950...and more!!

That's what you get for PHOTOCOPYING Naira notes and spending it!! (Excessive Ways &Means - printing Naira).

Law said 5% max, and paid back/withdrawn 1yr after.

CBN printed 2038% in 7yrs and has not paid back/withdrawn the paper. It converted it to 40yr bond....i.e. left money in system.

Too much paper chasing few goods... Inflation!!

PLEASE READ!!

https://www.nairaland.com/5065924/election-vs-literacy-level

PLEASE READ!!

https://www.nairaland.com/5065924/election-vs-literacy-level

PLEASE READ!!

https://www.nairaland.com/5065924/election-vs-literacy-level

PLEASE READ!!

https://www.nairaland.com/5065924/election-vs-literacy-level

Xisnin:

Not presenting an academic paper doesn't give you the leeway to make baseless assumptions.

"Baseless assumptions"??....."ERI-MI-O"!!.... "OJI-GBI-JI-GBI"
I think the title or sentiments has thrown you off. But the body of the analysis should have corrected your mis-alignment.

Maybe the better title for you, for all the VALID analysis would be: "ELECTION AND LITERACY", not "ELECTION vs LITERACY".
Immediately, and repeatedly after the Title, I introduced CLEARLY WHAT THE WHOLE ANALYSIS WAS ALL ABOUT; as:

...."all underdeveloped LOW LITERACY COUNTRIES, need to DEBATE the DISADVANTAGES of having a very high percentage of people, who CAN NOT READ OR WRITE, deciding whom a HEAD POLICY LEADER should be; like China did by its own "Meritocracy" type of democracy!!"


The analysis is NOT to "examine the relationship between illiteracy and voting choice" as you said; its about EXACTLY what the introduction above says!!

Curiously, you held on to just ONE word (versus), and went completely blind about all other multiple words and detailed explanation in the whole body of argument, mostlikely because you are a PDP guy, and angry??
Am neither PDP, APC or OLX, so please focus on the above introduction, and elementary statistics.

Statistics is an essential assumption/estimation science to PRO-RATA by Sampling "a Basket". You always model, and work with "A BASKET".
e.g. You do NOT need to catch and count ALL the fish species in a Pond, to know what's in the Pond.
I wonder what you think is the purpose of Statistics?

ozo13:
Lool

Update:
8 OUT OF EVERY 10 VOTERS THAT VOTED FOR PDP IN THE NORTHERN STATES CAN NOT READ OR WRITE!!

Xisnin:
7 out of every 10 people (in any group), that gave PDP 6,067,552 votes in the 14 States below; CAN NOT READ OR WRITE!!
I find it disingenuous that this statement is about PDP who received less than 30% of the total votes in those
states.

I was not presenting an academic paper, but there are some simple logical assumptions you can draw in the absence of very current data.
Noticed the 6yrs and above, but as below, adult literacy data is actually WORSE ; as child education in those areas is just being encouraged.

Below is a the full NBS report and link, and I have now used the literacy data for ADULTS ONLY 15yrs and above, based on the logical assumption that:

1) if at 15yrs old you can not Read or Write WITH UNDERSTANDING, its unlikely that 3yrs after you would now be able to read and write with understanding.
So, adult survey report for 15yrs and above then, would be quite similar to for 18yrs and above, if survey was repeated 3yrs after.

Also. I have added both APC and PDP data.
Then about statistics, pls tell me what is not correct in the use of absolute numbers, as explained below!!!
=======================================================================================

EXPLANATION: Using ADAMAWA STATE as an Example.

PDP votes 378,078

literacy is 58%
Illiteracy = 100-58.4 = 41.6%

41.6% means: Anytime/Anywhere you see 100 Adults gathered in Adamawa, 41.6 of them, are illiterates.

1) So, out of 378,078 Adult voters of PDP; (378,078/100 x 41.6) of them, are illiterates = 157,280 people.

2) Addition of ALL PDP illiterate voters (from each state) = 8,365,658

3) PDP %ILLITERATE PER STATE = 157,280/8,365,658 = 1.9%

4) % OF PDP ILLITERATE VOTERS = Addition of ALL PDP illiterate voters (from each state)/Total PDP Votes
= 8,365,658/15,191,847 = 55%.
Means: 6 OUT OF EVERY 10 VOTERS, THAT VOTED FOR PDP CAN NOT READ OR WRITE!!

5) NORTHERN PDP ILLITERATES
When you add up only the PDP %ILLITERATE PER STATE for Northern states only(in red colour) = 75%.
Means: 8 OUT OF EVERY 10 VOTERS THAT VOTED FOR PDP IN THE NORTHERN STATES CAN NOT READ OR WRITE!!
========================================================================================

All other values for other PDP states, and for all APC values were calculated EXACTLY AS ABOVE!!
=======================================================================================
Data Source:

"https://nigerianstat.gov.ng/elibrary?queries[search]=National%20Literacy%20Survey"

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=2ahUKEwjP3OSQ3_3gAhUDuHEKHWHsDcYQFjAAegQIChAC&url=http%3A%2F%2Fwww.nigerianstat.gov.ng%2Fdownload%2F43&usg=AOvVaw2muymJP7OfmdfXvmIzUXlu ….. (National Bureau of Statistics)

https://www.bbc.co.uk/news/resources/idt-f0b25208-4a1d-4068-a204-940cbe88d1d3 …..(INEC 2019 RESULTS)

================================================================================

KendrickAyomide:
are you still feeling the nerve pain?

nerve pain disappeared after 6 months of suffering!!
Returns periodically, for no reason, about twice yearly.

PLS SEE ATTACHED CHARTS

Irrespective of being for APC, PDP....or OLX , all underdeveloped LOW LITERACY COUNTRIES, need to DEBATE the DISADVANTAGES of having a very high percentage of people, who CAN NOT READ OR WRITE, deciding whom a HEAD POLICY LEADER should be; like China did by its own "Meritocracy" type of democracy!!

7 out of every 10 people (in any group), that gave PDP 6,067,552 votes in the 14 States below; CAN NOT READ OR WRITE!!
Winning votes of PDP over APC is (15,191,847 - 11,262,978) = 3,928,869 votes.

Data Sources:
www.unesco.org/new/fileadmin/MULTIMEDIA/HQ/ED/pdf/Nigeria.pdf . .....NATIONAL BUREAU OF STATISTICS

https://www.bbc.co.uk/news/resources/idt-f0b25208-4a1d-4068-a204-940cbe88d1d3 .........INEC 2019 RESULTS

To whom it may concern:

There is something quite self distinctive and defining from the use of WORDS, with its appropriate decorum.
If SOMEONE continues being OBSCENE under repeated observation and caution, the WORDS tells you whether he/she came out of A HOME or A HOLE, exhibiting his/her antecedents and traits of lessons imbibed, from same.

Usually, you don't need to ask, which it is!!
.

alstarmayo:
Okay, you're asking me to subtract my depreciation from my savings, instead of ignoring it till the end of the asset life.
You still have to consider the salvage value of the asset. A tokunbo corolla bought at 2m will still sell for 50/60% of the initial value after 2 years, keeping in mind I've made my money on the car x2 over (all things been equal).
I'm not vexing brother

As I earlier said you did NOT patiently read my comments, hence I have to repeat. I said:

"DIVIDE Future Car Value (Todays price + 32% inflation - Sale of old car), BY 104 weeks (2yrs).
e.g. (1,500,000car + 480,000 inflation - 500,000)/104 weeks = 15,000 Naira"

That 500,000 above is your salvage value received for sale of old car, after 2 yrs. Your 100 naira bought 2 Agege bread when buhari entered, today that 100 will buy you only 1 bread. The 480,000 above would HOPEFULLY cover the extra cost on new Toks due to inflation.

alstarmayo:
I studied Finance in the university, I completely understand ROI and breaking even.
I bought my car in December last year, started driving in January this year, apart from initial fixing of AC and monthly servicing of about 10k, changing of brake pad, buying of belt (fan belt), replacement of fuel pump (I bought bad fuel), replacement of 2 tyres, etc.
All these expenses does not accumulate to 250k from January to August. I have consistently saved 50k every week since middle of January. So where do I get expenses of 30k every week from?
My point is, you're looking at it from an outsider, some of us apart from regular monthly service, does not spend more than 5k extra on maintainance monthly, so where are you getting these figures from.
I have a spreadsheet of my weekly income, expenditures. Look at it from a more practical aspect
I REST MY CASE

Since you did study Finance, you are the LAST person I expected would not easily understand all these.
The word SAVE may be the confusion; and also, you are NOT patiently reading my comments.
I defined my SAVE as : (6mths Total Income - ALL your expenditure within 6mths)/26weeks = Initial Savings.

I can not call it profit, because you and I, have NOT deducted the future major asset (car) depreciation cost.
You are calling it 50,000 profit/"saving". I am ALERTING you that it is really 30,000 at the end of the day, NOT 50,000!!

At start, if you valuate all your asset at WEEK 1 = 2 Million (the car)
In 2yrs, saving 50,000, if you valuate all your asset at WEEK 104 = 5.2Million (car assumed devalued by 70%, or dead).
The difference is 3.2 Million, which is saving about 30,000 a week, after 2yrs!

What I do NOT get is that:
ALL I am explaining and suggesting is that you should pls make sure you save AT LEAST an UNTOUCHABLE 20,000 weekly, for Two straight years. You claim you are already saving 50,000, which is FAR FAR better, than I am suggesting.
Why exactly are you vexing?? ..... I really dont get it o!! ....

alstarmayo:
How many vehicles do you have Uber/Taxify or the transport business as a whole? Are these analysis theoretical or practical?

Levels:
You buy 2 million Hens, they lay 50,000 eggs weekly. Your family eats 30,000 eggs, and hatches 20,000 eggs weekly.
After 2yrs, they now lay no more! But you NOW have 2million new Hens, to continue the CYCLE.
........How practical do you want/need it?

alstarmayo:
he is back again, if I buy a car of 2M and save 50k (from it every week, do you think it's a viable business??

Firstly, in transport business, your SAVINGS has to be over a longer time frame, not weekly e.g. 6mths (26weeks).
So, (6mths Total Income - ALL your expenditure within 6mths)/26weeks = Initial Savings
Hope this is how you arrived at the 50,000 value..... note the word ALL!!

From earlier example, but using 2,000,000 car value:
(2,000,000car + 640,000 inflation - 600,000)/104 weeks = 20,000 Naira goes into an UNTOUCHABLE account.

You have to decide whether its viable for you, but you are covered IF you spend ONLY 30K, Bury 20K; AND IF you got the 50K from the Initial Savings formula above. ..... note the word IF!!

abitafah:
Hmmm, partners won't understand anything until they get on the road and drive demselves. If u know d kind of work these cars do daily, u would pity the car. I have already condemned my car to be only good for uber business and not for private use again. If I get a job,I would just sell it off and get another one for private use. These cars can never remain the same again after 4 months usage. Now, I can't even save from it again as the income only settles household expenses and vehicle repair expenses. You can only enjoy the business for the little time u started it and with a good car. After few months,the workload would have taken its toll on the car and u get to visit the mechanic, rewire and panel beater on a weekly basis(exhaust pipe leakage). Those that give their cars out on HP are lucky because by the time the driver is done paying up, the car would already be a trash. My personal experience

The cost of totally replacing (not repairing) any EQUIPMENT used in a business is VERY critical, especially if the equipment is a major
cost component in your business plan.
The car is about 95% of your total cost component; its a lump sum.
Because its durable and of long life, this lump sum will not appear or be needed weekly/monthly/yearly - hidden expense.
It will appear in 2-3yrs.

The longer you do not replace this equipment, the less efficiency from petrol and all other moving parts, the more the maintenance cost and down time (off road), the less your income.

Assume you PLAN to replace the current car in say, 2yrs.
So after 2 yrs, you sell the old dying car for 30% of purchase value, and then buy a new Toks.

DIVIDE Future Car Value (Todays price + 32% inflation - Sale of old car), BY 104 weeks (2yrs).
e.g. (1,500,000car + 480,000 inflation - 500,000)/104 weeks = 15,000 Naira.

So, if you do NOT take 15,000 Naira from your Weekly SAVINGS (not earnings), and put it in another UNTOUCHABLE ACCOUNT (savings-of-a-saving), I really doubt you would be in this business, or any other business at all, come 2 years from now!!

@abitafah should have been deducted say 15,000 from that his "household expenses" money above.
PLS, PLS DO NOT SEE CURRENT CASH SAVINGS AT HAND AFTER ONE WEEK/MONTH/YEAR, AS SPENDABLE MONEY!!


Note in 2yrs time, if you keep that 15K untouched, you would have (15K x 104) + 500K = 2.06 million to buy a new Toks and continue or not continue Uber. The extra 5.5% interest earned will come to 88,000 which you can use for 6mths daily peppersoup!!

expoguru:
S.a

Strangely; could not reply/quote from my original post.
Its oxytech; about the Kia Cerato

EDDY
OHSEVENOH, TRIPLE EIGHT, THREE, QUADRUPLE EIGHT
(Something goes wrong when I type it normally)

Ziggyzito:
price? Still available??

Strangely; could not reply/quote from my original post.
Its oxytech, Kia Cerato

EDDY
OHSEVENOH, TRIPLE EIGHT, THREE, QUADRUPLE EIGHT
(Something goes wrong when I type it normally)

OkunrinMeta:
Hello guys, I have a question.
Do you think it is a wise idea to take a bank loan to buy a car for Uber business, if i won't be driving the car myself.
I just want to learn from your experiences before i take such a big step.
Thanks.

THIS ONE....I WILL TALK
DO NOT EVEN TRY IT!!

For "such a big step", as you said; its worth your effort to read all 157 pages here.

elninosanz:


Is it manual?

Yes

alstarmayo:
@oxytech prepare your heart for plenty shock because I know plenty Ibo men with cars on Uber

But investing cars on Uber, and actually doing the driving are two different things o! (ps: am not Ibo)......Anyway, that's not really important here, lets focus on better R.O.I., in future (i.e. Return On Investment).
For the guys that are interested in Uber for a while, do try and consider forming an Association (anonymous, nairaland names).

Note: Hidden Uber "Agents" here, would twist and pounce directly or indirectly to dissuade such reasoning..... #ourmumudondo

OAKSFIVEFARMS:

Thanks for sharing your observations. I am not saying Uber is the best investment in the world.I believe I stated I chose fixed deposit, because, in my personal opinion "any investment that outperforms fixed deposit is a good investment" and because they share a common threshold (of couse, so do treasury bills). I can't compare Uber to every single investment, I chose fixed deposit for the sake of relativity ie how good an investment Uber is as compared to another easily understandable investment vehicle. You can also share with us an analysis of your own, the public will be better informed as a result of it. I really would be appreciative if you chose to share more of your observations, thanks and cheers.

THAT BELOW WAS LAST YEAR...THERE ARE SEVERAL MORE....., WHEN WE WERE LESS THAN 40 PAGES HERE, UBER HAD NOT CRASHED PRICE. I READ, BUT STOPPED POSTING BECAUSE, I REALISED THAT THE COUNTRY WAS SO SO HARD, THAT ANY 'FINAL/REAL' RETURN WAS GOOD ENOUGH.. 2%, 5%...10%. % R.O.I WAS IRRELEVANT!!
BUT, BECAUSE OF R.O.I, I WOULD BE QUITE SHOCKED IF ANY IBO MAN IS DRIVING AN UBER CAR! (am not ibo).

ANYWAY, YOU GUYS SHOULD REALLY REALLY CONSIDER BUILDING A STRONG ASSOCIATION, SLOWLY .YOU DO NOT NEED TO STRIKE/STOP DRIVING, SO NO NEED TO FIGHT THE IDEA OR EACH OTHER; JUST KEEP DRIVING, TALKING AND BUILDING....... IN FUTURE, THE R.O.I CAN BE MADE BETTER, FOR EVERYONE TO ENJOY!

oxytech:


In addition to my previous post, let us fact-check to see if you are actually better off ("welfare" gain/loss), after 4yrs:
1. You, didnt depreciate your equipment(Car) as it will wearout, "die"(salvage value=0), and need replacement in say 2-4yrs. Lets be very
optimistic and say 4yrs.
So, on Camry 2.4 Million/4 = 600K depreciation per yr.
2. Cost of funds - 2.4Million to buy the car before or now, did NOT drop from the sky! You should treat it as borrowed money; at today's rates its 27% for transportation sector at Diamond bank. But let's assume its dash money, but we deduct only 18% income loss, as you could have invested in treasury bills(FGN saving bonds) and get 18%. So, we deduct 18% of 2.4Million = 432K as interest/income loss.

So, actual profit = N1,610,000-600K-432K = 578K per yr. In 4yrs, equals 4x578K = 2.3Million(profit).
Total at Hand (saved) in 4yrs, BUT with no car = N2.3M+ 4yrsx(600K+432K) = 6.4Million.

If a MR SAM, was dashed the same 2.4Million, but buys treasury bills at 18%, rolls-over the capital and yield over 4yrs, he gets 2.4M+0.4K+0.5K+0.6+0.7 = 4.6Million.

After 4yrs, you would have earned 1.8Million (6.4M-4.6M) more than MR SAM. That's 8.6K more, weekly. (1.8/(4yrsx52wks)).

Now, the Uber business needs serious MANAGEMENT, so you are suppose to deduct this, even if u are the Manager; as it is an effort u could have put into something else, or hire someone to do.
Minimum Manager wage would be about 40K, that's 9K (40x12/52) a week.

Summarily, in 4yrs you, now on a "Pace-maker", are financially on the same spot (8.6K-9K=0) as Mr SAM who has been smoking Cigar, Pina-Colada, on the Beach, with his new.......
If realistically assumptions below are used; in 4yrs, you fit "park Jeep for Third Mainland Bridge" o!!!

Ambitious assumptions:
1. Car mostlikely will not survive up to 4yrs of uber punishment. Higher depreciation, less profit.
2. No Down times, repairs, etc- its impossible to have a regular 40K income for 208wks (52x4).
3. What about accidents, towing, lasma, etc in 4yrs?
4. Cost push inflation would increase cost of parts and repairs, so higher contribution, less profit.
5. Even if Uber compensates and increases price over 4yrs, service increases are always less than product price increases.
6. Saturation is occurring as more cars join Uber, leading to less call outs so less income, less profit.

Very sorry to digress the thread, but it very important to sound an ALARM anywhere possible, as people are not aware.
Do NOT take CIPROTAB (Ciprofloxacin family), unless there is absolutely no other alternative. WHO has several recommended drugs that would cure typhoid.
It is a poison, and efforts have been made to ban it, but big pharmaceuticals keep frustrating the ban, by lobbying for Black box warnings.

There are horror stories online. The side effect occurs most of the time, sometimes well delayed(years). You may not know or have the side effect immediately, but most of the illness or complaints you have now, or years after, is because of the earlier Ciprotab use. Ciprotab is being used indiscriminately in large numbers in Nigeria.

The typhoid will go, but now or IN FUTURE, you may have headaches, nerve pain, locked fingers, breathing and muscle problems, regular fever, and could cause death.

There are several BLACK BOX WARNINGS on Ciprotab. Black box warnings are NOT side effect warnings. It is the strictest warning by the Food and Drug Admin, when there is reasonable evidence of an association of a serious hazard with a drug, that may immediately or much later lead to cause of death or serious injury.

https://www.peoplespharmacy.com/2015/07/23/devastating-and-surprising-side-effects-of-ciprofloxacin-cipro/

Health is Wealth, pls avoid ciprotab, if u can.

I have been to hell, and still not back. Do NOT ever take ciprotab. WHO has other drugs and dosage that would cure typhoid. Its poison and efforts are being to ban it, but big pharmaceuticals keep lobbying to frustrate the ban.

There are horror stories online. The side effect occurs most of the time, not worth trying

It got to an extent that I preferred the pain of typhoid than the pain from ciprotab. Its like times 10!

The typhoid will go,then you have headaches all day long, nerve pain, locked fingers, breathing problems, regular night fever. All these damage permanently for years.
I can't exercise, jog, etc. I was an athlete.

Avoid ciprotab if u can.

Uber should be given "dubious credit" for thinking deeply about human society, to create such a business model.
On inception, they used incentive rates and promos to suck in HIGH prime investors at LOW coverage, build, and later transverse to LOW prime investors at HIGH coverage.
Ubers MAIN primary targetX FROM DAY1 was to always have drivers having financial challenges or of low "credit score ratings" (no salary, no collateral, etc)
Its like them choosing to hire low income staff, firing others, now that they are popular and accepted.
Uber has achieved that target now and moved on, so best NOT to expect a voluntary change, as thats the business model.

If you are not in this model primary targetX, and found yourself in Uber; poor you, as Uber has moved on. You may have to form a
Union (this should have been done from inception) to pressure Uber; or remain and forever grumble at the "peanuts" you are getting plus
a low "ROI"; or exist Uber by HP/sell cars.

As buttressed in that last Video, if you have financial challenges or very low "credit score ratings" (targetX) you can only get a Loan from a loan Shack at high "forwarded" interest rate. Stock market, Bonds, Banks, MFB, even friend borrow, are out of reach.

As with a loan Shack, you are exploited, as you have to work extra Harder to pay back at 60%/yr interest, as compared to a regular bank at 30%/yr. (A N2.6Million Corrolla, and paying back N3.5 Million@N45K/week = 60% interest/yr).

If you are in this primary targetX, then you have fewer choices, so why not; nobody would borrow you money anyway so Uber driver "break" could work for you.
Do HP driver (than just driver); work hard, SAVE VERY HARD, but note that Uber has a low return on investment(ROI).

If you want to still keep your car and get a driver only, sit at home to collect weekly "deliver", then Uber may NOT work for you!
The guys that think they can build a pool of cars in future, have not sensed that its a LOOP. You too will now LOOP and have to also do HP for other upcoming drivers, as the driver only option, is usually stressful and not profitable eventually.

If you want to buy cars to get HP Drivers, well, this could work, 60% ROI, but with some risk.
If you want to drive your own bought car; work hard, SAVE VERY HARD, but note Uber has a low ROI and so you will only be happy if you are in the primary targetX
Different strokes, for different folks......Good luck!

Romeo3:
i have been receiving a lot of criticism from you guys because of how i run my package.
i work hard i make money. you claim to think hard but i still make more money than you make on uber. stop speaking english.
if you have any other business you do apart from driving on uber or taxify why are you disturbing my life with permutations and calculations? i take life as it comes and solve problems as they develop.
you lot, on the other hand would rather sit down press calculator and display as facts.
thats why i will always be a step ahead.

Criticism reasons: UNCOURTLY, AND SOME MIS-INFORMATION....

Romeo3:
keep doing maths on another persons palaver.
an engine isnt 350k. so pls go sit somewhere. i visit ladipo regularly.
anything i type here is based on experience. i have mechanics as friends.
no one can tell me rubbish.
cheers

Different engine grades exist. Most have already done 150K miles anyway. Honda engine main Depot is Oyingbo, NOT Ladipo!
Making money is about working HARD; making Wealth is about Thinking hard!.....

Romeo3:
people do not like the truth. .............................
in that way, any money you make you get to keep. without delivering to anybody every driver on uber takes home nothing less than 60,000 naira a week. and this 60k weekly is after fuel and uber's 25%.
if you make 60,000 a week that is 240,000 a month and in 12 months it is over 2,800,000 in profit.
with that kind of money, you can change your car engine and car gearbox 2 times a year if they breakdown. that is why i am always quick to rubbish the depreciation claims etc.
if you are making that kind of money and you cannot maintain your car then shame on you.

SOME FACTS/TRUTH TO NOTE:

Toks (used) Engine for 2008 Honda=N350K
Gear=N120K.
Engine Oil, Oil Filter, etc=20K
Plugs, Air filter, etc=10K
Transmission Oil=20K
Labour=40K
Engine seat, Gear mounting, etc=10K
TOTAL: N570K..... Budget minimum N600K to change that engine!

You can not be doing this twice a year at N1.2 Million, on an income of N2.8 Million!
This cost EXCLUDES other frequent maintenance of other moving-parts (see post) at high mileage use of 1666 miles per week.
You have also been spending 30% of your earnings on fuel (8500/27,800 x 100); and repairs will be above 15% (based on IRS, for NEW Cars o!).