₦airaland Forum

Gavrelino123:
Hello Great Investors and happy new month.

Those Banking with GTBANK and received interest this month from their savings Account.

Did you notice any drastic reduction in interest rate?

A savings account with an opening and closing Balance of 7,500,000 and got an interest of 7,250?

what is happening?

RayRay06677:
It offers nothing but gives room for me to get everything, I mean everything compared to a country that keeps you on your toes and average despite being lazy. My country you have to be sharp to edge out and lazy to slump. Please what's the cost of Dino's latest car, how many people but it in the US? How many people buried equivalent of 800m naira and allowed it spoil in the US? I don't know of you, I have traveled to UK and lives in naija, I know what am comparing. Be sincere, if you are abroad, how may times do you visit your family in naija in a year, that's luxury, you can't frequent your love ones because you can't afford it. Don't tell me you don't love them. People in naija travel frequently to and fro. As a matter of fact, I have never spent 2 weeks abroad, its boring over there with their low quality and ecpensive beer diluted by weather.

Cyberknight:
I don't believe you have travelled abroad before.
If you can say that its easier for a Nigerian to travel than for a developed country resident, you obviously haven't been to a developed country before.
Not only is it waaaaayy cheaper to travel to most destinations from the developed world, Africa's travel market is the world's most expensive.

Case in point - it costs 800 dollars to fly from Lagos to Nairobi, a 4.5 hour flight.
Before the pandemic, I got a Vienna - London - Johannesburg BA flight (11 hours duration) for a friend for 350 pounds.

And of course, the average developed country resident can pay for all these things with a credit card. And before we develop the usually stupid argument of how in Nigeria "your thing is yours" because you pay cash upfront, note that the western economies would never have developed without credit to enable people to afford big price items like cars, houses etc.

Apart from the fact that this is place one is familiar with, there is NO facet of life in Nigeria that is better than what obtains in the western world. None at all.

Nigsrdumb:
Whether you are abroad or Nigeria, there's one common denominator that makes life pleasurable.. money.

Now a wealthy person will enjoy Nigeria better than abroad , this is simply the truth.

Abroad is just a level playing field to improve your standards of living, which I'm sure your middle class Nigerian will love to access because they can offload a lot of responsibility to the state , but for really loaded people, please forget.

Don't tell me you're a rich man in Nigeria who prefers to stay abroad, the truth is you don't have enough money.

You seriously think credit is something people abroad want to rely on?

Abeg people wey dey abroad come and explain.

Cyberknight:
Why does everyone have the mindset that credit is for "poor" people?

Nigsrdumb:
Firstly not everyone has access to credit abroad, your access to credit depends on your credit score and income, which you have to build over several years.

The one's who do can be broken down into two categories.

People who leverage credit for investments

People who survive on credit.

I didn't say credit is bad, just wanted to clarify based on how you put it out like credit is a standard thing everyone has access to.

Cyberknight:
I've lived abroad and am very familiar with the availability and recommended use of credit.
I am also familiar with the social circumstances that make some people have to rely upon credit.
In responding to the fantastic statements the RayRay gentleman made, I didn't imply that access to credit is as universal as access to a public education or healthcare in countries that offer these services to their citizenry, as anyone who is familiar with how the system operates would know.

Cyberknight:
I don't believe you have travelled abroad before.
If you can say that its easier for a Nigerian to travel than for a developed country resident, you obviously haven't been to a developed country before.
Not only is it waaaaayy cheaper to travel to most destinations from the developed world, Africa's travel market is the world's most expensive.

Case in point - it costs 800 dollars to fly from Lagos to Nairobi, a 4.5 hour flight.
Before the pandemic, I got a Vienna - London - Johannesburg BA flight (11 hours duration) for a friend for 350 pounds.

And of course, the average developed country resident can pay for all these things with a credit card. And before we develop the usually stupid argument of how in Nigeria "your thing is yours" because you pay cash upfront, note that the western economies would never have developed without credit to enable people to afford big price items like cars, houses etc.

Apart from the fact that this is place one is familiar with, there is NO facet of life in Nigeria that is better than what obtains in the western world. None at all.

athorello:
Doesn't MPR drop also reduces lending rates?

I won't be surprised by the profits banks will declare for FY 2020 cos deposit rates are averaging 1% p.a while lending rates are over 20% on average and up to 30% (e.g ACCESS Bank with their 2.5% per month quick loan).

Nigsrdumb:
Whether you are abroad or Nigeria, there's one common denominator that makes life pleasurable.. money.

Now a wealthy person will enjoy Nigeria better than abroad , this is simply the truth.


Abroad is just a level playing field to improve your standards of living, which I'm sure your middle class Nigerian will love to access because they can offload a lot of responsibility to the state , but for really loaded people, please forget.

Don't tell me you're a rich man in Nigeria who prefers to stay abroad, the truth is you don't have enough money.

You seriously think credit is something people abroad want to rely on?

Abeg people wey dey abroad come and explain.

DexterousOne:
Ah
Huh

Osanobua

Nigsrdumb:
?

Gavrelino123:
Hello Great Investors and happy new month.

Those Banking with GTBANK and received interest this month from their savings Account.

Did you notice any drastic reduction in interest rate?

A savings account with an opening and closing Balance of 7,500,000 and got an interest of 7,250?

what is happening?

DexterousOne:
We have discussed extensively about this topic in question
That is why I dont want to talk long story
I'll just read and smile

But when I saw the bolded in my quote to your comment

I had to laugh out loud
Hahahahaha
And at the same time expres shock
Hence my exclamation
Osanobua

So just tell the house pls
I promise not to respond as much
Just educate us
How is the life of a wealthy person better in Africa /Nigeria in comparison to the West
Or even anywhere else ?

Let's listen

shalomblue:
There is nowhere like home, and that is the reason some people that have the opportunity to relocate, chose to stay in Nigeria.
To compare Nigeria to developed countries is taking your patriotism to a fanatical level.
We have decided to stay and be happy here, but we know life(quality, quantity etc) is better there.

Nigsrdumb:
Let's assume you have one million pounds.

I want you to go on Google and search for things you can buy with it both in Nigeria and in the uk.

For the experiment compare like for like eg spending in Lagos vs spending in London .. both capital cities.

After that consider things like capital gains tax, inheritance tax , and all associated costs . Uk vs Nigeria.

In spending this money think big (eg land etc), exclude things like iPhones etc because they pretty much cost the same.

Don't come back with the tired standard of living analysis because this is just about spending and taxes.

When done come back and tell us what you've bought.

Cyberknight:
At the bolded, I hear some Ikoyi properties have valuations in the hundreds of millions tending close to a billion naira.
In an area that is a slum by any reasonable standards.

At the italicised, absence of a tax burden, especially those generally levied in many countries, is not necessarily an advantage.

Cyberknight:
At the bolded, I hear some Ikoyi properties have valuations in the hundreds of millions tending close to a billion naira.
In an area that is a slum by any reasonable standards.

At the italicised, absence of a tax burden, especially those generally levied in many countries, is not necessarily an advantage.

megamart247:
https://www.nairaland.com/6149897/africans-react-pictures-slums-madrid


Are this not slums and homeless people living in Los Angeles, Madrid etc or do you think some of us haven't lived abroad before

Oboy better double your hussle and don't let old age catch up with you abroad,

By the time you made good money you know the meaning of no place like home.

Nigsrdumb:
Slum? You haven't shown me what you can buy in comparison, with the assumed amount.

Absence of certain taxation isn't necessarily a burden?

So you're happy to pay over 1 million dollars per month in alimony fees? Let's assume you are that wealthy?

I know alimonys are not taxes but it's still a certain type of tax.

Nigsrdumb:
Slum? You haven't shown me what you can buy in comparison, with the assumed amount.

Absence of certain taxation isn't necessarily a burden?

So you're happy to pay over 1 million dollars per month in alimony fees? Let's assume you are that wealthy?

I know alimonys are not taxes but it's still a certain type of tax.

Dsticks47:
Today, we start the Customer Service Week celebrations to express appreciation to you our customers and staff, for your outstanding contributions over the years to our growth and progress.

Together, we make an amazing DreamTeam to smash future goals.

HappyCustomerServiceWeek

civilserva:
How long does it take you to reply your customer's email?

Dsticks47:
Today, we start the Customer Service Week celebrations to express appreciation to you our customers and staff, for your outstanding contributions over the years to our growth and progress.

Together, we make an amazing DreamTeam to smash future goals.

HappyCustomerServiceWeek