₦airaland Forum

Same Ghanaians told Nigeria traders to have a start up capital of $1 million before they can trade in their country and we want our country to be a dumping ground for products from Ghana

I can relate to your line of thinking. However, all companies that have chosen to leave Nigeria have left honourably and responsibly and I would suggest for those who think they are resilient. The outcome of Nigeria's development as a result of being abandoned by well governed companies over the last 40 years speaks for itself. Those companies or individuals who have been pretending to be resilient have not managed to bring inflation down, reduce mass unemployment, deliver strong exchange rates, grow exports, reduce the country's balance of payments or bridge the infrastructure deficit gap. Anyway we all have different views, all of which I respect, but I would rather stick to measuring national development rather than how much I earn in dividends or from fixed income investments which for me is material (I am not an audio anything btw... just stating that I am not lost on the continued risk of the value of these passive incomes being lost in real terms to devaluation or hyper inflation). Thus personally, national development should always take precedence which leads to improved quality of life for all, reduced insecurity and increased investment in the country including increasing the manufacturing base reducing unemployment etc etc to name a few amongst others.

emmanuelewumi:
What is worth doing at all, is worth doing well. When you leave the Nigerian business environment because of the so called harsh conditions, it is honourable and responsible to also leave the Nigerian market for those who are resilient

It may interest us to know that Seven Up and Nigeria Bottling Company delisted. The companies were made private.

In other words they want to make as much money from Nigerians, but are tired of sharing profits from the business with Nigerians.


MTN was also comfortable making all the billions from Nigeria, they decided to open up ownership to Nigerians when they were fined by NCC.

One of the conditions for waiving the fine, was that the company must be taken public.


I bought my MTN line for 35k, ideally the shares of the company ought to have been automatically allocated to those of us who bought the line 20 years ago

skydiver01:
I can relate to your line of thinking. However, all companies that have chosen to leave Nigeria have left honourably and responsibly and I would suggest for those who think they are resilient. The outcome of Nigeria's development as a result of being abandoned by well governed companies over the last 40 years speaks for itself. Those companies or individuals who have been pretending to be resilient have not managed to bring inflation down, reduce mass unemployment, deliver strong exchange rates, grow exports, reduce the country's balance of payments or bridge the infrastructure deficit gap. Anyway we all have different views, all of which I respect, but I would rather stick to measuring national development rather than how much I earn in dividends or from fixed income investments which for me is material (I am not an audio anything btw... just stating that I am not lost on the continued risk of the value of these passive incomes being lost in real terms to devaluation or hyper inflation). Thus personally, national development should always take precedence which leads to improved quality of life for all, reduced insecurity and increased investment in the country including increasing the manufacturing base reducing unemployment etc etc to name a few amongst others.

Kindly share examples of such companies that left honourable and are not interested in selling their products to Nigerians through the backdoor


Mass unemployment will be the order of the day since we have continued to be the biggest importers in Africa, especially products that can be produced in the country.

$1m is nothing to Unilever or Nestle. Nigerian traders here or in Ghana are simply unscrupulous and add no meaningful value to products or their value chain. Unilever and Nestle export to Nigeria better produced products by more honest workers and better infrastructure which the ECOWAS treaty allows.

emmanuelewumi:
Same Ghanaians told Nigeria traders to have a start up capital of $1 million before they can trade in their country and we want our country to be a dumping ground for products from Ghana

Econet and Etisalat left honorable and have not looked back since or tried to sell any of their services to Nigeria or the Nigerian market through any back door. Shoprite and other well managed companies will not be back until or unless Nigeria changes and develops. Nigerians have so far demonstrated that we are not willing to develop our country.

emmanuelewumi:
Kindly share examples of such companies that left honourable and are not interested in selling their products to Nigerians through the backdoor


Mass unemployment will be the order of the day since we have continued to be the biggest importers in Africa, especially products that can be produced in the country.

emmanuelewumi:
About 25 years ago, Vodacom was the biggest in Africa

MTN is now the biggest courtesy of the profit from their Nigerian business.


Foreign investors don't love us, they are only interested in the money they will milk from the country and repatriate abroad.


Too bad that the big players in the downstream sector who have been operating in Nigeria for about 60 years never thought of building a petroleum refinery in Nigeria.

Lafarge had a headstart advantage of 40 years over Dangote Cement and BUA cement, but the 2 Nigerian owned companies have pushed Lafarge to a distant third position as per market share.

In the pharmaceutical sector the foreign owned players are struggling, while Nigerian owned Fidson Pharmaceutical, May and Baker Pharmaceutical and many other home grown players are expanding.

In the soft drink sector, home grown Bigi is giving Seven Up, Nigeria Bottling Company a very big fight for market share in Lagos and South West Nigeria

In the mall and retail consumer goods sector, local players are giving Shoprite so much competition that they are now running away.

skydiver01:
$1m is nothing to Unilever or Nestle. Nigerian traders here or in Ghana are simply unscrupulous and add no meaningful value to products or their value chain. Unilever and Nestle export to Nigeria better produced products by more honest workers and better infrastructure which the ECOWAS treaty allows.

Referring to traders and not multi national companies.

They are creating jobs for Ghanaians, they should also sell to Ghanaians


You can't use profit made in Nigeria to create job opportunities and wealth for Ghanaians, and planning to sell your products to the Nigeria market in order to create more jobs and income for Ghanaians

NL1960:
In the mall and retail consumer goods sector, local players are giving Shoprite so much competition that they are now running away.

I don't think so, they have made mega profit and are booking profit.

skydiver01:
$1m is nothing to Unilever or Nestle. Nigerian traders here or in Ghana are simply unscrupulous and add no meaningful value to products or their value chain. Unilever and Nestle export to Nigeria better produced products by more honest workers and better infrastructure which the ECOWAS treaty allows.

There you have it.
At the time the ECOWAS Treaty was signed, Nigeria was the big kid on the block, the master of all it surveyed in west Africa. Happy days indeed, I remember when I first went to Ghana and how my naira was magically transformed into loads of cedi, and how Nigerians were respected.

46 years later, Nigeria is a misgoverned entity with an unstable economy and a shaky political structure whose citizens are fleeing anywhere they can get to and we are still thinking that we have a big "market" to offer, however insecure it may be.

As a Nigerian, I want the best for this poor brutalised country, but I do not see how economic nationalism, APC style, is the best answer.
And ultimately, if Nestle Nigeria or Unilever Nigeria leave the country or close down or whatever, they will lose, yes, and Nigeria will lose as well

Nestle is also having issues, for the past two years they have been paying dividends from their retained earnings, equity is depleting, I don't know how long they will continue to pay dividends from their retained earnings

What do you mean by “dumping ground?” There are rules governing international trade.

Ghana is not stopping Nigerians from doing business in their country, provided they meet local laws. The law in Ghana is for all foreigners in Ghana, not only Nigerians. Nigeria can also ask foreigners in Nigeria to pay a certain amount to trade in Nigeria. But you cannot stop a particular country from importing into your country. Has a Nigeria stopped exporting to Ghana?

emmanuelewumi:
Same Ghanaians told Nigeria traders to have a start up capital of $1 million before they can trade in their country and we want our country to be a dumping ground for products from Ghana

NL1960:
In the mall and retail consumer goods sector, local players are giving Shoprite so much competition that they are now running away.

And that is how it should be. Foreigners came in, brought in razzmatazz and hype (they weren't selling anything fundamentally different), and the locals upped their game to meet up.

About 3 pages of robust arguments and disagreements, yet no one has insulted the other or gone to dig up past post.
No, do you know who ayam?
No I am the friend of the founder of all the tech owners in the world.

Just agreeing to disagree, or leaving the arguments when it seems to be veering off track

Just mutual respect. Each man presenting his case without any bickering.

Maximum respect gentlemen. Hopefully, the rest of us can learn from you guys.

PetroDolla2020:
What do you mean by “dumping ground?” There are rules governing international trade.

Ghana is not stopping Nigerians from doing business in their country, provided they meet local laws. The law in Ghana is for all foreigners in Ghana, not only Nigerians. Nigeria can also ask foreigners in Nigeria to pay a certain amount to trade in Nigeria. But you cannot stop a particular country from importing into your country. Has a Nigeria stopped exporting to Ghana?

Unilever can export through the sea ports and airports.

A Ghanaian manufacturer of bitter drinks used that route during the period of the border closure

Cyberknight:
And that is how it should be. Foreigners came in, brought in razzmatazz and hype (they weren't selling anything fundamentally different), and the locals upped their game to meet up.

Na true o. You will see people queuing and fighting over Shoprite bread as if it is the 'bread of life'.

emmanuelewumi:
About 25 years ago, Vodacom was the biggest in Africa

MTN is now the biggest courtesy of the profit from their Nigerian business.


Foreign investors don't love us, they are only interested in the money they will milk from the country and repatriate abroad.


Too bad that the big players in the downstream sector who have been operating in Nigeria for about 60 years never thought of building a petroleum refinery in Nigeria.

Lafarge had a headstart advantage of 40 years over Dangote Cement and BUA cement, but the 2 Nigerian owned companies have pushed Lafarge to a distant third position as per market share.

In the pharmaceutical sector the foreign owned players are struggling, while Nigerian owned Fidson Pharmaceutical, May and Baker Pharmaceutical and many other home grown players are expanding.

In the soft drink sector, home grown Bigi is giving Seven Up, Nigeria Bottling Company a very big fight for market share in Lagos and South West Nigeria

MTN is in more countries than Vodacom, it is also in middle east

MTN is also in the middle east,

MTN started the mobile telecom in Nigeria, be thankful

NL1960:
In the mall and retail consumer goods sector, local players are giving Shoprite so much competition that they are now running away.

Shoprite has 12 stores in Nigeria, lol

In total Shoprite has 2400 stores, it will focus in those 2400 that is making money in other countries like Mauritius, Congo, Angola, Botswana, Namibia, Mozambique, Zimbabwe, Lesotho, eswatini, Tanzania, Zambia, Malawi, Ghana, Cameroon etc

AfriqueDuZuid:
MTN is in more countries than Vodacom, it is also in middle east

MTN is also in the middle east,

MTN started the mobile telecom in Nigeria, be thankful

About 25 years ago, MTN was not the biggest in Africa. Vodacom was the biggest.

Nigeria currently generates about 40% of MTN profit, we have more users of MTN lines in Nigeria than in South Africa

emmanuelewumi:
About 25 years ago, MTN was not the biggest in Africa. Vodacom was the biggest.

Nigeria currently generates about 40% of MTN profit, we have more users of MTN lines in Nigeria than in South Africa

Its business we taking money back to SA

skydiver01:
Econet and Etisalat left honorable and have not looked back since or tried to sell any of their services to Nigeria or the Nigerian market through any back door. Shoprite and other well managed companies will not be back until or unless Nigeria changes and develops. Nigerians have so far demonstrated that we are not willing to develop our country.

The promoter of Econet could not have his way with Nigerian shareholders. He had to leave.

Econet Wireless has the following shareholders Lagos State, Delta State, Akwa ibom state, First Bank, FCMB, Leadway Assurance and other High networth investors.

The Zimbabwean guy did not drop a kobo, 5% share of the company was allocated to him as sweat equity.

Econet needed money to expand other shareholders were ready to invest more, but Strive was not ready to invest and does not want the other shareholders to invite outsiders who have the money.


Etisalat left because of debt, there was a time when banks wanted to take over the business, but for the timely intervention of NCC and CBN

Well, Econet Nigeria does not exist today. Greedy Ibori and other Nigerian shareholders were asking for the impossible from him and so he left. Sweat equity or not, it is not the greedy shareholders that will build and run the company. Hence no Econet Nigeria today.

Etisalat's debt did not vanish. The same greedy Nigerian banks conniving with other greedy Nigerians chose to be unreasonable in restructuring the debt with Etisalat. But hey presto, the same greedy Nigerian banks chose to restructure the debt with greedy Nigerians who wanted to take over the company which we know today as 9mobile. Why did 9mobile and her sponsors not launch 9mobile from inception like other MNOs that came into Nigeria? NCC and CBN were there when Etisalat requested a debt restructuring. I will continue to maintain that widespread greed and corruption continues to hold back Nigeria's development.

emmanuelewumi:
The promoter of Econet could not have his way with Nigerian shareholders. He had to leave.

Econet Wireless has the following shareholders Lagos State, Delta State, Akwa ibom state, First Bank, FCMB, Leadway Assurance and other High networth investors.

The Zimbabwean guy did not drop a kobo, 5% share of the company was allocated to him as sweat equity.

Econet needed money to expand other shareholders were ready to invest more, but Strive was not ready to invest and does not want the other shareholders to invite outsiders who have the money.


Etisalat left because of debt, there was a time when banks wanted to take over the business, but for the timely intervention of NCC and CBN

skydiver01:
Well, Econet Nigeria does not exist today. Greedy Ibori and other Nigerian shareholders were asking for the impossible from him and so he left. Sweat equity or not, it is not the greedy shareholders that will build and run the company. Hence no Econet Nigeria today.

Etisalat's debt did not vanish. The same greedy Nigerian banks conniving with other greedy Nigerians chose to be unreasonable in restructuring the debt with Etisalat. But hey presto, the same greedy Nigerian banks chose to restructure the debt with greedy Nigerians who wanted to take over the company which we know today as 9mobile. Why did 9mobile and her sponsors not launch 9mobile from inception like other MNOs that came into Nigeria? NCC and CBN were there when Etisalat requested a debt restructuring. I will continue to maintain that widespread greed and corruption continues to hold back Nigeria's development.

Strive is the greedy one, he became a millionaire in dollars courtesy of the Econet deal in Nigeria.

Nigeria shareholders were naive, I guess because it was a new industry. They gave too much concessions to Strive.

How can a guy who was allocated 5% shareholding give a name to the business. Econet International had just 5% holdings in Econet Wireless Nigeria. Strive also frustrated name change of the business

Econet had a headstart over MTN in Nigeria, but the internal fights affected the growth of the business

Strive does not have money to invest for expansion of the business, Lagos State, Delta State, Akwa ibom, First Bank, FCMB, Leadway Assurance, Otudeko and others were ready to invest, but Strive was frustrating their efforts. He doesn't want his shareholding to be diluted.

A man, a Zimbabwean can't hold the majority to ransom.

Since Strive left the company started growing.

It metamorphosed to Vmobile, Zain and finally Airtel.


What stopped Etisalat from coming with their own fund or cheaper funds from the middle East, I thought Etisalat had the Arab money to spend naa

Tobex4realTobex234:
I'm struggling to understand how individuals are running away from crypto and even worse painting it a bad name at a time when the following entities are rushing it:

Publicly traded companies.
Federal government reserves.
Big banks e.t.c

You sabi future pass all these people. Kwantinue to allow dead naira diminish your wealth

Is it wise to buy bitkoin at this stage ?

Phyde:
Is it wise to buy bitkoin at this stage ?

Yeah

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Yea hold some bitcoin for the luxury of it when the price finally hit $1m, anything you invest in it now will be in thousands of dollars by 2035.

The doge coin I bought at N8600 in February this year just sold for N60k, I'm not even happy as I missed stacking em up and losing out in a profit of N2.5m ,,

Phyde:
Is it wise to buy bitkoin at this stage ?

skydiver01:
$1m is nothing to Unilever or Nestle. Nigerian traders here or in Ghana are simply unscrupulous and add no meaningful value to products or their value chain. Unilever and Nestle export to Nigeria better produced products by more honest workers and better infrastructure which the ECOWAS treaty allows.

what did I just read

Hello all ....... I greet u all, have been a ghost reader here and i have learnt alot from the bosses here concerning investments, financial literacy and financial independence. I have a question that i would like to ask.
There's this particular podcast that i do listen to called Dave Ramsey show and this man teaches american specifically about financial education, budgeting,living below your means, getting out of debt, investing and all that. So they do tell couples to combine their income then attack their debts together and invest together. So my question is do you think its a good idea to combine ones income with your wife here in Nigeria, and invest together to be able to reach your financial goals faster. Not that the wife will be using her money to buy land that omo onile will collect and sell to someone else, or loaning people money that they wont pay back while the husband is there doing is own thing also. Cos i see this in alot of nigerian families, and i read somewhere on this tread where ogorofreak or so replied the person that was asking ahib for statement of account that most of them hide their statement of account from their wives. I would love to hear your insight and experience on this. Cos am not from a wealthy family but i want a wealthy family to come from me. Thanks and forgive the epistle.

9jatriot:
About 3 pages of robust arguments and disagreements, yet no one has insulted the other or gone to dig up past post.
No, do you know who ayam?
No I am the friend of the founder of all the tech owners in the world.

Just agreeing to disagree, or leaving the arguments when it seems to be veering off track

Just mutual respect. Each man presenting his case without any bickering.

Maximum respect gentlemen. Hopefully, the rest of us can learn from you guys.

.if na to ask where tribecra Night club or airport lounges dey .she will appear and rant for the next 10 hours or pages wasting data up and down without any positive contribution to productive topic . I done give am daily food to rant for the next hours with her stale new.....oya start button activated ..

aliadi2:
Hello all ....... I greet u all, have been a ghost reader here and i have learnt alot from the bosses here concerning investments, financial literacy and financial independence. I have a question that i would like to ask.
There's this particular podcast that i do listen to called Dave Ramsey show and this man teaches american specifically about financial education, budgeting,living below your means, getting out of debt, investing and all that. So they do tell couples to combine their income then attack their debts together and invest together. So my question is do you think its a good idea to combine ones income with your wife here in Nigeria, and invest together to be able to reach your financial goals faster. Not that the wife will be using her money to buy land that omo onile will collect and sell to someone else, or loaning people money that they wont pay back while the husband is there doing is own thing also. Cos i see this in alot of nigerian families, and i read somewhere on this tread where ogorofreak or so replied the person that was asking ahib for statement of account that most of them hide their statement of account from their wives. I would love to hear your insight and experience on this. Cos am not from a wealthy family but i want a wealthy family to come from me. Thanks and forgive the epistle.

Different strokes for different folks. What works for me can't work for you.

In my case, I have my personal Investments, my wife has her personal Investments and we have joints Investments which we both combine resources to have, both of us are earning income so both of us should be financially responsible at the home front.

aliadi2:
Hello all ....... I greet u all, have been a ghost reader here and i have learnt alot from the bosses here concerning investments, financial literacy and financial independence. I have a question that i would like to ask.
There's this particular podcast that i do listen to called Dave Ramsey show and this man teaches american specifically about financial education, budgeting,living below your means, getting out of debt, investing and all that. So they do tell couples to combine their income then attack their debts together and invest together. So my question is do you think its a good idea to combine ones income with your wife here in Nigeria, and invest together to be able to reach your financial goals faster. Not that the wife will be using her money to buy land that omo onile will collect and sell to someone else, or loaning people money that they wont pay back while the husband is there doing is own thing also. Cos i see this in alot of nigerian families, and i read somewhere on this tread where ogorofreak or so replied the person that was asking ahib for statement of account that most of them hide their statement of account from their wives. I would love to hear your insight and experience on this. Cos am not from a wealthy family but i want a wealthy family to come from me. Thanks and forgive the epistle.

Please note when it comes to family and finance there is no one cap fits all.
Just as no two individuals are the same that is how it applies to families.
No two families are the same and so what works for one family may not work for another.
Most of what you read online or in books are people's experiences and yours could be different because your family is unique.

When it comes to finance there must be serious discussions by the parties involved
Financial literacy of the man and his wife very important.
Before you invest together the man and woman must be on the same page otherwise it will not work.

These are some factors to consider:
Background of the man and the woman.
Conditions and values of both
Goals and aspirations
Risk tolerance
Income source. It’s easier to combine investment if both are salary earners than if they are both into business or one of them is into business.
Culture
etc.