You have to understand that in our present economy, we have two kinds of money. We have paper money and electronic money, which is the kind of money we use when we make transactions with our phones.

If we think of money in terms of our daily use, there doesn't seem to be any difference between the two types of money. They are denominated in the same currency. If you buy a bag of rice, it costs the same, regardless of whether you pay with cash or if you pay with a transfer. So, the difference between the two seems to be merely a matter of convenience.

But when we ask this question, "How is money created?" we then see that there is indeed a big difference between the two kinds of money in our current system.

Let's start with the easy one. Paper money is created by the central bank – we can read that on the banknotes. If anyone else tries to create this kind of money, and if they are found out, they will go to jail for counterfeit.

Electronic money is a little trickier. The accounts that we have in our banks are called deposit accounts, and that makes it sound as if electronic money is just paper money deposited in the bank. It may look like that is the case, however, it is very misleading in terms of understanding how money works in our current economy, because electronic money is created by banks when they issue new loans. So, what happens when banks give you a loan of 5,000,000 naira? They are actually creating 5,000,000 naira and then adding it to the total supply of money in the economy.

Let's take a look at how most people think the banking system works. The saver deposits his money in the bank. The bank lends the money out to a borrower, the borrower pays back the money with interest. The bank gets to keep some interest earned, and so does the saver. It's a win-win situation for everyone.

But that's not how it works. Let's take a look at how it really works. We will need to remove the saver because he plays no part in this.

A man needs a loan for a home. The bank creates a promissory note and the man signs. The bank then creates a bank deposit in the man's name – new money has just been created. Commercial banks like First Bank, UBA, Zenith Bank, Access Bank, FCBM all have the power to create and receive interest from that new money. New money created out of thin air.

I know this sounds unbelievable. I didn't believe it either, but the reality of how money is created today differs from the description found in our economic textbooks. Rather than the banks receiving deposits when people save and then lending it out, bank lending creates deposits.

One common misconception is that banks act simply as intermediaries lending out deposits that savers save with them. Viewing banks simply as intermediaries ignores the fact that, in reality, in the main economy, commercial banks are the creators of deposit money. Rather than banks lending out deposits placed with them, the act of lending creates deposits.

If you look at our total money supply, you see that paper money created by central bank makes up about 5% of money in circulation, whereas electronic money created by commercial banks makes up 95% of the money supply.

95% of the money in circulation is created by these bank loans – money that was created out of thin air. About 5% is cash that you hold in your hand that's moving around the economy. But the vast majority of money in the economy is created by banks through these loans.

These banks have an amazing secret going on – they can create money out of thin air, loan it out, and collect interest. No wonder bank CEOs are so rich.

So, when we get excited about all these new and smart ways of paying for things, not only with ATM cards but also with internet banking and smartphones, we have to remember that the price that we've paid for this convenience is that we have essentially privatized the creation of money in our society to just a few banks.

So, is there a problem with this system of money creation? And if there is, why is it a problem? I believe that it is a problem, and I'm going to tell you why.

The problem is not that the banks are evil or bankers are greedy. The problem is that banks are banks, which means that they are governed by certain incentives which make them create money in a way that gives them profits but may not be in line with the overall needs of the economy. This has at least two very negative consequences.

1. Inequality
If you're rich, if you already have money, if you already have assets, you can borrow more money at a very low interest rate. If you have little money, however, you have to pay high interest rates to these banks for borrowing money. And, of course, if you're poor and you have no money at all, then you can't borrow anything.

2. Concentration of Power
If you can decide when to create new money, if you can decide how much new money to create, if you can decide the price at which this money is lent into the economy, if you can decide for what purposes it is lent to the economy, then you have enormous power not only over the economy but also over societies. So, by privatizing our money system and the creation of money, we have essentially handed over a very vital power of society to the financial sector.

I believe that's why many of our politicians today appear very weak. It's because the crucial decisions about the country are not made in Aso Rock by the federal government, or at the Senate House by legislators, or in the courtroom of the judiciary – they're made in the boardroom of major private banking corporations by banking executives.

Watch and pray, so that you will not fall into temptation. For the spirit is willing, but the body is weak. Matthew 26:41

I believe there's another way to live besides this. But I think the problem is, as humans, we have created this mental construct for ourselves about money that's really putting us in this much pain and suffering.

You know, money has always been the problem. But a lot of people don't know what money is. I'm sure that's why we are suffering so much today. Money isn't something tangible like, let's say, an apple or a television that has real value. It's just paper, ink, and numbers on it. Money is just an exchange for value. It's not valuable itself, but you can exchange it for something valuable, like a mango.

This is how money is supposed to work: If you have a mango tree and, let's say, your tree produces 100 mangos, you can't eat all 100 mangos at once. But if you keep these mangos, in a week's time, they will spoil. The only way I can eat all my 100 mangos is for me to give them out to someone who needs mangos at that point in time, and in return, he gives me something (money) in exchange for the mango (value). So let's say I exchange 90 mangos for 90 Naira. It's not my business if those mangos are going to spoil, as long as I have already exchanged them for money (something that is not really valuable but people believe it has value). Whenever I need mangos, I can go and exchange money for mangos with anybody who has 90 mangos that want to sell, so their own won't spoil. That's how money is supposed to work.

Because I know I can exchange 90 Naira for 90 mangos, I now believe there is no point in even farming mangos again. Instead, I should just go and get 90 Naira, and then I will exchange it for mangos. You see, nobody wants to do the basic things like grow their food anymore because we can just get 90 Naira, and then we can eat. But that's not how it's supposed to work. You are supposed to grow your food. You grow your beans, I grow my rice, and the other person grows yams. But since we don't want to use the trade by barter system, I have rice, but I also need beans so I can cook rice and beans. I don't want to give you my rice in exchange for beans, so I give you money instead. You accept my money because if you need beans next week, you can go to another person who produces beans, give him the money, and he will give you the beans. And he too can go and exchange that money for beans later.

Remember that money (intangible) becomes tangible when exchanged with something tangible. That's why I can come to your store, give you an ordinary piece of paper with ink showing 100 Naira on it, and in exchange, you give me 10 cups of garri. The reason why you accepted the paper is because you know you can take that paper to someone else whenever you need 10 cups of garri, and they will give it to you.

Now, imagine, just as you produce your beans, I produce my rice, and the other person produces yam, there is someone else whose only product is money. He doesn't produce yams, beans, or anything; he only produces money.

So this person who produces money comes to me and says, "Look, why are you stressing yourself producing rice? You can just take this money, and use it to go and buy what you want to buy, but you're going to pay me back this money with interest." I would feel like this is a good deal, right? So I stop being productive because I can just go and use money. But there is no problem if I stop productivity because at least there are other 99 people producing, so it's no problem.

The problem begins when the other 99 people also say they don't want to produce anymore. They just want to take money from that guy creating money to buy whatever they want. Over time, their total level of productivity (production of goods and services) reduces, while the amount of money in circulation increases. There is now plenty of money in the economy to buy as much beans as I want, but there is no beans to buy because nobody is producing beans. So the price of the available beans will have to go up due to scarcity and demand ratio. We call this inflation.

To be honest, it takes months or even years to be productive. If I plant beans today, I have to wait months to get my beans. But, that person can simply print money today, tomorrow, and next. They can buy paper and ink on credit, print money, pay back the paper and ink seller, and then lend out the remaining money. Imagine if you were the only person allowed to do this in the entire country.

No one wants to work anymore because they can just use money for what they want. It always becomes about money. The money producer sees that nobody wants to work anymore; they just want the product they are producing, which is money. They can create as much money as they want without it costing them anything. They can produce money whenever they like, and we will always need their money. Now everything has gone digital, and the numbers in the money producer's apps are what we use as money. They don't even have to pay the paper and ink sellers anymore; they can just produce money out of nothing.

We should stop relying on money. It's just a product, a commodity, and that's how we should view it. It doesn't have any real tangible value because it's just paper or numbers in a computer system.

What we need to do is create value, and if we can't consume all of our values, then we can look for an exchange for that value, which is money. We can store the value for whenever we need it again. But the reverse is the case today because money is easier to obtain than the value itself. Obtaining the exchange for value is easy, but obtaining the value itself is not. So, people no longer want to produce rice because they can simply go and get money to exchange for rice. It's much easier.

I strongly believe that money should be based on something that is truly valuable, something that can be produced by humans, and something more valuable than paper and digits on a computer. How about if goods and services were priced in rice and beans? I know it sounds funny, but it could work, trust me.

We can rotate it yearly for the 4-5 most consumed crops in Nigeria. This year, we could use rice, next year we might try groundnuts, then beans. We would rotate it yearly and add new crops to the list, but the crop chosen has to be something that can be measured.

Instead of saying "100 books = 100 naira," we could say "100 books = 100 cups of rice." Now, all of a sudden, nobody wants naira anymore, they all want rice, automatically forcing people to take responsibility for creating their own money. This could even be a perfect way to take away the power to create and control money and give that power to each and every one of us.

My concern is, what if the book seller no longer wants to sell books but just wants to plant rice? But look at the bright side, we are exchanging value (books) for value (rice) and not value (books) for no value (pieces of paper, numbers in a computer). So, if the book seller no longer wants to produce books but wants to produce rice (something really valuable), isn't that a win-win situation?. And then maybe the next year we switch to beans, and the year after, we try something else.

There is a big problem, though. If I'm in Lagos, I can't buy something from someone in Abuja worth 100,000,000 cups of rice. How would I transport it? It's not easy to send.

But we are humans, and we always find a way. We can store our 100,000,000 cups of rice (real rice) at a rice bank, and then the bank can issue me a receipt showing 100,000,000 cups of rice (just paper, fake rice but can be exchanged for real rice). Or we can even go digital. We deposit our 100,000,000 cups of rice into the bank, and in my bank app, I would receive 100,000,000 cups of rice (just numbers in a computer, fake rice but can be exchanged for real rice). I can then send it to the person in Abuja, and he can go to the same bank branch in Abuja and withdraw the 100,000,000 cups of rice (real rice).

My major concern is, what if the rice bank app becomes very popular, like Opay and Monipoint, and everyone starts using it? If I go to my bank in Lagos to send you 100,000,000 cups of rice and you receive it in your bank app, you won't even need to go to the bank again. You can just send the 100,000,000 cups of rice to another person without actually needing to even touch the rice in the bank since everything is now digital. The problem is, what if the owner of the rice bank gives themselves 100,000,000,000 cups of rice in the app that they don't actually have in real life and starts spending it however they like? This is very bad because we are the ones who will suffer in the end. It results in the 100 books that used to cost 100 cups of rice now costing maybe 120 cups. This is human nature, and this type of scam can't be prevented yet. But remember, when things go bad as it always dose, at least we have rice to eat and not just papers

I believe there's another way to live besides this. But I think the problem is, as humans, we have created this mental construct for ourselves about money that's really putting us in this much pain and suffering.

You know, money has always been the problem. But a lot of people don't know what money is. I'm sure that's why we are suffering so much today. Money isn't something tangible like, let's say, an apple or a television that has real value. It's just paper, ink, and numbers on it. Money is just an exchange for value. It's not valuable itself, but you can exchange it for something valuable, like a mango.

This is how money is supposed to work: If you have a mango tree and, let's say, your tree produces 100 mangos, you can't eat all 100 mangos at once. But if you keep these mangos, in a week's time, they will spoil. The only way I can eat all my 100 mangos is for me to give them out to someone who needs mangos at that point in time, and in return, he gives me something (money) in exchange for the mango (value). So let's say I exchange 90 mangos for 90 Naira. It's not my business if those mangos are going to spoil, as long as I have already exchanged them for money (something that is not really valuable but people believe it has value). Whenever I need mangos, I can go and exchange money for mangos with anybody who has 90 mangos that want to sell, so their own won't spoil. That's how money is supposed to work.

Because I know I can exchange 90 Naira for 90 mangos, I now believe there is no point in even farming mangos again. Instead, I should just go and get 90 Naira, and then I will exchange it for mangos. You see, nobody wants to do the basic things like grow their food anymore because we can just get 90 Naira, and then we can eat. But that's not how it's supposed to work. You are supposed to grow your food. You grow your beans, I grow my rice, and the other person grows yams. But since we don't want to use the trade by barter system, I have rice, but I also need beans so I can cook rice and beans. I don't want to give you my rice in exchange for beans, so I give you money instead. You accept my money because if you need beans next week, you can go to another person who produces beans, give him the money, and he will give you the beans. And he too can go and exchange that money for beans later.

Remember that money (intangible) becomes tangible when exchanged with something tangible. That's why I can come to your store, give you an ordinary piece of paper with ink showing 100 Naira on it, and in exchange, you give me 10 cups of garri. The reason why you accepted the paper is because you know you can take that paper to someone else whenever you need 10 cups of garri, and they will give it to you.

Now, imagine, just as you produce your beans, I produce my rice, and the other person produces yam, there is someone else whose only product is money. He doesn't produce yams, beans, or anything; he only produces money.

So this person who produces money comes to me and says, "Look, why are you stressing yourself producing rice? You can just take this money, and use it to go and buy what you want to buy, but you're going to pay me back this money with interest." I would feel like this is a good deal, right? So I stop being productive because I can just go and use money. But there is no problem if I stop productivity because at least there are other 99 people producing, so it's no problem.

The problem begins when the other 99 people also say they don't want to produce anymore. They just want to take money from that guy creating money to buy whatever they want. Over time, their total level of productivity (production of goods and services) reduces, while the amount of money in circulation increases. There is now plenty of money in the economy to buy as much beans as I want, but there is no beans to buy because nobody is producing beans. So the price of the available beans will have to go up due to scarcity and demand ratio. We call this inflation.

To be honest, it takes months or even years to be productive. If I plant beans today, I have to wait months to get my beans. But, that person can simply print money today, tomorrow, and next. They can buy paper and ink on credit, print money, pay back the paper and ink seller, and then lend out the remaining money. Imagine if you were the only person allowed to do this in the entire country.

No one wants to work anymore because they can just use money for what they want. It always becomes about money. The money producer sees that nobody wants to work anymore; they just want the product they are producing, which is money. They can create as much money as they want without it costing them anything. They can produce money whenever they like, and we will always need their money. Now everything has gone digital, and the numbers in the money producer's apps are what we use as money. They don't even have to pay the paper and ink sellers anymore; they can just produce money out of nothing.

We should stop relying on money. It's just a product, a commodity, and that's how we should view it. It doesn't have any real tangible value because it's just paper or numbers in a computer system.

What we need to do is create value, and if we can't consume all of our values, then we can look for an exchange for that value, which is money. We can store the value for whenever we need it again. But the reverse is the case today because money is easier to obtain than the value itself. Obtaining the exchange for value is easy, but obtaining the value itself is not. So, people no longer want to produce rice because they can simply go and get money to exchange for rice. It's much easier.

I strongly believe that money should be based on something that is truly valuable, something that can be produced by humans, and something more valuable than paper and digits on a computer. How about if goods and services were priced in rice and beans? I know it sounds funny, but it could work, trust me.

We can rotate it yearly for the 4-5 most consumed crops in Nigeria. This year, we could use rice, next year we might try groundnuts, then beans. We would rotate it yearly and add new crops to the list, but the crop chosen has to be something that can be measured.

Instead of saying "100 books = 100 naira," we could say "100 books = 100 cups of rice." Now, all of a sudden, nobody wants naira anymore, they all want rice, automatically forcing people to take responsibility for creating their own money. This could even be a perfect way to take away the power to create and control money and give that power to each and every one of us.

My concern is, what if the book seller no longer wants to sell books but just wants to plant rice? But look at the bright side, we are exchanging value (books) for value (rice) and not value (books) for no value (pieces of paper, numbers in a computer). So, if the book seller no longer wants to produce books but wants to produce rice (something really valuable), isn't that a win-win situation?. And then maybe the next year we switch to beans, and the year after, we try something else.

There is a big problem, though. If I'm in Lagos, I can't buy something from someone in Abuja worth 100,000,000 cups of rice. How would I transport it? It's not easy to send.

But we are humans, and we always find a way. We can store our 100,000,000 cups of rice (real rice) at a rice bank, and then the bank can issue me a receipt showing 100,000,000 cups of rice (just paper, fake rice but can be exchanged for real rice). Or we can even go digital. We deposit our 100,000,000 cups of rice into the bank, and in my bank app, I would receive 100,000,000 cups of rice (just numbers in a computer, fake rice but can be exchanged for real rice). I can then send it to the person in Abuja, and he can go to the same bank branch in Abuja and withdraw the 100,000,000 cups of rice (real rice).

My major concern is, what if the rice bank app becomes very popular, like Opay and Monipoint, and everyone starts using it? If I go to my bank in Lagos to send you 100,000,000 cups of rice and you receive it in your bank app, you won't even need to go to the bank again. You can just send the 100,000,000 cups of rice to another person without actually needing to even touch the rice in the bank since everything is now digital. The problem is, what if the owner of the rice bank gives themselves 100,000,000,000 cups of rice in the app that they don't actually have in real life and starts spending it however they like? This is very bad because we are the ones who will suffer in the end. It results in the 100 books that used to cost 100 cups of rice now costing maybe 120 cups. This is human nature, and this type of scam can't be prevented yet. But remember, when things go bad as it always dose, at least we have rice to eat and not just papers.

Go back, re-read my post. This time read it carefully.

PARADIZEPRIEST:
banks are capitalists
BANKS USE YOUR DEPOSIT TO MAKE MONEY,THEY LEND IT TO BORROWERS TO PAY INTEREST PLUS PRICIPAL.

It is really good that the people of the country do not understand our banking and monetary system, because if they did, I believe they will be at war by the next morning. - Henry Ford, Founder Ford Motors

I believe that banking institutions are more dangerous to our freedom than armies. - Thomas Jefferson, 3rd President of the United States

If the people only understood the injustice of our money and banking system, there would be a revolution by tomorrow morning. - Andrew Jackson

I'm afraid ordinary citizens do not like to be told that commercial banks can and do create money. A lot of economists will always argue with me on this, but banks are exactly the opposite of what our Economics textbook told us they are. Most Economics Professors, if not all, think banks are deposit-taking institutions that lend deposited money, but no, banks don't do that. They don't lend you someone else's money, they keep it to themselves.

Banks have the power to create money by typing numbers into their computer systems. When a bank issues a loan to a borrower, they are essentially creating new money. This money does not come from the deposits of other customers; rather, it is newly created by the bank itself. Our current banking system allows banks to create money out of nothing by just typing numbers into their computer and then loan this money out to people and charge interest on it. This is how money is created in our current economy.

My problem is:

1. Banks have the power to create money, but this money is not evenly distributed. Banks have the freedom to decide to whom they lend money. This can lead to situations where deserving individuals, like poor farmers, come to the bank for a loan and the bank will say we are sorry we can't give you this loan, it too risky because we don't know if you can pay it back and refuse to lend them the money that was created out of nothing.

2. The ability of bank owners to create money out of nothing bring concerns about potential abuse. If a bank owner can create money out of nothing, they can just type in N100,000,000,000 for themselves in their bank and start spending it in the economy, potentially disrupting our economic stability. Imagine if you could create money whenever you wanted by typing numbers into your computer. You could give yourself large amounts of money and start spending it freely, leading to potential chaos and inflation in the price of goods and services. Isn't this crazy?

Imagine if the Government are the ones supplying our currency, then they won't have issues with providing the basic things like the provision of 20 hrs power supply and building of oil refineries.

SyrusdeHansome:


If u hand over monetary policy regulation into the hands of our government it means u don't mean well for this country. U want the country to die kpatakpata. A government that can't do the basic things like provision of 10 hrs power supply nd building of oil refineries is who u bliv can handle our monetary policy.

It is really good that the people of the country do not understand our banking and monetary system, because if they did, I believe they will be at war by the next morning. - Henry Ford, Founder Ford Motors

I believe that banking institutions are more dangerous to our freedom than armies. - Thomas Jefferson, 3rd President of the United States

If the people only understood the injustice of our money and banking system, there would be a revolution by tomorrow morning. - Andrew Jackson

I'm afraid ordinary citizens do not like to be told that commercial banks can and do create money. A lot of economists will always argue with me on this, but banks are exactly the opposite of what our Economics textbook told us they are. Most Economics Professors, if not all, think banks are deposit-taking institutions that lend deposited money, but no, banks don't do that. They don't lend you someone else's money, they keep it to themselves.

Banks have the power to create money by typing numbers into their computer systems. When a bank issues a loan to a borrower, they are essentially creating new money. This money does not come from the deposits of other customers; rather, it is newly created by the bank itself. Our current banking system allows banks to create money out of nothing by just typing numbers into their computer and then loan this money out to people and charge interest on it. This is how money is created in our current economy.

My problem is:

1. Banks have the power to create money, but this money is not evenly distributed. Banks have the freedom to decide to whom they lend money. This can lead to situations where deserving individuals, like poor farmers, come to the bank for a loan and the bank will say we are sorry we can't give you this loan, it too risky because we don't know if you can pay it back and refuse to lend them the money that was created out of nothing.

2. The ability of bank owners to create money out of nothing bring concerns about potential abuse. If a bank owner can create money out of nothing, they can just type in N100,000,000,000 for themselves in their bank and start spending it in the economy, potentially disrupting our economic stability. Imagine if you could create money whenever you wanted by typing numbers into your computer. You could give yourself large amounts of money and start spending it freely, leading to potential chaos and inflation in the price of goods and services. Isn't this crazy?

Question: Who will be regulating our monetary policy?

Answer: The Goverment

Question: Will everything all of a sudden bcom normal?

Answer: No, but there will be improvement

SyrusdeHansome:
After banning the CBN what will the country stand to gain? Who will be regulating our monetary policy? Will everything all of a sudden bcom normal? Childish reasoning

The Central Bank of Nigeria should be banned for the following reasons:

1. It is incapable of accomplishing its stated objectives:
- Ensure monetary and price stability.
- Maintain external reserves to safeguard the international value of the legal tender currency.
- Promote a sound financial system in Nigeria.

2. It is a cartel owned by all the big banks in Nigeria operating against Nigeria and the public interest.

3. It is the supreme instrument of usury.

4. It generates our most unfair tax.

5. It encourages war, especially that of February 2023.

6. It destabilizes the economy.

7. It is an instrument of totalitarianism.

They fail to accomplish the very reason they were created because these were never their true goals; their only goal is to make a profit for themselves.

China and the United States have different approaches to operating and engaging with other countries. It is important to note that any discussion regarding China's activities should be based on factual information and balanced analysis.

When it comes to debt, it is not accurate to attribute this solely to China's actions or intentions. Countries around the world, including the United States, borrow money from various sources for development projects, infrastructure, and other initiatives. Debt can be a complex issue influenced by multiple factors, such as economic policies, governance, and financial management.

It is true that some countries have entered into loans with China for infrastructure projects that have faced challenges or have not lived up to expectations. In some cases, projects may not yield the expected benefits due to insufficient demand or other issues. However, it is essential to examine each case individually and consider multiple perspectives before making sweeping generalizations.

Regarding loans going back to China, it is crucial to remember that debt repayment is a standard practice between lenders and borrowers. Loans typically come with repayment obligations, and the money is not "taken back" by the lender. Repaying loans to any country or institution is a standard part of maintaining financial credibility and stability.

Furthermore, it is common for infrastructure projects to involve a combination of local and international expertise. Contracts may be awarded to companies that have the necessary skills and experience to complete the project effectively. While it is important to prioritize local employment and economic benefits, it is not uncommon for specialized workers, including engineers, to be brought in from abroad for large-scale projects.

It is important to approach these discussions with a balanced perspective, considering the broader geopolitical context, economic impacts, and the responsibilities of all parties involved. Building a comprehensive understanding of the subject matter is crucial to avoid presenting a biased or one-sided view of complex issues.

I am in need of a mobile application developer to help me develop a FinTech app.

Since its establishment on July 1st, 1959, the living standards of middle-class Nigerians have witnessed a steady decline. Incomes have remained stagnant, decreased or stoped and the once assured opportunities and security have started to die out. Nowadays, it takes two or more incomes to cover medical expenses, childcare costs, and provide education for children. If current trends continues, young Nigerians are unlikely to experience the same level of prosperity as their parents. The availability of good jobs for the future has become increasingly scarce, and university education no longer guarantees success. On top of this, taxes are continuously rising, the country is at risk of bankruptcy, and pensions can no longer be relied upon. Economic volatility and uncertainty are on the rise, and while our politicians give various reasons to explain the country's economic failure, they often fail to look beyond the surface.

The root causes of our economic challenges can be traced back to the Central Bank of Nigeria and our existing monetary system. Despite claiming to manage our money, the central bank has devalued the currency, resulting in its steady decline in value - $1/N950 as at today, the 15th of September 2023. This continuous depreciation of our money has had severe consequences, including worsening business cycles and decrease in living standards.

Both government agencies and companies can be subject to the influence of money. Through campaign donations, companies often try to sway politicians to act in their favor. This practice raises concerns about the true representation of the people's interests. When politicians prioritize the demands of financial backers over the needs of the general population, the government will no longer serve as a genuine representation of the people.

The Nigerian political system places a heavy emphasis on money. Running for office requires substantial funds that many individuals do not possess. As a result, candidates often turn to wealthy individuals or companies for financial support, leading to potential conflicts of interest. This uneven playing field creates a separation between those who can afford to participate in politics and those who cannot, further perpetuating the influence of money in governance.

When government decisions are primarily motivated by the interests of economic power-holders, rather than the welfare of the people, democracy is undermined. The close alignment between big government and big business in Nigeria had challenge the notion of a free market society. Such a system can limit the voices and perspectives of ordinary citizens, eroding the core principles of democracy.

It seems like nowadays, anytime you ask someone what they want to do in life, their answer will almost certainly include wanting to change the world. This is a very popular ambition, one that is often promoted and admired by culture. Many leaders, CEOs of companies, and famous artists endorse this idea of changing the world. Inspirational books and videos further reinforce this idea – 'change the world, do something big,' they might say. 'Be bold, create an impact,' they might continue, the people who are crazy enough to think they can change the world are the ones who do, said Steve Jobs.

But why do we all want to change the world so badly, and is it even a good thing at all?

When we say we want to change the world, in most cases, we think we're saying we want to improve it. However, just as our motivation to change the world is subjective and ego-driven, our ability to decide what the world really needs is also subjective.

Our evaluations of the world are limited to our subjective experience and understanding of it. We can never know for sure if what we think the world needs is, in fact, what it truly does.

You are missing the point.

Cromagnon:


what makes prices of goods rise
It doesn't just go up cos one person says so o





survival Of The fittest
As Thomas Piketty Observed in his book
Capital has gained more than labour in the 20th century
The question now is, why are Nigerians not investing in capital
Na so so iPhone and range rover
Nothing productive
Now blaming the market

Newsflash
The market no send anybody o
Adapt or perish
That's nature for you





ah the age old appeal to emotion(socialism that never works) over logic (capitalism that works everywhere)











who will make these adjustments (will you force minimum wage on small businesses that can barely survive now, then you have unemployed ppl. (something is better than nothing))





should adults be waiting to be spoonfed
Did they not go to school
All this graduate and degrees they claim upandan yet no application.
Come on brother





define fair compensation
A worker produces 100 yams
His neighbour produces 700 yams

Are you Saying B must share 360 yams with lazy bones
Stealing is fair to you ?
Cos that's theft in the name of compassion
Do you think B will farm 500 for you to steal following year?
What will you do then
Make him a slave?



workers need to get their act together quick and stop waiting for spoon feeding from rich

I understand that you are facing a challenging situation with your niece's behavior and the impact it is having on your family. It's important to carefully consider the best course of action for everyone involved.

Based on the behaviors you have described, it is evident that your niece's actions have caused significant inconvenience and even physical harm to your children. This raises valid concerns about her ability to fulfill the responsibilities entrusted to her, especially when it comes to the well-being and safety of your kids.

While it is understandable that she is still young at 12 years old, her actions appear to be consistently problematic and potentially harmful. It's crucial to prioritize the safety and welfare of your children above all else. They should not be subjected to situations that could compromise their health or result in further harm.

Before making a decision, it may be beneficial to have a calm and open discussion with your wife about your concerns, as her input and perspective are essential in this matter. If possible, consider involving your niece's parents in the conversation to gain a better understanding of her background and any underlying factors that may contribute to her behaviors.

Ultimately, the decision to send your niece back to her parents or attempt to guide and coach her is a personal one. If you believe that her behaviors pose a severe risk to your children's well-being or if her actions continue to cause significant disruption in your household, it may be necessary to consider alternative arrangements for her.

You could explore options such as seeking professional help, including counseling or therapy, to address her behavioral issues and help her develop appropriate skills. However, be prepared to prioritize the safety and well-being of your immediate family and ensure that any decisions made are in their best interest.

NaijaRealtor:
1. Right from when she was about three years old, she would always pray for me to make it so she can come stay with me.

2. Been married for like 7 years and we have 3 kids. My wife was on my neck to bring my niece to come stay with us so she can assist with helping to look after the kids once they all return from school.

3. Because I know how many ladies treat children that aren't theirs, I refused to bring my niece over. So after much pressure from my wife, I approached my sister and her husband and pleaded to allow me train her as she'd always prayed.

4. Weeks after her arrival, my wife started complaining about her attitude and stuff. I refused to yield to my wife's suggestions that I take my niece back. It almost caused quarrel between us.

I felt it was too early to judge her. She's just 12 years old.

Her Attitudes:

A. She would fold and keep pants stained with my 1 year old poop in the laundry basket until it starts bringing out maggots, then we would search the whole house for the source of the foul smell until we find it and throw away affected clothes, disinfect the house and all.

B. She, yesterday wiped my 6 years old son with iron buckle on the belt and his head nearly burst open. He complained of severe headache and we are still treating him.

C. Final straw was, while we were in the office today, my 6 years old started to throw up. He was sick. This girl just laid on the couch and instructed a 6 years old to go fetch the broom, mopping stick and packer to clean the mess.

My son was very weak, but he went to fetch these items and cleaning the vomit. Because he was very sick, he kept on throwing up and cleaning at the same time. All these while, this girl laid there relaxing until my wife came home and washed my son up and cleaned the floor.

When I came back this evening and learnt about the stuff, I quietly asked her why she'd behaved like that and she said it was nothing.

I really don't know whether to let her stay while I try to coach her or take her back to her parents.

I seriously need advice.

Sorry for the long epistle.

I understand your situation and the challenges you are facing regarding the sale of the land you purchased. It's important to approach this matter with clarity and consideration for all parties involved.

Firstly, it is necessary to review the terms and conditions of the land transaction that took place in 2018. If there was a written agreement or contract outlining the details, it would be helpful to refer to it. This document should specify the rights and responsibilities of both parties, including any obligations for the family who sold you the land.

In many cases, when buying land from a family or community, it is customary for them to have a stake in the land. This can be in the form of a percentage of the sale price or other arrangements. It appears that the family you bought the land from may have held the expectation that they would have a share in any future sale or development of the land.

To find a resolution, it would be advisable to have open and honest communication with the family. Discuss your intentions for selling the land, the buyer's expectations, and your own financial needs. Explore the possibility of reaching a mutually agreeable solution that considers the interests of both parties.

xin5:
Please is that how it's been done? I bought a land early 2018 and now I feel like selling out. The families who sold it to me said they are entitled for their own percentage from the money the buyer is offering. Please I need to know if that's how it's done. I only went to inform them I would be handling the piece of land to a new owner and thought kola nut and palm wine would be it, since they also sold to several people there and also have some available I thought I should let them know for future reference... instead they are asking how much I am selling and wants to know every details of it.

Meanwhile the deeds that's about to be prepared would be in my name and that of the buyer, what consigns the family?

I had to tell them that's not possible it's my own land I bought from them I am selling, he went further and said it's either they buy it back from with same amount I bought 2018 or I give them their percentage from the appreciating amount or I develop and let matter rest.


Please help

Start a company

Grandmisty:
What business can you startup in Nigeria with 2 Million?

Is it even possible?

No be selling water or food oh

I understand the point you're making about the relationship between salary, productivity, and market value. It is true that in a market-driven economy, salaries are determined by supply and demand, as well as the value a particular job or skillset brings to the market.

However, the concern I raised in the previous post is not solely about salary rising with prices but rather the disparity between stagnant salaries and the rising cost of goods and services. It is about the impact that constant or minimal salary growth has on an individual's ability to afford essential items as prices increase over time.

While it may not be realistic to expect salaries to increase in exact proportion to price hikes, the concern lies in the fact that salaries often do not keep up with the rising costs of necessities. This mismatch can create financial hardships for individuals, particularly in situations where basic needs become increasingly burdensome to fulfill.

It is important to recognize that addressing this issue involves finding a balance between market dynamics and the well-being of individuals. Strategies such as implementing cost-of-living adjustments or exploring ways to improve productivity alongside fair compensation can contribute to alleviating the challenges faced by workers in situations like these.

Cromagnon:


there is no disconnect
Labour gets what it's worth in the market







Is salary supposed to rise with price or productivity
You only planted one yam and you want to harvest 365
In what universe








you planted one bag of rice but refused to think of flood or drought or disease or pests
Now you harvested half bag
Whose fault?





SMH
Where do you think salary comes from
You think your boss plucks it from the ground to be doing father Christmas? You better find a better boss who can think ahead of inflation



the disparity in laziness you mean
Your salary is a reflection of your output not your effort
If you dig a useless ditch you get paid nothing for your effort

But you dig a drainage ditch to stop flood destroying your crops you get paid for that

Not by busyness but by business

Working hard is generally considered a positive trait, but working in a country like Nigeria presents its own challenges. One major issue is the disconnect between salary and the rising cost of goods and services.

For example, if our salaries were to increase in proportion to the rise in prices, we wouldn't face a problem working. However, the reality is that salaries remain constant while the costs of necessities continue to escalate.

Let's consider a scenario where someone earns a monthly salary of 50,000 Naira. With this amount, they are able to purchase a bag of rice for 50,000 Naira. The challenge arises when, before they receive their next month's salary, the price of a bag of rice increases to 60,000 Naira. As a result, despite having 50,000 Naira, they can no longer afford to buy the same bag of rice they used to with that amount.

The issue could have been avoided if, as the price of rice increased to 60,000 Naira, the individual's salary also increased to 60,000 Naira. This way, their purchasing power would have remained relatively stable and they would not have struggled to afford essential items due to the rising prices.

In essence, the disparity between stagnant salaries and rising costs poses a significant challenge for individuals working in Nigeria.

What's the difference between a company and a goverment agency when the company buys politicians with campaign donations and the politicians do as they are told and make laws that the company would have made had it been the company was the goverment?

Thank you

Okoroawusa:
You have made good points. I totally support them.

Thank you for bringing up this perspective on the challenges of establishing a 24-hour night economy. It is true that if the day economy is already struggling due to electricity shortages, it would be even more challenging to ensure uninterrupted power supply for a night economy that requires electricity in every aspect of production and services.

In such a scenario, it is crucial to address the existing issues faced by the day economy before transitioning to a full-fledged night economy. The government should prioritize improving the electricity infrastructure to meet the demands of businesses and households during the day. This would involve investing in power generation, transmission, and distribution systems to enhance reliability and reduce outages.

It would be prudent to engage in a phased approach to developing a night economy. Instead of immediately implementing around-the-clock operations, selectively identifying sectors or industries that have the potential to operate during the night can be a more realistic starting point. This approach allows for a gradual transition, focusing on specific areas where night-time demand is high while gradually expanding the scope as the electricity infrastructure improves.

Regarding the issue of security, it is true that the challenges associated with ensuring safety during the night are significant. However, it is important to address these concerns parallelly with the development of a night economy. Implementing robust security measures, such as increased police presence, improved surveillance systems, and community engagement, will be essential to create a safe environment for businesses and individuals to operate at night.

It is important to acknowledge both the potential benefits and the challenges of establishing a night economy. While it may require significant investments and efforts, a carefully planned and well-executed approach can pave the way for a thriving 24-hour economy in the long run.

Nuzo1:
Day economy is barely surviving due to lack of electricity.

Now, imagine what night economy that requires 24hrs electricity in every aspect of production and services would be like?

Let’s not even talk about security here sir.

When people talk about how it’s a must for government to provide an enabling environment before businesses can thrive, some criminals will quickly bully you into muteness by telling you how unpatriotic you are.

De play!

Exactly

Naijanascam:
In a layman's language... it's borrow Peter to pay Paul

Like borrowing to block the street to host owambe

Nigeria has been grappling with significant economic challenges that have severely impacted our country's financial stability. In my opinion, one of the major issues we have been facing is the excessive printing of money without adequate backing, which has resulted in alarming consequences like high inflation and our currency devaluation.

I believe there is hope on the horizon as President Tinubu's administration has taken a bold step to address these issues. One commendable action they have taken is the removal of the petrol subsidy, a move that has long been a source of CORRUPTION and ECONOMIC IMBALANCE. I think this decision is a significant and positive step towards stabilizing our economy.

President Tinubu's administration has formed a skilled economic team dedicated to finding lasting solutions to our economic challenges. I think it is reassuring to know that this team is composed of experienced professionals with the knowledge and expertise needed to tackle the issues at hand. With such a competent team in place, I genuinely believe they can bring about the much-needed change and rejuvenation of our Nigerian economy.

It is vital for all of us Nigerians to support President Tinubu and his administration in their efforts to revive our economy. I believe our support is crucial in enabling the government to effectively and efficiently implement their plans. By standing behind President Tinubu's administration, we are demonstrating our commitment to the progress and development of our beloved country.

Although we may face challenges moving forward, I think it is crucial to remain positive and hopeful. President Tinubu has shown great courage by directly confronting these issues and taking the necessary steps towards economic recovery. With the right strategies in place, I believe there is every reason to be optimistic that our economy can be set on a sustainable path of growth and prosperity. Together, I think we can make a difference and build a brighter future for Nigeria.

In these challenging times, the nigerian governments Is exploring various ways to boost Its economy and provide relief to citizens. One popular approach is the distribution of free money as a form of economic stimulus. However, it is essential to understand that this method is not effective as it seem on the surface.

Recently, there has been a lot of discussion surrounding billions of Naira offer of free money as a palliative to citizens. However, it is crucial to recognize that there is no such thing as free money – the concept merely creates an illusion. In reality, this money is often printed or created out of thin air, which has severe consequences on an economy's stability.

One of the most prominent concerns when it comes to stimulating the economy with free money is the impact it has on inflation rates. Increased money supply without a corresponding rise in production (goods and services) or purchasing power tends to worsen inflation. When more money is introduced into the economy, the value of each individual unit of Naira decreases, resulting in a rise in prices for goods and services. Consequently, citizens end up bearing the burden of increased costs, thereby defeating the purpose of the stimulus.

It is crucial to distinguish between the availability of cash (Naira) and purchasing power. Often, governments assume that by injecting more money into the system, they are addressing the underlying issue. However, the problem lies not in the lack of cash but rather in citizens' ability to purchase goods and services with the cash they have currently. If citizens' purchasing power remains low, merely providing more money will not resolve the root cause of the problem.

To truly stimulate the economy, it is essential to address the factors that impact purchasing power. This includes reducing unemployment rates, enhancing productivity, encouraging investment, and promoting economic growth. By tackling these fundamental issues, the nigeria governments can create an environment where we the citizens have the means and confidence to spend our money, ultimately revitalizing the economy.

While providing immediate relief through free money may seem appealing, it is far from a sustainable solution. Governments need to consider long-term strategies that promote economic stability and growth. Implementing policies that encourage job creation, entrepreneurship, and skill development will have a lasting positive impact on the economy, benefiting both citizens and businesses.


Written by Joshua Best Premie

Many countries around the world, has traditionally followed a day-oriented economy. But it's time to question the status quo and consider the benefits of a night economy. Why should we all just go to bed at night when there are opportunities waiting to be explored?

One of the biggest advantages of a 24-hour economy is the creation of more jobs. Imagine if businesses extended their operating hours into the night. This would create a demand for a workforce that is willing to work during those hours. It opens up opportunities for people who are looking for flexible working hours, including those who may have other daytime commitments.

However, before we can fully embrace a night economy, there are certain challenges that need to be addressed. Two critical areas that require immediate attention are electricity and security.

Firstly, a reliable and consistent electricity supply is crucial for the night economy to thrive. Businesses operating at night require adequate power to function efficiently. The government should prioritize investments in improving the power infrastructure, ensuring uninterrupted electricity supply across the country. This would not only benefit the night economy but also enhance productivity throughout the day.

Secondly, ensuring the safety and security of people working and patronizing night-time businesses is paramount. Concerns about safety can hinder the growth of the night economy. The government should implement robust security measures, which include increased patrolling, improved street lighting, and well-equipped police forces. Creating a safe environment will instill confidence among citizens and encourage the participation in night-time activities and businesses.

In addition to job creation and economic growth, a night economy brings other advantages as well. It provides opportunities for leisure and entertainment during the evenings and throughout the night. Nigerians would have access to a wide range of amenities, such as restaurants, movie theaters, clubs, and cultural events, that cater specifically to night owls. The night economy can enhance the overall quality of life, offering more options for relaxation, socializing, and recreation.

A vibrant night economy can also significantly contribute to tourism and attract visitors from around the world. Many international tourists seek destinations that have thriving night scenes. By developing a night economy, Nigeria can tap into this potential market and boost its tourism industry. This would not only bring economic benefits but also promote the country's culture, art, and heritage to a global audience.

It is important to approach the development of a night economy with careful planning and consideration. Collaborative efforts from the government, business owners, workers, and communities are required to ensure its success. Stakeholders should collaborate to draft policies and regulations that support the growth of night-time businesses while addressing concerns about social and environmental impacts.

Nigeria should seriously consider the implementation of a night economy. The benefits are clear - job creation, economic growth, improved quality of life, and increased tourism potential.

We are currently looking to expand our team and have several exciting job opportunities available. Below, you will find the job descriptions for each position:

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