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Career / Re: What Are Your Experience Working With Indian Managers by ultron12345: 12:55pm On Dec 04, 2023 |
Depends on the perspective of the person speaking. Employers tend not to like them, but Business owners love them. I'll speak based on my experience with them, as a business owner. Several years ago, I had serious difficulties managing various businesses I had set up. The staff dealt with me. Forging of invoices, theft of inventory, inflation of contracts, there's nothing they didn't do. The Nigerian workers were out to finish me. Like they say, "where person dey work, na there e dey chop, hence the name, workchop (workshop)". You sack and replace them, the new ones continue from where the old ones stopped. They will even improve their techniques of stealing so as not be caught like their predecessors. After trying so many methods to reduce all this, from utilizing tech and automating several processes, to involving relatives, it came to my realization that the only way to stop all this was to run the businesses myself, to be "on ground" always, but that wasn't possible. So I planned to start shutting them down and to focus only on one. I told a friend who was also a businessman about my challenges and plans, hoping he would be able to purchase some of the assets I was hoping to sell from the shutdown businesses. He recommended I hire indian management. I wasn't keen at first, but finally decided to try it. To put it shortly, I eventually got an Indian manager for one of the businesses and it worked like magic. Business began to be good. Profit began to come in. For the first time, I could be away and still be confident and relaxed that my business is in good hands. Apparently, the business troubles we had been having weren't because of "bad economy", it was because of "bad workers" who were out to build houses on my head. Today, the businesses are growing from strength to strength. All key positions are occupied by indians. If I'm starting a new business today, all key positions go to indians by default. I have recommended the "indian solution" to so many business people, at least 5 of which have adopted it this year alone, and it has been good stories since then. Not a single one of them has regretted the decision. The simple truth is that the average Nigerian is corrupt and is a thief. Those who have not stolen have not done so simply because of lack of opportunity. And that's why our country is like this, after all, the leadership is a representation of the citizenry. Nigerians are a bad people and have rightly given rise to bad leaders. Below is a post I made few years ago about this same issue. ultron12345: 30 Likes 9 Shares |
Health / Re: How Much Do Doctors Earn In Nigeria? by ultron12345: 12:58pm On Dec 11, 2022 |
Crystalom5: Depends on experience and the facility at which they work. Housemanship - 180K (150-220K, depending on facility). Heard Hazard Allowance has been increased, so if implemented, that should increase these figures. NYSC - 33K plus salary from the facility to which they are posted. Federal facilities pay about 60-70K, while state facilities range from 10K to 90K (average should be about 40K). Those posted to less busy facilities in capital cities may also be able to get extra income by taking locum private practice jobs. Fresh doctor in a private hospital (GP) - 200K (Few facilities pay less, minimum 180K, while some pay more, 220-300K). This pay increases with experience (with 2 years experience getting about 250K) but peaks at about 350/400K. At this stage, most doctors will have started their own private practices or moved on to residency. Some GPs start their own private hospitals. Small "blue curtain" clinics in small towns outside major cities like Lagos, Abuja with auxiliary "nurses" where the owner GP is the only doctor there, would earn the doctor about 400K monthly. Bigger practices would earn more. For residency, junior registrars earn 270-300K, while senior registrars take home 380-420K. Consultants at federal hospitals start at 700K. Those at state hospitals and those employed as honorary consultants by universities may earn slightly less. Consultants employed at private hospitals usually earn more. Here, the pay also depends on the speciality. A neurosurgeon will earn more than a family physician. Low end specialities can earn about 700-800K, while high end specialities like neurosurgery can earn up to 2M. Consultants at government hospitals usually supplement their income with locum private practice where they take on part time jobs at private facilities (on paper, the government job is full time, but in reality, it's more of a part time job (Nigerian civil servant attitude) so they tend to have ample time for private practice even while practising at government hospitals). Extra earnings here also depend on specialty. Surgeons tend to earn more than physicians, since they can charge per procedure. These extra earnings can range from 300K-2M monthly. Consultant owned private practices earn depending on the specialty. Orthopaedic surgeons and neurosurgeons would very very easily net well over 2M monthly, out-earning a rheumatology focused practice for example. These figures are for single specialty private practices which are quite rare. In reality, most practices offer several other specialities in addition to that of the owner, by hiring other specialists on locum basis when the need arises. 51 Likes 5 Shares |
Agriculture / Re: Updated Price Of Grains And Location. by ultron12345: 5:24pm On Apr 05, 2022 |
shariff84: OK. Thanks. About the POS, is it withdrawing to pay them cash or doing POS transfer to them? |
Agriculture / Re: Updated Price Of Grains And Location. by ultron12345: 12:33pm On Apr 04, 2022 |
shariff84: Goodday Shariff84. May God continue to bless you for the good work you're doing here. Please, if one is to visit all these grain markets in the north to purchase large amounts of product, considering the fact that banks are usually far away, does one need to carry cash along (which is risky) or can one negotiate with the traders/farmers to accept cheques or bank transfers. What forms of payment are possible aside cash payment because it's quite risky. |
Travel / Re: Why Are Nigerians So Successful In America? by ultron12345: 2:44pm On Nov 17, 2021 |
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Investment / Re: Treasury Bills In Nigeria by ultron12345: 3:46pm On Nov 16, 2021 |
skydiver01: I support you on the neccesity of capital punishment in Nigeria that is enforced. However, it is not so appropriate for less heinious crimes like jumping queues and littering. For such crimes,i would recommend corporal punishment. "Judicial Flogging". All those miscreants who jump queues, litter, request for bribes to do their jobs, bypass meters, disobey traffic rules, vandalize public property (just minor ones oo, major vandalization such as pipelines, transformers and those people that steal manhole covers in Lagos should warrant capital punishment) should be apprehended, charged to a specialized mobile court on the same day, that would sentence them immediately. That evening or the next morning, they should be brought to the town center and in the full glare of the public, be given between 40 and 150 HOT lashes. Singapore has a form of this corporal punishment and it is working wonders. For Nigerians, it will be more effective as a deterrent than say, fines, and cheaper for the government to enforce than prison terms where they have to spend scare resources that should go into things like education and healthcare of good law-abiding citizens, on providing free food and shelter for criminals. It also reduces economic losses. Instead of Mr A been sent to prison for 6 months, where the government will pay so much to feed, shelter and take care of him, while 6 months of Mr A's economic output and productivity is lost to the nation, he should instead undergo judicial flogging where he is given like 120 lashes. It is cheaper on the government's part, it serves as a better deterrent against crime for the population, and instead of loosing Mr. A's 6 months of economic productivity if sent to prison, the nation looses just like 2wks to one month, been the period of recovery from the brutal flogging. And putting such laws and punishments in place is one thing. They should also be enforced. One of the reasons for crime and corruption in Nigeria today is because there are no consequences, and on the rare cases where there are consequences, they are just a tap on the wrist. Take for example, Evans the kidnapper, apprehended so many years ago, yet till today, has not been convicted. With all the media coverage his case got back then, imagine the strong message it would have sent to potential criminals if he was executed on national TV few weeks after. This lack of consequences is also telling in our prison numbers. With all the numerous crimes and killings everyday in Nigeria, we still have one of the lowest incarceration rates in the world. It means criminals are not getting punished. At 65K prisoners (with more than half yet to be tried, so the actual figure should be around 30K), it means Nigeria has a paltry 32 prisoners per 100,000 population. Our relatively peaceful African neighbors like Cameroon, Ivory Coast, Benin have 125, 83 and 70 prisoners per 100,000. Rwanda despite having a population over 23 times less than Nigeria's, has a prison population equal to Nigeria. It has 511 prisoners per 100K. The US is at 640. Even super safe and peaceful countries like Australia, New Zealand, Singapore, Switzerland are at 160, 188, 185 and 80 respectively. Is it that Nigerians don't commit crime, no. It's that those that commit crimes are not been punished, which in turn, encourages further crime, hence our situation today. All this must change. 7 Likes |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 11:49am On Sep 05, 2021 |
jedisco: Yes. I agree. This is the reason behind the policy of limiting fuel imports to only those who operate local refineries. But was it not condemned, I think even on this thread as a covert method to give the "Fulani" dangote monopoly over Nigeria's petroleum industry just like the imaginary monopoly they say he has over cement. "Dey want to give Fulani monopoly over southern oyel" It was recently done with sugar, limiting cane sugar imports to only those with refineries, but they said its to give Dangote monopoly. The CBN was planning to do it with milk sef. That was around a time Dangote announced he'll be going into dairy business. They said it was a ploy to help Dangote monopolize milk. 2 Likes |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 11:42am On Sep 05, 2021 |
jedisco: I agree that subsidies have to be removed. I also believe those in the CBN and Ministry of Finance know too, but it's the politics involved that is the problem. Subsidies removed, and electricity bills go up, fuel price doubles. Prices of transport, food items and everything in the market skyrocket with the excuse of "fuel has gone up" and "dollar has gone up". Imagine what the inflation figures would be saying. Imagine the insults and attacks Buhari would receive. Then NLC will go on strike and bring the entire nation to a halt, and the federal government would finally be forced to backtrack. I think what the CBN is doing, is just to manage to naira for now with short term solutions and keep kicking the can down the road, till the Dangote Refinery begins production, as that will take a lot of pressure of the naira and even become a huge source of forex via it's exports. About the universal education you spoke about, yet it has to be free but more importantly, it must be of quality and such free, universal, quality education you're taking about cannot be embarked on by a country with tax to GDP of 5% and a revenue per capita that is just a quarter of that of Ghana. Nigeria's 200 million people have a budget of $25B ($125 per person). Ghana with the same GDP per capita is Nigeria, with 30 million people has a budget of $14B ($470 per person). (By the way, this explains why Nigeria with a nice debt-to-GDP ratio of just about 20% is spending almost it's entire revenue servicing that debt, while Ghana with debt-to-GDP of almost 80% is servicing it's debt without any problem). Kenya with a population of 50 million with GDP per capita less than Nigeria has a budget higher than Nigeria at $28B ($560 per person). When we are ready for things like quality universal education, universal health, Nigerians will need to start paying their taxes as and at when due, and possibly, the tax rates themselves might need to go up. Cutting cost of governance also has its own challenges. How do you get lawmakers to slash their salaries? (They're the one who decides their salaries). And come to think of it, the bulk of Nigeria's "cost of governance" is actually the overbloared civil service (I call it Nigeria's largest welfare scheme). If we want to reduce cost, there would have to be mass retrenchment there, both of redundant staff and incompetent ones. Go and try it and see what NLC would do to you. Shey El-Rufai tried it in Kaduna. 4 Likes 1 Share |
Education / Re: JAMB 2021 Top 10 Best Students by ultron12345: 7:03pm On Sep 02, 2021 |
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Business / Re: My Ordeal With My Worker Today. by ultron12345: 6:10pm On Aug 26, 2021 |
SeaTrade: Wow. So much wisdom in one post. Such wisdom can only be gotten from experience. Thanks for sharing. More applicable to Nigerian SMEs than stuff like McKinsey Insights I run a business too, with a lot of trade secrets. One way I avoid staff learning such secrets is division of labour. Instead of having one person doing an entire business task, I break it up into like 3 smaller tasks for 3 different people, with each person concentrating on theirs, not knowing fully what the others are doing. Yes, costs may go up, but it's worth it, as I cannot sow for others to reap. The worst part is that after learning these secrets, they will still use your own cash, raw materials, equipment, tools and resources to do their "runs" while running your own to the ground. 10 Likes |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 3:50pm On May 29, 2021 |
Nigerians I was just listening to a Forbes interview of Cosmos Maduka, the founder of Coscharis Group. He was asked what his worst day in business was. He said he had two worst days in business, as follows. The first, he was in Lagos and received a phone call that there was commotion at his branch office in the eastern part of the country. He rushed there and found out that all his staff there had disappeared with money they had collected in advance from customers for supplies. He was sued by 53 traders and had to repay all the stolen money. The second, a friend needed financial assistance to bring a shipment to Nigeria. He then stood as guarantor for the bank loan collected by this friend. Till today, the shipment never arrived. The friend sold off the shipment on the sea and disappeared with the money, leaving Mr Maduka with N21 billion in debt, producing interest of N300 million monthly. He had to sell of his entire majority shareholding in one the major banks in order to pay it off. Nigerians. Why are we so wicked and corrupt? https://www.youtube.com/watch?v=O-73HOOlMNc 16 Likes 1 Share |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 3:59pm On May 02, 2021 |
So many Nigerians live on such amounts. The reason many here see it as impossible is because they see everything through the lenses of Lagos, Abuja and PH. People live in so many cheap states (not in the capital cities, but in other secondary towns outside the capital (not villages oh)). Imagine someone saying "50K? How? Only transport will finish that". You think everywhere is Lagos? There are so many places in Nigeria where for the average person, transport is one of his/her least worries. A prudent family of 3 (husband, wife and a child), where the man is a worker earning 50K Rent for a 2 bedroom flat (not all pay rent, some live rent free in family houses)- 100K per annum - approximately 8k per month Feeding- 20k per month (bulk buying, bargaining, using a pot of soup or stew for a few days) School fees - average catholic school in cheap town - 12K per term (term = 3 months school plus 1 month holiday) = 3K per month. There are still good federal government owned schools around. Transport (everywhere is not Lagos. There are so many places in Nigeria where N40 will take you a long distance. Most times, they can walk to work as distances are not far, or they can follow neighbors and friends that have cars) - N200 daily (N50 to go and come), 5 days a week - 4k per month Entertainment/airtime/miscellanous- 5K That's 40k. 10K goes into savings. Madam will ask have something she's doing. She could have a shop, a restaurant, or even a government worker too. Let's assume she makes 40k per month. That's about 50K monthly going into savings. 600K per annum. That's almost 2M in 3 yrs, 3M in 5yrs. With this, plus little assistance from cooperatives which such people usually join, they can buy a car and build a house. Focused and determined parents can even send a child to covenant university (I have seen several like that, they don't have a car, live in a rented apartment, but have a child in covenant university, while someone with duplex and several cars will be struggling to pay 40k school fees in federal universities) 2M can build an average 2/3 bedroom structure in so many Nigerian towns that are not expensive. They may not even buy land. It may not be fenced. Cheap wooden doors, tiles only in palour, pvc strips for ceiling or any other cheap materials, zinc roofing sheets. It may not even be painted at first. It mustn't be Lekki standard duplex, with imported fittings, stone coated roof etc. Let's also not forget that such houses are usually built over several years, they could get land now, do foundation next year, then build to roofing level next year, roof the next year and finish it the next year. That's 4/5 years. After building such houses, many decide to rent them out and continue in their rented apartment. Before you know it, with income from rent, plus increased salaries from ogas promotion at work, plus more income from madam since her business has expanded, they will build another house and then another one. Those that spend half their salary at beer palour will then gather and start gossiping about how they are doing illegal stuff or even rituals. Let's also not forget that such houses are built on the outside of town, in not-yet-well developed areas. So after they built they house, in 10-15 yrs, the place will be more developed and property in that area will be more expensive. You then will be saying how can they afford such expensive property not knowing that it was much cheaper a decade ago when they built theirs. I know someone will come and ask me now "What about DSTv". Such people watch Strong free to air. Highest, they can combine it with local antenna and cheap subscriptions on GOtv/startimes. Once again, not everywhere is Lagos or Abuja. I know someone is coming to ask "what if they have 6 children? " Lol 42 Likes 4 Shares |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 6:47pm On Apr 23, 2021 |
Tobex4realTobex234: Congratulations to Ghana. Both companies already have assembly plants in Nigeria sha. Hyundai is already making electric vehicles in Nigeria. Hopefully, the next Nigerian administration puts in place better policies and infrastructure so that such foreign investments are targeted at establishing new plants in Nigeria and expanding the already existing ones, then exporting to the region, instead of starting afresh in other countries. |
Properties / Re: The Making Of The "Akure 63 Units Shopping Plaza" by ultron12345: 3:52pm On Apr 16, 2021 |
spyder880: Very good work you're doing here Sir. Please, what is the estimate budget for this project? 2 Likes |
Business / Japanese VC Firm, Samurai Incubate To Invest $18 Million In Nigeria, Others. by ultron12345: 10:53am On Apr 16, 2021 |
As success stories from Africa’s startup scene spread across the world, more diverse sources of funding are opening up to the continent. While investors from Western economies lead the flock of international interest parties, money bags in Asia are building momentum to invest in high-impact businesses in Africa. Japanese firms have been notably active in recent years. One of those firms is Samurai Incubate Inc, a venture capital firm based in Tokyo. The company has announced the close of its dedicated Africa fund after raising 2.06 billion yen (~ $18 million). This is not Samurai’s first fund for African investments. The firm created an Africa fund in 2018 and already has 26 African startups on its portfolio including Eden, Evolve Credit, Wallets, mPost and Swipe2Pay. In January 2020, Samurai announced a second fund called the “Samurai Africa 2nd General Partnership”. The now-closed fund will focus on startups in Nigeria, Kenya, South Africa – and Egypt, where they hope to make their first investments. In these countries, Samurai will target investments in fintech, insurtech, healthcare, commerce, energy, agritech, mobility and entertainment. Ticket sizes will range between $50,000 and $800,000 and will be for startups between pre-seed and Series A stages. A notable development from Samurai’s new fund is the nature of limited partners who invested in the fund. One big name – Toyota Tsusho Corporation – stands out. A member of the Toyota Group, Toyota Tsusho has been investing in Africa startups since 2019 through Mobility54, its corporate venture capital arm. In March this year, the venture invested in Ivorian transportation startup Moja Ride. Kenyan logistics company, Sendy, has also been backed by Toyota Tsusho. By highlighting Toyota Tsusho’s investment in this $18 million fund and the presence of “professional investors with expertise in overseas investment,” Samurai hopes to present itself as an experienced and internationally valuable source of funding for African startups. That is because Samurai is one of a growing number of Japanese VCs with an eye for Africa. In February, two-year-old Uncovered Fund announced its $15 million Africa fund to invest $50,000 to $500,000 in seed and Series A stage African startups. Uncovered Fund’s CEO, Takuma Terakubo, helped co-launch Samurai Incubate. Samurai and Uncovered hope to catch up to Kepple Africa Ventures, perhaps the most experienced Japanese VC in Africa; since 2018, Kepple has invested in 50 startups, with 21 deals done between January and May 2020 alone. Kepple and Samurai have some common ground though; they are investors in Bamboo, the Nigerian stock investment app. https://techcabal.com/2021/04/15/samurai-incubate-18-million-africa-fund-japanese-venture-capital/ 1 Like 1 Share |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 3:08pm On Dec 30, 2020 |
What do you people think about this "data" from McKinsey? Particularly the part about the top 20 cities by purchasing power? 1 Like
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Investment / Re: Treasury Bills In Nigeria by ultron12345: 5:37am On Dec 23, 2020 |
More huge domestic investments. Foreign investors can keep looking at paper figures. https://www.nairaland.com/6327201/bua-construct-3-cement-plants Besides, where are all those who said government banned anyone from entering the cement industry in order to give Dangote monopoly? Later, we'll hear the mission wasn't Dangote monopoly but Fulani/Hausa/Kano-indigine monopoly.... 1di0ts 2 Likes |
Business / Re: How Much Should I Pay Independent Non-executive Directors In My Company? by ultron12345: 8:41am On Dec 17, 2020 |
Acidosis: Lol... It was a microfinance institution. We didn't actually need a board but it was one of the requirements set by the regulator. 1 Like |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 8:55am On Dec 12, 2020 |
BLOOMBERG: Nigeria’s Biggest Bank in Talks to Buy Atlas Mara Assets https://www.bloomberg.com/news/articles/2020-12-02/nigeria-s-biggest-bank-is-said-in-talks-to-buy-atlas-mara-assets Access Bank has been doing a lot of acquisitions lately. Just few months after they acquired this company's Mozambique operations. Good luck to them, hope it's successful. Nigeria is gradually building up multinationals that can face their South African and international counterparts. If this is kept up, in a few decades, Lagos will be able to compete against Johannesburg to become the continent's top financial center. |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 3:24pm On Dec 11, 2020 |
Nigerian human resources have done it again How Gtbank Staff, CBN Official Burnt Bullion Van, ‘stole N70m’ In Kano https://www.nairaland.com/6307466/how-gtbank-staff-cbn-official |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 1:34pm On Dec 11, 2020 |
Lazyyouth4u: $300K is quite high. Some Caribbean islands go for $100K. I agree with you that it might not make much sense now because of the high exchange rate, but back then when the exchange rate was much less, it would make sense to much more people. Afterall, some people spent similar amounts on cars |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 12:43pm On Dec 11, 2020 |
Myhelper1: I discussed this in this group sometime back. I think it was with dexterous abi someone like that. I was planning to get citizenship from one of the Caribbean islands until the plans got delayed by the increasing exchange rate. Like me, most of the people going for this are not doing it to relocate but for ease of travel, not having to queue here and there for visas. With such passport, one can just wake up one morning and decide to go the UK, Singapore or anywhere, all you need is to get a plane ticket. Plus, you avoid all that extra interrogation and suspicion you get at foreign airports when you hold a Nigerian passport. 5 Likes |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 5:34pm On Dec 10, 2020 |
ahiboilandgas: My brother, Nigerians are the most fraudulent and wicked set of people. It's puzzles me how a people can be so religious yet so wicked. I remember when a friend started poultry business. He was a busy person with a job so he hired a manager to run the farm. The egg production was always so low, which led to low revenue and he was unable to recover costs. He was busy complaining about how the economy is bad and how it's government fault that he's not making profits, not knowing his staff were the ones behind it. He however noticed that on the few days he's around at the farm, the egg production will be x3 of the production when he's not around. After investigations we're carried out, it was found out that the staff were stealing the eggs and smuggling them out to go and sell for themselves. They'll come with cooler of their lunch in the morning, as their leaving in the evening, the cooler will be filled with eggs. After finding this out, sacked some people and made new policies, all containers and items brought by staff should be kept at the entrance and not allowed into the farm area. The staff then started a new strategy. They would break the eggs and pour them into plastic bottles, throw those bottles over the fence, gather the bottles when they leave that evening and sell to bakers. The security men were even still allowing then to take in their coolers and other containers as long as they get their share of the looted. He also had a policy that when any chicken dies, he will give it away to the staff. Before he knew it, mortality rates started increasing. On investigation, it was revealed that the staff were intentionally killing the birds so they can be allowed to take them home. Nigerians are the problem of Nigeria. The only reason many Nigerians haven't stolen government money is lack of opportunity. The thief who hasn't gotten an opportunity to steal thinks he is an honest man. These thieving staff will still be among those shouting government is corrupt when they're not any different. Every people deserve their leaders. Nigerians have bad leaders because Nigerians are bad people. A bad people cannot give rise to good leaders. He eventually shut down the business as it was becoming too difficult to deal with these staff. That was how they fraudulent attitude of Nigerians kill businesses that are supposed to create jobs. And after, the thrives will be blaming government for lack of jobs. 30 Likes 5 Shares |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 2:15pm On Dec 10, 2020 |
9jatriot: Why will crude oil be exempted? Is it not an economic activity? Why not also exempt Lagos' financial and transport industries? Why not exempt China's manufacturing sector too. When Dangote's refinery starts, shey you'll exempt that too. Are there not natural resources and minerals in the north? Why are they not mining them if it's natural resources you want to use to argue. The role of crude oil sef is only significant in Rivers, Delta, Bayelsa and Akwa Ibom. Maybe Cross River. But upon that, other southern states are still doing relatively well compared to their northern counterparts. |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 2:07pm On Dec 10, 2020 |
9jatriot: Whether they're farming or not, their indices are the worst in Nigeria. Upon their farming, the region still has some of the lowest GDP per capita figures in the country, and even in the West African region. Take Southern Nigeria's indices alone and you'll see that it'll be among the top in Africa, but when you add the North's negative indices, it drags everything down. Imagine, in a country with 36 states, 9 states have literacy rates above 90%. They are all southern states. 17 states have literacy rates above 80%. They are all southern states. 5 states have less than 20%. They are all northern states. In fact, all the states with less then 50% are all northern states. And the education I'm talking about isn't university education. It is basic education up to secondary school level that's needed for them. 3 Likes 1 Share |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 2:02pm On Dec 10, 2020 |
jajeri3216: I only said the south is more productive then the north. At least, that's what the GDP per capita figures for the states show. 1 Like |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 1:45pm On Dec 10, 2020 |
About the population growth rate many are taking about, I don't really see that as the problem. The problem is the economic growth rate. If population is growing at 2.4%, and the economy is doing 10% growth per annum, I don't see a problem there. The only problem I see about Nigeria's population growth rate is the type of population that is growing. The knowledgeable, educated and relatively well-to-do people down in Southern Nigeria who have the resources to raise future productive citizens are not the ones driving the population growth, rather, the population growth is been driven by the largely illiterate and poverty stricken Northern Nigeria (that is responsible for almost all our negative indices) which doesnt have the needed resources to raise future productive citizens. Instead of becoming future assets through increased productivity in the future, they might become future liabilities by becoming criminals, terrorists, religious extremists etc When well educated and rich Lagos has a birth rate of 3.4 while illiterate and poverty stricken Katsina has 7.3, now that is the problem. If the figures were vice versa, then that wouldn't be a problem, it'll be good news actually. https://www.nairaland.com/5514567/lagos-records-lowest-birth-rate Just imagine the NBS figures in the link below. Lagos has literacy rate of 96%, while Katsina is at 10%. www.databod.com/nigerian-states-ranked-literacy-level/ Instead of getting more literate future citizens from Lagos and the South, we are getting more illiterates from Katsina and the North. 9 Likes 1 Share |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 10:04am On Dec 07, 2020 |
The Lebanese in Africa: A look at 30 family dynasties https://www.theafricareport.com/53337/lebanese-in-africa-a-look-at-30-family-dynasties/amp/#click=https:///aWKaBcPP0y 1 Like |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 1:20pm On Dec 01, 2020 |
Aquilapriscilla: God forbid. The highest that will and should happen is restructuring. The importation is only a temporary measure. Dangote's 650K refinery is coming online soon. BUA has already given out contracts for a 250K refinery in akwa ibom, plus several other modular refineries. All this capacities put together, plus if the government can get it's 450K working (even if by privatizing them), will give Nigeria are total refining capacity of 1.4MBPD. Assuming the modular refineries can add 100K to that, that will be 1.5MBPD capacity putting us in the top 11 globally in terms of oil refining capacity, even ahead of the UK and France. It is amazing how we're about to go from drought to glut, from zero production to over-supply and over-capacity. Truly, the end of the tunnel is usually darkest Even if we divide, it should be into north (NW and NE) and south (SE, SW, SS, NC and maybe Kano and kaduna. The southern half of Anglophone Cameroon will also be welcome.). Not to break up into numerous Liberias, Gambias and Sierra Leones like some are recommending. We don't need anymore caricature countries in West Africa. 3 Likes |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 12:48pm On Dec 01, 2020 |
Lol... Some people are really comparing Nigerians to Indians. In terms of business prowess (I usually say that Nigeria is just India on a scale reduced by 6, but with a less effective private sector. In Nigeria, the people blame the government for everything, while in India, the people take the bull by the horn, and you wonder why they are so successful in Nigeria) and achievements as a people, they are far far better off than Nigeria. 759,000 Indians are millionaires, while just 30,000 Nigerians are millionaires. This shows how business/investment saavy the people are. Over 110 Indians have become billionaires while just 4 Nigerians have achieved that feat. Even if you correct all these figures to cover up the population difference, Indians still gap Nigerians by far. Correct for population, for Nigeria to match India in the above indices, we should have 126,000 millionaires and 18 billionaires. Go and look at their companies. You think Dangote is big, wait till you compare it with Tata Group or Reliance Industries and many others. On Forbes 2000 companies, Indians have put 75 of their companies there, while only 4 Nigerian companies made the list. Even in diaspora, you can't compare what Indians have achieved to Nigerians. Many have already mentioned the number of fortune 500 companies that Indians run, how many do Nigerians run? The richest family in the UK is an Indian family. In the UK, Indians families have the highest household incomes. Blacks have the least (even less than the UK average) https://www.ethnicity-facts-figures.service.gov.uk/work-pay-and-benefits/pay-and-income/household-income/latest In the US, Indians have the highest household income at $135,000. Nigerians are at number 65 on the list ($61,000), which is even less than the national average of $63,000. Even Ghanaians rank higher than Nigerians on that list. Na only noise Nigerians sabi make, and then to blame everything on their government. https://en.m.wikipedia.org/wiki/List_of_ethnic_groups_in_the_United_States_by_household_income The stock exchange Nigerians have been able to build is worth about $50B. Indians have built 2 stock exchanges, the NSE worth $2.2T and the BSE worth $2.1T. This should show you how vibrant each country is in terms of business. You may call them poor, but they are still able to go into space. What have Nigerians and their NSRDA achieved concerning space? Let's not even start talking about technological development. Someone was saying its their large population, yet (I still dispute this statistic, it doesn't make any sense, but since most of those praising Nigerians now usually sing with it everytime, let me put it here) there are more Nigerians living in poverty (80M out of 200M), than there are in India's 1.3B (yes oo, na so dey talk, meaning less than 80M out of India's 1.3B are living in poverty, meaning India has a poverty rate of less than 6%.... Anyone who has been to India or even just studied general economic data of developing countries will know this is bullshit) For honesty, I can only speak about my own experience with them and what I have heard from others who have had first hand experience with them. From my experience oo, Indians are a million times more honest than Nigerians. It was on this thread sometime ago that I shared my experience with Nigerian managers in my company, how everyone is working to steal from you, how I one changed management 3 times in a year, how Nigerian managers almost gave me hypertension. Until someone suggested I hire Indian managers. I was reluctant at first, considering how expensive it will be to be paying visa and flight tickets and all that for expatriate managers, but since I was already about to close down the factory due to Nigerian's wahala, I took the advice and from then on, it was like magic, for the first time ever, I had peace of mind on that factory. The surprising part was that they eventually turned out to be cheaper than the Nigerian management when you consider the increases in productivity and the leakages that Nigerians were using to steal money that they blocked. Till today, when anyone complains about Nigerian staff and how their corruption/dishonesty is about to destroy their business, I tell them to hire Indians. In the past 2 years, 4 people have taken the advice and done it, and it has always ended in peace of mind, progress and happiness. Not a single one has regretted the decision. After the hell I have experienced in the hands of Nigerians, I have personally sworn never to put a Nigerian incharge of any of my businesses. If I can't be there to manage it myself, then it must be an Indian. There is a popular company in Nigeria to which we supply products. When the Nigerians are incharge, you will spend over an hour, they will waste your time, talk to you anyhow and be using to style to demand bribe and "anything for the boys". But anytime the Indians are there, it's always very quick and straight-forward. You think it's coincidence that many Nigerian companies are run by Indians, from Dangote to Globacom. You think its coincidence that Indian (and their Lebanese counterparts) businesses seem to do so well in Nigeria and are transferred generation to generation. You think its coincidence that they run all those fortune 500 companies. But last last sha, Nigerians will do what they know how to do best, blame the government. 26 Likes 1 Share |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 12:04pm On Nov 29, 2020 |
DexterousOne: No politician will willingly do this. It might make sense economically, but not politically. You that is talking now will be the first to insult buhari and emefiele if such is done, shouting about how things are expensive, inflation close to Zimbabwe, Nigerians are poorer, salary ten years ago bigger than today's salary, we are retrogressing, Buhari oo etc I believe they're just trying to manage the situation until the Dangote refinery is ready. At least, that will take off a lot of pressure from the naira. 1 Like |
Investment / Re: Treasury Bills In Nigeria by ultron12345: 11:53am On Nov 29, 2020 |
Come to think of it, why are Nigerians yet to embrace export-driven economic growth? Why do we love this Maoist concept of self-sufficiency? The "Nigeria of our dreams" for most Nigerians is one with absolutely zero imports. It should instead be one with trillions of dollars of imports (shows our people are rich and have very high consumption) and trillions of dollars more of exports (high productivity to follow up our massive consumption). Our imports are already very low compared to the size of our economy ($40B for 200M Nigerians while 50M South Africans import $70B, 30M Canadians import $450B). Our problems increasing exports not so so imports, imports. I remember back then when there was talk about ecowas planning to strike a free trade agreement with the EU. Nigerian manufacturers were at the forefront against such. I recall one saying "there is absolutely nothing we can produce that Europe can't produce cheaper". Is that not a disgrace? With all their expensive labour, expensive land, tight regulation etc, we still can't beat then in price? Even in labour intensive goods. Nigerians are always so satisfied with their market of 200M people, but we tend to forget there's a market of 1 billion more in Africa and 6.8B across the world. This mentality explains why Nigerian businesses except Dangote and the banks, are always very reluctant to expand beyond Nigeria into even our neighbors, whereas any small thing, lebanese/indian businessmen in Nigeria have opened new office in Ghana or Benin. If I were president, one of the most important things I'll look at is improving trade. Signing free trade deals with Canada, Hong Kong, Taiwan, South Korea, Singapore, Japan, Switzerland, Scandinavia and other wealthy countries. If we can get a free trade deal with the US, EU, UK and Australia that protects our agricultural sector from theire agricultural subsidies, then we can sign that too (subsidizing industries to help them compete isn't free trade). All this coupled with aggressive ease of business reforms, power, new and more efficient ports, better inland waterway systems, interest subsidies for manufacturing equipment imports and a weak currency, all to make our goods cheaper and more competitive globally. Take cars for example. All these automobile industry development won't work. Nigerians just like the rest of sub-saharan Africa (except South Africa) are too poor to afford new cars. Instead of putting tariffs on tokunbo cars, we should allow them come in freely. Nigerians will buy such cars cheaper, cost of transportation will reduce and more money can be spending on other areas of the economy, they'll be more business for filling stations, car wash, mechanics, electrician etc. Our local car industry will now be directed at exports. Use our cheap labour to produce cars to export to richer countries like US, Canada, Europe etc. This is where our free trade agreements will come in as our exports there will be Tariff free and thetefore more competitive than those paying tariffs. As we are producing more and more cars for export, our GDP per capita rises and incomes also rise till they get to a level at which Nigerians can easily afford new cars. Not to be forcing us to buy what we can't afford. This principle works for everyother industry. Some will say America, Europe and the other countries we sign free trade agreements with will flood our country with their goods and kill our industries. And I ask, what goods exactly? Those countries focus on high value and highly technical goods that are way above our reach for now. Taiwan will flood your market with semiconductors, computer processors and complex manufacturing equipment etc. Switzerland will flood your market with luxury watches and high end chocolate. Italy and France will flood you with luxury fashion. US, UK and EU will flood your market with aeroplanes and jet engines. Singapore will flood your market with the most sophisticated biopharmaceutical products. All this are not bad because we can't produce those things ourselves at this level we currently are (even China still struggles to produce those things I listed. Yes, they are still in the learning phase of these advanced types of manufacturing). The are very complex stuff that we currently do not have the knowledge to make yet. Let's get their cheap semiconductors and chips and assemble then into cheaper electronics to sell back to them. Let's get they're cheap complex manufacturing equipment to help our manufacturing industry become more competitive. Let's get their aeroplanes and her engines for cheap and use it to develop our local aviation industry. Or can are there local jet engine manufacturers (even china hasn't started manufacturing that one). All these while we flood them with cheap garments and clothes, toys, electronics, furniture, shoes, vehicles, household items etc. Let's export what we're good at doing and import what others are better at. 9 Likes 3 Shares |
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