Benzboys:
What about flood?
People that have the money are buying properties and building wonders and you are here telling me about flood?
Is it not a temporar problem?How long does flood last in a year?Sometimes it is even occasional in some parts,so that should be reason enough not to buy a property there?
Buying a landcruiser will greatly diminish every possibility of not being able to go out when it floods,so?
Can't it be solved by elevating your house a bit and use the whole lobby as car lot and start the main building from first floor?
I'm sure you all saw what that sayaveth interior lady built in pinnock beach and the kind of money she put there,if it was that bad I'm sure she wouldn't have put in all of that in a bubble.
Enough of this poverty argument abeg,when una get the money una go know.
NL people now think they're smarter than all those who inhabit or buy lekki properties,smh...

Time and time again, it has been shown that majority of the population, or even people with money are not necessarily Smart.

I studied enough Geophysics and currently deal with enough in finance to a know a bubble when I see one, especially in a location that has flooding issues.

Nairaland people are no different from normal people out there or other rich people out there. You need to review the way you address people.

RabbiDoracle:


I believe the Nigerian banks will weather the storm. They are not like US or EU banks that suffered from margin trading loan losses, mortgage cashflow freeze, car loan losses due to the crash in stock prices and decline in business activities/temporary closure of business.

Meanwhile, the recession around the world seems to be gathering steam. We will see how global governments tackle it this time.

I will see if Fed will start to buy stocks I will see the name Fed will call that process.

“Quantitative outright buying?”


Hahahahaha

RabbiDoracle:


I completely agree with you.

Nigerian banks may have reduced transactions but it will not be as bad as he portrayed.

The big banks have net FX cushion that they will book as FX revaluation gains. This will come in handy to boost PAT.

Nigerian banks are not like US or EU banks that engaged in complex transactions.

We will see how the Q2 results are soon.

Very important keyword there at the bolded between us and them.

Northeastern:


Assuming what you posted above is true, how would prayers avoid the failures?

If Covid didn’t teach you Nigerians anything it should have at least exposed the scam y’all have been fed by these con men that always resort to prayers.

Why not pray against COVID-19 that is the root cause?

As in en! Hehehehehehehe - prayers for this and that. The scam of religion in Nigeria will be exposed one day.

I think banks should be okay. My people, don’t panic sell o! Lol. Stay very calm. And even if prices drop, I know the dividend yield hunters will be ready to mop some up.

Cyberknight:


Lol.
Opinions, opinions.
I could have said Runda or Gigiri, but I think that Ikoyi and VI compare to middle income districts in other African cities.

Middle income is you even being nice, due to that drainage system I am giving them a large resounding F9.

Benzboys:
How did you measure the level of illiquidity in the lagos real estate market?
How do you say a place is overpriced or people are living in a bubble yet the demand for those places keep skyrocketing daily in the last 13 years?
Leave elite areas and talk about middle class zones like Lekki and co.
How are those places receding?

Oga! Say no more and look at the REITs market. You will learn more and see why Real Estate in Nigeria is quite illiquid and doesn’t appreciate the way people think it does.

Benzboys:
Full detached duplexes have no demand and appreciation in the short run,especially in off locations like ikota.
People don't buy fully detached duplexes In those places where empty lands full,they rather buy land 11m use 40m build.If you want to see duplex appreciation,go phase 1 and see magic.
Look at rentable properties like semi-detached duplexes and apartments in blocks of flats,a whole different story

And the flood and all other problems “Sir Dexterous” talked about?

I agree with him 100% in that regard.

DexterousOne:


Someone had to sell his house for way below what he thought the price was (cos pricing in Lagis property market is ridiculous and stupid) just to foot some medical emergency Bill's.


In some parts of that Ikpyi
The apartments and houses are not selling cos they are damn overpriced


Property prices are not real in Nigeria

How can one say property prices goes up and not down



Why is it then a market ?
Fluctuations is what makes the market a market

That bubble is already bursting, people are not just seeing it yet.

niyoni:


Very well said. Especially the so-called Ikoyi and Lekki phase 1. Littered with over-priced properties. Buy those properties for investment/appreciation purposes at your own peril. Just like buying over-priced stocks. The bubble will burst someday.

I agree with this 100%!

Many Nigerians have a “majority consensus” that the country conditions are deteriorating. Good.

But agreement on a particular problem is not the same as action to solve that problem.

There is no majority in consensus of actions that will benefit the majority. That is the Nigerian problem.

Have you ever asked yourself how we have a multi-billion naira church industry and a lack of Health or other important business industries?

How did these churches build themselves? How come these churches are quite efficient?

XiaoLi:
Most underdeveloped countries are lawless and corrupt, countries that works dont joke with any of their laws.

Oga. If majority decide to disobey what will happen?

Will the government jail everyone? Listen to what I am saying sir.

“Majority consensus” lol!

You keep arguing.

9jatriot:
Government has a big role to play, no one is denying that, but the problem is that the people who are suppose to pay their role do not. You mentioned if someone pees somewhere in Singapore if the government will leave you, the answer to that it is not the president that will personally attend to them but the *people in this case police who are supposed to do their job.

Not even police sir. Citizens will snitch on you asap before police come. That is what we are talking about.

robobo:


My Oga this Diaspora funds is overrated

Forget abt the futuristic figure qouted by PWC which was latched onto by politician to score cheap political points

werent the Diaspora remittance available before 2016? if so why was it not able to stop / stall all devaluations before then (i.e. b4 2016)

CBN placed restrictions in 2016 on remittances because it has become a black hole aiding all sorts of crime (laundering e.t.c.) however the CBN still designed another route for the same remittances inflow to reach retail end user by channeling all inflow via remittance to BDC weekly sales / PTA/ BTA.

Anyway we had both agreed on the fact that there is a supply (either through FPI / reduced oil receipt as I stated or via Remittances as u stated) problem which if not resolved wld continue to impact negatively on NSE

You have said it all perfectly sir.

In Nigeria you can’t only be looking at Financial statements. Studying the economics of it all, is a must.

OBAGADAFFI:


Diaspora remittance is one of the big sources on FX in Nigeria.

Pre-2015 CBN restrictions most Nigerians don't need CBN form M to get FX.

You get you FX from Western-Union etc, and trade it with anyone, so we have surplus FX in circulation.

Now Diasporans don't send much FX anymore, since the CBN is hoarding it.

These CBN restrictions created the current FX crises.

FX business is demand and supply.

What we are experiencing is a supply problem.

Wrong sir. Diaspora? How much can they send?

The only thing saving us is and has always been crude oil.

In 2018 alone we spent 44 billion USD saving the naira, how much do Diaspora people want to send to cover that?

1 billion? 2? This is the reason I called a bear on the NSE then and I was right when many here were arguing. What happened last last?

Let us pray Crude oil prices don’t drop further or coronavirus situation doesn’t become sticky, else... the man called “robobo” above has described things well. It won’t be funny at all.

Benzboys:
Capitalists build countries,not governments.
Who built Japan,USA,Germany etc...?
You think all those skyscrapers you see and civilisation and all that were as a results of their government?
If an economy is not productive,those things will not he there even if the government is doing good with zero corruption.
Sujimoto is building the Leornardo now in lagos with 60m deposit,how many people can afford that?
So how do you expect real estate developers to build giant buildings in Nigeria when the fùcking citizens can't afford it because of the total absence of middle class caused by lack of capitalism and industry?
Anybody saying government is responsible for civilisation and emancipation of it's people doesn't know what he is talking about.

100%%%%%!

Said my mind!

XiaoLi:
I disagree with you sir, i dont know how many countries you have been to but if you have been to countries that is getting it right you will find out that most of them have one thing in common..the government lead by example by getting it right then the people follow government's footstep, look at what is happening to Magu..in a country that works once there is corruption allegation on him he will resign before being embarrased..but im Nigeria he will rather die there than resign, what is this teaching an average Nigerian and the younger ones who are leaders of tomorrow?

Magu’s attitude is not a government attitude. It’s a Nigerian attitude.

You say developed countries? If government set rules in this country and the citizens don’t follow this rules nkan?

Consensus is very important. Government can set all the rules they want, if the majority don’t obey, nothing will happen.

Nigsrdumb:


Some say national incomes correlates with iq. ( Most westerners believe this) eg African low iq savages who can't build a civilisation.

Others say it's related to corruption. ( Economists believe this) developmental funds stolen, which leads to further degradation.

Some others believe it's due to Bretton wood's, the Roman Catholic enslavement( western domination- first mover advantage) , Jewish capitalist cabals running the world, fiat currency manipulations (removal of the gold standard) by the feds.

I think it's the latter, but the first is now true, because environment breeds low quality humans, which causes lack of development and growth, which leads to further poverty and corruption.

Until Africans focus on how to improve productivity without waiting on the government or go on a full political revolution to change leadership, nothing will change.

I won’t be surprised if you are an adept student of psychology, philosophy and economics. You have said it quite well.

ahiboilandgas:
am not talking of smartness Nigerians are smart but criminally smart most time.......am talking of science,societies etc ....the G7 countries are mainly europeans .....look how they organise Austrilia,new zealand,south africa ...look at the quality of life of european societies ,goverance,fairness etc...do u know top Neigboorhood in Nigeria like ikoyi ,Nassarawa gra where rich Nigerians luv to stay where former european quarters

Smartness without cohesive majority consensus for your betterment will do you no good.

The black mans problem has never been “smartness”, it has always been a crab in a barrow mentality.

emmanuelewumi:



Corruption went up tremendously when prosperity religiosity became the order of the day.

I will stop doing business with you, if I meet you for the first time for a business deal and you introduce yourself as a Pastor or Imam. Introduce myself as Mr Johnson, let me find out later in the course of our dealings that you are a godly person, who is trustworthy and full of integrity

You have said it all sir.

People don’t know religion is a huge problem.

DexterousOne:



I dont really like the term "real oyibo " tho

Even tho I get what you've said


That term reminds me of the false strata this world has established as a hierarchy of humans

With the supposed Oyibo (westerners) at the top, Asians follow, then Africans


It's a warped logic

Very warped one.

And it is why it saddens me to see black men pander to that ideology in our actions.

XiaoLi:
In MMA International airport Lagos, you have to pay 2k for the small trolley and 2500k for the big trolley..it has been like this for many years...it is only in Nigeria airport i have paid for trolley in the whole world..this is pure corruption..yes it is a Nigerian that run the trolley company and it is Nigerians that collect the money but it is the responsibility of the governemnt to stop such shady business..not the responsibility of you and i if not why are they called the government?

Have you been in a position of power before?

Do you think it’s issues like this that will come to your desk?

The purpose of a leader is not to be perfect but to try and serve for the good of the Majority.

Where would the lines be drawn in government imposing on businesses? Or people solving a problem?

XiaoLi:
When the head is rotten the whole body will be destroyed, if our leaders start getting it right and leading by example things will definayely change in Nigeria, in the part of the world where i live a top government official will wait for traffic light and obey traffic rules, but in Nigeria a government official in traffic will drive through the way one route..tell his mopols to clear the road for him with force..e.t c. I can go on and on in the attrocities that our leaders commit...so how do you expect a common man to be different tomorrow if he has such power? so i don't agree with those who said that Nigerians is the problem with Nigeria..let's call a spade a spade the government is the problem of Nigeria, if they start to get it right by their attitudes,policies, full effect of the Nigerian law things will definately change..

The government cannot get it right if the citizens don’t sir.

If you understand psychology well, you would see there is what is called “consensus”.

The painful thing is Nigerians don’t understand general consensus. A country deserve the leaders it gets especially in the long term.

How many leaders do we have total? 100K? 200K?
I put it to you that if majority of the leaders are bad and majority of the people are good, the country will be far better than what it is today.

And even if “all” the leaders are good and majority of the people are bad, you would be wasting your time.

Just look at racism in America back in the days, Texas and co, there were rules against racism but the white citizens continued it. They are enjoying what they are enjoying today because of a majority consensus to do what is right.

Same thing with the George Floyd incident, at first the mayor and chief of police wanted to do anyhow, see what a majority consensus did to them.

Because many Nigerians are benefiting from the corruption of our government, many are not interested in doing anything for the country. Just look at fraudsters, is it not the same government they complain about that is bad that makes lax laws that make them do their fraud with impunity?

What about Contracts? This is the worst, but we have been blaming government for years, but what has the majority consensus done?

XiaoLi:
Increasing poverty is making Nigerians more corrupt, it is a proven fact that people are nicer and happier when they are comfortable, a brother that i have really helped had to dupe me of 30k in getting a cook when i wanted to visit Nigeria, cook charged 70k but he billed me 100k..this is what financial insecurity can cause..many Nigerians living in Nigeria are like this

Nope. This excuse doesn’t apply again.

Invictus Obi defrauded people off, not 1, 2 or 3 but 11 million USD.

Hushpuppy nkan?

We live in a country that likes flamboyant lifestyles earned via short cuts. At a time in my life I thought I was suffering and I have met people who have suffered more than me and still... made something good of themselves without succumbing to their selfish desires.

Nezzjnr:

I saw that thread and that discouraged me from doing any business in Nigeria

I'll just stick to investment alone

This is heartbreaking sha. Chai!

Cyberknight:


The most ironic thing is that Sanders' is not advocating anything fundamentally different from what other, also rich and thriving European economies are already doing.

America's refusal to tax its people properly to pay for a reasonably comprehensive welfare state is strangely out of tune with the rest of the developed world. Remember when Warren Buffett pointed out that he pays a lower tax rate than his secretary because his money is working for him while she is working for hers.

Exactly! People like Warren and Buffet have shown that you can be a capitalist and still want social welfare for others in your country.

AnthonyAnderson:


Very brilliant.

Ordinary street protests against govt policy you wil see them chicken out. They always love to run down the country at the slightest opportunity. It is a thing of pride.

During elections they wont even vote but tell you who will win and lose hence they do not need to come out to vote....

Exactly! Hit the nail on the head.

emmanuelewumi:
I threw up a question the other day for people to choose between employing,

1. Competent staff but does not have integrity.
and
2. Incompetent staff but has integrity.

2 all the way. Even Warren Buffet said he will choose number 2.

ultron12345:


I can relate very well with your second paragraph.

Nigerians are the problem of Nigeria.

You have summed up a very significant problem that many overlook. That stealing. My father faced that problem, mother did, many friends abroad face that problem even when their family members run the business.

The problem is so rampant I have been thinking if I found a way to create a business that solves that problem I will be richer than Dangote. Yes! Because I will have many clients.

DexterousOne:


Actually I am not

What I am triggered about is when someone posts some strides other countries are making

And Nigerians who think Nigeria is the all and all in their head always seek ways to discredit or poke holes into the post


Look at what someone posted as rebuttal to someone posting Sputh Africa and Rwanda


The two sides of tbe Nigerian story MUST be told
No deceit


While we have a resilient people, a big market and gio getters as a people

We also have failed government and governance, shameful infrastructure and abysmal policy measures (not to talk of the no light, increasing poverty and the threat of insecurity in the north east)


Just saying

And the Rwanda you are on and on about...

Lol! Let me not say much. Else I become... lol

But one thing I have learned. Actual Economics and numbers say more than beautiful pictures.

DexterousOne:


And let's be truthful

If we were to measure Nigeria and other countries in terms of many indices

Nigeria will lag behind in a good number of them.

But that's a discussion for another day.

You are wrong again. What is your definition of “many” how many indexes?

We will lag when that index is relative to population oga. We have a population explosion problem. Apart from that, we are crushing it many other countries.

And you said somethings here that were not facts. If not for the useless ban bot here would have posted my analysis, Yes! Actual economic mathematics and not just blanket statements, but that train has passed.

ultron12345:


You're 100% right

Till today, I still appreciate that Nigeria gave me the opportunity to attend medical school with less than $100, without taxing me to death. Even though I no longer practice, I always find time every month to donate my medical skills to the society as a way to give back to the nation, because if I was made to pay the true value of that MBBS degree, I wouldn't have been able to.

I've worked in government hospitals where people pay 10K for caeserian sections, and yet will say Nigeria has done nothing for them, ceasarian section that if I'm to do, only the cost price without my "workmanship" will cost near 100k.

The fact remains that there is no problem with the land called Nigeria, there is no problem with River Niger or Zuma Rock. The problem of Nigeria is Nigerians. Those leaders we insult are also from amongst the citizens, the SARS that abuse their power are also from amongst the citizens. They didn't come from another planet, they are our fathers, mothers, brothers, sisters, and neighbors.

If you take all Nigerians to Dubai and bring everyone from Dubai to Nigeria, in less than 4 years, Nigeria will turn to Dubai and in a few months, Dubai will turn to Nigeria. Before you know it, the Nigerians in Dubai will be begging for visa back to Nigeria.

Exactly this! This is analogy mirrors my philosophy.

An average Nigerian issa thief! Let us not lie. That is why many businesses die. You can’t even leave someone to run your business for you. They will embezzle your money.

Instead of Nigerians to admit to our own selfishness and try to change. We are still here.

DexterousOne:



I'm not against portraying positives actually


There positives to portray


However
Self deceit is what I hate


And not telling the truth about the situation of things


That's why I laugh when I watch channels on YouTube like Wode Maya and the likes

The same country I know?
Lmao


Portray the positives

But acknowledge the negatives

And dont get triggered when its pointed out

Sir. I think you are the one triggered about the positives. This is not the first time we have had this discussion.

Everyone here is not ignorant to our problems. In fact Nigerians have a PHD in analysing Nigerian problems.

People were talking about Nigeria relative to other countries, people didn’t say Nigeria is “heaven” or “paradise”.