My early years were memorable and fun-filled – ironically – as I came from a strict background with not a few restrictions as to socialization with peers. The extra watchfulness demonstrated by my parents over my siblings and I emanated – quite understandably from clear sight and hindsight of a bifurcated shift in societal values and norms amongst the young and upcoming ones and in particular – teenagers. Unmistakably, that affinity towards a quiet, peaceable lifestyle had deeply rooted a belief in God and a quest to keep His commandments as enshrined in the holy book.

Over time, I nevertheless found joy in other forms of association with my peers which surprisingly instigated no opposition from my parents. One of such activities I regularly engaged in with those even advanced in age than I was literary debates and riddles.


My first acquaintance with the ‘what goes up but never comes down’’ riddle was met with a thumbs down to my answer. I had subsequently launched painstaking researches and found out the best answer to such a riddle was in fact ‘Age’.

It is been over 16 years since that discovery that broadened my knowledge base and granted me the competitive edge in subsequent events both in smaller cells and for my Alma Mater. Sixteen years later, however, I am afraid that my experience living in Nigeria constantly raises fresh doubts as to the right answer to that riddle.

I am now constrained to say that Nigeria’s inflation rate also goes up but never comes down.

While the statistics are ever available to aid independent verification and theoretical juxtaposition by the most curious mind on the subject matter of inflation in Nigeria, as a data-driven advocate and practitioner myself, I would just this once write from the standpoint of ‘Street Economics’ which simply is the viewpoint of the average Nigerian – irrespective of financial, social and economic strata – understanding what rising prices have evolved over the years and its effect on life, survival and living.

Read Also: For first time in 2yrs, Nigeria’s inflation rate slows for second straight month

Indexes like the Composite Food Prices, Year-on-Year, Month-on-Month and Quarter-on-Quarter inflation rate; Urban, Rural, Average, Annual, Core Inflation; Consumer Price index (CPI) and Producer Price index (PPI) frequently released by the Nigerian Bureau of Statistics may be contested by any theoretical researcher and diligent economic expert, statistician or professional, what cannot be contested is that much less quantity of items can now be bought with the same amount of money unlike in past years. This effectively portends that the worth of the Naira is depleted now more than ever before.

More distressing is the loud sighs, murmurs, complaints, tales of woes, poverty, death and verbal tantrums are thrown at Nigerian Leaders by shoppers at the cashing point of supermarkets and restaurants, market stalls and walk-in purchase desks. It currently looks as though it were better to stay mute as complainers have now been tagged ‘foreigners’.

The facts nevertheless prevail – food, staple, spare parts, clothing, housing, transportation, education fees amongst others have in fact tripled across metropolitan areas in the country within recent months.

As a Lagos based professional myself, I look in bewilderment with a pained disposition as the invoices are issued to me by cashiers. I have literally learnt to take three times worth of cash like I previously would make purchases at the marketplace.

The reality is setting in over the country but while it does, there remains to be seen the focus on the most important things.

A keen look at the evolution of prices and interplay between market forces will revolve around two factors: The ripple effect of price changes and the downward inelasticity of prices in Nigeria.

This is an urgent call to action for the Nigerian economic societies, experts, socio-economic think tank groups and the advisory committee at all levels of government to diminish the ascendancy and prestige of the legacy study and application of classical, Keynesian, or any other theoretical school of thoughts as a panacea to the current inflation quagmire but instead place a spotlight on what I have termed ‘’Street Economics’’ that is indeed the hallmark of the Nigerian Society. In this new band, there are two major sources (roots) of price increase in Nigeria over the years: fuel prices and the Naira’s Foreign Exchange (Forex) and currency devaluation.

You would notice that in effect, every major increase in fuel price effected by an official announcement by the government would stimulate a ripple effect in other sectors of the economy; more specifically, transportation cost, food prices, service cost, raw materials cost, production cost, agriculture.

These prices will also be inelastic downwards that is, will not return to their original figures even with a counter announcement by the government or baselined change after acceptance across the economy.

A depreciation of the Nigerian currency will also kindle a ripple effect in all sectors of the economy whether they are directly dependent of the availability and supply of forex or not.

There are sub-factors like prolonged unfavourable weather conditions like rain and drought which would also establish a new price regime in one- to – all sectors of the economy.

Security challenges are also a bye factor of new price regime institutions in the Nigerian Economy as an inability to food products for a long time will promote susceptibility to new price changes.

A cursory retrospect at the workings of Street Economics will also presuppose that while the government in fact has a big role to play in maintaining prices levels and keeping them down at all times with right and timely policies geared towards good forex maintenance, fiscal and monetary policies and regulatory interventions, the Nigerian citizenry – you and I – truly have a large role to play in making life and living bearable for us all.

The tricycle rider in Lagos who refuses to review transportation prices downwards after a short spell of fuel prices increases and the trader who maintains the same price rate when they are justifications against same are all part of our unique identity as a people.

And it is from here we can advance the solution conversations while taking into cognizance the peculiarity of the Nigerian economy.

Are we as a people really our own undoing? What is the relationship between the government and sectoral unions and leadership to unify and enforce downward price changes for the benefit of all Nigerians? Is that relationship cordial?

The Nigerian currency has in the last two quarters shed one-quarter of its value regardless of actions taken by the Central Bank of Nigeria (CBN) including the set-up of Forex desks at Deposit Money Banks (DMBs) delicensing of Bureau De Change (BDC) operators and push against targeted rising Fintechs, and corporates.

While these actions are at the forefront, it is more important for regulators, economic bodies, agencies, government offices, parastatals, ministries and decision-makers to redirect actions towards proactive and perpetual examination that will promote an all-inclusive and central repair of the economic and financial health of the Nation.

Ideally, the first consideration should be the production cost of the Manufacturing sector. The government should ensure that local industries are able to produce goods with the strengthened availability of forex which will reduce the speed of foreign imports of raw materials and in turn reduce prices. The Nigerian Economy should currently be able to compete favourably with foreign industry. Local competitiveness will checkmate the exit of manufacturing firms who have decried incessant unfavourable economic climate for business to thrive as reasons for their rampant exit.

The security situation in the country while palpable requires urgent actions by the government to promote continuous Foreign Direct investment inflows and ease of doing business so that the set-up of foreign businesses could easily be set up in the country. The right enabling environment and infrastructure would be required.

Labour productivity and wage rate ‘demutualization’ is urgently required. Massive investment in human capital will be key to the recovery of the Nigerian economy and the adoption of a wide array of technology tools and techniques in the country.

It is evident that not much will be achieved without the input of sectoral heavyweight and leaders. The government should ensure that urgent sectoral town halls are held to chart the way for the needed requirements that is agreed upon and actionable by all.

Local agricultural production is critical for food suffice and foreign exchange generation. Adopting innovative methods of production that are scientifically proven will be pivotal.

Government incentives are critical for bolstering an enabling environment while retaining existing businesses, and attracting new productive firms into the country while yet creating enabling employment opportunities.

Poverty alleviation schemes should be well-targeted, monitored and evaluated for maximum impact.

The tax system should be optimized to target surplus units and less of deficit units as a way of maximizing income, increasing savings, real investments and the reduction of the vicious circle of poverty.

It is important that the population dynamics of the country be emphasized. Given that a large part of the Nigeria Population (roughly 43%) is aged between 0-14, the government should ensure that education is goals are wilfully pursued while entrepreneurial and occupational trade be favoured and supported.

The multicultural production nature in the country – North and South divide should be effectively addressed ensuing that no region is kept at a disadvantage for the sake of combined prosperity and wealth creation.

In closing, the Nigerian government should critically explore open trade and in particular – the African Continental Free Trade Area (AfCFTA) as bilateral trade of semi-manufactures within Africa have a large prospect and hold the key to a sustainable future, opening strata of opportunities, wealth creation, the balance of payments equilibrium and currency appreciation which would in effect other macroeconomic indices in Nigeria.

Imouokhome is an Economist and development expert.

https://businessday.ng/opinion/article/nigerias-catalytic-inflation-what-goes-up-but-never-comes-down/

4oyrsExperience:
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I dont understand. Are you a candidate or HR officer cos I see you are now speaking on behalf of the bank already after starting up as an applicant.

Congrats to all. Beautiful arrangement from FBN as regards dividing trainees into batches months before. Now, many already know their dates and can plan ahead. At least the high bp would have reduced by now.

Please let's not put unnecessary fear in the heart of people not to air their views on social media for fear of persecution. Its expected that someone who has gone through pains of recruitment for close to a year expectant, waiting, anxious, almost hypertensive. Some have resigned in hopes of being called so its normal to express displeasure about a process. As for misinformation I am not in support of that but as u well know this is social media.11

Very shoddy handling from FBN on this. We have given them kudos before and this time its knocks they deserve. This whole 'commotion' like onlywoman92 put it is laughable. I just wonder what they are up to. The credibility of the process is at stake here so also peoples career as nlanded has said. I have activated 'sidon look' mode cos I dont know what to believe anymore.

wow...hehehe. You can imagine the sign of the cross I did when I got into the thread. No mail yet here o.

It will be nice if the infos coming in from the contact persons are true. Cos FB staff in present TS are saying next year. Let's hope and pray the recruitment process resumes soonest.

I begin to wonder why it takes years for a self acclaimed top bank to conduct entry level recruitment when others are concluded in 2 -3 months at most. It begs the question of what the aim is of recruitment is. Is it to fill spaces or revamp the bank for strategic growth with fresh blood and ideas.

Iamabraham:


Really?

All is well.

Yeah. its till end of next week they are ending. around 27th or so. Also please guys be preparing for TS next year. It may not be this year. My 2 cents

Latest update from present SE TS training is that there is a one week extension.

No one in TS can really say when mails will drop. Lets just focus on other things while we wait. Its not even sure if TS for GT will start immediately after the conclusion of present SE training. We hope so though.

mayorchelsea:
I really do hope so because many people like myself would be coming far from the training school upon making it and might need to sort out some logistics issues if accommodation wouldn't be provided.The best news right now would be FBN sending messages to those who have done documentations and had their medicals giving one an idea of when the GTs would resume at the training school,it might even help those still awaiting AC too.This 'suspense' is killing.

Abi. Its Fbn that's losing right now cos over this few weeks some good candidates have taken up better offers and the more they linger the more people accept other offers that come their way than waiting for whats not certain.

ezzo09:
Situation report from TS.

Lectures from 8am to 6pm Monday to Saturday. Breakfast and lunch breaks combined is 1hr30mins.
Two persons to one room. Latest is not tolerated.
The food is great. Them they read die because they always have reports to submit almost every other day.
No time to waste time.

My people be prepared oo. They are strict with the dress code too.

These are the kind of update we want to see here. God bless you bro. The big question is when exactly is the GTP set going in. All you hear is after the presents SE training. It would have been nice the list of successful persons are published early enough to drastically reduce the questions being asked and make persons plan ahead. I just hope this recruitment wont spill over till next year like is being rumoured presently.

I thought there are contact persons for each state as stated in mails sent. These questions should be directed to fbn contact persons not here. Person never enter training school na how to go out for two, three weeks be the next thing. Our body too dey hot abeg.

Onlywoman92:
Nawa for the tussle on top notice period o No wonder we fresh graduate no dey see job.when people wey don chop belleful go still dey follow us drag job

I just tire my sister. If them wan chop more sebi na to remain where they Re. Stay there dey form notice period, process and procedure on top another entry level job wey them apply for with their own hand.

When First Bank gives you 4 days to report to TS, Bros wait for 1 week and 3 days more to give notice. Don't forfeit salary and resign yeye.

OkunrinMeta:

Have you resigned like this, without notice, before?

Have you read and comprehended my comment before quoting me?

adedejiadeyemi:
Really, how are we expected to resign properly at our present place of work.

You dont need to resign properly bro. You only just need to resign which entails notifying your employer by formal writing except you are a debtor.

Congrats to all awaiting TS candidates. May God favour us all in this recruitment. Please who has an idea exactly when TS will begin to enable candidates plan their time. Thank you.

What is happening to this bank sef. Almost one year and still nothing. nawa o

@cloud9usher maybe u could also help make enquiries as to how soon calls for documentation are going to roll in after the conclusion of this stage.

cloud9usher:
I talked with a FBN management staff today, and he told me that FBN service executives were also included in the assessment centre stage, that means more competition from guys who are already in the system, so those of you yet to conduct your assessment, give in your very best because competition is high.

Someone was saying here about 2 pages back that he/she saw a lot of old looking faces conducting assessment and he/she was surprised, the age FBN stated in this years GTP was not to be more than 27 years as at December 2016 but he/she saw peeps more mature than this age range I presume, and now I understand why, this is because FBN included service executives to participate in this state as well.

Its not like anything fishy would happen though, service executives won't be given an upper hand or preferential treatment, they would be assessed like every other candidate, its just FBN's way of converting qualified service executives into core staff.

This shouldn't dampen anyone's spirit please, because as for me, by God's grace I will be in the next set of FBN training school graduates no doubt!

Yeah. I have been wondering why no one talked about this before now or maybe I was the only one who noticed. As youve rightly said, this has reduced the chances of the external candidates to some extent. And of course theses guys are way beyond the age limit. What number of new intakes is FBN looking at and are there slots kind of for the recruitment. These were questions I asked myself.

Scented:
How are you guys doing my fellow First Bank Nigeria staff? Or should I say "hopeful staff or future staff?"

Well, I just can't help but laugh out loud at some comments here. I'm talking about the little debate over sharing of information and all.

First of all, ever since this AC started, all the information shared here are just generic information and not detailed information, yes, those who shared just scratched the surface and I'm not surprised though, the average Nigerian doesn't wanna admit that deep inside he/she doesn't want you to be better than him/her at anything in life, even in a recruitment process. Look here, I'm not compelling anyone to share detailed information please, because I'm sure some people are already tired of unemployment and can't afford to give details to another fellow competitor.

But what makes me laugh is how you guys come out and give out "surface scratched" information and be feeling all benevolent like some Santa Claus or Father Christmas (as colloquially called here in Nigeria) who has helped others when in your minds you all know you tried your best not to be too "helpful" in disclosing too much details that would help the next candidate. No need for all the sly moves please. Its not like the information shared here of the AC is any different from the ones of the last recruitment thread, you guys just gave the same details posted there years ago in your own words with the intent of not wanting to be too detailed.

To all of your forming Mr/Ms benevolent and attacking the lady who was asking people to stop sharing information you guys should take a chill pill, the information you guys shared are pretty inconsequential to anyone who knows his/her onions on how to pass in an assessment centre process. You guys are forming good guys when most of the stuff you all posted are shallow and generic information. And to the lady telling people to stop sharing more information, sister do you need the job that bad? Well, that's your freaking business!

Well, as for me, I got good news for anyone who is not competently assured of passing AC and who would be conducting their AC after mine, because after my AC, I would give details that would not only be expositorily detailed but would having glaring "expos" (as Nigerians call it)

You heard me right, yeah baby! ... I'm gonna run my mouth like a parrot bribed with chocolate Yes, I would go all loquacious because I want to challenge Nigerian recruiters to be more intelligent and well-rounded in core talent profiling, we basically have talent interviewers in Nigeria and don't have talent prolifers, we need to upgrade! Have you ever taken a well constructed IQ test set by professionals before now? Try that of International high IQ Society and see yourself, you can google them and go through their website. Even if your friend gives you full details of the questions he came across in a well constructed IQ test, it would never help you score higher than your actual IQ rating, that's how recruitment assessment should be as well, that's the level we should be at.

I'd be conducting my AC at the tail end of the AC process so you guys that are the very last batch or last week batches of AC should prepare to use my name as testimony in your churches to tell how God used one "Scented" from Nairaland to give you an easy hand in passing your AC

I'm tried of typing, I need to rest my pretty eyes, lest my boss accuses me of going for clubbing tonight as a result of cloudy eyes in the morning, so I'm out of here!

Ciao!

ive been a silent reader in the thread but bro I need to tell you I shook my head in pity after reading your comment. It oozes of immaturity and pride. These are kind of coursemates I prayed not to have back then in Uni; cousemates that make the innocent suffer for oversabi of one guy. Bro if u want to cut your tongue or ur mouth after ur AC please do. Dont come here and start butresing the stale line of Nigerians are selfish or stuff like that. Wish everyone the best in this recruitment.

Mitocyan:
I had my second stage Interview yesterday and I got a success mail today to come for final interview on Wednesday June 14. This time at Obafemi Awolowo way, Alausa opposite MiTV, not Kudirat Abiola Way beside Zenith bank again.

For those that got regret mail, sorry about that. May better things come your way soon and don't neglect to keep pushing. Remember to stay positive also. I wish y'all success.

Congratulations bro. Please help me make enquiry about Back Office Support role. The test was held 3rd of May.

Habeeb123:


I will advise you to still calm down, so far that u didn't get regret mail they will definitely get back to you.
What i have noticed is they send mail in batches.

Do they send regret mails? cos I saw some eee guys were not sent invite neither regret mails.

Please who knows any of the HR number i call call. please pm me urgently. i wrote 3rd of may for back office support and till now nothing.

TheBatman:
lol, e be like say, these guys dey use their recruitment take do Advert. Abi na so we dull wey them never get enough people wey pass.

GBAM!

Almost two months and this guys are still calling for more batches of tests every Saturday. Is it until all graduates in Nigeria have taken their tests before they call for the next stage. This country sha. smh

teju4CHRIST:
I did the Effective Communication and Business Writing Skill Test on December 22nd.Yes,remain prayerful and optimistic, you will be called soon or another opportunity will come your way by God's grace.

Bro kindly confirm from them if invites.is in batches for next stage. Wish you success