₦airaland Forum

That condition is for an export driven economy like China. We are still a consumer nation and will not achieve industrialization in one night.

Where the West is encouraging us to devalue our Naira, they keep accusing China of doing the same, you know why, because China will benefit more as an exporting nation. Our balance of trade still remains in the negative so taking that step head-on will be disastrous to a country that is already poor and not particularly known to be productive.

bbduty:
I do agree with @theconglomerate that devaluation will indeed be very beneficial to the nation. Devaluation makes imports expensive thereby discouraging it and exports lucrative thereby encouraging it. While it might be tough in the short term, in the longrun the economy will adapt. Industries will naturally spring up to fill the vacuum left by previously imported products, more jobs will be created as a result and forex will be conserved and even built up through exports. The growing foreign reserve and capital can then be used to continuously improve the nation's infrastructure.

Our population should be a strength not a problem. Business that would flop in other states succeed in Lagos because of the high population of people there.

emmanuelewumi:
The budget is meagre for our population that is $150 per capita and it will still be looted.

Our problem is fund and the huge poor population

Poorest? Are you judging with the recent poor run of events after TB went down?
Anyway, I do not have an account anywhere else so I cannot compare directly but I did do a lot of research on the mutual funds thread and I know the FBN Quest guys were always complaining of one thing or the other.

hias2012:
With about the poorest interest despite being with the highest NAV, or there about ☹️

Mutual funds is the hallmark of Stanbic. They are one of the best in the game.
Yes they also have the dollar aspect of their investment.

awele186:
Hello please does stanbic ibtc do any mutual funds or trading in dollars

Enjoy your money bros president

PresidentBuhari:
Can anyone advise which Investment I can go for with a cash sum of N24 million currently laying idle in my bank account, I am thinking of buying this egg below, it has always been my dream to own it, the current cost f the car is N23 million, is this a good investment ot what do you suggest?

This is beginning to sound scaring. Any hope for common man so? I am glad we want to test the no subsidy thing so that everyone can rest, but knowing the greed of Nigerians, I am not very optimistic and your expose here again makes me even more worried considering how power this cartel is.

ahiboilandgas:
hope say na Nnpc mega 1 ...if na affiliate i will sell everthing to black market people ..if the difference is much fuel will.disappear from.stations to kegs ....

I think government was waiting for Dagotte refinery to kick off before removing the subsidy thing, I wonder why they decided not to wait again.
However, I believe removing it is a good thing though.
What about refineries, has the market for it being opened?

ahiboilandgas:
petrol will soon fellow ....the evil marketers will transfix a price that can only go up and up ....but will take everlasting to come down....Nnpc stations will be having some goods sales in future

Exactly, the price refused to go down despite the slum in crude price. It never follows market forces.

ahiboilandgas:
look at what happening in deseal

In theory this what is supposed to happen, but the Nigeria that I know, petrol stations will form union and tell their members you must sell at a particular rate or face sanctions.
Even barbers and vulkernizers get union.

ahiboilandgas:
everbody will operate at his full capacity and use his selling skills to increase renenue ....so different station will have different prices nased on how they source it....

The guy de try, na just that temper when de overcoming am sometimes, but u can see an effort on his part to master it.

afroxyz:
Tomato seller wey know regional economics. I don tell u say Ido come your shop one day

I remember joining the haulauge business thread on nairaland many years ago, they used to say the money in it was like blood money but that the truck owner had to practically be a "mad man" to deal with the drivers and their plenty wahala.
It is major challenge for me.

Enyinne:
Yes I'm a female but hv been in male dominated business all my life. Being in the oil sector strengthened me up to the challenge even though i hv guys work with me ,who takes the verification of driver off my back but still I succeeded. Try to study ur driver from the get go, monitor him after jobs done to ascertain shortages and if on repeat, warn and sack if he is not controllable . Most times i dont use escort on the truck as a thief cant steal from himself , so no excuse

It was a 50-50 thing, some people will hate their father for the same thing you are thanking him for.
He took a big risk, not many parents can do even if they wish to do it, I know this.

4tunebest:
I would eternally be grateful to my dad for making me go through that phase to find my feet by myself. After growing up as an ajebutter, I needed to be schooled in the reality of the other side of life which paid off for me 'cos I wouldn't have developed the skills to make me valuable enough to be recruited by my current employer. Enough said

Are you female as your moniker states? How do you select and deal with drivers and their antics?

Enyinne:
Sir , u can never compare starting a biz such as haulage with a good company like boulos to fg bond at 11.2% . As far as his truck is sound and well managed with all this like insurance put in place , u cant go wrong with it . He can still save 100k monthly in mutual funds and still keep some more profit for himself which he can invest .I hv been a truck owner , haulaging pms to Enugu on aquila ,used my truck , made my money after 2years and sold for 3m after 7yrs frequent usage. Truck is still a viable biz but do the needful and within 6months u can still invest in bonds .

This your number 2 is very hard to practice, yet some scholars believe that kids should be allow to find their own purpose in life rather than feel entitled and patiently waiting for their parent to die so as to inherit their properties.

Your father was a bold man because people would have mocked him also.

4tunebest:
.

1. I lived in Lagos but stayed back to work in another city after my postgraduate program in that city.
2. Yes I was solely responsible for my expenses as my father, although wealthy, believed in owing his children only education. So after my M.Sc, I was solely responsible for my expenses. I started from scratch as I had no savings prior to this time. This is why I took the 27k job as I needed a means of survival
3. How I was able to do it? Honestly I can't really say. I guess God's grace and the 3 things I listed in my previous post. I also believe there's something called God blessing the work of our hands as my colleagues in the office used to think I was a wealthy person due to the quality of life I lived. They didn't know that "all na packaging"

I don't know how else to let people know that the thing holding them back is in their mind.

We have used Excel Spreadsheet, We have used online tools, those who earn big money have made their suggestions, those who earn small money have told us their experience, men have spoken, women have advised. If none of these can convince you, I hope we can come up with something that will.

As Les Brown would say, to achieve something you have never achieved before, you have to be someone you have never being before.
Bryan Tracy will say, success leaves tracks. Just put in the work that successful people are willing to put in in order to achieve what they want to achieve.
It is all in our mind. It is choice we all have to make. Our choice or our excuses will stare us in the face at all times

4tunebest:
You are right on point.

The first 2 plots of Estate land I bought was from a thrift collection...

Thanks for this.
A lot of people will continue to have excuses 20 years from now. Even if it is one thousand you want to be saving, do it.
Using that same spreadsheet, if you save 1k every month, at the end of the 35th year, you will have over 3million.
Do business, no capital, do supplies, people won't pay, do stock market, I hear people lose money, do TB, my money is small, do SUKUK, it has an Islamic name, do fixed deposit then, interest is too small. Excuses excuses and more excuses.

4tunebest:
I just want to put this out there for someone earning low and feels quite disadvantaged by default as regards saving from the meagre income. There is always this overwhelming feeling about how much/how long do you have to save to accrue a significant amount.

In the year 2012-2014, I was earning 27k as an M.Sc. holder and still saved enough to live well and eat good, nutritious food .
My personal utilities for my wedding was also from the savings I had from this meagre income.

Now, I save over 80% of my salary monthly. That saving culture didn't jump on me today. It started several years ago when I was earning a meagre sum of 27k, even though I wasn't able to save more than 10% of my income as at then.

The key is living below your means. Do not compare yourself with others. Be grateful for the little you have. These 3keys are ways of life that opens the door to gradual albeit steady abundance; increasing your income and consequently, your ability to save more.

Except he has another income source then fuel for car and DSTV should not be in his present list of expenditure.
He may also opt to invest 5k instead of the 10k. The truth is, even if you earn 1 million per month, if you don't want to invest, you will also have enough excuses not to, that is life.
What do you think?

yazga:
for a school teacher than earns less than 50k

This is a far better father than the ones who think organising birthday parties are more important than investing in the future of their kids.

I hope the kid's money goes into a mutual fund that grows and not just a static account, that is when it will really have the power of compounding.

I used 10k so that people don't assume that they must have big money before they start. When you think of 10k per month and then 120k per year, the first temptation will be to ask "how many years person go save jo" until you really punch the numbers.

Maybe if it is presented in this way, more people will appreciate it, although I know that by the 6th year, many people will withdraw the money, that I am sure of.

NL1960:
It is true now. I have told many people this but they do not believe.

Btw, i have a monthly standing order on my account for my two kids. The monthly transfer to their account has never failed because i ensure money leaves my account first at month end to theirs before anything. This has been on since the day they were born. One is 13+ now while the other is 11+. No need to mention the monthly amount but it is more than 10k monthly.

Jeez, it's crazy, that means if a man decide to start paying 10k into an investment every month with a 10% per annum as soon as a child is born, he can hand over 20 million to the child on his 30th birthday.

Fellow investors, I just played around with some calculations and I was shocked by the simplicity and result.

Assuming I am a civil servant and decide to commit to save 10k (ten thousand naira only) every month, at the end of the year I will have 120k (one twenty thousand naira) only. Assuming I decide to invest that money on a 10% investment per annum without stopping the 10k per month savings, that at the 35th year, around the time I am retiring I will be worth around 30 million?

With that kind of money, what is your business whether government or pension funds paid your gratuity or not. Just 10k a month o, not 20k not 100k not 1 million, just 10k, it is just crazy.

See attached sheet for details

I find the values difficult to believe, can someone else also do the calculation and confirm I did not make a mistake.

I find that strange, perhaps the money is in the accessories.

If I were consulted to do a business analysis for it, I would have given it a poor mark.

Lots of people tend to only change their phones when their old phones are faulty, Typically, that is every 3 years. Of course there are people who buy when the latest phones are out but they are in the minority. Then there is the fact that there is a lot of competition.

I do find it strange even though I believe you, I can't understand the reason why this is so.

emmanuelewumi:
They make big money

Just curious, do those who do phone business make profit? Because I know people don't change phones everyday, one person can use a phone for more than 2 years.

If my memory is right, Magodo has a special rate because they have a special service agreement with IKeDC which means they pay a premium for more than regular power than other areas.
I think they usually charge that amount to serve as deterrent for would be offenders.

dejiotus:
The huge bill is exactly my case and disagreement with Ikeja Electric and I am hoping NERC will mediate. It is obvious the amount is exploitative but my former tenant played into their hands when she tampered with the meter. My offer to pay a reduced amount was rejected by Ikeja Electric.

There is no doubt however that the tenant was involved in power theft. The electricity purchase activity report apparently revealed she last charged the meter in October 2019 and she was using her AC and other electrical appliances non stop.

That is why they now install the meters on the electric pole, that one is more difficult to by pass because it will be obvious

Emmaesty:
In Ikeja GRA, people bypass prepaid meters alot. They can tweak it in such a way that they wont need to buy a lot of units. Imagine a house with AC, Deep freezer, microwave, electric cooker paying a sum of 4k per month on their prepaid meter.

Meter bypass is real. It is electricians that help people bypass

You have an account number? Ah, you are in luck, she can be tracked na.

dejiotus:
Unfortunately all the professionals involved did not collect any detailed information and I was not in the country when she moved in.

I have her GT bank account however because I needed to transfer money to her for a new water pump. I also have her telephone and WhatsApp number.

The pain of a parent losing a child, a pain no parent should have to bear

I am the sole importer of those two products into the country. I plan to open a factory very soon also.

ahiboilandgas:
am sending u a cold bottle of audio Heineken...take care

Theconglomerate:
No shaking,1 Budweiser for you.

You can tell theory, what you believe should be the case from real life experience from his real estate comment.
Some of the things he has said, no one else has ever mentioned them anywhere.
This may be a faceless forum, but you never can tell who the other person is. You for example may be Nkonjo Wealla I non go know.
That is why I de respect everybody o.

yazga:
Yeah he his

Sorry ma, I raise my two hands as being guilty of stereotyping, in a good way sha

yazga:
I am a Woman.

Very easy ma

yazga:
Correct me if I am wrong, How is it possible to bypass a prepaid meter?

You haf tay in this business, so far, you have shown you are an authority in the real estate industry.
This is an example of why it is always good to calm down and listen, you never can tell who the other person is and what his experience is.

Thanks for the invaluable info you have delivered here thus far.

MrMcJay:
What I'll advise you to do is to try to locate where she now lives or works. Then write a petition for Malicious damage, fraud and stealing and send it to the Police. It is preferable that you get the Police to arrest her at her new workplace or home and put her in handcuffs. Let this be done on a Friday afternoon.

By the time she spends the weekend in Police custody and wakes up on Monday, it is either she makes arrangements to pay in full or she is charged to court and remanded in Prison custody. Even if she makes bail, she can't complete the terms in 48 hours and she would taste prison.

For a sample KYC form, I have attached a Docx document to this post, if possible, you can download it and use. In addition, I suggest you request for the contact details of the previous landlord of each prospective tenant and talk to such landlord before letting your house to a prospective tenant.

Exactly, see fruits like Pine Apple also, they have very short shelf life.

Is there a technology for preserving tomatoes fresh for up to months?

Tobex4realTobex234:
You're very right about storage problems. Check out what Tomatojos is doing.