in markets, Dangote came with his purification machine (Technology) to purify and sell salts, everyone now buy Dangote Ionized salt..


what about Local Cyber cafe (I remember sleeping severally at cafe in the name of Night browsing) these days Telecom Network operators give cheap data on your set, (Technology redefined) I dont need to visit cafe,(I use my laptop) I don't even need a modem(Another huge loss to modem manufacturing coy) I use hotspot on my phone..


OP you don't say banks but Technology is making people poor and also making life convenient...


BTW we want to embrace Solar Energy

that's a warning to PHCN workers

Spot on bro. Exactly my point, there is already a prototype of car that can operate without a driver (one benz bus). That alone will eliminate the need for drivers. Since the emergence of telephone, postal offices have seen huge decline in revenue. Nobody writes letters anymore. With various apps here & there & internet growing at a fast pace, the need to have marketers will generally decline in future. Xiaomi has been using this approach since, marketing their phones via Online forums & its been working greatly for them. Yes technology will make life easy for us, make us lazy but it will gradually replace human labour.

Rather than blame bank, blame it on technology. Technology is gradually reducing man-power, with everything becoming more effecient & easy, there's less need for labour. Soon someday, we humans will have to keep up with robots just to be gainfully employed.

Wetin me I know be say. Had it been that rail project ran from enugu to port harcourt. Even if GEJ had achieved 80% completion, PMB wouldn't have completed it atleast not this soon. You can quote me anywhere. That project was pursued aggressively because it lies within the Northern territory. It'll serve as one of the agenda his campaign team will use to maintain the northern votes for his 2nd tenure

This was what Governor Nasir rufai blurted out only to be busted. He claimed that One LGA in Kaduna state had more Gold deposits than south africa, until a report by africa check showed that there was no data to show the proof. This is the same scenario playing here. I'm an igbo boy from anambra but I'll take this news with a pinch of salt until data has shown proofs of the statement or if the statement had come from the mouth of the commisioner of mineral resources in anambra state.
#Pls let's be objective in our thinking NLders!

jpphilips:
Buhari insisted that devaluation will never solve the problem, CBN claimed that floating will attract investors back in the market, the result is a devalued currency, double digit inflation and no investor, the same fx we needed to peg the naira is what we need to intervene in the floating regimen, Buhari was right afterall.

Exactly bro. I wass one of the few persons who didn't see devaluation as the ultimate but renowed economists were labelling him incompetent, stating how devaluation will help us recover our trying time. Now we hv devaluated, wahala. We are about to hike the rates to attract the same set of Investors that didn't come during devaluation but the same set of economists are against the move. I just tire for financial analysts & economist.

Truth234:
and you don't see several job creation? Lower interest rates to create jobs and attack unemployment in order to increase consumer spending and boost manufacturing sector.

Done exchange words with you, its obvious you have no understanding of the subject matter.

We are not exchanging words per se, we are actually discussing if you'll agree. So its a healthy debate if you ask me. You want CBN to lower MPR to a single digit whereas inflation is in the double digit & rising? Okay agreed, how will FG source funds for budget?
Have you forgotten we'v been delisted from JPmorgans bond
Or you don't remember the budget deficit that require heavy borrowing. how do FG create jobs & stimulate the economy if we don't even have enough to pay salaries, let alone invest in capital projects. Where were you when CBN reduced the MPR rate ? Everytin you are suggesting has been tried out, aint nothing new. We hv lowered the rates yet inflation rose aggresively. This is the route we must take, its a gamble but we must take it.
Our banks are in a turbulent situation, if then you lower lending rates to say 8% & inflation is 16%, how do you want the banks to hedge against inflation. You need a holistic view on this topic bruh. Its okay if you don't agree, but what you suggest now has been tried before with no positive results. We have to try the bumpy route!

Truth234:
You still don't understand, it is wrong and wrong in every sense. Foreign investors will still not come, I trade the financial markets, I live the markets. So I know what I am saying, global risks and uncertainty is what is holding investors back.

Even if you hike rates, you will only attract local investors with very low volume to prop naira value. Which means, giving money to few people at the expense of the masses. How is that right?

Now, lets assume FDI eventually surged. How will importers sell if consumer spending is low? How will manufacturing come alive if people don't earn enough to buy or when unemployment continue to rise?

So take it, there is no way this is right.

You are still viewing the subject matter from the negative side. Also saying foreign Investors will not come is largely a speculation. Like I said from the start, its a gamble! Unemployement rose because manufacturers are finding it hard to cope. The naira exchange rate is rising daily, just yesterday it was 370naira to $1 @ the parallel market despite the MPR @ 12% what then would you have the cbn do? Should they deplete the little in our reserves trying to defend the naira? You still haven't procurred a solution, you are harping on the negatives. The basis remains that we need FOREX & we need it Soon to counter our negative GDP growth. If you can't still suggest how we go about that , then you are doing nothing new than just criticising.

Truth234:
How does this make sense to you? You are giving investors money without considering real economic growth, what about 25 year high unemployment rate? So is better not to create jobs and give money to oyinbo wey no send you.

Even US that is the most appreciated economy this year, held rate unchanged immediately Britain exit the EU. Global risks and current uncertainty will continue to weigh on growth, especially emerging economies. Why is Japan, third largest economy, UK, New Zealand etc cutting rates to aid growth and Nigeria increasing rates.

The same way they refuse to float naira until last minute.

Can't you see the big picture bro? That lack of bulk forex in our account is why we are suffering this much? Manufacturers are pulling out because of lack of forex to purchase raw materials, same goes for the aviation sector & so on & so forth. Why do you think inflation is steady rising? If we can attract forex, enough forex to counter the demand. Naira will strengthen, inflation rate will fall & then we can then re-adjust the MPR rate overtime as inflation slows. That's the possibilty of the move.
You can criticise the move but I'll advice you be constructive about it. Diversification is not a 1 year or a 4year thing, Okonjo iweala has pointed out how it took 30yrs for dubai to be fully diversified. We need the loans now both for capex & to satisfy our growing appetite for forex. If you can procure a better solution, pls I'm all ears

Truth234:
CBN didn't fail to lure local and foreign investors, uncertain global economic outlook after the U.K exit the European Union and unfavorable business environment in Nigeria forced both foreign and local investors to hold back.

So, it will be totally wrong to hike rates in order to attract investors when our consumer spending is weak and consumer price index (Inflation) is at 11 year high. If we need to create jobs to boast spending by stimulating the economy domestically. It will be wrong to raise rate today, because even if they do it won't be effective. And I think MPC are smarter than that.

Uhmm too late, the rate has been increased bro! Now 14% from 12%, yes it may be a deadly move but MPC guys had to take the gamble. I mean look at what we'v done toattract Foreign Investors yet they are still reluctant to enter the market.
- The stock market increased in its capitalization this year
- The naira was devalued allowed to float
Yet we don't see FPI's coming through
This may be just be the trick to push their buttons. With inflatinn standing @ 16%, most Investors will be reluctant to put thier money in any Instrument that will yield below 16%, hence the Rates had to be pushed up. Its a gamble we must take.