Edogirl2's Posts
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 Politics › Re: 2 Year Rents Banned In Lagos, Landlords To Be Jailed For 3 Years. by edogirl2: 3:52pm On Aug 06, 2011 |
makizee: |
| Politics › Re: 2 Year Rents Banned In Lagos, Landlords To Be Jailed For 3 Years. by edogirl2: 3:40pm On Aug 06, 2011 |
s |
| Politics › Re: 2 Year Rents Banned In Lagos, Landlords To Be Jailed For 3 Years. by edogirl2: 3:05pm On Aug 06, 2011 |
To those who say tenant (T) and landlord (LL) can voluntarily agree to multi - year advance rent, well, this will still be against this law. The fact it is voluntary will make no difference. Where an Act/Legislation forbids an action, individuals or corporations cannot by agreement override/bypass such legislation. Look at it this way - if A agrees with B to kill the latter (for life insurance fraud for instance), such agreement will be null & void in the face of a crimanal charge of murder under the laws of the state. I understand that LLs prefer multi-year rents because getting some sitting tenants to renew their tenancy can be challenging. Some Ts will be in arrears, yet sit tight, knowing fully well that it could take another year or more before the LL can secure their eviction through the courts. In that respect, & as part of the new law, the govt should consider making it easier for LLs to seek redress (such as eviction) through the courts once a tenant is in arrears of rent. Current process is cumbersome, costly, & the delays in the court process often puts a landlord at the mercy of dubious tenants. This will require resources being commited to expanding capacity within the court system or probably setting up dedicated 'Rent Courts' to fastrack cases. This trade off should appease LLs and give the new law a reasonable chance of success. |
| Properties › Re: The Business And Profitability Of Rental Properties by edogirl2: 7:56pm On Aug 05, 2011 |
A smarter take on the property market is for an investor to focus on 'build to sell' with the occassional sprinkling of residential letting properties. This can be achieved by operating around a revolving circle whereby after every 4 or 5 properties built & sold, you invest some of your profits in a property for let. By investing only your profits(as opposed to your capital) in the property to be let, you retain the ability to continue the main business of building and selling properties. If you are disciplined enough to maintain the circle, you will have the dual benefit of having one foot in the profitable build-to-sell business, while maintaining another foot in slow-yielding long term residential letting business. Win Win scenario, since your exposure to both sides of the pty market will reduce the impact of some of the vagaries associated with the residential property business. As with any investment decision, you'll need to research the market, but in a place like Lagos (which I'm more familiar with), if you make the right choices in terms of getting appropriate planning documents, building in the right (not necessarily most expensive) part of town, and ensure sound build quality, and you're not using bank loans, you stand a good chance of making very decent profit. This model will not work in every part of the country, but it should work in a metropolis like Enugu. If you are building to sell, then the issue of long term supervision of an investment in an unfamiliar area ceases to be an issue. Your overiding considerations then will be whether there is a vibrant market for new properties in that area, and what profit margin to expect. Potential Win Win for all concerned, including our dear Mr Enugu, Spyder! |
| Properties › Re: The Business And Profitability Of Rental Properties by edogirl2: 7:02pm On Aug 05, 2011 |
@Spyder, I think there's a risk we all end up going round in circles, each lucking down to their own positions. What's important is that people take a 360-degree perspective on their investment decisions, and I hope by throwing a spanner in the works, I have, if anything, caused prospective landlords to do proper research. The intention was not to dissuade anyone. On the question of locality, I think you may have misunderstood what I said. I never said you should only invest in one's place of origin as you suggested. All I said was to be cautious about investing in places where one has no connection AND no prospect of adequate long term supervison/management of such big incestment. I also cited examples of Lagos, Abuja as exceptions due to their superior cosmopolitan nature. It's quite possible that Enugu is just as cosmopolitan, but since I haven't been there, I am unable to add it to that group. Remember that many of the folks who were expressing interest in investing in school dorms & the like in Enugu are based abroad. I think it is essential to help them understand the situation here in Nigeria. I am surprised you said 'land grab' did not exist in Nigeria. Are you kidding. It happens on a regular basis. Ever wandered why people buy land and quickly fence it? If the enforcement of land rights were as rock-solid as you suggest, why are people unable to leave land unfenced as they do in Europe or America. Can you buy land in Lagos and not fence it and feel secure. I tell you, if you buy land in a place like Benin, the smart areas, and you dont fence it or have someone checking it every other week or so, you will be shocked by what will hit you. Call Lawyers or whatever, and the trespasser will tell you to meet him in court. After 10 years of going back & forth to court with the matter remaining unresolved, you will understand what it means to not have proper oversight of your landed property. People, particularly those abroad need to understand buying where you have no oversight can be risky. |
| Properties › Re: The Business And Profitability Of Rental Properties by edogirl2: 5:50pm On Aug 05, 2011 |
Fhemmmy:I hope I didn't come accross as discouraging any investment in property. I was clear on the following: 1) Should one buy land if one can afford it - absolutely. Would be daft not to 2) Should one invest in residential letting as a business - I wont recommend it, but if you must, think carefully about your own situation. If you are going to scrape for the funds here & there (or use most of your current liquid capital) it's not worth it 3) Investing in city centre office premises may be a better option 4) Be careful about investing in landed property in an area where you have no connection and no guarantee of continuous oversight. If you turn your back for a few months, you may return to find someone has erected a building on your land. I speak from the experience of a family member. The risk is prob worth taking in places with exponential asset price growth like Lagos & Abuja, but not all other locations. All I advocate is folks should think carefully about what's best for them personally. |
| Properties › Re: The Business And Profitability Of Rental Properties by edogirl2: 12:30am On Aug 05, 2011 |
People should not get over excited about this build and let business. It all sounds rosy, but I will sound a word of caution. Building a property is a big investment and even in some of the smartest parts of Lagos, Abuja etc, you'll do well to make your money back in 15 yrs. It's all well & good multiplying a random figure (passed off as potential rent) by a number of flats and arrive at a tidy gross figure and think, well, this is good! The reality is that whether or not this will be a good investment for you depends on your personal situation & expectations for that investment. I am negative about residential investment business for the following reasons: 1) The returns are low, prob averaging btw 6 & 8% gross, yet average yearly inflation in Nigeria has rarely been less that 10% in recent years 2) You need to allow about 15 yrs to make your money back, assuming your tenants have not bastardised your pty by then 3) Voids - ie, periods when you are getting no rent due to the property/flat being vacant - eg the period btw one tenant moving out & another moving in - could be weeks or if you are unlucky a few months before you find a (suitable) tenant. During voids, your pty earns no money, yet all the calculations I've seen here assume that a pty will be occupied at all times. So wrong! 4) Be prepared for running battles with your tenants - the tenant who wont pay to renew his tenancy & yet refuses to move out. State Tenancy laws are firmly on the side of the tenant when it comes to regaining possession of your property. Take an unlawful step, & you could be done for trespass (in your own property!), assault etc Want to follow the lawful path? Think this - a simple repossession case can be in the courts for years & during this period, your tenant will not pay you a dime! He/she wld prefer to pay a Lawyer to go to court & seek adjournments after adjournments. If you are unlucky, he might declare spiritual (Juju) warfare on you & your family  . Eventually you will be the one to postrate begging him. This is not scare mongering. It happens!5) Ok, so you are from Ogun, Kaduna, or perhaps you currently live abroad, and becos you heard on nairaland that there is a large student population in Enugu, you want to rush there to invest millions in student dorms. Really? What do you know about that environment. Who is going to manage the pty for you. Ok, so you think Spider will forever live in Enugu becos of your pty. And what happens when he's moved on to bigger things in say, P Harcourt & the person he hands over your pty to in Enugu is not as reliable. You will get on the plane from London to Enugu to fight the guy? Oh btw, dont forget to fill up on Pounds Sterling on your way since we've heard that hotel rooms are hard to come by in Enugu. Saying that, you may not need a hotel. Chances are, the local guy will have arranged for you to be locked up in Police cell for daring to show your face. If a guy from Abia rushes to buy land in Oshogbo based on alledged availablity of potential tenants, he will face similar challenges. Outside of Abuja or Lagos, I think most reasonable Nigerians will think twice about buying land in communities where they have absolutely zero connection & know no one. Whichever way I look at the calculations, for most people, residential pty investment is simply not the best option. If by hardwork or sheer luck, you manage to have a few million naira to invest, by all means, pls consider buying land. In fact, I would go as far as saying, there are fewer safer investments in Nigeria today than buying land in Lagos, Abuja, P Harcourt, Enugu and other thriving commercial cities (without prejudice to my advise regarding local knowledge). Prices are going up every year. Once you buy though, either: 1) build on it for your own residential purposes, or 2) if your land is located in a commenrcial part of town, & you want some kind of long term pty invetment, then a smart office block (not shops)will be a good option, particularly if you can get a bank or a reputable institution to rent it. A final option is to simply fence your land, watch as it continues to rise in value, and then settle for option 1 or 2 above, or sell at an astronomical price in the future. Unless you can afford to build in the high-brow areas where top bankers & expatriates live, a residential pty invetment in Nigeria will give you far too much headache. Learn from Spyder's brilliant contributions, but take a step back, think, think again, before acting. 2 Likes |
| Politics › Re: Adenuga Moves To Take Over Nitel For $450m by edogirl2: 8:54pm On Aug 01, 2011 |
Care to tell us why? |
| Politics › Re: Adenuga Moves To Take Over Nitel For $450m by edogirl2: 8:36pm On Aug 01, 2011 |
djustice: |
| Education › Re: Team Nigeria Makes History, Wins Bronze In International Physics Olympiad by edogirl2: 12:31pm On Jul 28, 2011 |
Nice. Only a few weeks ago, I was asking a friend what happened to great schools like Oyemekun, Aquinas, Fiwasaye, Ondo Boys, etc. Apparently these schools are now a former shadow of themselves due to govt neglect. The flight to ridiculously expensive private schools is sad. |
| Politics › Re: Why Is Lagos Center Of Excellence by edogirl2: 5:21pm On Jul 27, 2011 |
kettykin: |
| Politics › Re: Lagos May Acquire Land Outside State For Rice Cultivation by edogirl2: 10:42am On Jul 27, 2011 |
-------------------------------------------------------------------------------- Quote Poster - I'm not advocating that we reduce imports of cars, tvs and other tech-heavy products. I'm talking about simple rice Seun - How many Nigerian rice farms do you own? How much money have you invested in Nigerian rice farms? Couple of weeks ago, you told a chap he had no right to comment on a similar topic becos he has no investment in Nigeria. I told you then, it was daft to suggest only those who invested money could opine. You are at it again. Now we need to leave our jobs, education etc, become rice farmers & only then can we comment on the prospects for rice farming in this country? And how soon after we set up our farms/invest can we come back here to comment sir? 2 months, 6, or maybe 12months? Can't you see the incongruity in setting up a forum and insisting only people who have invested in Nigeria may comment on the Nigerian economy? |
| Politics › Re: Zik's Final Resting Place In Ruins by edogirl2: 10:56am On Jul 18, 2011 |
surely d local cooperative, women groups etc can pop there with brooms & all to sweep & keep d place clean. cant wait for the fed in this situation. not sure about monuments but the minimum respect for all dead, including mr zik, is to keep their resting place clean, if possible. |
| Politics › Re: Lagos Flood: Acn Condemns ‘uncaring’ Jonathan For Not Visiting Lagos by edogirl2: 10:41am On Jul 18, 2011 |
being a president and a 'leader' are two different things. uncle joe was not prepared for all of this. i have this picture in my head of him holed up in a room with political servants pouring cold water on him while shouting, bombs in bornu! bombs in suleija!! floods in lagos!!! and a drousy uncle joe wakes up muttering, really? |
| Politics › Re: It's A Disgrace That Countries Like Indonesia Produce More Palm Oil Than Nigeria by edogirl2: 2:24pm On Jun 29, 2011 |
Seun:Some of your contributions are so daft. Why does one have to own a palm oil plantation in order to critique and discuss the Nigerian palm oil situation. What next, if one has never won an election into a public office, one should never be critical of Nigerian politicians/politics? |
| Politics › Senegal's President Drops Consitution Amendments In A Hurry Amidst Riots. by edogirl2(op): 9:06pm On Jun 23, 2011 |
http://www.bbc.co.uk/news/world-africa-13887613 Nation-wide protests against a proposed constitution amendment has led Senegal's President Abdoulaye Wade to drop his plans for the country's constitution. Interesting to see the guy back down in a hurry at the first signs of protests. He saw the dangers and decided it was better to keep his plush job than risk ending up in Saudi Arabia as an executive refugee. Well done to the Senegalese protesters. Hope their courage spreads to Nigeria soon. |
| Business › Re: Dr. Okonjo-Iweala Fails To Show Up For Screening by edogirl2: 10:56am On Jun 20, 2011 |
Would rather Aganga remain as Finance Minister. Moving the Finance portfolio from hand to hand every 18mths isn't clever. Also, having one or two quiet workers in the cabinet, will serve us well. Rabble rousers (favoured by Nigerians) who tell us how clever they are (they often aren't cleverer than the quiet ones), and how lucky we are to have them; who threaten to jump ship whenever the going gets tough 'cause Nigerians dont 'appreciate' them, aren't what we need right now. Mrs Okonjo & Soludo have had their time. There are other ways they can contribute to the Nigerian cause, if they wish to. Let cool-guy Aganga continue his work quietly. His Sovereign Wealth Fund initiative is brilliant. Lets see it take shape. Becoming a Managing Director of Goldman Sachs is no easier than becoming a Managing Director of the World Bank. If you are a determined expert in your field and you hang around international bodies like the IMF, World Bank, UN etc long enough (25 - 30 yrs), and you are from a developing country, particularly Africa, you have a good chance of getting to the top. That's not to question Mrs Okonjo's leadership in her field, but we can't forget that her current position is zoned to a developing country, so she prob didnt face that much competition in landing that role. These institutions are often like the civil service- be smart & be around long enough & you have a good chance of 'hiting the magic number.' She's brilliant yes, but so are many others. You don't become a Managing Director at the more fiercely competitive Goldman Sachs by being a dunce. Let the quiet man get on with his job. |
| Politics › Re: CBN May Liquidate Some of These Banks By September: What To Do? by edogirl2: 2:30pm On Jun 09, 2011 |
@Da Doctor, You make some valid points, but this debate can be had without insults. @Manny, Re - where will the CBN find money to nationalise? Prob safe to assume that the CBN will prefer for the banks to be recapitalised through the normal machinery of the markets, as nationalisation will be quite expensive for the CBN, and to you and I as 'tax payers.' On the other hand, leaving this situation which has now continued for the best part of 2.5 yrs unresolved is damaging to the entire banking sector and the wider economy. When you listen to Bloomberg news, all you hear is Nigeria's weak banking system and concerns about 'failing' banks. They dont differentiate between good and bad banks. That, in one fell swoop, casts doubts in the minds of foreign investors about the intergity of our banking sector and by extension our entire financial system. Thats not good for our economy and image. I imagine the CBN is frustrated and anxious to sort this out once and for all even if it means taking the highly expensive option of nationalisation. I wont rule out nationalisation, as long as the current CBN governor is in charge - he seems a determined guy. Mr Nice Guy Jonathan is unlikely to allow the banks to collapse like a pack of cards like Lehman. Neither will I support that - too many of our hard working, yet struggling people will lose too much. Hence why I think the CBN will keep nationalisation on the table to keep the pressure on these banks to recapitalise on their own. In then end, we are likely to get a forge whereby deadline comes and goes, with one or two of the banks successfully recapitalising. The CBN will then act as some sort of marriage counsellor and marry the rest off to previous suitors e.g First Bank back on the table with Oceanic, FCMB with FinbANK etc. CBN will prob throw in some sweetners to make sure the marriages are sealed eg pay for the wedding ring, the hall, perhaps a new car for the newly-married, not to forget 2face or 9nice for the afterparty! |
| Politics › Re: CBN May Liquidate Some of These Banks By September: What To Do? by edogirl2: 1:48pm On Jun 09, 2011 |
Da Doctor:I think you need to be careful about reaasuring people concerning their monies/life savings in vulnerable banks, by downplaying the seriousness of the challenges faced by some of these banks. It is clear that some on this forum are confused about the likely implications for their savings. Contributors who have some knowledge of the banking situation should try and strike a balanced cord in the hope that those interested will hopefully make an informed choice. First - Regarding recapitalisation, if it is that easy, these banks will have been recapitalised by now or, be advanced down the road to recapitalisation. Fact is, some of these banks are near-fatally wounded, and although they can continue in operation for a few years more, any further hit will floor them. That's clearly too much of a risk to the banking system & the economy as a whole, hence the need to set a deadline for recapitalisation. Whether the current deadline is too short is another matter. Second - while some of these banks are now cap in hand to London, Jo'burg begging international investors for investment, why would potential investors want to buy shares for 1naira today if they know they can pick same shares for 30kobo 9 months down the line? The idea of a central bank running 5,6,or7 commerical banks will undermine the entire banking sector and make us a laughing stock, hence if the CBN nationalises any bank, it will not want to dispose of it asap - what happens when buyers sense you are a desperate seller? they offer low low prices, and the CBN will have few choices then. Third - If you have money in any of the affected banks, remember you have choices. You may want to move some or all of your money to a stronger bank, at least for now. Fourth - any bank, whether in Nigeria , USA, UK etc is capable of failing howver big they appear to be. However within the Nigeria context, when there is trouble, the rich, multinational companies, local govts, states, and Federal ministries rush to keep most of their monies in one bank - FIRST BANK. I dont know which is the best bank in Nigeria, but partly cos of the powerful interests vested in First Bank, in my personal view, it is the bank least likely to fail in Nigeria. IT'S UP TO YOU! |
| Politics › Re: 2015 Presid. Race Vote Fashola(lagos) And Sullivan Chime(enugu) Pres. And Vp by edogirl2: 11:48am On Jun 09, 2011 |
Astute choice for any party - Fashola + a capable/popular PDP Governor as VP Nigerian factor - Jonathan/Sambo I dont believe Jonathan will walk away from one of the most lucrative jobs in the world come 2015. Only the life presidency of Libya (a la Gaddafi), and the semi-autocratic rulership of oil-rich Kyrgyzstan, and Kazakhstan, can possibly be more lucrative. By 2014, I see a creeping flow of newspaper headlines (paid for by Aso Rock of course) telling us how 'elders' from various parts of the country are 'begging' Jonathan to go for another term 'for the sake of the country.' Dont discount the ready availability of a 'rent-an-elder' crowd who will do anything to line their own pockets. If you have the right amount of money (pref dollars or Euros!), you can get an array of clapped-out ex Generals and octogenarian 'wise heads' who will champion your cause. If he goes for a 2nd term, those opposed will be powerless to stop him. |
| Phones › Re: Should Any Sensible Person Be On The MTN Network? by edogirl2: 10:03pm On Jun 05, 2011 |
I moved on from MTN a few weeks ago, for a different reason. I wanted to spend my money with a Nigerian company. Some might think it's irrational to make a choice based on the 'nationality' of the provider, but on this Nigerian telecom palava, I'm pleased to embrace this level of irrationality. It's my cash! Calls & data will now be Glo & Visaphone respectively. |
| Politics › Re: A Must Read For Every Yoruba!this Is The Yoruba Agenda,read & Circulate! by edogirl2: 5:36pm On May 13, 2011 |
Gekko:Agreed ekt_bear:1) A Lagos - Ibadan train line, that heads westward instead of northward, will not be viable. How will it?. If you take the north-bound trucks off the Lagos - Ibadan motorway for example, traffic on the motorway will be sparse. There's simply no demand, or urgent need for an alternative way of moving goods or people between Lagos and Ibadan. So, who will the train line heading solely westward (instead of northward) from Lagos serve? 2) Re your second point, where are these great 'population centres,' you referred to other than Ibadan? And what level of economic activities exit in these places? Ilesha, Akure, Ife, Ado-Ekiti, Oshogbo are small towns whose economies depend largely on civil service salaries, subsistence farming, and small-shop buy & sell businesses. Where is this great & urgent need to connect these towns by trains? And how can you embark on a massive project of this type on the basis that it will be economically viable 'at some point in the future.' You mean 10, 20, perhaps 50yrs? Please tell me of a bank in California where you are that will lend me just USD100k on the back of a promise that my proposed venture will be economically viable sometime in a vague future. If you can find one, I will get a ticket tonight & be in the US next week. Like Gekko said, lets start with the basics. Most of our people in this country cant afford more than a meal a day - the last thing they need now is yet another expensive folly from politicians. |
| Politics › Re: Speaker: We’ll Report Jonathan To Ojukwu–apga by edogirl2: 1:59pm On May 13, 2011 |
intimating Ojukwu of developments back home makes sense. Why would the paper twist words in a way that reduces a grown man to ridicule? Terrible. |
| Politics › Re: A Must Read For Every Yoruba!this Is The Yoruba Agenda,read & Circulate! by edogirl2: 1:43pm On May 13, 2011 |
Now, your argument is going from 'good intentions but naive,' to downright silly. Link Ado Ekiti with a town such as Ilesha?' Prob 4 or 5 small vans of farm produce travel both ways per day, with about 100 people max embarking on the same journey. Please ask yourself, does this justify laying a multi million dollar track? How and when do you anticipate the track will become profitable? Or profit is not a consideration? |
| Politics › Re: Speaker: We’ll Report Jonathan To Ojukwu–apga by edogirl2: 1:28pm On May 13, 2011 |
you prob right. if Igbos are so well represented in politics as they are in business, i suspect it will hasten the disintegration of Nigeria, as the other groups will feel massively threatened. the current situation prob helps maintain some kind of balance, albeit an undesirable one, from an Igbo perpective. |
| Politics › Re: Speaker: We’ll Report Jonathan To Ojukwu–apga by edogirl2: 1:21pm On May 13, 2011 |
It's amystery why Igbos are brilliant at business, but so inept in politics? How can a grown man/a leader threaten to report someone  Seems very childish. |
| Politics › Re: A Must Read For Every Yoruba!this Is The Yoruba Agenda,read & Circulate! by edogirl2: 1:02pm On May 13, 2011 |
Even assuming USD5milion p/mile, Lagos - Ekiti must be about 150 miles. That's USD750 million. With the Nigerian factor, the final cost will be at least double that figure, if not triple it. Now tell me, where will Ekiti state find its contribution towards this project, when it is struggling to pay the 18k naira (USD120) minimum wage to its workers. And then its yearly contribution to the maintenance of the line? Lol, you need to understand the hard facts - policy should be made with the head, not the heart. You mentioned Lagos - Kano rail line. Makes sense to link 2 of Sub-Sahara's 2 biggest cities. But Lagos- Ekiti? Even Nigeria's famously dubious bankers, who will be called upon to finance such project, will laugh this off. It is not commercially viable. |
| Politics › Re: A Must Read For Every Yoruba!this Is The Yoruba Agenda,read & Circulate! by edogirl2: 12:23pm On May 13, 2011 |
Bear says - I'd prefer if the roads are fixed. But rail is still needed for freight. If I want to transport a container of goods, better to use rail than road. On what basis is it better? There are prob less than 100 containers (prob half of that) being transported between Lagos and Ekiti per month. You will create a railway cos of that? Just out of a dogged desire to have rail, irrespective of cost, practicality, & economic reality. And what will be your Opportunity Cost for spending that scarce capital on railway - education, health, agriculture? ekt_bear:Not good enough to simply say rail is better. On what basis, in this particular case? And, no, am not confusing anything. Ordinary rail is still very expensive. If you earn USD2,000 per month, a condo costing USD1,000 will be too expensive for you while someone earning 5K per month might consider it ok. It's all relative. If you cant afford it, then dont buy it! Some of these states can barely cover their recurring expenses! The most basic rail line from Lagos to Ado EkitI, via Akure & the other state capitals, will cost USD billions to put in place & millions more to maintain per year. Public projects are hugely inflated in Nigeria and there is no current need for this one Some debts are worth it. It isn't the East Coast and West Coast states alone in the US that have industry; even Alabama does. We shall see. If the FG can come through with electricity (by privatizing it) and freight rail can be made functional Ekiti State will industrialize. Doesn't need to be anything fancy. . . rice mill, sugar processing plant, textile factories, whatever. But agric alone will not employ enough people. Agric is a rich man's game, at least if you want to be competitive with the Western world. No, this particular debt is not worth it. It will bring pain, not value add. No one is suggesting that a state turns its back on other forms of industry. What I suggest is that the immediate and medium term priority should be agriculture, from where complimentary indutries can also develop - food processing etc Agriculture will employ plenty of people directly or indirectly. It is far more important for the states to open up and fix rural roads so agric produce can be easily transported to municipal markets than wating billions on fancy rail projects which will bastardise state finances for decades to come. A better proposition for railway will be to link Lagos, Oyo, with the North via Kwara, with Kwara becoming a major distribution centre for products to parts of the middle belt, and a significant part oif the north etc. That will do more to defend Lagos's commercial interest against a future port in the East. Policy should be guided by long term strategy, some of which will not necessarily involve a pan-south west outlook. |
| Politics › Re: A Must Read For Every Yoruba!this Is The Yoruba Agenda,read & Circulate! by edogirl2: 11:35am On May 13, 2011 |
ekt_bear:I still dont see the point of Inter state rail in the SW - just going to be another white elephant. I travel frequently between Lagos and a number of SW states, and believe me, rail is not required at all - at least not for now. What's needed is for the interstate roads to be fixed. After the first 60km or so away from Lagos, there's actually not much traffic on these roads - compared to say, the M1 or M25 in the UK. Rail is an expensive business, and even in countries where they are used at full capacity, they still require heavy govt subsidies. Think Nigeria & subsidies, not again pls! Note also that some of these states live from hand to mouth. They are barely viable entities. For eg, Osun state's annual revenue is about USD 750 million. Ondo state, an oil producing state, and one of the 'wealthiest' outside of Lagos, earned just under USD1billion last year. Their revenue barely cover their RECURRING expenditure, so why embark on hugely expensive capital projects that bring little added value and cripple the states under the weight of massive debts which could take decades to clear? @ 10ceneroh - I'm not mocking these States by suggesting they go the agric way. By going with an area where they have relative comparative advantage (nearness to Lagos, good arable land etc), they can generate sufficient wealth to create opportunities, wealth, and lift people out of poverty. That's what it boils down to. Note that some states in the US are predominantly into agriculture, and though these states may not have the same per capital income of some of the richest states, they are not too far behind. Industrialisation is not the only way to create wealth. That can be left to Lagos, and perhaps Ogun. YES to improved/mechanised farming techniques YES to quality education - at least free up to secondary level YES to accountability in government YES to health, improved public sanitation, better urban planning NO to ambitious white elephant projects - rail, govt-sponsored industrialisation. Let them start with baby steps, and get the basics right first. Then ambitious projects can start in the future. |
| Politics › Re: A Must Read For Every Yoruba!this Is The Yoruba Agenda,read & Circulate! by edogirl2: 10:55am On May 13, 2011 |
I said it before & will repeat again, people who come to the internet and set agendas of 'massive industrialisation,' extensive inter-state rail construction etc for SW governors are theorists who know little about the real life situation in Nigeria. People need to understand this - states like Ondo, Osun, Ekiti have almost zero likelihood of becoming 'industrialised' (depending on one's definition of course) in this generation. It just wont happen. From a policy perspective, the path to wealth creation and poverty eradication (reduction?) must start with agriculture. No more, no less. |
and they control the largest media empires of nigeria(thisday , guardian) a good number of the frontline hotels in lagos is owned by a deltan , ibru.