₦airaland Forum

Iamblessed85:
What’s it with the point 4? For those who have done it already, how can they be healed?

Who you sleep with and how many partners have little or no bearing on success in life. In fact the most successful men are chronic womaniser. Trump slept with anything in skirt including not just a prostitute, but a porn star, and he confessed to "grabbing dem by the pussay", yet he became a billionaire and US president.
Sè na Elon Musk, Jeff bezos or even bill Gates, their wives left them due to infidelity.

If this is the case, Nigeria with about 100 million Christians (and about another 100 Muslims) should be most successful nation in the world. How come the reverse is the case, we are in the bottom of every economic and social indices when compared to other nations.

Now tell me how many of the richest people in the world became successful following these 8 important principles?

TossTos:
I want to buy to binance..
I have bybit ...
Thank you so much sha..

When I see that their minimum deposit is $100 that's why I stay aloft

What do you mean by minimum deposit is $100? You can buy any amount on bybit P2P as long as the seller is ready to sell, and then withdraw to Binance.

bemeruca:
he said during Jim Crow, Black Families were together. He is not saying they were together because of Jim Crow blacks had a better life because of JC, He is talking about a point in time.

People can say during the 1st World War or 2nd World War without talking about war...
your hate for the black man who thinks for himself is sad... which is why you are a token Nigger.

https://www.youtube.com/watch?v=SfCzJHfpyUc

Yes, he should also have mentioned that Jewish families were together during Nazi Germany. I sure the Jews would have been happy with him for saying that.

whitejs:
If so, how come they are doing business in Nigeria
Are they supposed to or is it legal for them to do business in Nigeria without registering?

This is the internet age, it's near impossible to stop Nigerians from using the Internet to trade and do business with any site on the Internet. The government should have deviced innovative ways of taxing these companies. Imagine the revenue the government should have gotten from taxing Facebook, Google, Binance, alibaba/aliexpress, in fact any site that receive money from Nigerians.

Imagine Google was to pay the French government close to €1 billion in 2019. Just Google o, by the time you add Facebook, alibaba, ebay and others, you can imagine how much France is raking in from taxing Internet companies.

Even the US issue with Binance has to do with taxes and not currency manipulation shit. The US permitted Binance to operate a US subsidiary different from the parent company for monitoring and tax purposes. The US government wants to collect their own share of the crypto largesse.

jayce232:
They are not doing business in Nigeria, they don't have any physical branch here, but it is Nigerians that are investing with them, because they trust them. We have people buying shares & investing in different foreign companies not domiciled in Nigeria, samething apply to binance. Everyone has an inalienable right to invest their funds in whatever they deem fit at their own risk.

Don't mind them, of the thousands of sites accepting money from Nigerians, how many of them have physical presence here. Do aliexpress or alibaba have branches here?

TossTos:
With this ban of naira on binance, I've been unable to Usdt and it has stopped so many things .. I so much need to buy ..

Use Bybit, their NGN P2P is still open. I sold USDT just yesterday.

fergie001:

https://www.youtube.com/watch?v=m_T8wfDVWNU

I can't afford to pay my driver N100000 per month, because they are four, where is the money? - SGF Akume

The former Benue State Governor was addressing the National Executive Council of the Christian Association of Nigeria.

Silent issues to punder;
1. So how much do you pay your drivers? The average drivers salary in Lagos is N80,000 as of today.

2. Why do you need 4 drivers? I will understand 2 drivers - 1 main and 1 backup, buy why 4?

3. How many cars do you have and the value of these cars. How come you could afford to buy 4 cars worth a minimum of N30 million each ( bullet proof starts from N200 million) but can't afford to pay your driver N1.2 per year.

4.

AlwaysPositive:
I was laughing at those crying all over Nairaland, claiming that Interpol will help extradite the man back to Nigeria.

Make Una go carry am come na.

Nigeria will be the looser in this case

That guy will be released.

Binance is no longer in Nigeria (this could have earned enough revenue for the country)

100% of crypto inclined Nigerians still use Binance (infact millions of Nigerians signed up on binance recently because of NOTCOIN AND TAPSWAP).

Other crypto platforms will never send representatives to discuss any deals with Nigeria.

Even if you block access to this sites, Nigerians will bypass it with VPN.

Since Naira didn't return back to 800/$ after P2P was shut down, everyone now sees this government as a joke.

A progressive government would have discussed with Binance how to regulate and tax crypto transactions. But it seems that the government is clueless on cryptos and blockchain technology.

As an addition, the age of physical (fiat) currencies is gradually coming to an end. Governments no longer need to be printing paper money, before you even start talking about backing those currencies with gold or any other thing. Most transaction are becoming digital, banks only need to keep ledgers of transactions. This is where blockchain technology comes in.
The CBN tried introducing the e-naira.

jmoore:
Mumu people!

See blackmailing.

Is turnover a crime?

If you want to sue binance, go for the CEO.

It is foolishness and judicial banditry to kidnap a staff that is not liable.

All the noise about extraditing the Kenyan that escaped has shutdown because you have no case.

Imagine talking about Turnover. Minister of Information and National Orientation, Mohammed Idris think Nigerians are ignorant.
Turnover is different from profit, and this turnover is the result of buying and selling of cryptos by Nigerians. So in effect most of the money is still circulating between Nigerians.

Babysho:
Why are you getting so riled up?

The fact that someone like you is even calling me names. 😂😂 I'm not naive, I'm just operating on such a high-level of consciousness beyond your comprehension, the kind some of our true African kings operated on.

Asking me if their ancestors are Nigerian. If you don't want to suffer from modern day imperialism and know that your country is worth everything, then yes you'd limit investors from taking profit out. They must spend it here.
Many successful countries put systems that limits investors from taking their profit out of the country. Vietnam and Russia are good examples and their economy is doing just fine. This is national economics 101 and they'll never teach you this at your yabatech abi where you school?

If you let me, I can open your mind so you quit spitting white supremacy/imperialism regurgitations all over the place. Capitalism is foolishness. It's origin is greed and I have evidence. "You want to reduce the salary of the man who took risks" stupid question. The important question is how can you give a man access to infinite wealth/resources in a finite planet?

You don't know the series of clashes working class before you have had with the bourgeoisies to make sure you're not currently working 24/7 locked in a warehouse for a spoon of soup. If you leave capitalists alone, they will pay even you with your yeye skills peanuts because there's 1 million of you available. What value is your skill if you can't have access to resources owned by Capitalists? As a working class, your only true value is in unity, in unions.

When you open your third eye by continually seeking knowledge aligns with your spirit, you'll understand the history of the things around you and why Nigeria a country without capital should never ever consider capitalism in this world.

Where have you been? I was beginning to give up on nairaland and thus Nigeria, because majority post I read here (save a few) shows our educated system is producing educated illiterates who can only read and write but cannot discern what they read.

Economic theories in our text books taught in our universities are just extentions of the colonial economy. They don't work and only ensures we continue to be suppliers of raw materials and cheap labour for Europe and the Americas . They are designed to progressively pauperise the people and cause instability. That's why I support 100% the actions of the coupists in Niger, Burkina Faso and Mali to expel the Americans and the Europeans from their countries.

Capitalism (the way it is promoted in africa) is not only foolishness, its insanity. Even the Europeans, Middle East and Asians do not practice the stupid kind of Capitalism the IMF and world Bank are trying to impose on us. We Africans were traditionally very socialist oriented, the whole community made provisions for the helpless, weak and vulnerable in society. Orphans, widows, the infirm, the poor were taken care of by the whole community. This new capitalism whereby every "man" for himself and God for us all is a strange concept, and we seem to readily adopt and even promote it. It is what has led to our insatiable and unbridled greed.


About African consciousness, Christianity and Islam effectively destroyed that.

casualobserver:
What you need is a brain.

Don’t bother I can tell you have nothing to offer and an intellectual lightweight. I am ignoring microeconomics and ignoring macroeconomics? What a comedian!!! Do you even know what you are talking about? You can’t even spell Keynesian the you are here talking about what one country did, trying? I hope you do t burst your blood vessels trying to appear knowledgeable. This is not an economics assignment by your half baked lecturer.

You are the typical half baked economic student who just regurgitates everything he reads in Western textbooks.

This matter is very simple you eat based on what you produce.

Like I said don’t bother quoting me I won’t read talk less respond.

I thought I was discussing with a matured adult, only to realise I was wasting my time attempting to educating an ignorant and Immature youth.

It is only an Immature and insecure youth that will resort to personal insults when their ignorance is exposed.
Anyway others who are more intelligent and exposed will learn.

When president Roosevelt was elected in 1932 in the middle of the great depression, he immediately too proactive measures to address the economy. Within 100 days in office the President and the U.S. Congress passed into law a package of legislation designed to help lift the troubled nation out of the Depression. He implemented a programme called the new deal.
He successfully navigated the US out of economic crisis.
What action has president Tinubu done outside the old tried and tested failed IMF politicies of increase taxes, remove subsidies and privatisation? What plans and strategies has he put in place to stimulate the economy?

See the screenshot below to learn about how President Roosevelt tackled the Great Depression.

casualobserver:
Like I said it is a chicken and egg situation. It is robbing from Peter to pay Paul.

Let me give you an example to illustrate: You have a farm of 1 acre with 10 workers. Your competitor farms the same 1 acre with 3 workers. The yield and therefore the income from 1 acre is the same. The farmers in farm1 are naturally poorly paid because there are 10 of them doing the job of 3 people in farm 2 for the same output, let us assume 1 acre of land can only produce a fixed amount of maize. Don’t forget the price of the maize for both farms is the same in the market….. a customer is not going to pay the farmer a higher price because he has 10 workers, if anything the price of the products in farm 2 will be cheaper because his costs are lower but for the sake of this example let us assume they both get the same price.


Remember I mentioned GDP earlier? The Output per worker (productivity) in farm 1 is lower than farm 2. If the both sell maize for N100,000, Farm 1 with 10 workers has an output per capita or productivity of N10,000 per worker whereas in farm 2 it is N33,000 per worker.

Therefore it makes sense that a worker in farm 2 is paid N20,000 for his work totaling N60,000 in salaries, let’s say materials cost N30,000 leaving a profit of N10,000 for the farmer. He is happy to earn just 10,00 from that farm because he knows his workers are efficient and do all the work. In contrast farm 2 has the same materials and input costs of N30,000, all he has left to pay the 10 workers is N70,000. Assuming he doesn’t even make a profit, the worker in farm 1 cannot earn more than N7,000. Now the farmer must make a profit otherwise he will shut down the farm. So he takes a lower profit of N5,000, meaning all that is available to pay his workers is N65,000, meaning the income of the farm 1 worker based on his productivity is N6,500. Imagine farm 1 workers saying they want a salary increase to N10,000, what will happen if he agrees? The farm will close down because the output or GDP of the farm cannot sustain that level of income due to their low productivity. It will mean they have costs of N130,000, income of N100,000 and loss for the farmer!!!

That is why I keep emphasizing the importance of our GDP per capita of N150,000, I.e the average output of all Nigerian workers from the lowest to the highest…it cannot sustain a minimum wage above N70k without a drastic increase in productivity. Increasing purchasing power without increasing productivity is just kicking the can down the road. If you increase the purchasing power of the 10 workers in farm 1 and they are still only producing 100,000 worth of maize you are just going to induce inflation because their output is still the same and the prices of the things they buy will go up because those workers have more money but you the farmer will incur debt or go bankrupt and so in the end you will be forced to close down the farm.


The solution is either 1) to reduce the number of workers for the same output if that is the only farm you have 2) leave salaries as they are for the same output or 3) find another acre of land and move 5 workers to the new farm in which case you can double their wages because their productivity has doubled.

Bottom line Nigeria has a worker productivity problem not a purchasing power problem. The poor purchasing power is a result of low productivity. Increasing purchasing power for the same level of productivity is a recipe for inflation. But most importantly, just as the farmer cannot increase salaries beyond the income of his farm, you cannot increase salaries in a country beyond the output of your country. Again this is why I keep emphasizing the importance of our GDP per capita, it is the value of the output of the average Nigerian. You can’t give what you don’t have!!!

If 3 workers can produce N100,000 in farm output at another farm, you solve the salary problem of the 10 workers by sacking 5 and creating another farm for the sacked 5. The output increases to N200,000 and you can pay all better wages. The problem is the same workers in farm 1 who want salary increase will down tools at the farm if you suggest it.

It's a pity I am very busy at the moment, as a result I cannot refute your claim in more details.

You are over simplifying one aspect of economics - Microeconomics and ignoring all the other aspects, and then ignoring completely Macroeconomics.
If you study the kaynesian school of thought, it advocates for spending your way out of recession. Government has to pump money into the economy through which ever means - Borrowing, wage increase, etc to stimulate economic activities. How do you think the US was able to survive the great depression of 1929? How do you think Europe was able to recover their economies less than 10 years after WWII? They pumped money into the economy. Not just into the economy, but into infrastructures and production
Here we are doing the reverse. Any money pumped into the economy is quickly swallowed up by few political elites and is even taken out to other economies.

If I have time later I will go into more details.

casualobserver:
It is a chicken and egg situation. The economic output of Nigeria is N150k per head a month. The problem is not purchasing power. The problem is output. I stress like I always do that this 150k is not the output of the minimum wage worker this is the output of the average worker. How can you pay someone more than his economic output?

In a country like the UK or the US. The economic output per head is multiple times the minimum wage.

Our problem is not purchasing power, our problem is productivity aka low output of workers.

So long as we continue to be a nation of unproductive workers, any wage increase will be swiftly gulped by inflation and we are back to square one. In fact we are heading backwards because with a GDP per capita of N150k a month, there is no money to pay these proposed wage increases. Civil servants will get their pay increases but expect massive job losses elsewhere.

The output is directly related to the purchasing power.
Let me give a typical example. If you produce more goods than the people are able to purchase, your will have excess inventory in your warehouse, now that would not have been a problem if you can export, but then apart from our products not being price and quality competitive on the international market, government policies and corruption make Nigeria very export unfriendly. Now revenue reduces which will lead to closure or reduction of work force, which further reduces purchasing power of the people.
I live in Ikorodu. Ten years ago Ikorodu was a manufacturing base for local, Chinese and Indian. PZ, Dangote, Spintex were major manufacturing companies hiring thousands of people. Today, most of them have left or downsized their operations. Major international companies are fleeing Nigeria in droves and relocating to other African countries. Why? Because Nigeria's purchasing power is about the lowest on the planet.

Jmk9292:
Reviving the economy and currency value outweighs every agitation for wage increase.

How do you revive the economy without increasing the purchasing power of the people?

This is the koko of the whole matter;

Though the union leader refused to mention a specific amount, he said the new minimum wage must be equal in purchasing power to the value of N30,000 in 2019 and N18,000 in 2014.

ElSudani:
What about this? He had more companies established in Lagos.

I was talking about infrastructures, and you started mentioning public - private business partnership between foreign corporations and regional government.
The ports - both sea and air, bridges, major roads, schools, etc., were all built either by the colonial or military government.

Prosecute who? NLC decisions are by votes by all its affiliate unions. That's why this strike is near total.
The shutting down of the national grid was a decision by The National Union of Electricity Employees (NUEE) and not that of the NLC president.
Sometimes you government apologists pretend to be ignorant.

“It’s saddening that Labour could go to this extreme. But it is not surprising to the perceptive minds. Labour is harming the Nigerian people they claim to be fighting for. Today, many sick Nigerians cannot access medical care at government hospitals.

Is Bayo Onanuga telling us that NEPA (or whatever disco) supplies hospitals in Nigeria 24 hours electricity?

Is he saying that the national grid does not periodically collapse for up to two days?

These guys just whip up sentiments and emotions instead of addressing real issues.

helinues:
The sincere question is, why did they waste time initially insisting on N500k when they knew that can never be possible?

It's called negotiation bluff.
E be like say you never price meat for market before.

triplechoice:
I'm afraid your understanding of economics is not good enough.

Economics says that when minimum wage is increased it will help boost the economy.

An increase in the purchasing power of workers due to wage increase will results in the demand for more goods and services which favours local businesses that will pay tax to the government to increase government revenue.

Manufacturers will also increase productivity to meet up with the surge in the demand for what they produce and wouldn't mind to reduce their prices so they can easily and quickly sell of they excess products they're now flooding the market with due to an increase in demand.

Employment will also results from such increase productivity as they will need more hands to work with them.

So it's not what you think. You people are only seeing one thing and blind the benefits of an appreciable increase in minimum wage.

The government"s attention is more focused on stealing what they can before their tenure expires and so don't care to listen how minimum wage can help the economy.

"Make I chop my own Na My turn. No be me go make Nigeria better " That's the mentality of the average Nigerian politician in power.

Modified. When manufacturers produce more it will increase supply to the market, and an increase in supply will definitely results in lower prices in the long run

Basic ECN101. How can you run an economy whereby you monthly wage cannot fill your tank or buy a 50kg bag of rice, or buy 6 tubers of yam?
Obviously,the economy cannot sustain manufacturers but only importers.

Texs:
Wages and salaries in Nigeria are too low, government must find a way to enable Nigerians to spend more, that increase employment and productivity in the economy.

This is what TonyeBarcanista and Nigerian administrators fail to understand - purchasing power index. Nigeria is 4th from bottom on purchasing power in the world.
It simply means Nigeria and Nigerians do not have enough purchasing power to stimulate an economy. That's why multinationals are leaving in droves. Somalian and Libyans (countries at war) have more purchasing power than Nigerians. When multinationals want to invest in a country, they look at the purchasing power of its citizens. N60,000 ($42) minimum wage per month is extremely poor.

Temidayo9:
Hnmm. But it was easy to increase fuel from 220/Lt to 700/Lt. It was very easy to increase university tuition from 25k to 300k.
It's very easy, tell Tinubu to return everything back to the old pricee and we forget about new wage increase

Gbam.
When the government increased tarrif on rice, wheat and vehicles to 70%, we did not experience deflation or even an decrease in inflation.

When the government increased VAT from 5% yo 7.5%, we did not experience deflation.

When the government floated the Naira from N400 to N700 and now to N1400, we did not experience deflation.

When the FG and state budget and expenditure keep increasing year on year without corresponding increase in wages, we did not experience deflation.

It is only when minimum living wage, which cannot even sustain a students running expenses for one month is discussed that we realize it would lead to inflation.

Shebi the FG and state governments increase their budget exponentially year on year, why is the budget increasing but workers salary remains stagnant for decades? For example the 2023 budget for Abia State government was N160 billion, in 2014 it jumped to N567 billion, a more than 300% increase.
Why then will workers salary remain the stagnant?

For the FG, the 2023 budget was N21.83 trillion. In 2024 it was N27.5 trillion?

helinues:
Why should we leave states that can't pay ordinary N30k to pay N100k.

Are you being realistic to yourself?

Why can't states pay ordinary N30k? Shebi the FG gave them their share of subsidy removal largesse.

helinues:
Are we importing all what you listed above?

What does that have to do with the current situation of hyper inflation or the minimum wage debate?

Is the government aware that a tuber of yam is now between 8,000 to N10,000?
a bag of rice is between N70,000 to N80,000?
A bag of garri is about N50,000?
A full basket of tomatoes is now N150,000 (not even 95,000 as claimed by Bismark Rewane).
A Loaf of bread is N1500.
And we are not even talking about electricity bill (band A), fuel price, gas price, etc., yet.

And the government is talking about N60,000 minimum wage.


https://www.youtube.com/watch?v=w_yyoWJLfzE?si=Et7GBtXV3DCsRxma

MASTAkiLLAh:
too many educated illiterates after everything Awolowo is alleged to have done for you people. What a sad shame

What did Awolowo do to Lagos? Awolowo established almost all his infrastructural projects in Oyo State. It was the colonial and subsequently federal governments that built most of Lagos infrastructures.

DeepSight:
Gbam!

PS: You might want to edit the bold.

My apologies. Was negotiating with the carpenter repairing my kitchen and at the same time typing on my phone.

Joy2dworldxyz:
What image are you talking about?
So I should keep the image of Satan because my ancestors kept and preserved it?

No, bro.

The governor did the right thing but the only thing I don't like about that his action is replacing it with another image. There's nothing like Jesus' image anywhere.....

So you have seen the image of Satan before? And your ancestors were worshipping Satan before the white men came to enslave and colonise them?

I feel sorry for you.

DeepSight:
If you see the beautiful works of antiquity that Islamists destroyed in Iran/ Iraq, you will weep.

Christianity and Islam are different sides of the same coin. The only difference is that Islam is 600 years behind Christianity. All the violence and intolerance exhibited by Islam today are the same violence and intolerance exhibited by Christianity in the 1300 to 1800s

Joy2dworldxyz:
I am a Christian but I don't support any thing image cos I know that the images people parade as Jesus' is that of a white man.

So there should be no image in that place at all.

So because you are a Christian, people's historical heritage that had been there for centuries, even before the white man brought you Christianity should be destroyed?
Meanwhile, those that brought you the Christianity preserve their own statues and other historical heritage.

DeepSight:
I dont think its an I.Q problem. Not only are we fabulously successful in every walk of life in the diaspora - even the most technical, be it neuro science, space tachnology, finance, medicine, law, just name it - but even our fraudsters display high I.Q in their frauds. Its not a want of I.Q.

Its something deeply rooted in our primal pschological nature. The clannishness which inspires tribalism. The inferiority complex which inspires worship of the white man and his ways and religions. The instilled enslavement which inpsires the stockholm syndrome worship of oppresssors.

All results of 4 centuries of slave trade. It had instilled deep psychological trauma on our psyche.