RalphJean:


You see the bolded part, it shows there are a thing or two we need to learn about economics.
There is no hurrah here.


£1 to 500naira (your relatives in Nigeria could buy 1 bag of onions).

£1 to 610 naira (your relatives in nigeria can only buy 12 pieces of onions).

What is there to hurray?

Ask your relatives in nigeria how much a bag of cement costs now.

you are not absolutely correct.... some price of things won’t be affected. House rents remain the same, school fee remains the same. Last March I sent £1000 to my young ones for school fee which come out to be N500,000 while last week I sent the same £1000 which comes out to be N610,000 the school fee didn’t change meaning they have more extra money to spend.

erico2k2:

1 wen you say ur car is for pleasure and domestic o only and you use it for work 247
2 When you do not own a drive and you claim your car is parked in a drive overnight
3 When you use ur car for delivery and you say ur annual milage is 4k etc
Im not digging you out as being dishonest not at all, Im just trying to state a warning of what happens when you are I involved I n an accident then they might investigate and trust me those guys are good,

Agreed. It's not only when an accident occurs, the police also do random checks on vehicles as well. The only time I have ever been stopped by the police occurred many years ago and I was interviewed inside a police vehicle. Offence - random check on the number plate showed that my insurance was for Social, domestic and pleasure only (SD&P). Meanwhile, I was using the car for commuting. I was lucky that the police understood that it was a honest mistake and let me go after I rang my insurance company to immediately add commuting to the car insurance with added costs. It could have easily led to a criminal record of driving without insurance.

wallg123:


You are very correct..The more devalued the Naira gets, the more expensive things become in that country ... ...Personally I’ll invest in the UK rather than Nigeria....

Unfortunately Nigeria is still the best market to invest especially in finance, logistics and agriculture. These are the major businesses that can guarantee you over 60% annually which is enough to compensate for inflation, devaluation and still give you some handsome profit. The only downside is risk but as na Naija, we go dey alright.

Here in the UK with BoE interest rate at 0.1% we are looking at negative interest rate next year (possibly) with low interest hovering around 1-3% annually.

Tobexin:
you are not absolutely correct.... some price of things won’t be affected. House rents remain the same, school fee remains the same. Last March I sent £1000 to my young ones for school fee which come out to be N500,000 while last week I sent the same £1000 which comes out to be N610,000 the school fee didn’t change meaning they have more extra money to spend.

School fees and rents won't just go up since they are not consumables and have no 'input' or factor of production per say. Already, school fees for private schools are high up there same with rents. Their increases when they happen are usually around 10-20%.

But foodstuffs, clothes, transport are subject to everyday exchange rate and suffer from adverse effects to associated factors of production.

Chukwuka16:


School fees and rents won't just go up since they are not consumables and have no 'input' or factor of production per say. Already, school fees for private schools are high up there same with rents. Their increases when they happen are usually around 10-20%.

But foodstuffs, clothes, transport are subject to everyday exchange rate and suffer from adverse effects to associated factors of production.

but those things are still essentials.....

Tobexin:
but those things are still essentials.....

If by those things you mean rent and school fees then NO, they are not essentials.

For Nigeria, the definition may reside around the existence of alternatives.

Are there alternatives for rent/accommodation - yes (sharing, squatting, under bridge, office etc.). Ditto for fees - go to a cheaper university or sec school etc.

Again, another way is to gauge the repercussion of not having or doing or acquiring something in Nigeria to know if it's essential. Are there repercussions for not having an accommodation - No (who cares). Are there for not having an education - No (even our president is UNEDUCATED).

Conversely, do you have alternatives for clothes, food (onions, tomatoes, rice, meat/fish/egg), transport, recharge cards, etc - NO.

Are there repercussions for not wearing clothes or eating - YES. One would be first be mad, then die.

Unfortunately this same logic drives spending by Nigerians. This is why recharge cards accounted for 70% of a households spending on a monthly basis. Yes, Nigerian households were spending on average 450 billion Naira monthly on recharge cards.

Chukwuka16:


If by those things you mean rent and school fees then NO, they are not essentials.

For Nigeria, the definition may reside around the existence of alternatives.

Are there alternatives for rent/accommodation - yes (sharing, squatting, under bridge, office etc.). Ditto for fees - go to a cheaper university or sec school etc.

Again, another way is to gauge the repercussion of not having or doing or acquiring something in Nigeria to know if it's essential. Are there repercussions for not having an accommodation - No (who cares). Are there for not having an education - No (even our president is UNEDUCATED).

Conversely, do you have alternatives for clothes, food (onions, tomatoes, rice, meat/fish/egg), transport, recharge cards, etc - NO.

Are there repercussions for not wearing clothes or eating - YES. One would be first be mad, then die.

Unfortunately this same logic drives spending by Nigerians. This is why recharge cards accounted for 70% of a households spending on a monthly basis. Yes, Nigerian households were spending on average 450 billion Naira monthly on recharge cards.

you only brought out augment to support your unfounded claims. What do you mean that accommodation is not essentials? Are those what you listed normal? Leaving under the bridge or squatting? Does that make sense to you. Education is an essential phenomenon and it all varies on what one believes.

Chukwuka16:


Unfortunately Nigeria is still the best market to invest especially in finance, logistics and agriculture. These are the major businesses that can guarantee you over 60% annually which is enough to compensate for inflation, devaluation and still give you some handsome profit. The only downside is risk but as na Naija, we go dey alright.

Here in the UK with BoE interest rate at 0.1% we are looking at negative interest rate next year (possibly) with low interest hovering around 1-3% annually.

Nigeria is the worst place to invest at the moment. The government is unstable and the economy is volatile.

Tobexin:
you are not absolutely correct.... some price of things won’t be affected. House rents remain the same, school fee remains the same. Last March I sent £1000 to my young ones for school fee which come out to be N500,000 while last week I sent the same £1000 which comes out to be N610,000 the school fee didn’t change meaning they have more extra money to spend.

Tobi:
Call them, ask them how much they are using to transport themselves from home to school.
Ask them how much they are buying food from that bukka behind their hostel.
Ask them how much they are buying petrol to put in their Tiger generator.
Ask them how much they are now using to buy a pot of iso-Ewu.
Ask them how many KG of gas 5k can now buy.

After asking them those, do a comparison of pre-500 and post-500.

Then you will understand that the ‘extra’ is not ‘extra’ anymore.

Tobexin:
you are not absolutely correct.... some price of things won’t be affected. House rents remain the same, school fee remains the same. Last March I sent £1000 to my young ones for school fee which come out to be N500,000 while last week I sent the same £1000 which comes out to be N610,000 the school fee didn’t change meaning they have more extra money to spend.

Lol there is nothing Naira is not affecting in the country boss.

House rent of 90k a year in my school has been increased to 130k for just one small self con. This year o.

Even school hostel accommodation used to be 12000 now it is 25000. Things are very expensive in the country sir. House rent is even on top of the list.

Uniben was paying 14000 for school fee as at 2017 now school fee is 45000 with possibility of increment, the way things are going. Hopefully not. I don't even know if it was the Naira that affected that one or the government was just being wicked.

45k for admission acceptance fee is now 70000.
I believe the unstable Naira has a hand in all these economic inflation directly and indirectly.

This is not just applicable to Uniben, some other federal and state universities have increased their school fee appreciably over the past two years

I don't even want to go towards the area of transport fare hike, food and clothes.

You are really underestimating the hardship in Nigeria currently.

marylandcakes:


Nigeria is the worst place to invest at the moment. The government is unstable and the economy is volatile.

Have you ever wondered why despite all the problems MTN has had with Nigeria, them still dey here?

Can you point out the reason why China still dey give us loan and why you see them buying over all available land in Ogun State?

When you target essential needs, even government go become your friend. How government policy summersault wan take affect MTN or Indomie or Cocacola or Oil companies?

Plan your business to ensure that the woman who sells akara or that low level civil servant needs your product and you are game.

Lastly the RoI Nigeria gives is blood money. It will I repeat compensate for inflation (15%), devaluation for forex purposes (25%) and still hand you some profit. Just plan extra to accommodate initial stress from increase in your inputs and logistics and "rogering" and you will be fine.

Leave Abuja politicians alone with big big grammar and actions, street is where the game is.

Tobexin:
you only brought out augment to support your unfounded claims. What do you mean that accommodation is not essentials? Are those what you listed normal? Leaving under the bridge or squatting? Does that make sense to you. Education is an essential phenomenon and it all varies on what one believes.

I thought long about responding and I was able to convince myself in the affirmative.

My advice is this - whenever Nigeria is in a sentence, kindly assume that all existing laws and principles are non-applicable. That way, you won't be shocked by what you see or hear. Secondly, believe whatever strange tale you hear about that country until convinced beyond all reasonable doubt.

Maslow's law does not apply in qualifying what are essential needs in Nigeria - it is the over 170million Nigerians who earn less than 60K Naira monthly that do.

Education is no longer an essential need in Nigeria considering that first class graduates (and 2.1) are now the targeted class of graduates to employ as TEACHERS (to earn minimum wage).

With regards to what makes sense about Nigeria..., it is well!

Chukwuka16:


Unfortunately Nigeria is still the best market to invest especially in finance, logistics and agriculture. These are the major businesses that can guarantee you over 60% annually which is enough to compensate for inflation, devaluation and still give you some handsome profit. The only downside is risk but as na Naija, we go dey alright.

Here in the UK with BoE interest rate at 0.1% we are looking at negative interest rate next year (possibly) with low interest hovering around 1-3% annually.

I beg to disagree Oga...
The only way you’ll be breaking even while doing business in Nigeria is either by stealing from your staffs (paying them low wages) or not paying the correct taxes to the government....The government will frustrate business small business owners with unending levies and bribes.
I’ll still advice investing even in Elsewhere (Uk or one of theses European holiday destinations)

Tobexin:
you only brought out augment to support your unfounded claims. What do you mean that accommodation is not essentials? Are those what you listed normal? Leaving under the bridge or squatting? Does that make sense to you. Education is an essential phenomenon and it all varies on what one believes.

The answer to this statement is simply
“ Only person wey done chop go dey alive to think of paying rent or school fees”...
In other words food stuffs is more important than rent or school fees .....

wallg123:


I beg to disagree Oga...
The only way you’ll be breaking even while doing business in Nigeria is either by stealing from your staffs (paying them low wages) or not paying the correct taxes to the government....The government will frustrate business small business owners with unending levies and bribes.
I’ll still advice investing even in Elsewhere (Uk or one of theses European holiday destinations)

Let's leave the RoI - experiences differ.

Let's focus on your reasons.

Taxes/levies - I have been in biz since 2017 and I recently got my latest TCC (expiring next month). I've never paid taxes in Nigeria because I ensure turnover in any of my businesses is below threshold. There is tax evasion (criminal) and tax avoidance (use brilliant accountants).

Staff salaries - owner's business and no one stops staff from leaving.

Govt issues/bribes/rogering - Just make it formal and send hamper/gifts regularly to the officers in charge and deduct it as part of your CSR. Discuss it with your accountant.

Govt policies - increase your network. People are still getting forex for cheap.

Chukwuka16:


Let's leave the RoI - experiences differ.

Let's focus on your reasons.

Taxes/levies - I have been in biz since 2017 and I recently got my latest TCC (expiring next month). I've never paid taxes in Nigeria because I ensure turnover in any of my businesses is below threshold. There is tax evasion (criminal) and tax avoidance (use brilliant accountants).

Staff salaries - owner's business and no one stops staff from leaving.

Govt issues/bribes/rogering - Just make it formal and send hamper/gifts regularly to the officers in charge and deduct it as part of your CSR. Discuss it with your accountant.

Govt policies - increase your network. People are still getting forex for cheap.

My brother this one no be standard business practice ..lol

wallg123:


My brother this one no be standard business practice ..lol

LoL.

Thats because Nigeria is not a standard country.

When a country will decide to increase import duty for cars to 35% and does not have the capacity to meet local needs cheaply or the capacity to defend its borders against smugglers and now realises that it wants to increase imports of cars to generate more income and so needs to reduce import duty to 5%, then you realise the country no balance.

Na fingertip person dey hold Naija matter - no be by airforce.

Elders nor vex

This stress taken to take okomu palm oil frm here to UK shey e worth am ni?


One cannot get good palm oil at fair prices there? . .

As A follow up, for one going to North East England, which food item would be foolish not to take from 9ja?

Trying to pack only essentials. Pls don't be offended at the crude question

Vooom:
Elders nor vex

This stress taken to take okomu palm oil frm here to UK shey e worth am ni?


One cannot get good palm oil at fair prices there? . .

Vooom:
As A follow up, for one going to North East England, which food item would be foolish not to take from 9ja?

Trying to pack only essentials. Pls don't be offended at the crude question

don’t stress yourself bringing palm you will surely get them in the Pakistan’s shop. I basically get any food stuff I need from them.

Healhtyliving:
@Mamatukwas. I need naira. About £740 equivalent. I sent you a DM

Responded.

Chukwuka16:


Unfortunately Nigeria is still the best market to invest especially in finance, logistics and agriculture. These are the major businesses that can guarantee you over 60% annually which is enough to compensate for inflation, devaluation and still give you some handsome profit. The only downside is risk but as na Naija, we go dey alright.

Here in the UK with BoE interest rate at 0.1% we are looking at negative interest rate next year (possibly) with low interest hovering around 1-3% annually.

Nigeria investment equals to one chances

mimilyrics:
As at July/August, it took between 4-8 weeks (for those without a UK passport) due to the backlog from the 1st lockdown.
It was faster for UK passport holders because the picture/signatures from their UK passports were used.
Not sure what the current timeline is though.

I did less than a month ago. BRP was sent back in about a week and 2 days later I got the provisional licence.

How true is it that one must have been in the UK for 6months to write theory driving test?

Chukwuka16:


Unfortunately Nigeria is still the best market to invest especially in finance, logistics and agriculture. These are the major businesses that can guarantee you over 60% annually which is enough to compensate for inflation, devaluation and still give you some handsome profit. The only downside is risk but as na Naija, we go dey alright.

Here in the UK with BoE interest rate at 0.1% we are looking at negative interest rate next year (possibly) with low interest hovering around 1-3% annually.

Investing in finance is no longer what it used to be. Interest rates in Nigerian banks is now between 0.4 and I%

Hopefully, the lockdown doesn't leave them with a backlog of applications as it did then.

It's true. You must have lived in England, Wales or Scotland for at least 185 days in the last 12 months before the day you take your theory or driving test.

famzynet:

I did less than a month ago. BRP was sent back in about a week and 2 days later I got the provisional licence.

How true is it that one must have been in the UK for 6months to write theory driving test?

mimilyrics:
Hopefully, the lockdown doesn't leave them with a backlog of applications as it did then.

It's true. You must have lived in England, Wales or Scotland for at least 185 days in the last 12 months before the day you take your theory or driving test.

it not true I have barely spent 4weeks in Uk when I applied for my provisional license and less than 90 days when I did my theory test.

Okay. See link and screenshot below for the info: https://www.gov.uk/book-theory-test

Tobexin:
it not true I have barely spent 4weeks in Uk when I applied for my provisional license and less than 90 days when I did my theory test.

mimilyrics:
Okay. See link and screenshot below for the info: https://www.gov.uk/book-theory-test

it is written on there but that is not the factual truth.

Well, whatever advice I give anyone will be within the written rules pertaining to what's asked and not what was obtainable; I'd rather err on the side of caution.

It seems to be a new one though.

Tobexin:
it is written on there but that is not the factual truth.

Come to Greenhithe, Dartford please

Ace2013:
Thanks for this, there is only one car for us at the moment. You are right about the london weighting as well. However, do you know of any side of dartford to avoid when searching for a place?

Well written.

wallg123:


You are very correct..The more devalued the Naira gets, the more expensive things become in that country ... ...Personally I’ll invest in the UK rather than Nigeria....

Will consider here as well, tnx

Mimzyy:
Come to Greenhithe, Dartford please