Interesting idea but Nigeria isn't a country where people want to stay. What happens when these people start to japa. These people being federal government workers and private middle class employees.

The bulk of the work still lies with the government, or gutsy private business owners who can arm-twist the government into behaving.

jedisco:


Also, similar to my reasoning earlier, it's good to see our VP question banks regarding mortgage...

If there was one industry in Western, I believe does hold the potential to lift at least a million Nigerians out of poverty with far reaching implications for the state, it's the mortgage industry...

Lets take a well paid FG young worker for example... If that person wants to own a home today, they'd need to save for at least 2-5 yrs to buy land. Then they process papers >>> look for an architect to draw a plan >>> pursue approval >>> look for a builder >>> take the next 10 years trying to build an apartment block by block ... All this while, the person is at the mercy of the builder/architect as its not his field. Also, the well established builders are not willing to get bogged down on a single house for years I've seen well earning families struggle for over a decade to build their house. This impacts heavily on their disposable income for things like holidays e.t.c during that time....

Now compare th above to another system where Julius Berger discusses with the government for land title, builds standard apartment with facilities leveraging on the economics of scale, and put these up for sale. That same young civil servant goes to his bank and gets a loan of 75 million at < 3% interest (which he could realistically payup over his career), buys that apartment in a good area with a proper title, pays a little amount monthly (which most times is less than what he'd have paid as rent), has loads of spare cash for other things... With time, if the price of the house appreciates, he could even sell it, pay the bank their loan and have more money to go for a bugger one...

The government benefits with such a streamlined process... Building laws are adhered to, things like ground tax e.t.c are paid, with the right database, the government can target certain groups to support e.g first time buyers can pay little or no tax e.t.c...

Comparing the age-old buying land and building to tge mortgage system is like comparing cocoa pods to its refined components like bournvita, chocolates e.t.c... The mortgage system can be an economic miracle...

But then, the CBN could help in kick-starting that process by encouraging/funding credit rating systems... When you have that, the banks know who they could safely lend to.... The construction companies can then get to work

OgogoroFreak:
Lol, them no know na.

At all
Also ,remember CBN will have to give up at some point and start defending the naira again,like 2016.
Just imagine what traders will be able to buy then with all that accumulated naira when it was weak

SeaTrade:
At all
Also ,remember CBN will have to give up at some point and start defending the naira again,like 2016.
Just imagine what traders will be able to buy then with all that accumulated naira when it was weak

It's all circle we go thru in Nigeria once in a while. I don't understand why people would choose to make exactly the same mistake all the time. This period, im very very careful with Naira. Its either I convert to goods or dollars.

Theflint1:
Interesting idea but Nigeria isn't a country where people want to stay. What happens when these people start to japa. These people being federal government workers and private middle class employees.

The bulk of the work still lies with the government, or gutsy private business owners who can arm-twist the government into behaving.

People outside the country can still pay the balances on their mortgage. Why would they want to default??
But even if they do, there would be a foreclosure process. The property are in the country so the credit is guaranteed anyways.

AngelicBeing:


No country develops via prayers, China does not subscribe to Prayers but almost all the microphones / chairs, sound systems used in Nigerian churches and mosques are from China

Australia / Canadians, USA, Western Europe are not prayer warriors like Nigerians and they are all doing well.

The GCC countries are Muslim countries, they observe their prayers 5 times daily but they don't rely or depend only on prayers alone , the GCC countries all have visionary leaders who wear their thinking caps, invite the best professionals from across the world to build their various countries.

The same oil and gas Nigeria has is what they also have and they are using it very well for the betterment of their respective countries and their citizens while the proceeds from oil and gas in Nigeria is frittered away via corruption


Prayers without work is dead, faith without corresponding action is dead. Nigeria can pray all they want but if they fail to do the right things which other countries are doing and are progressing, they will pray till the end of the world and still remain poor and backward.


God is tired of useless prayers void of mercy, compassion, righteousness, holiness, the fear of God, godliness, love + doing the right things

U are correct and on point but is that the reason why we should be predicting doom for the country?

OgogoroFreak:
It's all circle we go thru in Nigeria once in a while. I don't understand why people would choose to make exactly the same mistake all the time. This period, im very very careful with Naira. Its either I convert to goods or dollars.

Goods is your best bet if you are in trading or manufacturing.
You can keep dollars and one morning you hear Emefiele injects $1B in the parallel market
High BP straight

SeaTrade:
Goods is your best bet if you are in trading or manufacturing.
You can keep dollars and one morning you hear Emefiele injects $1B in the parallel market
High BP straight

Actually, there wont be any high BP because Naira will always fall against dollar. Its just a matter of time.

No matter the billion dollars they inject to save Naira face, I'm sure we will still discuss $1 = 1k+ Naira before 2023

oluayebenz:


U are correct and on point but is that the reason why we should be predicting doom for the country?

oluayebenz:


U are correct and on point but is that the reason why we should be predicting doom for the country?

Predictions dont build or damage country bro. Same with prayers.

hello, please i would like to ask if any one knows which of the banks gives a good rate for fixed deposit for 3months and 6 months. thanks

They have come for Abokifx..

They are investigating all the dorm accounts of these schools... Forced conversion to naira is imminent..

Tobex4realTobex234:
They have come for Abokifx..

hehehe... There is fire on the mountain, run, run, run.

If this government get power to come for crypto, i go die of heart attack o.

Na wa o. God help us all.

SeaTrade:
Oga, the business don't need to hedge any hedge,
All he need to do is to have stock,
Only foolish business people who like to keep cash will lose purchasing power.
All the serious businessmen and women actually gained from this whole inflation issue.
All they need to do is to change prices of their old goods to catch up with inflation.

How much stock can the person possibly buy and hold? Where will they store all the stock? Na you go give them free warehouse and storage? What if the business man deals in perishable goods? Make he use all him money buy stock wey go spoil finish? What about thieves and rats? If na okrika sef, you don’t know say fashion trends no dey last long? If na computer and phone products, won’t your large stock of inventory go obsolete? Abi you think say na everybody dey deal in expired counterfeit wine as you do? You go think say you dey make sense but you sound very foolish

Omotolani513:
hello, please i would like to ask if any one knows which of the banks gives a good rate for fixed deposit for 3months and 6 months. thanks

Most of the banks gives rate base on the amount and duration.

Fixed deposit is no longer popular. Money market fund is better.

Advantages of Money market fund:

No withholding tax (WHT)
Higher interest rate that can even be higher after investing,
Tenor determined by the investor
Investors are free to withdraw all or part of their money without any penalty after 30days
You can also top up with any amount at any interval.
Anyone can start investing with as low as N1,000.
Rates are not determined by amount and tenor. All funds get same interest irrespective of duration.

To open Money market fund with investment one click the link on my signature. You can also as well contact me with details on my signature.

Lazyyouth4u:


How much stock can the person possibly buy and hold? Where will they store all the stock? Na you go give them free warehouse and storage? What if the business man deals in perishable goods? Make he use all him money but stock wey go spoil finish? What about thieves and rats? If na okrika sef, you don’t know say fashion trends no dey last long? Abi you think say na everybody dey deal in expired counterfeit wine as you do? You go think say you dey make sense but you sound very foolish

counterfeit weh dey come in truck loads back to back abi?
Somehow it goes unnoticed from loading point upto my warehouse and I have been maintaining and growing clientele since,
Craze man.

Omotolani513:
hello, please i would like to ask if any one knows which of the banks gives a good rate for fixed deposit for 3months and 6 months. thanks

Dollar rate is currently at N575 while it's heading to above N1000 and you are still here asking for bank with good rates

freeman67:


The Nigerian thing affects all of them... Once in a while they sleep off on duty.

Just add them on WhatsApp with the number below or mail them about it.


+234 816 828 2396

Many thanks. Its finally been rectified and I got my link to commence funding.

DEBT SERVICE TO REVENUE

In 2020, total revenue generated by the FG was ₦3.937 trillion. Total Debt service was ₦3.342 trillion.

It means, for every ₦100 generated, about ₦85 was used to service debt.

#StatiSense
(Budget Office)

In 2020, a total budget of ₦9.974 trillion was approved.

Actual expenditure was ₦10.157 trillion, with ₦3.937 being the total generated revenue.

#StatiSense
(Budget Office, Ministry of Finance)

At this point, "There was a country" - Nigeria is finished!

The Government has borrowed 10 trillion via “ways and means” from the CBN and that has not even been added to the Debt stock.

https://businessday.ng/business-economy/article/dmo-finalizes-plan-to-restructure-cbns-n10trn-overdrafts-to-govt/

The dollar shortage also seems to be affecting banks. Segun Agbaje of GTB is saying banks don’t have enough dollars again.
https://nairametrics.com/2021/09/16/nigerian-banks-dont-have-enough-dollars-to-fund-acquisition-of-shell-assets-in-nigeria-agbaje/

The handwriting is on the wall. My only reason for still keeping Naira is the plenty loans the government is taking. With about $7B in loans coming in, CBN will have enough firepower to defend the Naira.

ositadima1:
DEBT SERVICE TO REVENUE

In 2020, total revenue generated by the FG was ₦3.937 trillion. Total Debt service was ₦3.342 trillion.

It means, for every ₦100 generated, about ₦85 was used to service debt.

#StatiSense
(Budget Office)

It has gotten worse. For the period of January to May 2021, the debt service-to-revenue ratio was 97.7%.

For every ₦100 generated, ₦97.7 was used to service debt.

Source: Chairman of the FG Economic Advisory Council. https://www.thisdaylive.com/index.php/2021/09/16/salami-with-debt-service-to-revenue-at-98-nigerias-borrowing-unsustainable/

-Lord

Withdraw your $ and have it as cash, they are coming, be proactive

No dollar Should not equate to no Investment!

Even if you can’t get dollars right now, don’t leave your cash idle without investing it.
Cash left idle loses value faster than invested cash.
You can still invest in Abacus money market fund for risk averse investors and
some good fundamental stocks if you can take risk while waiting to get dollars.
Click the link on my signature to start. Account opening is free.

Tobex4realTobex234:
They have come for Abokifx..

Very Unfortunate.

oluayebenz:


Can't you just stop been negative

Always wishing bad for the country.....

Never take a time to pray for the country....
Is this the kind of mindset that will improve our dear nation?

God, why did I share same airspace with these kind of people

then go to your own airspace na!!

it is not necessarily being negative. it is an expression of how things are trending.
I assure you nobody wants Nigeria to self destruct but every single decision taken by the government is just terribly ill thought out and bad.
things are trending in one direction only... downwards! s
so what amount of optimism do you think can turn things around without the right things being done?

jedisco:


Also, similar to my reasoning earlier, it's good to see our VP question banks regarding mortgage...

If there was one industry in Western, I believe does hold the potential to lift at least a million Nigerians out of poverty with far reaching implications for the state, it's the mortgage industry...

Lets take a well paid FG young worker for example... If that person wants to own a home today, they'd need to save for at least 2-5 yrs to buy land. Then they process papers >>> look for an architect to draw a plan >>> pursue approval >>> look for a builder >>> take the next 10 years trying to build an apartment block by block ... All this while, the person is at the mercy of the builder/architect as its not his field. Also, the well established builders are not willing to get bogged down on a single house for years I've seen well earning families struggle for over a decade to build their house. This impacts heavily on their disposable income for things like holidays e.t.c during that time....

Now compare th above to another system where Julius Berger discusses with the government for land title, builds standard apartment with facilities leveraging on the economics of scale, and put these up for sale. That same young civil servant goes to his bank and gets a loan of 75 million at < 3% interest (which he could realistically payup over his career), buys that apartment in a good area with a proper title, pays a little amount monthly (which most times is less than what he'd have paid as rent), has loads of spare cash for other things... With time, if the price of the house appreciates, he could even sell it, pay the bank their loan and have more money to go for a bugger one...

The government benefits with such a streamlined process... Building laws are adhered to, things like ground tax e.t.c are paid, with the right database, the government can target certain groups to support e.g first time buyers can pay little or no tax e.t.c...

Comparing the age-old buying land and building to tge mortgage system is like comparing cocoa pods to its refined components like bournvita, chocolates e.t.c... The mortgage system can be an economic miracle...

But then, the CBN could help in kick-starting that process by encouraging/funding credit rating systems... When you have that, the banks know who they could safely lend to.... The construction companies can then get to work

Excellent submission - but as has been repeatedly stated in various platforms and publications over and over - Nigeria's problem is not that the government doesn't know what to do or knows what to do and is seeking guidance about how to do it. These people virtually live abroad, they see how things work and know how to replicate some of those things here if they really wanted to.

For all this country's deep problems, it doesn't lack competent people. Obasanjo, with all his faults, showed how it could be done - bring in technocrats, leave them to do their job, let them [try to] make Nigeria work, while the golden goose lays eggs for those in power to feed off.

But now, the people in government at all levels simply DO NOT want to govern properly and are just lining their pockets.

STNWAUME:


Dollar rate is currently at N575 while it's heading to above N1000 and you are still here asking for bank with good rates

You've been consistently negative about the naira without suggesting solutions. I have also noticed how You keep advising people to buy dollars and hoard them both on the stock market section and here. People like you are part of the problem the Naira face,because you keep heating up the market unnecessarily and not looking at long-term effects of such actions.

So if naira gets to 1000 ,will you be satisfied? and what is the assurance that it won't get to 2000 with these excessive speculation going on and which the likes of you are pushing. If you sell your hoarded dollars at 1 dollar = N1000, do you forget that you will spend the proceeds from that on more expensive Nigerian goods?. At the end it is a lose-lose situation for us all except you don't spend that hoarded dollar in Nigeria.

Its sad that Nigeria can not develop right now not so much because of its poor leadership which is undeniable but because of the unpatriotic nature of many of its citizens. I am very sure citizens of other sane nations like the USA will rather starve than join people to manipulate and destroy their currency. How will the American economy grow if all of them are advised to invest in Yuan for keeps.

The truth is obvious to everyone, Dollar moving from 500 to 570 within one week is pure manipulation and some devilish economic sabotage. There is no sudden increase in importation to justify it,infact demands for goods have dropped due to the skyrocketing prices of goods. Those who have the demand data should bring it out. CBN is doing its best with this aboki FX issue albeit its coming late,I will side them for once on this. Even though that's not the only solution and they can't be trusted.

Infact, My prayer is that meffy should grow some balls, he should ban and criminalise all bdc operations , dorm accounts should also be closed , let all urgent dollar needs be channeled through commercial banks who can be properly regulated. I have American accounts but they will never allow me to open a pounds or yen account. Let there be some order. If these things happen, I will see how the likes of you will survive.

What a responce, how i wish i can buy you a bottle of Cristal.

Their problem is suffering and smilling, their politicians will be wearing Gucci and driving Benz and send their children to school abroad while telling them to wear made in Nigeria and send their children to Agbara Oluwa school, they will clap and continue to pray. Nonsense.

AngelicBeing:


No country develops via prayers, China does not subscribe to Prayers but almost all the microphones / chairs, sound systems used in Nigerian churches and mosques are from China

Australia / Canadians, USA, Western Europe are not prayer warriors like Nigerians and they are all doing well.

The GCC countries are Muslim countries, they observe their prayers 5 times daily but they don't rely or depend only on prayers alone , the GCC countries all have visionary leaders who wear their thinking caps, invite the best professionals from across the world to build their various countries.

The same oil and gas Nigeria has is what they also have and they are using it very well for the betterment of their respective countries and their citizens while the proceeds from oil and gas in Nigeria is frittered away via corruption


Prayers without work is dead, faith without corresponding action is dead. Nigeria can pray all they want but if they fail to do the right things which other countries are doing and are progressing, they will pray till the end of the world and still remain poor and backward.


God is tired of useless prayers void of mercy, compassion, righteousness, holiness, the fear of God, godliness, love + doing the right things

XiaoLi:
What a responce, how i wish i can buy you a bottle of Cristal.

Their problem is suffering and smilling, their politicians will be wearing Gucci and driving Benz and send their children to school abroad while telling them to wear made in Nigeria and send their children to Agbara Oluwa school, they will clap and continue to pray. Nonsense.

Thanks