₦airaland Forum

MichaelUde:
No be only the triple lock that's probably going to go, the state pension itself will at some point become means-tested then will probably disappear by the time our own time reach. The liabilities for public sector workers pensions alone don reach like 2 trillion so far and the UK's economy is worth 2 trillion or so, so its becoming clear that its not sustainable, unless taxes go up to European levels and the retirement age goes up to like 70 - plus. The issue is that there is no such thing as an NI fund, so all the money they take from you as NI doesnt enter a pot somewhere for the future - pensions are paid out of ongoing taxation.

Scotland case na a different matter - obviously taxes will go up here, the demographics are very unbalanced and Scotland can't keep its young people as work no really dey outside the public sector in most of the country except for the central belt and Glasgow and Edinburgh don turn to London in terms of housing because of the numbers of people finding their way here.

True, I have not factored state pension in my plans as I might likely not meet the eligibility criteria and even if I do, it might not exist in its current form then. If I get it, then would be a nice bonus. Even the gold platted public pensions have continually been cut down as reality hits with economic growth failing to keep up.

The UK is not the country it once was and many Brits have struggled to come to that reality. There are fewer nations available for plunder and even in that sector, there is fierce competition. Look at how the Indian deal is being hotly pursued- something that'd have been a given years back.
For the first time in over a century, a generation of Brits are in real danger of being worse off than their parents.
The issue with the inverted population distribution is that the elderly at the top would have undue advantage over policies as they have the numbers so they have to be kept happy at the expense of the ever decreasing younger populace. Good example is the recently implemented lifetime cap on care costs and mooted abolishment of inheritance tax by the Tories who many older folks are likely to vote for. Well, they have immigration to prop things up.

Zahra29:
The state pension age will continue to rise to cope with the cost of funding, not just in the UK - that was one of the main causes of the riots in France a few weeks ago.

Net migration was over 500k, a lot of whom will not be permanent settlers for various reasons.

Pension age is set to track life expectancy so that each generation expects similar proportion of life contributing to and receiving state pensions. Life expectancy has began to plateau (and even slightly dip) hence pension age would rise slower than before- from 66 right now to 68 in 2046. In same time, the number of people eligible and cost would baloon out.

At 500k, net migration is just about able to replace natural population decline .. but then, is migration really the answer?

maishai:
https://www.nairaland.com/7827222/rivers-govt-begins-demolition-ait

This is an example of the type of chancing i am talking about in real estate investment, it like there is this virtual ceiling on the profit an outsider can make from property valuations

At every valuation junction there is an agbero waiting patiently to skim his cut, even down to banana island and maitama in abuja

It's like the ownership model is dictated by this guys(family),and d model changes based on the pace of development of the area, No paperwork can escape their tactics

My bane in emphasising this is that most times as a property owner, u dont have the financial muscle to ward them off

If anybody has strategies to overcome this please discuss

Your land or property can be knocked down at the whim of some big man even if you have all legitimate papers. It's the risk to bear for having weak property laws and a weak judiciary.

Not defending hooligans but one can factor that cost into sales... 3-10%/ flat rate e.t.c for estate fees, local chiefs e.t.c.
Your price of sale is guided by market forces. Mostly, they'd even want you to sell for a higher price so their cut is larger from both you and buyer.

Gerrard59:
When Tensa20 told me this, I was shocked. How doctors go dey bribe for residency slots?

You see, these are the reasons I call out those blatantly against relocation demons. Miscreants would be on YouTube tying mumbo-jumbo without fully explaining the nitty-gritty of everything.

As everyone can see, when I call these cretins demons, e get why. There are more than a thousand and one reasons to term them so. They are not happy young and ambitious folks are fleeing the system they spoilt. From Agbaje of GTB to the demons in this section.

Demonic bastards everywhere!



I pray the medical exodus continues. The medical monkeys and donkeys at the helm of affairs might be compelled to change for good.

Anyway, it will continue. I have never lost betting against Nigeria. Never has it happened. Not today, not tomorrow, not anytime soon.

Young Medics, there you have it: flee the hell hole leaving the demons to slug it out!

Hehe..
It's a culture of impunity and low accountability.. sure not helped by poverty. We see it everywhere from president, military, religious offices. Universities, senate, judiciary e.t.c.

A top cleric slapped a child in broad daylight. Nothing was done. The lawyer who took it to court was hammered by the Judge for being a busybody and had to pay a fine. That same cleric would have got hammered if he tried same thing in the UK.

Ask the followers of that cleric what they think... they'd say 'touch not my anointed' but at thesame time, they want to question impunity elsewhere.

It'd take a while to fix moreso with gradual change except something serious happens.

Oyindamolah:
Why north?

It was the locale I was familiar with. Ongoing violence has rendered many parts of suburban Northern states (which traditionally saw the fastest growth) unlivable even for locals. The reverse hs been the case in some parts of the South where folks relocating has pushed up house price.

Overall, Abuja seems to be a safe bet. Relatively safe, more liquidity, rapidly expanding, fair infrastructure, easier to verify the authenticity and less issues with locals compared to elsewhere.

Interesting few weeks..

Talk of sustainability of the state pension triple lock... meaning state pensions currently rise by the highest of either 2.5%, annual inflation or average annual wage rise. Moreso state pension is not means tested so most people are eligible to get it.

2.6 million (and rising) people of working age are currently not working due to long-term sickness. A vast majority of these claim benefits and pay no taxes.

In Scotland, the population of those over 65 has exceeded those under 15. Infact 1 in 5 people in Scotland are over 65.

Over 500,000 people permanently emigrated the UK last year... many of which are young and working age...


One wonders how the government would keep funding some benefits... moreso with high debt, slow economic growth and lots of sectors already being underfunded for a while.. hehe

Progressivegee:
That's not right. Aside transparency of the process, one primary reason you can't swap a Nigerian Drivers licence with the UK is because of the right hand drive issue. Nigerian trained drivers would need additional training to learn RHD. Zimbabwe licence and some other African country can be swapped with UK license because they drive in the same Right Hand.

If Nigerian license is that bad, then they wouldn't allow Nigerian trained drivers drive on their roads for one year with their Nigerian license.

We no say naija no good but make we self dey calm down when criticising. Their many positives the country has

Good point, if our driving was so dvmb, we would not be allowed to drive for a year.
Yes there are differences in driving practices largely down to road layout and how tests are carried out but the ease at which our folks rubbish both their home nations and self worth is concerning. Sure, it shows up in differential attainment down the line. It's sad that the oyibo folks sometimes see more value in us than we actually see in ourselves. If our initial education was so useless, they'd be asking us to start primary school all over again.

The other day here, it was one euphemising the white man and how much of a 'god' he was while at thesame time denigrating himself. Bring back colonialism today, many Nigerians would vote in support.

Mirrors my comment earlier on perception. Sure if there are classes termed '10 steps to pass a driving test' e.t.c and you'd see immigrant folks trooping in because they believe a basic driving test is hard

Schoolhike:
Is it safe to add luck as another factor?

Your observations on perception and preparation are insightful, but I wonder if we could also factor in an element of luck or chance?

For instance, consider two drivers taking their practical test: Driver A has a smooth experience with no unpredictable obstacles, while Driver B, despite being equally prepared and diligent, encounters a reckless driver that complicates their test outcome.

Such unforeseen circumstances can often sway outcomes, even if one is adequately prepared. It's reminiscent of many other facets of life where, despite our best efforts and positive mindset, external variables play an unforeseen role in our experiences.

May we always be favored by luck and may the odds be in our favor in all our endeavors

True, there is the unpredictable factor some would call 'luck' and things outside our control. What we can task ourselveson is dojng our best. The thing is that many people who we deem lucky tend to be also those who are prepared or have the right mindset.

In the example you gave, encountering a reckless driver can even be a plus. I know someone who during a test had a reckless driver double cross her at a roundabout. She almost had to make an emergency stop. The examiner was impressed on how she managed it and largely passed her on that.

lightnlife:
..
Same applies to Credit Cards. Financial intelligence isn't a generic life skill. You need knowledge. Moreso, for immigrants who haven't been exposed to credit facilities in all his/her 30+ years before moving here, but knows credit could either make or mar his/her life, I bet they'll go all out for more insight on it.

People are at different stages of life and that would reflect in their understanding and knowledge quest.

Won't be surprised if someone still comes around to ask either of these questions in the next 2 days. Perhaps, doing some back reading on the issues might help them.

Same thing with financial intelligence. Most immigrants coming in their 30's are significantly financially disadvantaged. This is not by a credit card balance but by means of their pension accruals, mortgage, career prospects, living conditions, school accessibility, social mobility, settlement tax e.t.c. All these show up in levels of differential attainments we subsequently see among certain groups.

The first major financial commitment for most are mortgages. A high credit card limit can sometimes be detrimental to a mortgage application. When banks are considering if to lend someone 200k, their focus is usually income, current and potential outgoings, previous adverse credit report, visa type.. They are hardly ever bothered about the 'credit score' many of us are keen on.

The second thing about pursuing a high credit limit is that except its on a zero interest card, the whole idea of working towards getting that sum is not to use it.. kinda odd.

Credit cards might be a good spot to start the discussion but it just the basics. Someone here mentioned reddit UK finance page. Its a fantastic resource to start with.

lightnlife:
With 50% pass rate across the UK, I bet the conversations about driving aren't needless. If it's pretty straightforward, the pass rate would reflect same.

Look around; YouTube, Reddit, Facebook, X, there are loads of content and convo on driving generating massive reactions.

It even more important for migrants to have these convo as most have been used to a different driving terrain/rules back home.

.....

The conversations on driving are important. Only thing is that they're repetitive. The format for the exam has changed little in a while. A single sticky post could serve most querries for years to come.


One thing I aimed to address is the perception around the test.

When I initially came to the UK, I stumbled upon 2 Indians who unintentionally spoke about the test. Person A used it as an example to explain how many things in the UK have clear guidance. He said it was straightforward. What you're asked to do is exactly what your tutor has done with you previously and on same routes you've driven before. No one was trying to set traps. All they needed was to prove you are a safe driver.
Second person used the test to evidence how everything in the UK is complex, how he never needed a test to drive for years, how he had failed multiple times and didn't know why e.t.c.

To me, there was a clear reason why one passed on the first attempt and the other stuck in a quagmire. I have seen same trend with many exams in this country. There's hardly ever a catch. Perception and preparation are usually what is needed.

How many times would this be posted on nairaland front page?

While no knowledge is waste, we are not Brits and the average Brit is not concerned about where we originated from. To most, Africa is a single country.

There are barely posts about how most of our states, empires e.t.c came about.

Neo-colonialism a.k.a mental slavery

I always wonder where most religious Africans belive their ancestors who lived before the coming of the Europeans or Arabs are... heaven or hell?

@op,

Its important to know basic economics before you start posting articles.
The exchange rate of two given fiat currencies mean nothing whats important is stability.

Take the two charts below:

USD vs WON
USD vs NGN

The usd is excanging for roughly same price today against the WON as it did in 2009. For the Naira, the USD is exchanging at over 5x more.
7000 WON would beed to exchange for 1 usd for it to have a comparable performance with the Naira.

Investors want stability. You want the relative value of your currency to be stable with time

emmasoft:
See the attached from Norrenberger capital and asset Management.

Get in touch to start investing in MMF, Dollar fund etc.

Call/chat with my displayed contacts on the signature.

Is there an index fund that tracks the NSE or an index fund one can invest in from Nigeria that tracks the global market in a weighted proportion?

awesomeJ:
I apologize for that bad advice that year.
I had an unduly high faith in Emefiele.

Now I've even learnt some tech skills, I earn some dollars, and I prefer if it reaches #950.


Again apologies for being "over patriotic" at the time. I could have listened to people and switched to USD at #480 then. Only good thing for me is that when the heat got too much, I was forced to learn skills that now give me some USD earnings once a while.

Hehe...

No need to apologise, you did what you thought was best for you and country. Only underestimated the untoward effects of decisions policy makers made then.

As an investor in the 21st century, even with patriotism, it's worth having a global outlook.

Would surprise if many of the older established folks preaching against japa have sorted second passports for their kids.

maishai:
Sir, I wish to ask, for practical advice on how to protect your real estate investment from what i term hawks.....

They usually appear when a property has appreciated substantially, say u bought a land 15years ago, built on it at lets say a cost of #100,000...... fast forward to today and same property is worth #50 million and the property is hotly being contested with u.............

I need practical experiences on how to mitigate this types of scenarios as I have found out dat at every point a property increases substantially in value, a new hawk comes out contesting the land

It’s always like, “no be only u go chop the benefits that comes from the property appreciation”..............

Haven't been badly affected aside usual settlement which I budget for. But then investing in properties can be a landmine especially if you're not local.
Its not helped by the fact that very few states aside FCT have a good geographic information system. Reason why some prefer Abj as it has more liquidity too.

If the land remains fallow in an area that has hugely appreciated, it would be a target. It's even worse when it's a large piece. You'd many times need the help of locals to ensure no one sells it off even with a fence around. When u sell, you'd share profits.
I've seen locals fall the perimeter fence of a large plot which oddly was adjoining the very company of the owner. Of course, the owner had C of O but till today (5 yrs on), there's still no headway on it.


Eventually, depending on where you are, when selling, you'd need to budget something for locals who helped. Many times, you cant avoid this. Best is to negotiate, factor these costs in your selling price or push majority of it to the seller.

Personally, what I do to secure is low fence, military keep off post and get one of the locals to farm there. I tend not to keep for too long. Once I get the appreciation I've targeted/slow down in the area, I sell and move on. My purchases have largely been in the north though.

togifon:
Who pay?

Mu.mu


Another reason to japa...

madridguy:
Oyinbo country self too get wahala.

You cannot discipline your wife as one can do in Nigeria... Your wife can wake up and call police for you and police will ask you to leave your home.

You cannot scold your kids, if you do so and the authority get to know, they will take away your kids and hand them over to a foster parent.

And this is the place some people are selling their assets to go

My prayer to all Nigeria men suffering under their wives in various oyinbo country.

Discipline your wife?
And who disciplines the man.... Or is he above reproach?

lightnlife:
This is always been my position on getting a manual license so you can drive both.

What's the point getting a manual license when you'll only be driving an auto? The requirements for driving a car in the UK are not straightforward.

This might motivate someone, I passed my driving test today (first time) without any minor. It's possible, you can do it.

There's so much ado about driving and credit cards on this fora. A huge deal is made out both.

For driving, it's straightforward. First is to recognise that many pass this test daily. The unsaid reason why most fail the practical is almost always fear. Most times, one must have driven that route multiple times with their instructor. Same thing your instructor tells you is what they'd ask. Perception is impo.

Regarding manual/auto. My advise is always to learn what car type you're used to or going to buy. In my time, I tried tinkering with a manual for a day and left it. Wasn't worth the stress and told myself if I needed to drive a manual in future, I can redo the test which would be easier then. Suffice to say, I've never had need to drive a manual vehicle. With ULEZ and move to electric, most cars would soon be autos eitherway.

All said, I wonder is a sticky on these two would help repeat questions bound to come in future.

kkins25:
Yes no doubt about income. The work load, especially for starters is what I'm hitting at?

Anyone who aims to be a dr just like other high paid vocational professions knows its a tough job.

That said, the workload is hardly the reason for higher pay. The responsibility, skill set, economic output and being part of a regulated profession forms the basis of pay in most nations. In a big hospital, the porter, security guard and even juniors nurses work 'harder' than senior docs. Responsibility and role is what the pay is for.

Good balanced writeup

Exceed15:
Invite your wife/ woman over to UK at your peril. Premium tears awaits you.

Except you decide to remain single. Human beings every share similar traits. Most successful Nigerians in the UK are married to fellow Nigerians.

verybadmouth:
Better o. Even my neighbor that is a well known juju yahoo+ big boy has traveled with his wife and kids. UK has suffered I swear

Not excusing fraud. You're the one who made the allegation. That aside, is there a 'quality' of Nigerians UK is free to pick and a 'quality' fit to be keft in Nigeria? I smell neo-colonialism. If there is room for young Nigerians docs, the UK should equally make room for others.

Gerrard59:
Why doesn't his type put their yansh siddon put for Nigeria? Why the urge to japa? They should remain in Nigeria, for crying out loud! No gun was pointed at his head to sell his properties and relocate.



No one has ever lost betting against Nigeria. We have had demons here spew mendacious statements that skilled folks can't earn good money in the West. Again, anyone who wants to relocate/migrate/japa should do in-depth research before embarking on the journey.
https://www.nairaland.com/7650379/points-consider-before-after-japa

Good thread...
Hehe... everybody wants better thing. A man of his standing should ask and ask again before embarking on such.

I remember a few yrs back, it was easier and quicker for a young Nigerian doc to emigrate, settle in and commence specialist training in the UK than getting a specialty training post in Nigeria after youth service. In Nigeria, young docs were walking the streets in search of housejob posts, some even giving up a months salary as bribe. Residency was even worse, it was virtually a theatre of cronyism and bullying. One might have to work (24 hrs x6 days) and be underpaid in the private hospital of some of the senior consultants outside running errands before they give you the 'privilege' of being nominated for training which was then another 6-8yrs of waterproofed bullying. Imagine residency slots being reserved for their kids who were still in med school.

Those young medics grew frustrated and ported. In a year, the difference was clear. While one was now holidaying, career advancing and clinching properties in Abuja, the previous big man might have to gather his annual salary to afford flight ticket to any reasonable destination and talking malaria on-end on international journals.

The West some say is a great leveler and its a big ego move for the older folks as many would have to start almost afresh being juniors to the 'baby drs' of yesterday. Of course they also miss the 'enjoyment' of being the very few 'rich' in an impoverished nation hence you hear them relishing thing like 'I used to have a cook, driver e.t.c'

I remember one young 9ja medic on Twitter called out a chap (both now in the UK) who she alleged bullied her and sexually harrased her back home .... come and see humble begging and open apology the former 'chief' was giving... tok plenty.

Gerrard59:
Japa is good when one is young and unmarried. Japa is good when one has read the requirements and laws guiding the visa class the person uses. However, I am not a party to selling all one's properties to relocate. But if that is the person's wish, so be it.

The man is probably over 40, and again, I maintain the stance that age group should remain in Nigeria. But judging by stories across the English-speaking world, the success rate for Nigerian doctors who relocated has been very high.

......

Odd thing is that it's the senior folks like him that are partly responsible for the rot in the medical sector in Nigeria that has driven the young bright minds away. Now, they are also looking to emigrate and play catch-up to their younger colleagues. They instutionalised the culture of bullying, absenteeism, big manism and even sexual harassment. It automatically seems odd to work in a country where everyone is held accountable esp medics.

Young Nigerian specialised medics/FPs in Canada are seeing upwards of 300,000 cad per annum with some earning in multiples of that. Already, his chorus is changing, if he gets to work as a specialist, his verse would alse change.

kkins25:
I once read a novel that entailed the perils of being in the Healthcare sector.. I was thanking God i didn't do medicine.. Doctors in the west are suffering abeg😂

On the contrary, being a medic in the west is one of the more assured and beneficial jobs. Yes, it rightly comes with its expectations but the reward is significant. Being a medical specialist in Canada puts you in the top earning quota of a developed nation. Something very few would actually achieve.

[quote author=aieromon post=125474892][/quote]It's odd you fail to understand a basic concept.
He is NOT a medic in canada. There are thousands of international doctors in the west who become drivers, carers e.t.c. They might be medics in their home country but not in the west until they become licensed.
To practice medicine in any nation, you need to have a licence of their medical authority.

BTW, if you call the above 'disrespect', then there are bigger issues at stake

aieromon:
Dr Oluseun Peter Ogunnubi is a Consultant Psychiatrist. I think the point of view is his personal opinion and should be respected.

https://gracecottagehospital.org.ng/?page_id=883


https://www.youtube.com/watch?v=GZioV_iQwwE?si=W5T3JhWYuckBQkwx

https://youtube.com/@mindmatterswithdrnubi/videos

His pov is not being disrespected. There was none in my post.

From the video, he emigrated as a student and is trying to get his licensing papers together.

A person of his standing before travelling should have weighed the process and know the pathway by which an international medic can practice in the host nation and what to do in the intervening period. It's unclear if he did this.

A fair comparison would either be:
1. Comparing his life as a student with a side-job in canada to a student doing same in Nigeria
2. Comparing his earnings/life when he starts practicing as a psychiatrist to what his peers in Nigeria enjoy.

BTW, some of his points are also suspect which I didn't delve into. For example, it's not clear if he's against the productivity mandate workers have in developed nations or if he was rather referring to career fulfilment. People paid for a job should do it so we dont end up with scenarios where service users have to pay civil service staff to report to work and carry out tasks they are already being paid for

Tohmey:
Investors in the house
Please, between
Building house for rent
And
Buying long term bond, mmf and fixed income fund
Which one is adviseable and that will yield more profit?

With investing, my rule of thumb is to at least beat inflation.

For rentals, you need to do the maths on rental yield which would depend on your location.
You have the sunk in cost of land + building the property (factor in inflation as prices are rising by the day). Then rental yield. You then factor expenses such as estate agent fees + repairs and lost income such as rent lost between tenants/defaulters/court cases.
If you're able to eck out a 5 - 10% rental yield, then its fair for most as the increase in the value of the property would make up for the rest and should bring you above inflation. It goes without saying that commercial/bespoke properties generally have higher rental yield and less hassle but the capital cost is more.

Regarding mmf/bonds, its less hassle and safer generally. You can easily calculate your income and the market is liquid. Should you need to recover capital its much easier than selling a high price property in Nigeria. Issue is that the base rates on these hardly beat inflation i.e you loose buying power. Compounding can help offset some.

Personally, on the medium term, I've made most profit with lands. Aside certain commercial builds, it's the most liquid part of the property market. Contrary to what is said, without a robust mortgage industry not many Nigerians have 100m lying about. A good, secured plot of land is more desirable to many and the roi could baloon quickly. The catch here is knowing where and when to buy and sell and the fact that there'd be no yield while the land is held.

Karleb:
...
There are many instances like these and it's always UK-Nigerians.

Sometimes, its the perspective many people miss.
Reason why you hear things like bills tax etc from those who've not lived abroad
Or comparing rhe price of food in say Nigeria and the UK based on the sticker price of items forgetting that food is at least 10x more expensive in Nigeria and most African nations than the UK. Same way folks compare individual savings in the UK and 9ja without asking the different reasons both groups need to save.

Another is castigating the mortgage system of home ownership in the west saying 'I will never borrow, I will always pay cash'. They forget that modern mortgage was an economic miracle of the 20st century just like discovery of electricity was to tech. The inability to set up a proper mortgage and pension system (just like power supply) like virtually every western nation forms a major reason why African nations remain in circumferential poverty.

Take the chap talking about travelling for fun. How many Nigerians can truly afford it? The average 28yr old Brit irrespective of their job/earnings would have easily visited upward of 10 different nations for holiday. Many even take a year out just to travel. What resorts/holiday destinations do we even have in Nigeria that are functional and affordable to the public? I'm not even talking of travelling out for holiday. Even the traditional ritual of travelling back home during festivities has become unaffordable for many.

Klass99:
Or you can sound out people close to you through honest conversations for their candid and unbiased views which is a cost effective option. Well grounded people whose judgment you trust or can trust.

....
Link to his thread here https://www.nairaland.com/6704962/nigerians-returned-abroad-regret#104856572

Bias differs based on our lived experiences. Ask the many more who have remained abroad what they think about returning soon

It depends on what cohort you ask but for an overwhelming majority of Nigerians, migrating to the West to work legally has given them opportunities they would only have dreamt of.

Take two scenarios

First, the last time we had this frenzy of emigration was in the late 80's/90s. Many Nigerians who had the means to leave stayed back. Virtually all those I've met today who stayed back regret that it. In same vein, almost all who emigrated then still think they made the right choice 20yrs on.

Secondly, I know two sets of retiree couples who moved few years back. They were well established, both had houses in nice areas +cars and one a driver, cook e.t.c. They both took the move to different Western nations. Of course, though they had kids abroad, they had to recommece work. On my last discussion with them, they still believe they made the right decision and main regret still remains not leaving earlier.

Mindlog:
From the video he said he is a Consultant Psychiatrist, same professional whose colleagues earn over £100 per hour here in the UK?

Funny thing is that Canada medics much higher than the UK hence why many UK docs are leaving to Canda/Australia/New Zealand.
Also, an equivalent sum paid in Canada would go farther than in the UK.

All put, from the conversation, he regrets the move less as he settles in.
Also, he's still a student and not a medic. How many studentsback home enjoys what he he does there? Once he's certified, his chorus would change.