I sent $400 to India & in few seconds, the money is in his account. And they charged me N390/$.

Using Transferwise

ositadima1:


It is doable. Let's assume he started lecturing at 24.

For a salary of 300k, if 20% (kept asside for investing) for the next 16 years ==> 300k x 12months x 16years x 20% = 11,5200,000 .

Assuming he is good at investing in real estate and stocks.

11.5 mil compounded for d next 20 years at 35% yearly return will be nothing less than ==> 11,520,000 x ( 1 + 0.35 )^ 20 = 4.66 billion !! .

That is 36 years of saving and judicious investing with God on his side. It can be done, I am trying to do this.

I don't know if this is possible but it's what i'm gunning for. I started visiting this thread when i was 16 years.

Now, i am 23. I earn above XX salary. I invest 250K monthly in Digital agriculture and then 100K in bitcoin. My goal is get within 25% -35% returns for 17 years.
I know digital agriculture is risky but i try to invest in the safest of them all.

My risk appetite is much bigger than most of the elders here.

But i'm hoping to retire by 40 years so i can focus on learning and teaching.

I use this tool for my compound interest calculations:
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

Sparkle bank.
You can open your account online by downloading the app

riche12:
Good pm
was searching for an agric investment and saw their ads,
Just want to know if anyone have used the site. Gracias

There is a thread for Agric. Investments.
Ask your question there.
https://www.nairaland.com/5358517/digital-agriculture-investment-platforms-options/175#90749126

ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index

So I have been thinking about this. I found a fault in it which is that you used an imported item. The price in Naira is already based in the fallacious exchange rates.

I think a good test will be to compare price of a bag of rice or any other commodity consumed in both countries

ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index

I need to read up on this. Interesting!

emmanuelewumi:



He wants to introduce you to importation of goods from China.

No, that was not my intent.
It’s for me personally, not introducing anyone.
I’m trying to see what Chinese products moves in Nigerian market.
But I’ll create another thread so as not to derail this.

Breaking: CBN Governor confirms exchange rate unification plans

https://nairametrics.com/2020/06/23/cbn-governor-confirms-exchange-rate-unification-plans/

AdaoraNK:


What product(s) is the Chinese firm into?

The Chinese person is not a manufacturer but is able to source anything from China and export on credit.

Their government is giving a tax incentive for exporters and he just moved to Wuhan free trade zone

Hi everyone,

If you have a good credit standing with Chinese who are looking to export into the Nigerian market. What good would you request they supply you for onward sales?

The Chinese person is not a manufacturer but is able to source anything from China and export on credit.

ahiboilandgas:
traditional rulers earn 5 percent of local govt grants ...and providing leadership service ...

Who gives grants. Do you mean LG allocation?

ojesymsym:
Thank God you have listed rice. What happened when government asked importers to pay import duties only through the ports for rice in an attempt to boost production? What was the outcry?

That directive and a subsequent stopping of border passage? Did it increase rice production? If yes, why not selectively try to boost local production in the things we have some advantage like cement production, food and processing than a blanket devaluation that will affect everything including drugs, electronics, mobile phones etc.
Is it devaluation that will our Nigerian Engineers to suddenly remember how to start making cars.
If you devalue, a Toyota Camry of 1.6M will shoot up to 5-6M? If you are the president, or CBN governor will that be something you will accept?

My belief is that we keep indentifying the things we know we should be able to produce or can increase our capacity to produce before we take the full plunge

China with over a trillion dollars reserves devalues from a position of strength to encourage local production and exportation.
Import duty is not the solution in a country with corrupt border personnel. Go to Seme and Idiroko, rice has started entering Nigeria again.
This will not happen if there is devaluation.
If Camry becomes 6M(even 20M), people will forced to start buying Innosson. Innosson will expand production, create more jobs and start exporting to neighboring countries because he will earn forex.

If we don't devalue now, we will later devalue forcefully at a position of weakness like Venezuela and Zimbabwe.

ojesymsym:
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.

True that industrialization doesn't happen in a night. But the catalyst that will make it grow rapidly is currency devaluation. It will be painful in the short-term if a consumer country devalues it's currency but they will start local production and benefit in the long term. This will boost GDP and create jobs.

When imports are too expensive, i will go for local rice rather than foreign one because i simply cannot afford the foreign one anymore.
Remember the tile adhesive company scenario given by Conglomerate, i cannot start a tiles company if my products will be more expensive than Chinas (No manufacturing and no jobs)

Local production cannot compete when dollar is cheap.
The key to industrialization is not a less corrupt government, it can only happen with Devaluation and low interest rates.

Dfavouredone:
Dear Fellow Investor,

At this time of low rate, one is looking for an alternative investment with a good rate and this is what I found.

Returns Market Investment Nigeria Limited (RC: 1621572), they promised 10% ROI monthly for 300k minimum investment.

Their claim is too good to be true, so I brought it here for fellow investors to help look into it to see if this will not turn to another MMM.

Below is their site to use check them out, let evaluate them to see if this is a big breakthrough to be happy about or a bubble that will soon burst to run from.

https://returnsinvestmentnigerialimited.com/

https://www.facebook.com/Returnsinvestmentnigerialimited/

Another thing is, I message them online that this their claim of 10% ROI monthly is too good to be true and that how secure is the capital and I hope this will not be like MMM where people lost their capital after some time. And this is was their response, "There is 100% security of every capital invested with us we are registered firm and also regulated by Security Exchange Commission SEC".

Is this their response enough security and guarantee for our hard earn capital?
Fellow investors lets discuss this opportunity and see the pros and cons.

Ask for their SEC number. What business are they doing to guarantee you 10% monthly. BRO RUN FOR YOUR LIFE.
Investments that offer monthly returns are 90% scams.
Anyway, click the link below to see the name, phone and house address of the person behind the website above. When he scams you, don't come to Nairaland, you have his house address

https://www.whois.com/whois/returnsinvestmentnigerialimited.com

For a second, i thought this was NCDC.
Scared the shit out of me

Keep your money until they announce school reopening, paying now could turn out to be a waste (Don’t spend out of it though as it’s your capital)

MTN Nigeria Communications Plc announces N100 billion commercial paper issuance

https://nairametrics.com/2020/05/24/mtn-nigeria-communications-plc-announces-n100-billion-commercial-paper-issuance/

oluwaleokey:


Pos business and keke biz
We once exchanged emails if you can remember

Self sustaining?
Have been expanding the both biz, so it keep demanding for more capital...

Do you run the POS business yourself or passively?

I failed twice at running it passively in 2017. One story after another.

contumely2:
I am inviting fairfora, Fid4fid
Truthdefender ,dasuks and sultaan to this great thread.
They are seasoned business men.

Sirs, you might go through a few of the last pages. I am sure you will find people here interesting. I adjudge this thread a respository of good brains on Nairaland.

A round of applause for them.

LET ME NOW encourage others to invite pundits they know here. I am sure they will appreciate the thread and also contribute.

cc adaorank

Let the thread grow naturally. Calling in experts brings in a moral burden of being always right. We are all here to learn. I’ve been reading here daily since 2014.

The Chinese are thieves. They are after money without any moral compass.

Go to Taraba National park and see the evil they have done there. They have exported all the Precious Rose trees and Kosso wood.