₦airaland Forum

Fifteen years ago as a successful Nigerian
engineer , I needed to purchase some
equipment in America that was going to cost
about N30million

As a Nigerian, I did not imagine that there was
any other option than to gather the money and
pay the cash to the American company.
After selling everything I had , borrowed from
friends and family , off to America I went. But to
my surprise, the American company was also
surprised I was planning to pay cash for the
equipment.

They apologized and advised that If i register
my business in America, I would not need to
pay them that much cash. ( They would also
prefer that because they might be investigated
for receiving so much from a foreign company )
I took the advice and went to open an account
with an American Bank. To my greater surprise,
the American Bank offered to give me credit
equivalent to about 10million Naira even
without my putting a penny in my account yet.
So I asked if they were not afraid of me running
away with their money and they said no, they
have a comprehensive database of everybody,
if I tried to run away , I would never be able to
do business with any American company
again.

It was an eye opener to the world of credit
systems which does not exist in Nigeria.
Most Nigerians have an inherited property or
farmland at least in their village , but it is
absolutely useless to them because they
cannot use it to borrow money from anywhere
because Nigeria has no credit system.
The same applies to a credit score which is
alien to most Nigerians.
To eliminate poverty in Nigeria.

1. We need a comprehensive and usable
database of citizen Identity , addresses ,
businesses and employment , property and
residential status of all Nigerians.
This will form the foundation for creating a
sustainable credit rating and scoring system for
Nigerians.

2. A nationwide Network of professionally
trained financial service agents ( saving and
loans, business finance ,mortgage, insurance ,
capital makes , pension and tax ).
To advice, guide and support citizens ( even
those living in Villages ) access to a full range
of financial services rather than the expensive
Microfinance and other limited options available
to them today.

3. Agree on minimum living and working
standards . For example, if we agree that most
Nigerians engage in subsistence farming which
keeps them in poverty , then we should ban
such farming practice and insist that any one
going into farming can no longer use hoes and
cutlasses. The same applies to quality
pesticides and manure that can yield crops that
can be exported to earn foreign currency .
With easier access to finance , meeting such
standards would become easier for most
Nigerians who presently have large expanses of
farmland in their villages today but are forced to
engage in menial labor and live in poverty in the
city .

From
Naija Nawa !

oo

Summary: we need good governance...

The below is from my post some 2 days ago.

If you build houses for people and have their BVN, you already know them from forever, and can sell any further loan or product to them with peace of mind. #surebankercustomer

At least not here in the east,we don't rely on yeye government to feed! #wehustlehard

989900:
The below is from my post some 2 days ago.

If you build houses for people and have their BVN, you already know them from forever, and can sell any further loan or product to them with peace of mind. #surebankercustomer

My dear your analysis are good, but the system and the foundation of this country is very very faulty... The wickedness of our legislators reaches to high Heaven... All they do is to canvass for themselves and not what will better the life of an ordinary citizen of this country... let me reserve my comment for the civil right groups...

frankline5:
At least not here in the east,we don't rely on yeye government to feed! #wehustlehard

My dear even we the Easterners are feeling the heat... for the fact that we are still practicing this fraudulent system of government, no region will develop at a faster rate... The only thing that we all should be canvassing for is true federalism.

Let the lazy and incompetent governors wail or leave the office for competent people to take over....

doyinisaac:
Summary: we need good governance...

Yes we need good governance.... but how do we elect them when an average Nigerian is blinded with tribal and religious Sentiment... the best bet for me on this issue is true federalism..

Millerz:
oo

oo...what's that? is that a new way of booking space or you are just wailing like oo