jedisco: Hehe.. if you ask why, dem go say na BBC. It's blokes who've not left 9ja though- you no go blame them. On arrival, dem go understand- accent first, then you talk of life experiences- when folks are talking places they've gone on vac to, guy go dey look. Food nko- on a quick break when folks are asking for different flavours of coffee e.t.c, or in a restaurant, chap would be looking at the menu like it was written in Arabic. I never mention fork and knife wahala. Activities/sports nko- we na mainly football. No talk of swimming, kayaking, camping, skiing e.t.c. Then the elephant in the room which is economic capability. People do date across borders but there's no one there queuing up for us because of BBC.
Many blokes/ladies would be single finally. At least as a bloke, if you old reach, u fit enter 9ja, infact relatives would help. One met a medic who was 29- told me her plan was to freeze her eggs once she crosses 30. I told her e never reach.. she should search harder. Finally, I always wonder but ut seems our physically beautiful ladies still dey 9ja- maybe why folks still go back. Anytime I enter 9ja na so so fine babes I dey see.
'scus me. what is BBC? make my mind no go another tin
numericalguy: Her action would constitute a breach of Section 10(b) of the Immigration Act 2015 (as amended), with corresponding penalties outlined under Section 10(h) of the same Act.
Those who tore their passport did it outside the country but will be arrested anytime they step foot in Nigeria
big big talk. Nigeria operates quite differently from what you have on paper.
Kenn55: Like I said earlier, it is a combination of different factors in which government palliatives was part of. Housing demand skyrocketed mostly due to very low interest rates. For example, prime rate as at March 30, 2020 was just 2.45% which was the lowest in a decade. I bought a house around that period and my interest rate was prime minus 1.2% bringing it to just 1.25%, what a sweet rate.
This made a lot of people jump into the housing market creating too much demand that pushed the prices higher. The high interest rate was to depress demand so that house prices and other prices don't keep rising.
As for Nigeria, as far as I'm concerned, Nigeria does not have a real economy. I don't know what they are doing there. For example, CBN benchmark interest rate is 24.75% where as prime rate in Canada despite all the noise is 6.95% today. How can an economy function with 24.75% rate? It goes to show that Nigeria's economy is not a real economy as it doesn't follow basic economics principles like the rest of the world.
How long have you been in Canada? It will be difficult to understand if you are not in the system.
no wonder economics in Nigeria does not make any sense. I told a friend that Nigeria operates more like a company than a country.
Kenn55: You are correct but you are viewing it wrongly. Inflation is normal in an economy. It is better than deflation. However, year on year inflation is not expected to be above 2% to maintain a healthy economy.
After the pandemic, we had what economists call a Demand-pull inflation which happens when there is a over supply of money and credit that simulates the overall demand of goods and services beyond the economy production capacity.
Don't forget that during the pandemic, government was dashing people money while we were on lockdown. Interest rate was very very low giving people incentives to borrow money. Money piled up in the system and people spent less. No travel, no activities so people spent less and people's savings rose to am all time high.
After the pandemic, these whole situation created a demand-pull inflation where these piled up money needs to be spent coupled with very low interest rate. In economics, when demand outstrip supply, inflation happen as more money chase fewer goods.
If you recall, house prices were rising at an alarming rate after the pandemic. People were over bidding more than the asking price cos there was so much money to spend.
What the bank did was to kill demand or slow it down drastically so as to bring demand and supply to an equilibrium. The only way to do that through monetary policy instruments is to hike the interest rate to make things expensive. When things become expensive, you no longer have the incentive to buy buy buy so the supply would start catching up with demand. This is why house prices rise have cooled down and the prices of other goods and services have also cooled down.
Since the bank has succeeded in halting the unsustainable prices rises, the next thing will be to start bringing down the rates gradually as they have started doing. Those pandemics piled up cash is gone so there won't be a spike in demand as rates come down.
my question now is, was government dashing each person enough money to buy a house that all of a sudden, everyone wanted to buy house? so now the government has stopped dashing money, why have prices not returned to nearly pre-pandemic levels?
also, Nigeria where the government did not give anybody one kobo instead some of them were sharing COVID-19 palliatives to people that attended their birthday party, why did the prices spiral out of control there?
I appreciate your effort in explaining this but I still don't understand.
starstaz: Somebody should help me ask Maradona Tinubu this simple question. Wetin him dey find for money again with all the billions and trillions in dollars he has amassed fraudulently over the years.
God bless Hundeyin.
you must be mistaken to think a thief like that can stop stealing.
Racoon: Don't mind the fella. He thinks his opinion count! Even the disaster Tinubu he is convulsing over would not save his sorry ass when the time comes. You don't know the power of a bottled up rage against the unimaginable pain, hardship, suffering in the midst of an irresponsibly wicked brazen opulence living leadership. History is always there to educate us.
A hurricane will sweep through to consume all the anti-human, oppressive, retrogressive and suppressive elements in this nation. There is no stopping the resolve of a determined people against bad governance. Protests are fundamental human rights and allowed in democracies. This is what the fiends in the evil coven of APC wickedly employed like the Muslim brotherhood of Egypt to obtain political power.
yes nah, he knows he would be president of nigeria that's why he was crying "emi lo kan" and pissing on himself so people go think say e go soon die
Kenn55: It is not the problem of the bank, if the bank didn't hike interest rates, inflation would have been worse. The bank had to do it's job to bring inflation under control.
but the cost of many things are tied directly to high interest rates. people are paying more for their houses today because interest rates went up. how did it bring inflation under control? I don't understand
Imagine a minister for poverty alleviation doing the same things that made them create a ministry for poverty in the first place.
I think these politicians should be given lectures every week to remind them their position is to serve the country and not line their pocket with government money.
Kenn55: She is likely going to be disappointed. Americans are also complaining. If you go to American social media space, you will think US is now a third world country. This is why Trump is making a comeback. Incumbents all over the west are facing intense heat due to economic situations.
This is the first time in a very long while western citizens are facing a jump in cost of living and unfortunately for them they are not resilient. With that anger, they are throwing incumbents under the bus. UK has done it, France is still in Limbo, Biden is a goner by November, Trudeau is a goner next year. Citizens no dey joke.
The reality of the matter is that the high interest rates is the reason for the high cost of living. Inflation that started after the pandemic forced the central banks to jack up interest rates across the west. For the first time in more than 40 years, interest rates rose up to 8%. This means mortgages rose. If rates cost rise, it means rents will go up, business cost will go up which means companies will not expand instead they will scale down and reduce hiring meaning less jobs available, food will go up, everything will go up. The west runs a credit based economy so any bump in interest rate will reverberate in the economy and affect everyone.
The good news is that the inflation which the western central banks is fighting that made them jack up rates to decades high to kill demand is coming down. Inflation is down below 3% from high of 8% for the first time in 3 years. With this, the banks are now projected to start reducing interest rates. In fact, Bank of Canada reduced interest rates last month by 25bp. This immediately reduced mortgage payments for some people. While this is small reduction, it is the first step towards more rate decreases to getting back the rates to pre pandemic levels. Once this happens cost of living will go down as expected and things will normalize.
The bad news is that what I just explained will not happen overnight. It will take around 2 more years to bring things back to pre pandemic situation.
Canada is faring worse because the government allowed in more people at a time when they shouldn't have. This is why I keep saying if you don't have money stay back in Nigeria and wait till situation improve. The only thing is that by the time things will normalize there will be a new government which will change Canada's immigration system.
if the banks did not mess with our interest rates the first time, what would the economy look like?
u3fine: In the early to mid 80's, Majek Fashek sang a song "Garri 1 cup 1 Naira". My elder brother rebuked him then that it would never happen how 1 cup of garri cost 1 Naira. As of then, 6 cups of garri was 10 kobo. A few years ago we were all gisting when we met and talked about the Nigeria situation. Today 1 cup of garri is between #200 - #250 depending on the city you live.
If someone told you in 2013/2014 that 1 bag of rice would cost 90 - 95k in 2024 (just within 10 years) would you have believed it? Meanwhile, in 2013 1 bag of rice was 8k.
So, my brother, nothing is impossible in Nigeria today.
omo, if you want to know how bad things are, look at the reactions of an average old man or woman at market prices.
Majek Fashek would have a stroke if someone told him they bought garri for cheap at N170 a cup
I cringe at people making these things a "generational" problem. which one be Gen Z again? Is it because it sounds like music every content creator and journalist is tagging "Gen Z" to their headlines?
Romance › Re: Nairaland Has Chaged by legionISproteus: 2:09am On May 06, 2025
