₦airaland Forum

mnwankwo:
Yes, University education is not for everybody but education in Nigeria is just a reflection of the entire Nation. You do not expect our Universities to be different from other facets of Nigerian life. Corruption is a religion here in Nigeria and even if you establish vocational Institutions, the same cancer of corruption will kill them. You should not forget that technical schools and vocational education were already in existence far back but corruption and lack of foresight killed them off.

In the 70s , Nigerian Universities were as good as any good University in the UK , US, or Europe. At that time, professors from University of London, Imperial College, MIT, etc come to Nsukka (UNN) or Ibadan (UI) to evaluate undergraduate/ post-graduate thesis and Nigerian professors from UNN and UI also travel to these American and European world class Universities as external examiners. It is not that there was no corruption in Nigeria in the 70s. However in the 80s and beyond, corruption became systemic and got institutionalized. It destroyed public schools at al levels including University education.

Corruption is responsible for the decay in our Universities; from faculty/staff recruitment, poor infrastructure to obsolete curriculum. The model you are suggesting is in place in Germany and Scandinavian countries but may not work here in Nigeria due to corruption. Universities should be a place where young minds are nurtured in the skills of critical thinking and creative reason. Buying and selling may make one rich but without innovation the country will remain poor. Sustainable progress is inextricably linked to the creative and innovative ability of a Nation. Countries like Germany and Japan with little or no natural resources may fall into recession but will always manufacture themselves out of any recession because ojavascript:void(0);f the creative and innovative ability of their citizens.

If corruption is reduced in Nigeria, Nigerian Universities can be transformed within 5 year to be world beaters. Education is all about skill set that is transferred to the young minds. Unfortunately, due to corruption many Nigerian academics do not have the skill sets themselves, not to talk of transferring them to young ones. In my three decades as an academic in different parts of the world, I must admit that Nigerian students are exceptionally smart. Give them the skill set and the enabling environment and they will fly. Without corruption, Nigeria has the intellectual capacity to compete effectively with the so called first world. Cheers

Iogobenz:
Good!
Anyone that can't afford it should buy a diesel car like Europeans,Ghanaians,Canadians,etc...
Nigeria have been funding a false lifestyle of it's people Elites for too long.
Not that Any riff-raff will go and buy large petrol V8 because say e see cheap fuel to buy subsidised by the government,yet they want the government to perform magic and turn Nigeris to first world with limited income and very large overhead cost
Enough of this socialism BS.
I only feel pity for the masses that use public transport cos prices will so go up for transportation.
It will encouraging local refining in all forms,shapes and sizes.
It will also curb smuggling and diversion of petroleum produce too, unless naira remains weak like vegetable
It will come with another problem;
Increased oil theft in the niger delta and the rise of cheaper black market products in major cities selling for almost half the price.
Dangote might feel the heat when he starts operating and adjust his local petroleum product pricing accordingly,otherwise black market pricing will so fùck him up
Oil theft and black market fuel will help keep him in check,lest the money hungry monopolist will kill us with high price
No more subsidy and the problems it comes with.

ahiboilandgas:
I will be participating in the tommorow revolution now protests in Abuja ....against insecurity,nepotism,high inflation,corruption,fgn jobs racketeering,poor goverance by buhari lead federal govt .....meeting point unity fountain Abuja.......

Iogobenz:
Na so ooo.
Many times people ignore or fail to see the bigger picture because they are blinded by the short term,unsustainable progress they see in the short run.
If an FDI has to come all the way to set a standard for the retail industry in your country,then that should tell how weak our indigenous retail was.
But thank God Nigeria is a very industrious nation and homegrown retailers are beginning to give these people a run for their money and they are now running away,which is a good sign that signifies progress of the locals.
We need FDIs is complex industry,Power,Construction and some very technical fields,not that someone will come all the way and establish basically a boutique that even the dumbest aboki can do and use that to deplete our hard earned reserves from other sectors we managed to be earning fx from while repatriating profits that should have been in the country in the first place.
Next is the telecoms sector,just walt and see.
We will continue to buy their assets and chase them away in the nearest future.
If you aren't coming here to invest in things we can't do on our own but want to come and compete and possibly crush our indigenous businesses then don't come at all.
I hope some of you are now seeing the benefits of devaluation like I have been saying since.

Iogobenz:
Well,no mercy in Capitalism.
They would do thesame to us too like they've been doing for ages.

Iogobenz:
You want the best product at the best prices is you being a consumer.That is what consumers do.
Have you thought about the economic impact of having people sell tissues and toilet paper to you and then have to repatriate those profits?
So if I invest $25m as an FDI through CBN and I stay in Nigeria for 20years and repatriate an equivalent of $200m over that timeframe to my country,would you say Nigeria gained from this deal?
Is that not stupidity?
Yes consumers will be happy and feeling irate but what happens to your national wealth?
That is $200m earned from crude oil being wasted on a bullshit retail company being sent back to oyibo land for $25m investment in the name of profit repatriation and then later you will come and complain that Nigeria don't have light.
Where do you want them to get the fx to use to buy the power generating assets from when all of their reserves have almost been depleted by fx repatriation?
Another threat is this nonsense AB-Inbev that came the other day and are already overtaking Nigerian brands.
Make una continue,na all of us dey this shithole.
Dollar go soon reach 5000 with this consumer ideologies,just wait...

emmanuelewumi:
Good bye ShopRite.

currentprice:
Let me come and greet my bsnl on my bornday

Ekuu Mkt O

^{_{be fearful when others are greedy}}

Cyberknight:
Not really.
I wonder why they blame the pandemic; there must be some other reason because essential goods and grocery retailers are doing well elsewhere in Nigeria and around the world. They may have to change the mix of goods they sell - replace some items with items more within Nigerians' purchasing power - for instance, but their basic business premise is still sound, I'd say.

There are forex and other issues involved, yes, difficulty of repatriating dividends, maybe, and the hopeless Lagos ports wahala with respect to importing their goods, but If Spar, Cash n Carry, Ebeano and numerous smaller retail establishments are still kicking, then they can remain. I think they're just tired of Nigeria.

ositadima1:
The government does not need subsidies to encourage development in the power sector. What is needed are good policies and regulations. Already, Nigeria has huge need for power and it's ready to pay for it.

Look at the telecom sector, no subsidy, no government interventions, just regulations and guidelines and yet the sector is booming, posting huge profits year after year. Inside same Naija o.

ositadima1:
I am sorry to say this but it seems you have disconnect from what is currently happening on ground. Most people have been on estimated bills for years. Even when the power supply has been abysmal. Discos are just not effective and wasteful.

The best solution is to enforce prepaid meters to all consumers, you pay for what you use. Only then will these discos be incentivised to up their game.

emmanuelewumi:
Union is for exploitation in this part of the country. The big Agberos in Lagos go home everyday with between 700k to N1.2 million every day... They finance election of local government chairmen, states house of assembly, house of representative, Senate. They contribute towards election of state governors.

No wonder they are above the law. A medical doctor with about 30 years experience in the United States, had to receive the blessings of a popular Agbero before he could become a member of the house of representative.


Won't be surprised if the Agbero will contest to become a Senator or a governor.


Too bad

emmanuelewumi:
The revenue collected are not documented, few gets to government.

An average Danfo bus will pay a minimum of N3000 to Agbero, LASTMA etc every day, with little or nothing coming to the coffers of government.

. According to LIRS, the total number of Lagosians which pay tax is less than 500,000 this is too poor for a state with a population of 20 million

ultron12345:
Apart from all these waste that need to go, we also need to increase our revenue. Our revenue is generally too small. We need to work on that, especially tax revenue. The majority of Nigerians pay little to no taxes. I don't agree with this narrative that once we do away with NASS 0.12T (out of personnel budget of 2.4T), the country will suddenly turn to London. A family of 10 people, earning a combined N5k per month, no matter how non-corrupt they are, they will still suffer from poverty. Yes, waste and corruption have to go, but revenue has to also go up.

We have one of the lowest tax-to-gdp ratios in the world att 4-5%. France is at 48%, Germany is 44.5%. Those countries are much richer so let's leave them and compare with our neighbors with similar or even worse socioeconomic demographics. Benin is at 15.4%, Cameroon is at 18.2%, Ghana is at 20%, Togo is 15.5%.

Our budget of about $26bn is too small for a $380bn economy with 180M people. And the most surprising part is we still have to take loans to fund this tiny budget.

South Africa has a budget of $120bn for a smaller economy with 50M. But they are of different socioeconomics with Nigeria, so let's use a similar country as example.

Ghana with similar socioeconomics with Nigeria has a budget of $14bn annually, for a population of 29M and a $60bn GDP. Meaning their spending $483 per person and spend 23% of their GDP.

Nigeria on the other hand, is spending just about $144 per person and just 3.68% of our GDP.

How can you expect similar level of development when Nigeria is spending far less due to far less revenue. For Nigeria to operate at the level of Ghana, we need to generate 20% of our GDP in taxes, that is $76bn in taxes. Then spend have a budget that's 23% of our GDP (the extra 3% can come from loans or other sources of income, not now where loans are used to finance almost 50% of the budget) at $87.5bn. At this level, per capita spending will be equivalent at $486.

I see it as a miracle that open our abysmal spending that is just about a third of Ghana's, in terms of development, the difference is not that much. And upon this low revenue, unlike Ghana, we are the ones who will still subsidize everything, from fuel to ceaserian section to electricity bills.

About the loans and debt, Nigeria has one of the lowest debt-to-gdp ratios in the world at just about 23%. Most of the developed countries have it at 80-130%. Japan is even at 223% (yes, more than twice of their GDP in debt). Ghana is at 73%, Benin at 54%, Chad at 52%, Gabon at 61%. Yet, these countries like Ghana with relatively high debt don't use up to half of their budgets to service those debts, because those budgets are large compared to the debts. We in Nigeria with a supposedly low debt profile are the ones using almost half of our budget to service debt because the budget is too small compared to our GDP. Imagine we had 73% debt like Ghana. It's means we'll use 100% of our budget to service debt and still borrow even more to complete the debt servicing. Our debt is not the problem. The problem is that we are making too little revenue to service a debt that we should have serviced very easily if we made enough.

Another advantage of taxes, is that is promotes accountability. If Nigerians we're paying taxes, I doubt we'd allow all this corruption go on. As at now, all the money being stolen is like free money from the ground, and no-one cares. That's why nigerians will destroy public property and politicians steal with impunity. If these were built with taxation which is the collective sweat, blood and tears of the population, I doubt you'd allow anyone damage streetlights that we're built with your money. Any politician that does anyhow will be voted out. No more selling and buying votes, because if income taxes are 20%, and I'm earning 30K, meaning I'm paying taxes of 6K monthly, 72k annually, and 288k for a 4yr tenure, do you think I would collect 2K bribe during election to vote for someone I know would squander my 288k for the next 4yrs.

Imagine, all Nigerians pay 6-7% of their income as a firm of health insurance premium, for free healthcare, similar to the UK's NHS. If we have 80M economically active Nigerians, who earn ON AVERAGE 45K monthly. That would be an annual healthcare fund of at least, 3T annually (current healthcare budget is just about 300B of which 90% is spent on salaries). Imagine how that would boost the life expectancy of Nigerians and even the economy. With that, we'll be able to build all the hospitals we need, buy all the fancy high-end equipment we want, and employ adequate numbers of all the doctors and healthcare staff we need. If we don't have enough, we can even start poaching staff from poorer African countries like Burundi, Ethiopia, even Ghana. If 30% (900B) of that money went to drugs, it would boost our pharmaceutical industry, create more jobs, bring in more investment since pharmaceuticals are sure of a large market etc. With the tiny revenues of listed pharma companies on NSE, I doubt if the entire drug market in Nigeria is even up to a third of that. If 10% of that went on healthcare research, who will challenge us in Africa. It'll create jobs for the many biomedical graduates in well funded research institutes. This is just an example. Similar miracles will happen if this principle is applied in other sectors.

ultron12345:
Apart from all these waste that need to go, we also need to increase our revenue. Our revenue is generally too small. We need to work on that, especially tax revenue. The majority of Nigerians pay little to no taxes. I don't agree with this narrative that once we do away with NASS 0.12T (out of personnel budget of 2.4T), the country will suddenly turn to London. A family of 10 people, earning a combined N5k per month, no matter how non-corrupt they are, they will still suffer from poverty. Yes, waste and corruption have to go, but revenue has to also go up.

We have one of the lowest tax-to-gdp ratios in the world att 4-5%. France is at 48%, Germany is 44.5%. Those countries are much richer so let's leave them and compare with our neighbors with similar or even worse socioeconomic demographics. Benin is at 15.4%, Cameroon is at 18.2%, Ghana is at 20%, Togo is 15.5%.

Our budget of about $26bn is too small for a $380bn economy with 180M people. And the most surprising part is we still have to take loans to fund this tiny budget.

South Africa has a budget of $120bn for a smaller economy with 50M. But they are of different socioeconomics with Nigeria, so let's use a similar country as example.

Ghana with similar socioeconomics with Nigeria has a budget of $14bn annually, for a population of 29M and a $60bn GDP. Meaning their spending $483 per person and spend 23% of their GDP.

Nigeria on the other hand, is spending just about $144 per person and just 3.68% of our GDP.

How can you expect similar level of development when Nigeria is spending far less due to far less revenue. For Nigeria to operate at the level of Ghana, we need to generate 20% of our GDP in taxes, that is $76bn in taxes. Then spend have a budget that's 23% of our GDP (the extra 3% can come from loans or other sources of income, not now where loans are used to finance almost 50% of the budget) at $87.5bn. At this level, per capita spending will be equivalent at $486.

I see it as a miracle that open our abysmal spending that is just about a third of Ghana's, in terms of development, the difference is not that much. And upon this low revenue, unlike Ghana, we are the ones who will still subsidize everything, from fuel to ceaserian section to electricity bills.

About the loans and debt, Nigeria has one of the lowest debt-to-gdp ratios in the world at just about 23%. Most of the developed countries have it at 80-130%. Japan is even at 223% (yes, more than twice of their GDP in debt). Ghana is at 73%, Benin at 54%, Chad at 52%, Gabon at 61%. Yet, these countries like Ghana with relatively high debt don't use up to half of their budgets to service those debts, because those budgets are large compared to the debts. We in Nigeria with a supposedly low debt profile are the ones using almost half of our budget to service debt because the budget is too small compared to our GDP. Imagine we had 73% debt like Ghana. It's means we'll use 100% of our budget to service debt and still borrow even more to complete the debt servicing. Our debt is not the problem. The problem is that we are making too little revenue to service a debt that we should have serviced very easily if we made enough.

Another advantage of taxes, is that is promotes accountability. If Nigerians we're paying taxes, I doubt we'd allow all this corruption go on. As at now, all the money being stolen is like free money from the ground, and no-one cares. That's why nigerians will destroy public property and politicians steal with impunity. If these were built with taxation which is the collective sweat, blood and tears of the population, I doubt you'd allow anyone damage streetlights that we're built with your money. Any politician that does anyhow will be voted out. No more selling and buying votes, because if income taxes are 20%, and I'm earning 30K, meaning I'm paying taxes of 6K monthly, 72k annually, and 288k for a 4yr tenure, do you think I would collect 2K bribe during election to vote for someone I know would squander my 288k for the next 4yrs.

Imagine, all Nigerians pay 6-7% of their income as a firm of health insurance premium, for free healthcare, similar to the UK's NHS. If we have 80M economically active Nigerians, who earn ON AVERAGE 45K monthly. That would be an annual healthcare fund of at least, 3T annually (current healthcare budget is just about 300B of which 90% is spent on salaries). Imagine how that would boost the life expectancy of Nigerians and even the economy. With that, we'll be able to build all the hospitals we need, buy all the fancy high-end equipment we want, and employ adequate numbers of all the doctors and healthcare staff we need. If we don't have enough, we can even start poaching staff from poorer African countries like Burundi, Ethiopia, even Ghana. If 30% (900B) of that money went to drugs, it would boost our pharmaceutical industry, create more jobs, bring in more investment since pharmaceuticals are sure of a large market etc. With the tiny revenues of listed pharma companies on NSE, I doubt if the entire drug market in Nigeria is even up to a third of that. If 10% of that went on healthcare research, who will challenge us in Africa. It'll create jobs for the many biomedical graduates in well funded research institutes. This is just an example. Similar miracles will happen if this principle is applied in other sectors.

ultron12345:
Take a look at this topic that made front page few days.

https://www.nairaland.com/6021726/juju-scare-should-quit-job

Like what we were discussing the other time.

Salary: 35K per month
Daily Allowance: 2K daily (40k- 48k per month)
Yet, he's stealing 50-60K weekly (200-240k per month) from his employer, and he said he's not the only one. Imagine they are up to 4 or 5 engaged in this act. The business is loosing N1M to theft monthly.

And the owner will be thinking buhari or village people are the reason her business isn't doing well, not knowing its the witches and wizards that she employed.

Nigerians are wicked. If this business fails now, you'll see the theives shouting "No job, No job". When they've killed all the businesses that were supposed to create jobs.

Another surprising thing is that such theft has even been normalized in the society. He said it so proudly, without a single iota of shame, and apart from one or two people, the majority of those commenting didn't even say anything about the theft. They're telling him to pray, and even him after stealing is still claiming to be a Christian. Another irony is how Nigerians can be so religious yet so wicked, evil and fraudulent.

Nigerians are the problem of Nigeria.
The reason most Nigerians haven't stolen billions of government money is simply lack of opportunity.
The population of Nigerians waiting to steal is greater than the population of those currently stealing.
The only reason Nigerians are angry at corruption by politicians, is because they're not the one benefiting from it.

It shall never be well with that OP. Hopefully, that his leg injury will turn into cancer and kill him. Bastard.

DexterousOne:
Okay
If that rocks your boat

But as for me
My descendants have no business with Nigeria

That is your fathers country of origin
Full stop
Be out there
And be yourselves

ahiboilandgas:
Investment misnormals for Nigerians based aboard....my Lagos landlord is uk based and rented a property to me 14 years ago at 500k =4166 dollars (at 120)......14 years later am still renting same property at now 800k (at 470 or 400 )= 1684 dollars or 2000 dollars ......he so bitter and had several property in Lagos ....investments in Nigeria keeps giving negative returns in the long term ....if he attempts to move the rents to reflect this changes then rent should be aroind 1.6m....but property will remain empty..........

emmanuelewumi:
No wonder they are not happy that some people are investing in fixed income and portfolio Investments.

I know the returns on fixed income is too low, but people will invest in what they understand. They prefer losing money to inflation than investing in what they don't understand or have the time to monitor

My cousin lost N2 million in a digital agriculture investment operated by Menorah farms, I pray he gets his fund. I warned him but didn't listen

LandMann:
Problem 1

There's so much cash flowing in the country and most of these are not being put to productive use because many of the ingredients needed for businesses to thrive are lacking, power especially.

Problem 2

Treasury bills was being used to mop up excess liquidity or cash in the system...hence the initial attractive rates... however, this created or creates two problems....

With a corrupt government, most of the funds realized from treasury bills sales end up being looted and funnelled again into treasury bills, instead of being use to provide real infrastructure.

Second problem it created or creates is that high interest on treasury bills kills the spirit of productivity and ingenuity and commerce and all those positives that lead to more thriving businesses....

Everybody would rather sit back, throw their money to the government to earn interest and do nothing, expecting the government to use the funds wisely to create infrastructure... Unfortunately, most of it is looted and returned to treasury bills or other financial instruments.

Solution 1

Treasury bills rates needs to/have been crashed to discourage Nigerians from putting their money there... This is to force us or indirectly encourage everyone to invest in the real sector or watch inflation wipe away the value of your idle cash.

Everyone seems to be turning to other repackaged government financial investments but it seems we will only end up making the same mistakes made with treasury bills, especially if we still have hawks in government waiting to loot any funds realized by selling such investments to Nigerians.

Appeal

Please, those who are more experienced in the area of commerce and real sector investments should promote their ideas and take in willing candidates and mentor them

There are millionaires and even billionaires in this this group... Let us come together and set up businesses... If we can pull resources together, there are profitable businesses that we can go.

Examples

1. Nothing stops us from pulling resources together, buying or renting a large expanse of land and setting up cattle ranches in areas in the West, South or East. This solves the incessant farmer herders clashes.

2. How about pulling resources together and setting up a factory to mill palm kernel oil? This is a very profitable business if setup and managed well, and I know a place where this will be very profitable but limited by lack of funding and technical know-how which someone or some persons in this thread may have.

This country is ours and we will either build it or destroy it unknowingly by our actions and inactions

Godbpraised:
Oga this ur grammar no go pay my bills for canny where dey. Maybe if u soften the grammar e fit. Yeye dey smell

Godbpraised:
You till do not get what I am trying to tell you. The USA wey u mention na my backyard here them dey. A lot of poor black Americans are living an awful life even with government intervention , why do u think they go into drugs ? My brother the grass is not always green on the other side. U are to be a solutions provider not problem analyzer. Issues are everywhere. Look for a problem u can solve and boom � find a solution to it. I am aware the government in Nigeria is trying to support SMEs with funds especially in the farming and agricultural industry, take position if u can or if its something that interest who knows we can be business partner exporting food products for our nigerian population here in canada. Think business growth not government or problems.

PresidentBuhari:
Haha i think if you are Nigerian in power, the book is already in you. The book teaches how to be ruthless and crushing your enemy totally.

I would like to read it in detail if anyone has a digital copy, kindly notify me. I read some interesting reviews on the book.

Sholapey:
These books are powerful...full of knowledge of life directions.
I recommend;
Holy bible
Prayer Rain
The 48 laws of Power.
If you read the three books, you will understand the meaning of life.

IYGEAL:
I don't think he's a religious fanatic. I don't know if he's got a precedence though. But, you know, religion gives people hope in bad times; even if it's mostly false hopes, but still...

In an unrelated story, the saddest thing I have read this year aside Covid 19 is the apparent murder in his home of Fahim Saleh, the founder of Gokada - who I got to know after his speech when Lagos banned Okada in some parts.

Coolcash1:
https://punchng.com/nigeria-heading-for-recession-in-q4-2020-fg/

OBAGADAFFI:
Eku investment

Pepe don red

talk2me2:
They don't have the right to hold me to ransom. Moreover there was no explanation whatsoever even to the extent of meristem ignoring my mail. I may sue them for damages if they are not careful.