₦airaland Forum

Nigeria economy will continue to grow bigger and bigger. The main thing now is how to spread the wealth

timesup234:
Nigerian economy is the best in the world..in 15yrs time the Nigeria economy will surpass that of Canada where most brainwashed Nigerians are running to. By 2050 Nigeria will become the 8th largest economy in the world bigger than all European countries except the United kingdom. Most Nigerians don't know what is happening while busy shouting buhari is killing us. They are actually living in the best country in the world

You have sense

The Nigerian dream is alive and kicking

Pidgin 2 was a hero. Since Timesup was ban travel section has become a shadow of its old self. He brought traffic to the travel section. Lets be frank nothing sells like controversy and he gives it raw and uncut

Hadampson:
I swear, i no sabi where she go sef. Na she dey make this section sweet with her stubbornness and timesup234 as well
The man who believe nigeria is far better than USA

To be honest i missed her so much

I am not trolling. I am stating facts. Nigerians pay more on every commodity since our economy is importation based. It means Nigerians are very rich cos a car sold in america for 1million we buy it here 3 million. Nigerians have more cash at hand to spend

BlackSan:
Honestly I had initially promised myself not to be swayed by irrelevant comments from an ignorant fellow who is obviously trolling but for the sake of those reading who might be mislead by such nonsense, I decided to comment.

First of all, let's talk about how you have ignorantly posted wrongs assumptions that even an illiterate would be shocked to listen to. *The majority of the electronics imported into Nigeria are all second-hand,* meaning they have been used by their citizens, so stop assuming imported cars coming into the country are new ones.

I guess if you were any sensible you would have an idea of your beloved country's policy.

When the Nigeria govt requested for a loan from the IMF in the past, the World Bank gave two conditions before giving out the loan.
Firstly, Nigeria would accept anything imported into the country (That makes your beloved country a dumping ground for European countries)
Secondly, The devaluation of naira (which is one of the reasons why #500 naira is equivalent to $1).

EVEN if new cars are imported into the country, how many people do you think can afford it? You do realize in international trade, you can't trade in naira, you have to covert your money to dollar. Let's assume used cars in Europe are sold for $30,000, when converted to naira that's 12.3M and you have to pay some clearance fees so before you finish with the whole procedure, you will spend a lot of money.

That's the difference!! there's a huge difference in standard of living in both countries. I concluded you have a birdbrain when you assumed anyone can buy build a bank. You know nothing about the basic standard of living in Nigeria, you know nothing.

Over 10 million Nigerians have 10 billion naira. Might even be more

stefflos:
Can you buy a bank
How many people in Nigeria have up to 2billion

yellochuq:
first of all , it depends on the individual and their spending habit .

secondly $25 daily for anyone that is working 8 hrs a day is easy to save -depends on what the person does with money. folks who make 50K a year , pay 25% as tax , so they take home at least 3k a month(36K) , a one bedroom in most places will be $700 a month. take out $300 for a car note , they still have 2K a month for every other thing (24K a year) so why cant anyone who doesn't floss and drives a brand new corolla, afford 9K at the end of the year?
lets reverse your points
10K Naira a day is 300K a month.
How many Nigerians do you know that have up 3.6 million Naira in their bank accounts at the end of the year ? Do they drive brand New Cars or used? do they pay 400k Naira ($700) a months as rent? you might want to ask your banker friends about this. Have you ever been to the North of Nigeria(not Abuja )? what's the minimum wage in Nigeria ? Seriously, what's the income of those who patronize your "10k a day profit" makers business? why do stores have a "No credit,come back tomorrow " as a slogan in Naija?

bottom line : its very easy to save $25/ day and NOT impossible as you stated.
But keep dreaming.

Driving a used car in Nigeria is almost equivalent to driving a brand new car in America. Hope you know it takes most Americans 5yrs to complete the loan on their cars? A used car bought for $10,000 and shipped down to Nigeria will surely cost over 10million naira these days after adding the cost of shipping and profit being made selling it. So you see it is the same thing. At least over 100million Nigeria have over 4million naira in their account as we speak. Thats a very small money that can't do much. In Lagos today half of that is what you pay to rent a three bedroom house

BlackSan:
That's enough!!!!
There should be a limit to one's stupidity
You compare people here to secondary school students yet your way of thinking can easily be compared to an ignorant illiterate!

*Many hustlers can buy a bank* Dude are you that daft? What the Bleep haven't you bought one? If you know nothing about Nigeria situation, kindly Shut The Bleep Up!

The audacity to compare the standard of living of people in the US to Nigeria... You have no traveling experience, you only lived in one part of Nigeria all through your life, you know absolutely Nothing about Nigeria situation and you open a thread to embarrass yourself!

When you can't prove a fact, you bring up dumb assumptions, I wonder how this nonsense thread got to the front page.

I know about the situation in Nigeria. The situation is clear for all to see. The average Nigeria has more money to spend than the average European or American. Thanks

stefflos:
Bank managers are not rich
How many hustlers can buy a bank?
Your stupidity is never cease to amaze me

Hundred of thousands of hustlers can buy a bank. They are scattered across Nigeria. Most bank branches don't have a total assets of more than 2billion. You are the one who is stupid. Lets address ourselves in a matured way

Bank managers are not rich. So many hustlers will buy a bank. Are you guys really living in Nigeria? I doubt. 300k that can't buy a good chair

OLORIPAPA:
10k daily?
10k*10day=100k
100k*3=300k
Howany bank manager earns this?bro you no serious..

Nigerians always link money to salary. How many people are even employed? We have tens of millions of self employed people doing businesses. Even petty business generates over 10k daily. What is 10k self that you guys see as big deal. I am beginning to feel nairaland is filled with recent secondary school graduates. Do you know how much average Nigerian spend on running their generator and fueling their cars? Honestly I am beginning to get fed up with these 16yrs old secondary school students on nairaland

OLORIPAPA:
10k daily?
10k*10day=100k
100k*3=300k
Howany bank manager earns this?bro you no serious..

But what I said is the truth. Let's discuss if you believe in your ignorance

sharpman1:
There is no point arguing with you. You are either trolling or ignorant.

Cheap blindness everywhere. That's how you can fail in 10,000 years even with all the evidence at your disposal

SportsHD:
Cheap drugs everywhere!

Here is a new link from Nairaland for those who say people live on a dollar a day in Nigeria. Very laughable indeed. This is the amount bus drivers pay daily to tax collectors in Lagos. Money is heavily circulated in Nigeria than abroad. We need to open our eyes to catch as many as we can

https://www.nairaland.com/6664667/amount-paid-agberos-lagos-daily#up

US. stock market that only favors the 1%? Exchange rate is not really helping that much these days cos Nigeria is very expensive and the average Nigerian building is equivalent to the amount of the US. median house price

sharpman1:
Fewer options to invest? Please what are the investment options in Nigeria? Do you know the size of the US stock market compared to the Nigerian Stock Exchange? The size of the real estate market? The reason most people invest back home is because of the exchange rate, a little $ translate to plenty Naira., not because of a lack of investment options or opportunities.

It is a free and open world. You can believe anything you like. I am not influence by anyone or an imposter

Kenn55:
I don't really blame some of you for responding to the OP. You might have thought that it was a genuine discussion.

For we that have been here for long, we know the op too well that is why the popular Nigerians in diaspora on this forum don't respond to his threads.

He has used for than 10 monikers in the last 5 years saying the same thing. He will still create another moniker next month to start this argument in another way next month.

Most times, I think he has a mental problem. Otherwise how does one keep disturbing himself or herself over something that does not affect him personally? From year to year, same argument.
Make no mistake, it is okay to have a view for yourself but when it now turns to creating threads year in year out on the same topic trying to prove a point, then a psychiatric help may be needed.
Please guys, let the thread die so he can change moniker and create another thread next month

Majority of Nigerians in diaspora fewer options to invest abroad that's why they all invest back home. Abroad life is all about savings. That;s the reason why I even wrote this post

stansharpiro:
Not just saving, but also investing. Saving is not a viable long-term plan for financial stability.

Meanwhile

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Follow this link when you're done watching the video

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How is the post garbage, or are you that stupid?

Cousin9999:
How many times are you going to post this garbage?

phemmyfour:
How can you save 10k daily when min wage is 30k here and Phcn monthly bill is 30k. OP is on a cheap drug

nobody live on minimum wage in Nigeria. Even the poorest people spend 15k on data, recharge card and beer monthly

Thanks for the likes. Lets keep the comments coming

It is impossible for someone earning $50,000 annually abroad to save $25 daily (Over $9,000 annually). Majority, if not all of western countries consider people making $50,000 as middle class. $25 dollars is just 10,000 naira daily. I believe most Nigerians with handwork can make that much comfortably daily. I am not trying to discourage anyone from traveling abroad, I just want us to have a rethink and see that Nigeria is not that bad as we portray it to be. Drivers, laborers, petty businesses etc all make over 10,000 daily. Forget the daily complain of hardship we read online daily. It is a Nigerian trait. Tens of millions of our citizens do actually make above 10,000 daily. What we need to do is cultivate the saving habits of our brothers who live in diaspora. Nigerians only learn how to save when they travel abroad. If we work on ourselves, saving a million naira annually won't be a problem. Thanks

https://www.cnbc.com/video/2021/06/25/how-to-budget-your-money-if-you-make-50000-per-year.html

https://www.nairaland.com/6661439/updated-cost-renting-2-bedroom

A link to the average cost of renting a 2-bedroom presently in Lagos. 10tens of millions of Nigerians rent housing above 300k annually. I wonder where the other guy got his statistics from about 50% of Nigerians living on 137k annually. The way some people reason I am beginning to feel this forum is full of majority of people who just left secondary school and looking for their first job. What can 100k monthly do for a single Nigerian these days?

How am I deluded? And what outright lie and misinformation are you talking about? Please clarify

Limassol:
My sincere hope is nobody fall for the outright lies and misinformation this deluded guy is spewing(the op).

I used garri as an example because even a church rat can afford it. I am not gullible. Imagine someone saying 50% of Nigerians earn 137,000 per annum. Even in the worst cities that won't cover your rent for a two bedroom house for a year. Let's be realistic. Feeding alone for an individual cost over 300k in a year.

BlackSan:
Okay so I came to a conclusion from this dumb post
You are either too dumb or you are trolling
Honestly... This is the second time you made mention of garri! You think taking Garri thrice a day as a means of survival is healthy? Without thinking of consequences like Ulcer attack, Cataract and other eye problems

Sigh
The internet has become a gullible Nigerians to embarrass us.

Nobody live on 400 naira a day in Nigeria. That's one big fat lie. How much is a cup of garri? If i eat garri and groundnut thrice a day I will spend over 600 naira. I doubt you live in Nigeria yourself. 60% of Nigerians spend over a million naira annually. That's just 3k daily. Can 3k daily pay the bills of a wife, husband and three kids. There are millions of Nigerian families with two cars, rent of 300k per annum or even own houses. Let's be realistic for once. What you are saying doesn't add up. The average Nigerian family spend at least 2million annually

UnFashionIsta:
You're seriously deluded, apathetic and unable to reason if you think 40% of Nigerians make over 20k, or even 10k, per day. Do you realize that there are over 200 million people living in Nigeria and more than half of those are below the poverty line or vulnerable to poverty? Do you know what the poverty line in Nigeria is, according to the NBS? It is a freaking 137,000 naira per annum. That is less than 400 naira per day! If majority of Nigerians earn 400 naira per day, it is the height of delusion to suggest that 40% of Nigerians earn 20k per day. From analysis of available stats, I can reasonably conclude that less than 5% of Nigerians earn that amount.

The fact that you're well off and surrounded by other people who are well off (a drop in the ocean considering the overall population) does not mean that the vast majority of Nigerians have similar circumstances. You need to be empathetic, bro, and realize that all fingers are not equal. Even the eye test supports the rate of poverty in Nigeria. You should leave your privileged bubble, travel more and rationally observe the level of squalor being suffered by the majority of Nigerians.

You, and everyone else who is comfortable with the state of the country, has every right to remain in Nigeria if you please, but coming on a public forum to spout such nonsense in a bid to discourage other people from striving to improve their conditions by migrating out of the country is not right at all.

You can support your arguments against immigration with real facts and truthful opinions, and there are a few reasons why you shouldn't necessarily immigrate out of Nigeria i.e. if you're reasonably well off in Nigeria, you're happy with the living conditions in Nigeria and your circumstances are likely not to significantly improve by immigrating out of the country, then by all means stay back. But trying to discourage other people who don't have similar circumstances (the vast majority of the population) from immigrating is honestly evil.

Maybe you need to change your weed supplier or you're just trolling sha. Peace out!

No I am not counting gee boys or office runs. Majority of businesses make over 20k daily on the average. I hope you know the cost of living these days is on the high side. 3million is nothing for a single person annually. How much do you think a family of 5 spend on running their generator annually? I am not including the cost of fueling two cars (one for husband and one for wife). I believe up to 40% of Nigerians make that much but it is not fixed. Someone can be earning 30k monthly and won't even tough his salary for a full here. Common man, even 1500naira won't be enough for a laborer to eat and transport for a day

Davidganna10:
car insurance should not be more than $100/month

Heaith insurance (Medicaid) was deducted from the Gross income

Gas for car depends on usage
Hair cut twice a month $50
You don't buy shoes and clothes or rapair cars every month do you?

Cable and phone are part of the utilities.
Over 35% LMAO are you counting gee boys or office runs? Those are not legal money.
80% of Nigerians make 10k profit/day guy wetin you dey type self mtchee.

your other expenses won't cover car notes, car insurance, health insurance, gas for your car, cable, clothes and shoes, car repairs, phone bills, haircut. Other expenses should be at least 10,000 which is just $30 daily. In Nigeria 80% of businesses make 10k profit daily. I think 35% of Nigerians make over 3million naira annually

Davidganna10:
saving $9000 on that salary is not difficult. Lets do the calculation in 4 major states where Nigerians are domiciled.

California
Net income $39500
Studio apartment 1300*12=$15600
Utilities $2400/year
Feeding $3600/year
Other expenses(insurance and toiletries) 4800/year
Savings $12900

New York
Net income $39500
Studio apartment $1600*12=$19600
Utilities and feeding $6000/year
Other expenses $4800/year
Savings $9500

Texas
Net income $41200
Studio apartment 1000*12=$12000
Utilities and feeding $6000/year
Other expences $4800/year
Savings $18400

Georgia
Net income $39150
Studio apartment $900*12= $10800
Utilities and feeding $6000/year
Other expences $4800/year
Savings $19550

Note: this is a rough estimate some of these figures are overblown, except the net income.

Now lets take look at Nigeria states with an annual income of #3million.

Lagos
Studio apartment #400k(closer to work)
Feeding #300k
Utilizes #240k(fueling of generator, Internet, cable)
Expenses #180k
Savings 1.88milion less than $5k

Abuja
Studio apartment #450k
Feeding #300k
Utilities #240k
Expenses #180k
Savings 1.83milion less than $5k

Enugu
Studio apartment #200k
Feeding #300k
Utilities #240k
Expenses 180k
Savings 2.08million less than $6k

Portharcout
Studio apartment #250k
Feeding #300k
Utilities #240k
Expences #180k
Savings 2.03 million less than $6k

Note: it is only about 5% of the populace that earns this amount legally.

Why the insults? I thought we could reason like matured minds. Saving $750 monthly is a lot anywhere in the world. And most people abroad don't even earn up to $50,000 annually

rinzaugustine:
Cannot save $750 a month? Something cleaners living in section 8 apartments working 40-60 hours per week at less than $15 hourly can do...smh.When I see dumb posts like this I wonder the essence of internet to some Nigerians particularly those back home.You guys will be better off working in the farms or pushing wheel barrows to be more productive than waste precious time online

justwise:
Which country in Europe and which city in that country?

The average rent in London is over £1,000

$1.9 dollar a day? That's like 800naira. You know that can't be true. Even if you eat garri and groundnut thrice in a day it will cost you close to 800naira for a single person. What about other bills?

Limassol:
Where do i start as it is clear op is intent on misleading people with easily debunkable claims. Firstly, it is very possible even for one doing menial jobs in good economies to save that amount daily(of course, a bit discomforting but doable), let alone professionals with good jobs, to argue this is ignorance on your part. Secondly, considering the fact nearly 2/3 of Nigeria labour force are in the informal sector, very few make 10k a day which could translate to nearly 260k monthly(going by stats, nearly 90% of Nigeria's labour force dont make that amount in a month). Just for the record, nearly 45% of Nigeria population live below $1.9 per day.so your claim is completely false. Thirdly, you seem to be oblivious of the real reason people are leaving in droves. A safe, prosperous and working system is simply what immigrants are after, which there own country deprived them. Moreover, most people immigrate to experience a good standard of living which seems to be out of reach for the average Nigerian.

?

opebiboy:
timesup234 on the beat again. Mod take note

Yes! It should read "profit"

Skyfornia:
You are right...but there's a difference between making 10k daily and making 10k net profit daily.

Anybody that makes 10k in Nigeria daily as net profit is definitely comfortable.