₦airaland Forum

Also in the news...

The number of people inactive for health reasons was 2.8 million by the end of 2023 – a rise of more than 200,000 on the year and a jump of 700,000 since before the Covid pandemic. In a literal sense, this is a sick economy....Employers are also trying to plug the gap by employing more people from overseas. The number of UK-born workers decreased by 312,000 between the fourth quarter of 2022 and the fourth quarter of 2023, while the number of foreign-born workers rose by 405,000.
https://www.theguardian.com/politics/2024/feb/13/uk-labour-market-long-term-sickness-economy-workers

I remember my statement the last time this record was broken...

The next 1-2 years hould be interesting.

The effect of the salary cap should soon simmer through. Less number of masters students, the few coming have no dependents. Care pathway has been restricted.

For starters, I'm say more vacancies would crop up in the care sector (like we had 2-3 yrs ago), more shortages in other sectors and universities moaning. I pity some folks doing masters though.

justwise:
I was shocked when I read that story on BBC website. £11K a month he is getting for round the clock care and he was able to save 50K for holidays with his two PAs. No wonder city councils are going broke. Shocked !!

My council would soon join the list. Number one expenditure and rising for most is adult social care. While very important, many are beginning to understand that money needs to come form somewhere.

lavida001:
We pay tax and they use it to pay benefit and disability allowance. Yet we are not entitled to public funds. Immigrant eyes dey see shege.

Looking at my tax deductions and I fit just start to cry

Hehe.. the immigrant of today would be the Brit of tomorrow. Just that most immigrants have already been chiselled in a way that they'd put in the extra effort for the sake of their kids

victorazy:
Bros am telling you the fact. Because you don't know doesn't mean it doesn't exist.

A furniture set in Chinese market is N1.2m but here in Nigeria, Furniture house, Vento, Alibert mention them sold it N5-7m grand.

Am an architect, I know things that moves, building & interior deco things, cosmetics and children wears na hot market.

That's the issue with folks who lack a hands-on experience. You see the headline price, press calculator and start dreaming of bags of money.

Jokes apart, if you really know how to make 600% in 6 months, why are you not richer than Dangote?

Take the example you gave. Have you factored in costs of shipping, clearance and and associated risks, cost of renting a showroom good enough to showcase furniture of that price, staff costs, taxes and levies, inflation and turnover? Even if at the end, you make such turnover, what stops someone from buying same furniture and selling it for 4m to put you out of business?

Less than 10% of Nigerians have 500k in their account. How many Nigerians can afford furniture of 8m to give a good turnover? As an architect, can you afford it? Why then do you think its a 'hot market'?

victorazy:
More than enough to start big business here!

I use 500k rent a very wide shop in good location.

Use 300k to shelf it to my taste.

Use N2.5m arrange clean Toyota Corolla or Matrix.

Use 2.5m to start mini importation from China
Use 200k to waybill it to Nigeria. Plenty change to remain, in next 6month you've made 600% even more.

You hold 8m u wan Japan? Come make I lecture you.

Lol...
You know if you can truly make 600% of your capital in 6 months and do so on a consistent basis, you'd be richer than Elon Musk in a few years?

I wonder if you've ever run a business before

victorazy:
With 8 million and still wan travel?

You think those who travel do so with 2k?
Ticket to UK alone na how much?

Tolzeal:
Thanks for the well detailed post.
Do you think it’s smart to invest outside US? I’ve always been putting money aside working with US dominated index funds .

With low cost global funds , I have VUSA , VOO on T212 and VUSA did 15% gain this year which undoubtedly quite astonishing.

Would you prefer VUSD to VUSA to this depends on aggressive you want to go with your investment approach.

Again many thanks for your contribution and looking forward to hearing from you.

Generally, the US vs global market moves in ebbs and flows with one outperoming and the other lagging until they swap.
The US markets have been astonishingly strong over the last decade but how long that dominance would continue for is uncertain moreso after such strong growth.
While still a good option, buying only US means less diversification and you being fully exposed to any downside there.

A global or developed world index would have about 60% US exposure so the gains from the US would feed through. The caveat here is that in certain things, the rich (US) only get richer.

There shouldn't be a longterm difference between VUSD and VUSA hence worth going for that which is straightforward.

I came across an article recently which backtested a global index and a US only index over the last century. Oddly, the global index performed better as it had less downside risk (usual caveat).

PoliteActivist:
*Politeness*
It will bring in people and investments.
Don't you see US always accusing China of intentionally devaluing their currency?
Example, if Togo devalues their currency you'd be going there to buy stuff and vacations, but if they inflate their currency you won't go

Why are those investors not rushing to invest in Zimbabwe, Argentina or Lebanon?

Foreign investors want to invest in a nation with a relatively stable currency not one with galloping inflation.

The best they'd seek would be to buy unprocessed natural resources for pennies leaving the locals in penury.

Still on investors, the first foreign investors you'd get would be Nigerians in diaspora. If this group have stopped investing back and only send money for living expenditure, then is it foreigners that'd rush to invest?

adekzy:
Please how can I setup an ISA. I have some £5k sitting idle in my Lloyds and Halifax savings account. Also which High Yield Savings account can you recommend.

Thank you.

I'd drop links to a number of resources worth delving into if longterm investing suits. I've found these quite helpful.
ISAs are better for most (esp higher earners) as all earning are fully tax free. What kind of ISA suits becomes the main issue.

For ISAs- https://www.moneysavingexpert.com/savings/isa-guide-savings-without-tax/

Savings account guide- https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Cash ISA vs savings acc - https://www.moneysavingexpert.com/savings/best-cash-isa/#compare

For longterm investing, I use my ISA to buy low cost global index funds (i.e a fund that passively buys small stocks across the globe). Reason is simple and well explained in the short video series attached. You'd typically need a S&S ISA or other vehicles.

https://www.youtube.com/watch?app=desktop&v=_chiIIxMGl0

To compare providers offering these funds- https://monevator.com/compare-uk-cheapest-online-brokers/#comment-1595166

To compare global index funds - https://monevator.com/best-global-tracker-funds/

Personally, I use 2 brokers - InvestEngine for S&S ISA (cheapest) and Vanguard for Pensions. Across both, I invest solely in low cost global funds. For regular savings (after exhausting ISA allocation) I use Chip savings account.

The question here is how could a single person allegedly comit such and for so long in a first rate Federal University?
What are the checks and balances in the institution?

Sadly this could be the case in other institutions. This should trend should be brought to an end.
This should warrant a bigger investigation by wider bodies e.g the NUC, federal assembly e.t.c possibly leading to a suspension of the governing body/VC and concrete steps to prevent a recurrence in future including an independent body/arm to investigate similar complaints.

iluvtotodie:
I greet the house o

I have a very important question to ask, so i joined this ajo group where we contribute £2000 each every month and we're 5 in numbers so in total someone is entitled to £10000 every month. I happen to be number 2 on the list. I have some fears and i need to know. Shey awon werey HMRC no go shook eyes inside this money as they'll be dropping it in my account with reference as monthly Contribution

Hehe... thats not income/taxable revenue. HMRC isnt bothered abt it.

But the risk folks take sef. Tomorrow, stories would arise.

Why not put that same 2k monthly in an ISA (cash or stocks) and get interest or growth on it which is interest free? If you're worried about dipping in, a fixed term cash ISA would help.

profemebee:
https://www.ctvnews.ca/mobile/politics/canada-to-reduce-the-number-of-international-study-permits-by-35-per-cent-miller-1.6736298?clipId=68596

With the economic downturn in many western nations and elections approaching, immigration has traditionally been a low hanging fruit.

With Canada, it's a bit more nuanced. Fees for local students were reduced by 10% in 2019 and since then, it was frozen. Colleges and unis were shoehorned to the international market with foreign students accounting for upto 80% of numbers in some schools. This was marked among colleges (not unis) which mainly give out diplomas. For a population of 40million, even the new cap of 360,000 is still pretty impressive.


This change has pushed the ball back from the federal government back to the provinces. It's either they fund these colleges or many would collapse. I expect intense lobbying.

Masters students are largely unaffected by the cap and they can still bring in dependents.

The reality of the 'student' market is that for any nation looking to charge extortionate fees (esp for masters), there has to be a reasonable path to longterm stay if they want to capture good numbers.

Raalsalghul:
And schools have become more stringent with payment conditions.

I hope it works out for most

ehizario2012:
Very interested in this rent reporting agency... So that my rent money won't be dead money according to some ogas here

Truth be said, I doubt if that rent reporting stuff actually works. Mortgage criteria are quite straightforward

SamAfrik:
. I know Mandela's violent past when he was ANC youth leader but where did that take him. He made more gains by preaching peace and self sacrifice. Martin Luther and Ghandi also paid the ultimate price for what they believed. You are the ignorant person here if you think terrorism (Hamas) is the best approach. If you are so pained, kindly take a gun and head to Palestine.

Emotional outbursts are hardly the answer.

I see your aim is to equate hamas and Palestine. i.e Palestinians = terrorists. Its a time tested emotional strategy to excuse genocide by first dehumanizing a group then visiting whatever harm upon them e.g Hitler did same with Jews etc

It's well agreed that the continued subjugation, bombing and blockade of Gaza as Israel has done over decades would only convert more Palestinians to violent fighters. Thats why even the UK and US have been pushing for an independent Palestinian state- something Israel is strongly opposed to. I wonder how long they hope to subjugate them for.

lavida001:
Maybe the guy is just motivating his fellow breda or maybe it's the typical Nigerian I better pass my Neighbour syndrome.

Saw a post on twitter about a guy that finished his maters and he his about to begin his PHD. He slept and never woke up. Investigation was done and cause of death is "stress" . As you dey do HCA and construction try dey check on your health / blood pressure. If your body no carry work in particular day make sure you call in sick and rest. Dem just dey use shift beg me i told them im not doing no be me una go kill.

If you die today Pounds go still remain, pounds no dey finish.

Abeg we should tone down with this typical Nigerian this or that. Generalisations are almost always wrong.

Cause of death 'stress'? Hehe... Was that from the coroners report or were the 'investigations' mainly hearsay on Twitter?

hustla:
Mehn, the number of tuition support and go fund me I've seen on Twitter in the last 2 weeks ehn ( that's minus the RIP tweets for Nigerian students...)

Think people don't plan for the realities on ground

Continued naira devaluation might have meant home sources of funds might not be able to meet up.
Also, influx of care workers + dependents has meant usual 20hr jobs have not been as easy to come by.
Some also didn't have reasonable funds initially and now have to face the reality

I wonder how many would fare in the longterm (after PSW) with the new work visa rules.

Righthussle:
I hate to hear/read this question


Amaechi did not make Wike governor but Wike singlehandedly made Fubara governor.

Goodluck Jonathan's gentle disposition made me love the Ijaw tribe but Fubara's ungratefulness is making me have a rethink.

Fubara first responsibility is to his constituents as it should be.

I find the bolded aborhent. First you have a bloated idea of yourself. Secondly, that you make generalisations on an ethnicity based on the actions of one man shows nothing but ignorance and bigotry.

Dagr8tosyn:
In all honesty, if I can make 2m or N1.5m a month in Nigeria...I can never japa, i will go anywhere in the world for Vacation and return back, send my kids to school overseas too and bring them home back. It is better to be the no.1 man in your own country than to be a second citizen is another man`s land. More so, God has plan for every man, we are only in a hurry. jah bless.

Hehe...
1.5 - 2m per month is big money in 9ja but not much in the west. It alone is unlikely to give what you described except if by overseas you mean Ghana.

Your annual take home on that salary may not even pay the tuition for an international university student in the UK. That's aside feeding money, accomodation e.t.c.

The continued depreciation of the naira has significantly reduced our buying power in the international market.

SamAfrik:
I really don't understand why some people cannot think straight. You hit someone with an hammer and start crying when he brings out a gun? Does hamas care about the suffering of their people? For the fact that they are still keeping Israeli hostage and firing rockets shows they are interested in fighting and ready for the consequences.
What have the Palestinians suffered that has not been suffered by Black people in the past, yet we don't go around killing and kidnapping. Let the terrorists drop their weapons and give activism a chance. At least Black people had persons like Martin Luther, Mandela and India had Ghandi. It may take time and sacrifice but things would eventually get better.

First, Hamas is not equivalent to Palestine.

I find your bolded statement on black history very aborhent and ignorant. Every single right you enjoy as a black man in the West today (bar none) was the product of blood and tears.

Know the history of these men before you sully their names in mud. Mandela was christened a terrorist by Margaret Tatcher and the ANC as a terrorist organisation. Mandela remained on the US terror watch list until 2008. Think about that. We could also highlight how the US saw MLK during his time. Know their history before eulogising them.

Let me ask was Mandela ever a terrorist and if yes, at what point did he stop becoming one?

P.s. if responding, think carefully beforehand so you don't anger the West

soccerlite:
You get time to dey explain O

When you come online and see people having nigeria mentality reasoning, best is ignore

They are irredeemable

Hehe... true most times, I just ignore cos its difficult for people to see different perspectives moreso for Nigerians who hardly travel. Occasionally, I just state fact so folks can question narratives

RETURNOFENDSARS:
That's the point, I just don't want to go from lawyer to cleaning nyansh. I really need advice mostly from senior lawyers practicing here and lawyers that are in abroad, particularly Canada

This talk of 'cleaning yansh' being chorusd is largely borne out of poor labour laws, looking down on other people, no social safety net culminating in not understanding the concept of dignity in labour

In most western societies, minimum wage is structured in such a say that you should be able to live a reasonable life on it else folks would stop working and rely on benefits and not too infrequently, you could earn significantly more on a close to minimum wage but in demand job e.g care than many other entry level or early professional jobs.

You also need to understand that coming in, you might take a while to settle before getting on your preferred pathway. That's where the stop-gap jobs help. Easy to get and stop and pay the bills. I know of a Nigerian couple who migrated to the UK (wife a nurse and hubby a doc). The wife was the one who got sponsored and hubby had only just started looking abroad hence not took exams yet. They came along together. He picked up a care job and the flexibility of him being on a dependent visa allowed him to work very flexibly and around childcare. After 1-2 yrs, he completed his medical exams, got a job as a doc and soon after got on a training pathway that would see him earn circa £50k a yr with a £20 k lump initial/beginner bonus (outside salary). In 3-4 yrs, he's on a pathway to earn above £100k.
Asides him, I know 2 other docs and certain professionals who recently arrived the UK working in care but building towards their pathway.

Reason why you need to speak with similar minded folks there to understand what pathways exist, pay levels etc.

RETURNOFENDSARS:
I have in Canada but they are not given me the necessary attention, they're always busy

It's one of the times where I'd strongly advise you speak with people of similar standing. Hopefully you get some good advise here. You're not doing badly in NG and one would argue you could consider scaling back home

Most on NL would be talking outta ignorance. Sadly to many, what you're earning is heaven and they'd struggle to see things from your view.

Given you're above 30, getting in thru express entry is a time game. Another is visit (visa takes ages) and observe for yourself.
Can't advise more for now

Atk1nson:
This is the china that does not saddle other countries with loan.

Nigeria is also facing huge budgetary problems due to servicing chinese loans, a problem likely to get worse in the future.

You hate the west and western media but close to live in the same west.

You know, China, Russia, Iran, Lebanon all have embassies and issue visa

First can you tone down with the emotion and racism as highlighted.

Secondly, virtually every western news outlet and public official has been warning Africa on the dangers of China. Pause and ask yourself why the sudden care. Is it out of love?

Let me remind you that in less than 50yrs, China took over 750million people out of poverty. Take that away and there's been very little change in world poverty. They might eventually become a super world power and likely the first to achieve that in human history without invading any other nation - a far cry from every previous world power that left pillage and suffering in their wake.

Thirdly, Africans have had over 400yrs of interraction with the west. We are evidently in the right to air views.

Lastly, see my post above and tell exactly how your statement 'Nigeria is also facing huge budgetary problems due to servicing chinese loans, a problem likely to get worse in the future' holds true.

justwise:
Who do you blame for that?

It's not about passing blame games. You need to review the total debt stock of these nations, what these loans were used for, the opportunity forgone and then decide.

Looking at Nigeria we know quite well, we've been inundated with warnings of how China would soon own Nigeria- callings which forced the DMO to create a special document for these loans.

Loans from China account for less than 10% of our external debt stock. Oddly, they have accounted for over 90% of major FG funded infrastructure over the last decade. Abuja airport, rails etc- these are things I have used and been impressed by.

Can you tell me what the other 90% borrowed has been used for?

Are we more likely to go broke by the 'smaller' and very productive sums borrowed from China at rates of 3% or less or by our huge eurobond debts some running at over 10 % interest much of which has now been looted back into Europe?

Just like I've done with Nigeria, give me a breakdown of any of the countries listed and we discuss.
P.s. the workings of China should be rightly scrutinised but even more scrutiny should go to western agencies which have ruined countless nations. This scrutiny is sorely lacking.

@op. You've highlighted your chances of carrer growth in Nigeria- what career path are you looking at in Canada?

Are there colleagues who have migrated you could speak with?

EJIOGBENIMI:
Hello house. I’ll be 1 year in the uk by ending of next month. I opened Moneybox today and I funded my LISA with 3,500. I also put an order for a weekly deposit of £45 and monthly boost of 1000.
I am totally green when it comes to buying a property in the uk.
I don’t have a credit card. No other source of income aside from my salary.
What other things can you suggest to boost my chances of meeting up with the requirements of buying my first property in 1 year time?
My target is to save abt 40k in addition to my LISA contribution. Planning to buy home in Scotland.

I used an app called Credit Karma which guides you on whats needs to be done to improve your credit rating and lets you see soft/hard search.

All said, the 'score' is overhyped and counts for little to nothing when you come to get a mortgage. What's important is not having an adverse credit hx (e.g missed payment), your deposit, good income hx and sensible outgoings.

There's also a rent reporting agency which you can use to report regular rent payments on your credit file but again, I doubt how much effect that has in getting a mortgage.

ehizario2012:
IPTV it is mehn, get a TV 98 box stick or the likes, don't use Amazon fire stick.

Keep hearing difft things abt iptv..


What's wrong with amazon fire stick?

lavida001:
Thesame way IDF has been prosecuting Palestinians, taking their houses, barricading them like they live I. A concentration camps. This our support for the west is part of the reason why Africa is underdeveloped. We have been hypnotised to believe anything America and USA is right.

Hehe... it was here I remember someone castigated Nigeria for speaking against the apartheid regime in SA in the 80s. In his view we would have kept mum/supported it so we the UK could allow us visa free atatus for a few years like Ghana

I still think about it and shudder. The reality is that we're coming out of over 400yrs of oppression and leaders not helping matters has really affected our psyche.

I wonder if he'd want to be a black man in the West today if apartheid was still active in Africa, or how Ghana who he reported kept mum and retained the visa status (only briefly) fared afterward.

adekzy:
Yes, we have been nursing corrupt governments majorly in Africa, but how has America helped our economy apart from huge IMF loan bondage?

China via its Belt and Road initiative has done way more for Africa in a few years compared to the West in decades.

Thanks for this. The last time I was on DMO, it's surprising how small the percentage of our debt is owed to the Chinese yet these are the most accounted for.
Over 60% of our debt is owed to various western agencies for which we can't point to one thing they were used for. A dollar loaned from China had proven more beneficial to Nigerian than 10 from IMF

Of recent, there's been an obsession in western nations to 'warn' Africa about Chinese loans- one which I find evidently hypocritical. Like I asked a colleague recently, why are you worried?

This video by the president of Barbados put it eloquently


https://www.youtube.com/watch?v=B4sJqR2VNPA

justwise:
I recently unfollowed a longtime friend on facebook because of this, we.....

What is all this talk about hating the West? Sounds like emotional blackmail or another form of the racist jibe 'go back to your country'.

How does speaking against a policy equate to hating the West?
If I come across institutional racism in the UK (similar to the recent post office scandal when it happened), am I suppose to keep mum so I don't anger the West?

In my 95% British white county, all Brits with whom I've touched on the war in discussions are absolutely appaled by the amount of destruction being visited on Palestinians and do not see it as the end of this conflict. Do they also hate the West?

Lexusgs430:
The decline in numbers, further emphasises one point.......

Education, was simply a cover for mass migration...... Absolving that blogger for grassing on his kindred....😭🤣

Many times, it's the paying masters students who have failed to communicate their intent unashamedly. A UK masters is manytimes worth little both in the UK and home nations. People migrate mainly for economic reasons as has been the case for centuries. The reason why we have many foreign born NHS staff is not because they ran out of people to save in their home countries. If I'm paying 40k for something, there is no shame in stating clearly what my end goal is. The govt already knows that.

Take 4 big cohorts of students

1. China- their numbers have fallen for the first time in over a decade largely due to their local demography and the fact that a UK degree does not offer same opportunities to returning students like in times past.

2. Nigeria and India- >95% of this cohort come for migration. Like they've demonstrated before they'd keep their money once the tide changes.

3. EU- no comment.

It'd be interesting to see where this eventually settles

hustla:
Tears, wailing and gnashing of teeth don start. We never even use 2 months for the new year

Data from Enroly, a web platform used by one in three international students for managing university enrolment, showed that deposit payments were down 37 per cent compared to last year.
...

https://www.ft.com/content/71b4c6e0-aad9-4e07-9859-152ca7f2dae2

Hehe... still early days. Would be one to watch and see where we get equilibrium. Couple of things to note is that the policy is only just coming into play and Russell group universities are already being affected also the drop in numbers already exceeds projections.

Just like Brexit and Care, there are always aftereffects. The good part is that a modest rise in local fees would offset this for the meantime. I wonder if the government/locals pick up the bill of this decision or pass it on.