Theconglomerate:
Nigerians are adaptive because the devaluation have been coming in small small phases,which gives them the ability to adapt.
How does one adapt to an outright,mean 40% devaluation?
Remember in 2016 when rice hit 33k,people started switching to cassava,stone filled abakiliki rice and so on.
Even sef devaluation will stop smugglers from their activities because their landing price will be so high that it will crush their profits and the price their market is willing to pay for their smuggled product.
In same 2016 when there was tomato sickness and scarcity that drove prices of tomato up by 150%,we saw how people switched to banga stew
You can only adapt if only the degree of damage is adaptable.there are situations that will make you give up and find a cheaper,local alternative.

Money can make investors overlook everything,even kidnapping and racism.
There are still oyibo and Lebanese littered all over Niger delta as we speak.why?Money.
If a foreign investor knows that his dollars can give him almost twice the naira the same amount use to give him,he wouldn't care about security because he knows he can pay for his own security in Nigeria since he now has almost 2 times his investment power.

Also,about people hiking prices of local produce is true,but it is temporary.
Why?
A lot of people will now flock into the same rice business as they will now see it as lucrative and the fight for market share will bring price down naturally.

2016 is there for everyone to see.
Export started rising because Nigeria produce became so cheap.
I went to Bangui,C.A.R(Cental Africa Republic) during those times and I saw Nigeria produced Malta Guinness being hawked on trays,to tell you that a weak naira will turn all out neighbours to dumping ground for Nigeria.
That incident alone in 2016 almost froze the economy of many of our neighbours.

As for my tomato business,it is growing...I am now worth a whooping sum of 83,000 naira plus assets worth 12,000.
I am on the verge of making my first 100k

afroxyz:


Tomato seller wey know regional economics. I don tell u say Ido come your shop one day

GonFreecss1:


Glad to see you like this man.

Makes me happy.

OgogoroFreak:
But it's limited to only $500 per month. I tried $3,000, it did not go through

4tunebest:
I just want to put this out there for someone earning low and feels quite disadvantaged by default as regards saving from the meagre income. There is always this overwhelming feeling about how much/how long do you have to save to accrue a significant amount.

In the year 2012-2014, I was earning 27k as an M.Sc. holder and still saved enough to live well and eat good, nutritious food .
My personal utilities for my wedding was also from the savings I had from this meagre income.

Now, I save over 80% of my salary monthly. That saving culture didn't jump on me today. It started several years ago when I was earning a meagre sum of 27k, even though I wasn't able to save more than 10% of my income as at then.

The key is living below your means. Do not compare yourself with others. Be grateful for the little you have. These 3keys are ways of life that opens the door to gradual albeit steady abundance; increasing your income and consequently, your ability to save more.

Enyinne:
Sir , u can never compare starting a biz such as haulage with a good company like boulos to fg bond at 11.2% . As far as his truck is sound and well managed with all this like insurance put in place , u cant go wrong with it . He can still save 100k monthly in mutual funds and still keep some more profit for himself which he can invest .I hv been a truck owner , haulaging pms to Enugu on aquila ,used my truck , made my money after 2years and sold for 3m after 7yrs frequent usage. Truck is still a viable biz but do the needful and within 6months u can still invest in bonds .

ahiboilandgas:
they have not stop pef payments nah...the just announce pump price of 121.5...so bridging is been paid....all my loading was flashed aquila .....if they do complete removal like dpk and Ago ....they will not announce price any more like in Ago....pms is 121.5 in Lagos and 121.5 in maiduguri and 121.in enugu

Boyhood:


https://www.vanguardngr.com/2020/06/just-in-fg-removes-fuel-price-cap-gives-marketers-freedom-to-fix-price/

ojesymsym:
I remember joining the haulauge business thread on nairaland many years ago, they used to say the money in it was like blood money but that the truck owner had to practically be a "mad man" to deal with the drivers and their plenty wahala.
It is major challenge for me.

odimbannamdi:


Savings sir.

No worries, bro. Ask as many as you want. A friend also did a transaction same yesterday, and he was charged 390.

See screenshot attached.

freeman67:


Then you will have to complain to the bank about it. It is not normal.

GonFreecss1:


Wow! I am shocked. I really need to have a long discussion with GTBank. Couldn’t even connect them to the Apple store to subscribe for Apple music. Is the card a platinum card? When did you collect it? So it’s just a mastercard?

odimbannamdi:


Really? Not cool then.

emmanuelewumi:



Exactly, capital will appreciate when a business grows.


In 2004 Peterside Atedo the founding CEO of Stanbic IBTC Bank, said his friends who invested 100k when he started his bank in 1989, had the value of their investments grew to N120 million 15 years after.

That is the geometrical increase that can happen with a business or Investment in a growth company operating in a growth sector.

The bank grew from no branch, no customer, no profit in 1989, to millions of customers, multiple branches, billion Naira profit etc in 2004.


You also need N20 millon to get a bank license in 1989, you also need over 300k to buy a new Honda Accord from Honda's Place in 1989.

So the 100k invested by Atedo's friends could only buy fairly used cars in 1989 and the car should be a scrap valued at 50k in 2020

Atedo and his friends who believed in him and invested in his dreams are now billionaires in Naira.

But how easy, is it to get honest and trustworthy business partners nowadays?

OgogoroFreak:
Yes. I called my account officer and she confirmed it.

GonFreecss1:


Wow! I am shocked. I really need to have a long discussion with GTBank. Couldn’t even connect them to the Apple store to subscribe for Apple music. Is the card a platinum card? When did you collect it? So it’s just a mastercard?

ahiboilandgas:
Chia Good new ...
Time to make money

odimbannamdi:


What is the implication of this new development?

ahiboilandgas:
we know our self na we go sell their products ....

zamirikpo:


.....but @eyinne is right, u have to operate with caution.

PMS landing asaba now 118, we are still selling 125.

odimbannamdi:


What is the implication of this new development?

odimbannamdi:


Consider crowd-sourcing, use it in funding a single account and make your transaction from there. I haven't tried it before though, but i have a mental picture of how it should work.

You na baba for this area na, a whole paypal champ..i am sure you will find an innovative way around it

ahiboilandgas:
everbody will operate at his full capacity and use his selling skills to increase renenue ....so different station will have different prices nased on how they source it....

IyawoToBe:
Do you use Internet banking? Check your card settings from there. See if you unchecked use on online/web purchases. I had the same issue and was on the verge of requesting for a new card when someone told me to do this.

Ps. I was charged 390/$ today too. Looks like dollar is coming down.

odimbannamdi:


Normal MasterCard received via one-the-spot procession in one of their branches 2 years ago.

ahiboilandgas:
Chia Good new ...
Time to make money

ojesymsym:
In theory this what is supposed to happen, but the Nigeria that I know, petrol stations will form union and tell their members you must sell at a particular rate or face sanctions.
Even barbers and vulkernizers get union.

olujaidi:


Will the CBN give the marketers FX? Or will they source from the black market?

OgogoroFreak:
Your head is very correct. Na so we dey do am