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Re: Lonely Part Of Canada No One Bothers To Tell by Treadway: 9:09pm On Nov 25, 2022 |
IbeOkehie:e pain you gan o. Anyway I have also shared the facts. Do with the math what you please. In your world, 4% contribution is major, but in mine it isn't.. we can agree to disagree on that basic math..lol Diaspora remittance is what is keeping India afloat too..you get am! 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by BigIyanga: 9:20pm On Nov 25, 2022 |
Treadway:So the infusion of capital of about 5% YoY to the national gdp is not enough… when the national economic growth is less 3% YoY . Una too funny self 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by Treadway: 9:21pm On Nov 25, 2022 |
BigIyanga:quick question, is diaspora remittance keeping India afloat? Second, if your company's FY 2021 figures (500million) only grew by 1% ie. by FY 2022 (505 million) would you say a region that contributed 4% ie 20million to 505million is the main factor that kept your company afloat? Therein lies your answer. Ps: I have modified the content you quoted. It isn't 5%, it is 4% |
Re: Lonely Part Of Canada No One Bothers To Tell by IbeOkehie: 10:29pm On Nov 25, 2022 |
BigIyanga: Never mind them o, Nigeria is RICH, it's the richest and most liveable country in the world by far. Which is why by around 2001 to 2003, I had decided to relocate to Nigeria. I started reading up and studying extensive reports on the Nigerian economy from various institutions and investment houses and I've generally kept up till date. I count myself as well informed on the Nigerian economy...but I won't even go to that. I'll give more street level, down to earth data. Back in 1997 or so, I visited Nigeria. This was back when owning a phone line was a luxury available only to the rich and international phone calls were only available to the super rich. So I had to go to a NITEL office to make a phone call back to the USA. We were driving and suddenly came up on this crowd of well dressed, obviously well fed people. They looked so different from people everywhere else I had been in the city, even their demeanor was different, they were happy and just chill. I was wondering what was going on at this building when my driver told me this was the NITEL office. Do you get what I'm trying to get across? My ancestral village is Nkwerre in Imo State, I grew up in a resort town called Oguta. Ask anyone from Imo, these are definitely among the top 5 most prosperous towns in the state. Around the time I was living in Nigeria, 2011/2012, I PERSONALLY did an admittedly rough census of all the buildings under construction in those towns. About 80 to 90% of them were being built by people living abroad. The same is the case TODAY, by the way. Now most people on this board are Nigerians, I challenge anyone to do the same count in their own hometowns and tell us the result, just a rough count by heart will even suffice. Home construction is a significant employment generator in ANY economy. Right now, in these times, I've noticed a new trend - a lot of Nigerian land transactions and share purchases are being consummated ABROAD, here in the USA. As in, someone is selling land or shares or some other property, the documents are examined and sent by fedex to the USA AND the payment is made to accounts right here in this country. This one I can't say definitively, but where do you think all the money to pay the high rents in urban apartments/homes in Nigeria comes from? My mother pays the annual rents of at least two of her relatives in Nigeria. If less than 0.5% of Nigerians make over ₦200K/mo, where do regular Nigerians get the money to pay annual rents of ₦100 or 200K? What is development? In economic parlance, development refers to the extent that the proceeds of economic growth are widely or generally distributed AND contribute to a broad based rise in living standards. A country can have GDP growth of 20% per year for a decade and still not achieve development. Diaspora remittances contribute more to development than the organic GDP of Nigeria or the budget of the federal and state governments. You only need to type studies of REMITTANCES TO NIGERIA or Africa into Google and peruse systematic studies and papers grasp the facts. I've read many of them. Any sincere Nigerian only needs to examine their own family and social circle to know this. Why I have to convince anyone is illustrative of the general delusional state of Nigerians. 3 Likes 1 Share |
Re: Lonely Part Of Canada No One Bothers To Tell by Treadway: 10:59pm On Nov 25, 2022 |
Yea 4 contributes more than 96....lmao. 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by Treadway: 11:13pm On Nov 25, 2022 |
Isn't it disappointing that after verbose write-ups with beautifully crafted English words, peeps cannot say that diaspora remittance is the major thing keeping India afloat, but can say diaspora remittance is the major thing keeping Nigeria afloat despite that in both instances and countries the ratio of the remittance to GDP is almost same? Simply agree that diaspora remittance is keeping India afloat too, e no hard na. |
Re: Lonely Part Of Canada No One Bothers To Tell by BigIyanga: 11:14pm On Nov 25, 2022 |
Treadway:India is not Naija. India doesnt have FX crisis. Keke Napep Maker Bajaj Auto makes makes more revenue $4.3bn than 20 most capitalized companies in Naija. India Export in 2021 was $335bn while total exporr of Naija is $43bn.. so why does India need remittances to shores its foreign reserves? India’s foreign reserve is $550bn while Naija is at $37bn. Who needs FX inflow? 1 Like 1 Share |
Re: Lonely Part Of Canada No One Bothers To Tell by IbeOkehie: 11:16pm On Nov 25, 2022 |
hodari: You need to tell this to all the very rich Nigerians that I personally know are RETIRED AND RETIRING here to the USA. I'm talking CBN governors, top army officers, top politicians. My mother is retired right here in the USA and living a full life, happy and fulfilled. I myself I plan to retire right here in my house, I'm not going anywhere, most definitely not Nigeria where old people can be burned to death for being "witches". There's one guy living here in the USA in the news recently, his elderly mother in law was burned to death along with 4 or 5 others in Cross River State for being a "witch". When I say Nigeria is a place to roast, it can be quite a literal thing. It's alright Nigerians, keep enjoying your paradise. Count me out, thanks. 3 Likes 2 Shares |
Re: Lonely Part Of Canada No One Bothers To Tell by Treadway: 11:17pm On Nov 25, 2022 |
BigIyanga:I knew you would take the bait. Exports not part of GDP according to you? When you consider all that makes up the pot of soup (GDP) 4% is not the major driver be it in India, Nigeria or Uzbekistan. Shikena. Does remittance make up good portion of FX supply? YES. Is the said remittance the buoy of the economy? NO. You keep mixing the two up, and I'll keep pointing it out. Does a region contributing 20million to a total pot of soup of 505million have any locus standi to consider itself a major reason for the whole staying afloat?? If the 4% is major, what then is the 96, a major major major majorer majorest?? |
Re: Lonely Part Of Canada No One Bothers To Tell by IbeOkehie: 11:29pm On Nov 25, 2022 |
BigIyanga: This is why Nigeria keeps raising interest rates, to attract foreign inflow AND keep the naira from sinking. These are elementary things but most Nigerians, including the most highly educated, have no idea of them at all. All they know is "Nigeria is poor because of corruption". So if diaspora remittances are not keeping Nigeria afloat, is it crude oil & natural gas? What are the amounts that come into the country from each, remittances vs crude oil & nat gas? I forget the exact figures, but I was shocked....remittances almost equal when you go by black market currency rates. https://www.google.com/search?q=how+much+does+Nigeria+earn+from+crude+oil&rlz=1C1SQJL_enUS816US816&oq=how+much+does+Nigeria+earn+from+crude+oil&aqs=chrome..69i57j33i160l2.11105j0j4&sourceid=chrome&ie=UTF-8 And the oil money goes mostly in the pockets of the political class. And there you are - if it's not crude oil & natural gas, then what is keeping Nigeria afloat? In my simple mind, it's diaspora remittances. And it's not just the data, it's my real life observation. And remember, there's nothing like fuel subsidy! 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by Treadway: 11:38pm On Nov 25, 2022 |
BigIyanga:also on this, can you expatiate cos I don't get. Only Nigerian breweries (2021 attached, but 2022 already on track to surpass this) and Flour mills don surpass this $4.3b at official rate, abi na black market you use ni... and FMN is only up to Q3...just those 2 alone and you say 20 loun loun!! A whole 20..diaris God oo!
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Re: Lonely Part Of Canada No One Bothers To Tell by Treadway: 11:51pm On Nov 25, 2022 |
[/quote] Edited: On second thought, this is pointless. Sleep calls 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by BigIyanga: 12:39am On Nov 26, 2022 |
Treadway:So who uses CBN rate? Delta Airlines had to switch to black market cos govt could notnhonor the mou it had signed. Do Naija banks use CBN rate? Charge your Naira card on Aliexpress and tell me how far? 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by IbeOkehie: 12:49am On Nov 26, 2022 |
tshtsh: Wow....this is similar to my own experience, in the sense of being uncomfortable or feeling out of place when I moved back to Nigeria! I keep saying it, Nigerians have been severely damaged by their country. It's unbelievable. Let me tell you, when my brother moved here to the USA, when he started driving, after a week or so he out of the blue just asked me..."why are people so polite here?" Then he narrated how he went on some errands to shop for food, transact at a bank and everyone was so polite, especially at the bank where he didn't have much money in his account. Seriously, you should see how SHOCKED he was. In Nigeria people are so uncouth, rude and overbearing, they exude this "do you know who I am....and who are you" condescending attitude. It's a product of being constantly threatened by poverty and having to struggle for everything in the midst of continual scarcity. 3 Likes |
Re: Lonely Part Of Canada No One Bothers To Tell by BigIyanga: 12:56am On Nov 26, 2022 |
tshtsh:You said it all. 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by Gerrard59(m): 12:56am On Nov 26, 2022 |
Quinex2: Well, Hong Kong has always been noted for low taxes, but the economy is skewed towards financial services and tech. She can afford it due to limited land mass and a sizeable population. The bold is what you should have stated as the reason you chose HK over Canada, and it is logical enough not that Canada is boring. For a black woman, regardless of nationality, anywhere in East Asia will be boring. Only God knows the number of black people, let alone black women you come across daily. Also, please, Hong Kong is heaven compared to anywhere in Africa. We are at the bottom of the Maslow Hierarchy of Needs, so let's be guided with our comparisons. 3 Likes |
Re: Lonely Part Of Canada No One Bothers To Tell by ayinba1(f): 12:59am On Nov 26, 2022 |
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Re: Lonely Part Of Canada No One Bothers To Tell by Gerrard59(m): 1:01am On Nov 26, 2022 |
IbeOkehie: I wanted to cross the road using the Zebra crossing, but the Nigerian mentality in me thought the cars would not stop. Only to walk few metres away and saw a woman step on the Zebra crossing and all the cars stopped for her to cross. At that point, I shouted Jesus You mean the cars stopped? 2 Likes |
Re: Lonely Part Of Canada No One Bothers To Tell by Nobody: 1:04am On Nov 26, 2022 |
Gerrard59:The bolded isn't true. People earn so well here better than Western countries. You can go confirm. Tech is high-class too. Hong Kong is a global finance hub, with super-low crime rates. For me, I believe it's easier to succeed here if you're highly skilled. The major problem we face is racism, but that applies to the West too. |
Re: Lonely Part Of Canada No One Bothers To Tell by IbeOkehie: 1:08am On Nov 26, 2022 |
Gerrard59: Why do you keep trying to deceive people? Na so you wicked reach, abi? No, Nigeria is heaven. Nigeria has Pastor Adeoboye and what's the one with the fried hair and bleached skin....Oyakilohme. Tell me which Man of God does Hong Kong have? Abeg talk about what you know Quinex2: Ummm, no racism is NOT a problem in the West, at least in the USA it's not. There's more prejudice - tribal, religious, sexual & racial discrimination - in Nigeria than the USA. In Nigeria, the most populated Black Nation on earth, the top 10 earning CEO's of publicly traded companies are Whites/Asians. Riddle me that, but I forget - there's nothing like fuel subsidy in Nigeria. And the sky is yellow too. Have a good night. |
Re: Lonely Part Of Canada No One Bothers To Tell by tshtsh: 1:11am On Nov 26, 2022 |
IbeOkehie:Thank you sir/madam. Okonjo Iweala was MD at World bank not surprised. My argument was about how more successful the asians were in comparison to Nigerians in USA. Obviously there will always be high-achievers among any group of people like Dr. Iweala 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by Gerrard59(m): 1:14am On Nov 26, 2022 |
Quinex2: https://www.censtatd.gov.hk/en/data/stat_report/product/FA100099/att/B72101FB2021XXXXB0100.pdf 2 + 2 = 4 0 + 4 = 4 I never doubted the high tech scene. The rest of your post is true, people earn more because the general cost of living apart from buying an apartment is low. The crime rate too, is very low, a major reason I chose East Asia. Racism will never end as humans are naturally discriminatory and will never reduce as long as sub-Saharan Africa - home to more black people - is the poorest of all continents. Besides, racism in a prosperous place where things work and the general crime rate is low is way better than tribalism in the world's poverty capital, where insecurity is a daily activity. So, we choose the lesser evil. 3 Likes |
Re: Lonely Part Of Canada No One Bothers To Tell by IbeOkehie: 1:17am On Nov 26, 2022 |
tshtsh: I believe the greater source of their wealth/income at the time was her husband. And I must reiterate, that there's MANY Nigerian households I know who earn over $500K per year right here in the medium size city that I live in. As in, I can count a dozen right off the top of my head. How do I know? I just start counting all the DOUBLE PHYSICIAN married couples I know, very simple. The MINIMUM SALARY of any medical doctor in the USA is around $250K/year, it's very unlikely any of them earn less than that. Add to that, there's MULTIPLE Nigerian families I know where one or both parents are doctors AND each family has 3 or 4 kids that are physicians. And the trend is even increasing, it's a thing to do now. Ms Iweala's husband is also a physician. With all this, I still maintain that Nigerians in the USA, as a national or immigrant group, are nowhere near as successful as Asians, especially Indians and Chinese and that Black Americans are far richer than Nigerians. So yes I agree with you that Nigerian economic success in the West is exaggerated but they are FAR RICHER, infinitely wealthier, than home based Nigerians. Little nugget - 90% of all hotels rated below 5 Star in the USA and probably Canada are owned by Asian Indians. I'm not even going into IT, Fortune 500 or anything at that level. Just hotels, a free enterprise, non-subsidized and competitive industry. Nigerian wealth & success in the USA and UK and likely Canada is mainly based in government subsidized and price controlled industries like education and healthcare. Case closed. 2 Likes |
Re: Lonely Part Of Canada No One Bothers To Tell by IbeOkehie: 1:27am On Nov 26, 2022 |
Gerrard59: My mother had EXACTLY the same experience with crossing the road!!!! Her comment to me was, well....Americans are strange people, how can cars be stopping for pedestrians? It should be the other way. Her implication being, "car owners" are richer and deserve respect from poor people who don't own cars. My mouth just opened, in fact I didn't know what to say. Nigeria is a Zoo. It's a Zoooooo!!!! 2 Likes 2 Shares |
Re: Lonely Part Of Canada No One Bothers To Tell by tshtsh: 1:30am On Nov 26, 2022 |
IbeOkehie:Sometimes a six month stint out of Nigeria is all that we need to see how dysfunctional the society is. From the presidency down to the workplace. I don't even think there will be any major positive change in Nigeria over the next few years 2 Likes |
Re: Lonely Part Of Canada No One Bothers To Tell by BigIyanga: 1:33am On Nov 26, 2022 |
Treadway:You set no bait my friend… or you’re still in denial of how much Naija micro/macro-economic policies are centered around FX and foreign remittances. Naija is import dependent. Its import in 2021 was around $53bn…Our export in that same period was around $43bn… So in order to maintain our foreign reserves and fulfill other FX needs, remittances are used to pay importers.. fuel import, food etc. FX remittances are so vital that CBN is incentivizing and paying diasporans to send more$$€££. You’re still stuck on 95%vs5%… 5% is year on year… which contributes in building house, paying rent, food , hospital bills. Your India obsession lacks merit cos it receives over $350bn in FX… so it does not need FX remittance to offset its balance of trade or shore up its foreign reserves 4 Likes 1 Share |
Re: Lonely Part Of Canada No One Bothers To Tell by Nobody: 1:44am On Nov 26, 2022 |
IbeOkehie:Oh no...I've never seen a better sarcasm Are you by chance a comedian?Lol 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by Nobody: 1:46am On Nov 26, 2022 |
Gerrard59:Well put. |
Re: Lonely Part Of Canada No One Bothers To Tell by IbeOkehie: 1:48am On Nov 26, 2022 |
Quinex2: I cast and bind you, In Jesus Name...only a demonic creature will fail to recognize Heaven when he's actually lived in it. Keep laughing!!! How can you live in Nigeria and NOT recognize you were in HEAVEN? Did you not hear the angels....I mean runs girls....singing allelujah when they encountered you and your dollars or abi na euros? |
Re: Lonely Part Of Canada No One Bothers To Tell by Nobody: 2:04am On Nov 26, 2022 |
IbeOkehie:I'm a lady please and my dollars is meant for me, family and the less privileged . No angel should sing alleluia there biko. 1 Like |
Re: Lonely Part Of Canada No One Bothers To Tell by GloriousGbola: 4:19am On Nov 26, 2022 |
ednut1: Now to track down and kidnap this niccu XMAS money loading 2 Likes |
Re: Lonely Part Of Canada No One Bothers To Tell by BigIyanga: 6:31am On Nov 26, 2022 |
ednut1:Enjoy Lagos sanity and unloneliness. |
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