₦airaland Forum

Wickedness in high places. There is more to this than meets the eye.

Another policy somersault!
Two steps foward, Ten steps backward!

A Nigerian (not an Hausa Man) just became OPEC Secretary General and a fellow Nigerian (not an Anioma Man) hugged him to congratulate him.
We need divine intervention to overcome this ethnic hatred in this country.

1. Statutory Allocation
2. 13% Derivation
3. Ministry of Niger Delta Budgetary Allocation
4. Niger Delta Development Commission (NDDC) Statutory Budgetary Allocation
5. Amnesty Windfall
6. Huge Pipeline Surveilance Contracts
7. International Oil Company (IOC) Host Community CSR

It's time to really start telling ourselves the truth. Political Leaders in the Niger Delta are as culpable as the Federal Govt.
Let us not quickly forgive and forget our own people who betrayed us. Let us not lose sense of history.
Chinua Achebe famously stated in one of his books that "a man who does not know where the rain began to beat him cannot say where he dried his body.”

It is alleged that Tomopolo was paid a very huge sum by the FG as compensation for the land used for the Maritime University and he paid only a tiny fraction to his community. If this is true, is it the FG that cheated the local community?

While we point a finger at the Federal Govt, let's not forget that the four remaining fingers are pointed back at us and our leaders in the Niger Delta.

Nigerians are so hard to please. He goes problem. He doesn't go, still problem.

That's the spirit. As you go along, share your needs & challenges on this thread some of us may want to help out...

Not Cardinal Arinze. Please let the old man enjoy his retirement at the Vatican.
This looks like the Archbishop of Owerri.

Leave the old man alone.

I don't appreciate the level of uncertainty in the foreign exchange market. The policy makers should just get on with it! There should be an official pronouncement of N285/$1. Why does the CBN keep quiet while the Customs 'unofficially' announces this?
This govt is hurting the economy more by the uncertainty it creates than the impact of its policies. If you've devalued just say so! Let the economy adjust and move on.

How come no one is talking about getting the others back since the young lady reportedly said they are still in the Sambisa Forest? All I hear is how a presidential jet flew her to Abuja to see PMB, how she is pregnant again and HIV - etc.
Don't the security agencies know that news must have gotten to Boko Haram (via their big sponsors) that this girl is free and they must be moving the remaining ones to a different location as we speak? Why not hurry now, seize the opportunity to extract information from the captured 'husband' and conduct a quick raid?

Chai... Propaganda can only get you so far...

This same Evarada that comes on Channels TV to blow big grammar and act holier than thou... Chai... See where the oil money is going...

Any news on Air Peace? Flying tomorrow and don't want stories that touch.

Why go on strike to defend subsidy that benefits the corrupt cabals with very huge payments? Why not demand an increase in Minimum Wage?
Once again the poor masses will be galvanized to go out and fight for the interests of the criminal cabal by demanding that subsidy be reinstated.
Did they call NLC when they were getting paid billions in subsidy payments?

I give her credit for her explanations but I was not impressed. Her answers were too simplistic. The Man that spoke after her sounded much more like an economic manager than the minister herself.
All in all, action speaks louder than words.

Get to work madam. I genuinely hope your program succeeds.

And they called someone else "clueless".

What will someone not hear...

Karin001
He who finds a good wife finds a good thing.
You are a blessing to your husband and your family, I hope they know that.

netotse:
I bought the 1HP one, my inverter is, 3Kw so nothing else makes sense, (shame though incremental cost isn't that much),
I've started saving up for solar panels, with the way these pipelines are being blown it's best not to rely wholly on utility supply.
BTW, I hope you don't mind my asking, are you an engineer?

No but I own a substantial stake in a Solar company.

And we still wonder how the 2015 elections were financed...

Very Sad thread.
With this current economic climate unemployment is getting even worse.
In the public sector, kids of politicians are being hired secretly (eg CBN).
For those of us in the private sector, hiring is out of the question for now as some of us are laying off staff while others are struggling to maintain existing staff, much less hire new ones.

For those still in School:
Wake up! Your certificate class matters! Take your studies serious and start now to do things that give you an edge when you eventually leave school.

For those currently searching
If you totally lack experience, try to volunteer and work without pay for limited time to get the experience clause in your CV. This way you can then apply for jobs requiring experience.
If you have experience, try searching for KPI based jobs as these are still available. Eg, many companies seek improved revenues in this harsh economy so they are more likely to hire into marketing or sales departments while sacking staff of more administrative departments.

For those who have jobs
Keep your head down and avoid any problems in your office, don't shine too much, don't be too dull. Do everything in your power not to loose your job.
Start saving and Invest in a side business.

The Future of the Nigerian Youth is bleak but God is in control.

For those who seem to think that the vast majority of people on this thread are stupid for looking for work instead of going into entrepreneurship, You are very wrong!
You all seem to forget that besides the business Idea, 'capital' is the second very important thing needed to go into business and most youths don't have it. Banks won't lend without collateral and parents are struggling in this economy so who gives the youth the capital? Don't be quick to judge.

netotse:
quick update, I ended up buying the AC from LG, tried three different websites I saw with prices all lower than the LG(Fouani) price, the ones that had the AC said the prices on their websites were wrong. Luckily for me I opted to call and confirm instead of paying online, my hard earned money for don enter one chance, planning to have it installed this weekend.

You will enjoy it. How many HP did you buy?

He got there by working hard. He'll stay there by working harder. There's plenty of room at the top, if only you can get there.

BUTCHCASSIDY:
someone should educate me please whats with the bagpipes and the kilt wearing players? are we in Scotland?

Abi o! Wonders shall never end in Nigeria

hartson:
interested too,how much does it cost now?

The 1Hp used to be 82k now it's around 110k. It's best you snap it up before it rises further. If you go to LG outlets and it's too expensive try the market retailers as their overhead is much lower hence they tend to be cheaper.

netotse:
Hey Chairman...could you give me a bit more info about the LG inverter ACs? thinking of getting one, are they that more efficient? how's the cooling compared to normal split units? did you buy from LG directly? did you have any problems after installation? who installed yours for you? what size is yours?

No vex say I dey ask plenty questions.

The AC is wonderful. The consumption is very low. It doesn't have a high starting current unlike conventional split AC's hence your tighter gem can even run the 1 Hp version of it.
I bought my 1Hp for 82k each back then but I understand that it costs more now due to the dollar.
It can be installed by anyone who know how to install Split AC's. After installation, you may be tempted to think the installer didn't do it well because it will initially seem like it isn't cooling, but after so,eg hours of being on it then picks up as the gas is a very unique variant.
My 1hp's consume less than 500W in Gen mode and 920W in normal cooling mode which is very efficient compared to typical AC's.
You can buy from any LG dealership, ask them for the 'inverter V AC'

Funny enough, since his interview, it's going down.

Shout out to my friend CMEO who prompted me to share my thoughts.
Early in the year I gave a general investor outlook on 2016 as I saw it:
https://www.nairaland.com/2823697/investor-prospects-2016

Now we have seen how the Naira is turning out. Here are my thoughts for entrepreneurs and business owners on how to stay afloat.

It is settled law that entrepreneurs or business owners earn money by selling a product, service or blend of both.

Let me start by categorizing every entrepreneur and business owner into 4 broad groups:

1. NGN to NGN:
These ones produce their products and/or services using inputs sourced almost entirely in local currency and also sell to consumers who acquire the products and/or services in local currency. I can't go into giving examples of such as you know yourselves. If your raw materials or inputs are imported (hence priced in foreign currency and susceptible to forex scarcity and exchange rate volatility) you are not in this group.
2. NGN to FX:
These are entrepreneurs or business owners who price their products and/or service in Naira but source raw materials or vital inputs for production in foreign currency. Importers firmly belong here as do manufacturers whose raw materials are sourced abroad.
3. FX to NGN:
This group's products and/or services are made locally (using locally priced materials) but sold in Foreign currency as they sell to the international market. For instance, the exporters belong to this group as do some service sector entrepreneurs such as packaged tour operators.
4. FX to FX:
This group produces or renders service using inputs sourced in foreign exchange and still sell to the international market earning foreign currency. The Internet businesses, bloggers, web developers etc belong to this group.

Having done this intro, let's reflect on each group based on what each is going through now and how to adjust.

1. NGN to NGN:
Bad:
- you are noticing a general drop in demand for your products/services. This is normal because there is a general tightening in the economy. Fewer people have the disposable income to buy. Eg reflect on the number of states owing or paying partial salaries.
Good:
- you are still in business since you are not exposed to the exchange rate volatility. Your inputs are in Naira and your sales are in Naira (even though your purchasing power has dropped due to runaway inflation)
Way forward:
- because you may still have sufficient cash flow from your sales, this is an excellent time to aggressively capture market share by increasing the visibility of your products/service. Why? Because since imports have dropped due to forex issues, demand is very robust. Hence you need to get customers to see you as a viable and quality alternative to the imported versions of the same products/services you offer.
Also consider partnering with financiers to offer your products and/or service via installments

2. NGN to FX:
Bad:
- you are in big trouble, forex scarcity and high exchange rate means you are nearly out of business or hedging your available stock of products.
Good:
- you can take advantage of increased demand caused by scarcity and low import volumes to hike the cost of your products and/or services.
Way forward:
- depending on your relationship with your suppliers/manufacturers, you can leverage and secure further consignments of products/services in SWAP deals. Or they buy equity in your business in lieu of keeping up supply to you. Hence everyone wins as you all make a whole lot of money riding on the scarcity and increased demand.

3. FX - NGN
Bad:
- your cost of production might have increased while commodity prices stay fixed in the global market. Eg, you process Agro produce for export. The cost of production has risen due to inflation but you can't pass on this cost to the international buyer because the buyer will simply decide to buy from another country. Hence, you stick to your normal selling price and sacrifice a portion of your profit.
Good:
You are earning foreign exchange! Hence, your forex is able to buy a lot more Naira than it used to. Hence your purchasing power surges.
Way forward:
- try as much as possible to keep your production costs as stable as possible. Though you won't succeed 100% since you are part of a larger system that is currently in crisis, try your best to hedge against inflationary pressure by seeking to do more yourself than through the services of others. Never forget that in the international market, you are competing with so many other suppliers so you cannot come and say that because your cost of production in Nigeria has increased, your selling price will increase. Your foreign buyers will just leave you and buy elsewhere.

4. FX - FX:
Bad:
- even if your inputs are priced in forex, your operational expenses to sustain your business are in Naira. Eg, if you pay in forex to host your blog, you still buy fuel, eat and run other expenses required to keep your blog afloat in local currency. Hence right now, you are still losing money now compared to pre-crisis.
Good:
- you are somewhat insulated from the exchange rate shocks. As you produce in forex and sell in forex while getting a lot more value from your forex holdings due to the exchange rate volatility.
Way forward:
- work harder! This is the time to advertise aggressively and try to earn as much forex as you can until the system returns to normal. Be motivated by how much more you will earn in Naira per unit of forex converted and sit up!

Sorry if some things seem complicated. I get bored typing so I try to make it concise. Try and see where your business fits and make necessary adjustments. Share your knowledge with us o let us benefit. For me, I have interests across all 4 categories though I am heavily consolidating my FX - NGN and FX to FX

tooltip:
what are we looking at here cost range, type of panels, ratings of your system and overall costs thinking of something similar

8KW System
Runs 2 LG Inverter AC's, 2 Standing Fridge, 2 Deep Freezers plus everything else
32 Batteries (12v 200Ah)
52 panels (300W each)
Totally off grid, I don't use generator or Grid.
Cost about 8.2M

But that was then o before this dollar crisis. Should cost a whole lot more by now.

tooltip:
e dey power your AC ni?

Yes o... That was the first thing. It costs a hell of a lot of money initially but in the long run... Happy Wife.

Thank God for my Solar system. Wifey kept criticizing me for the cost, now she is thanking God we did it. Happy wife, happy life.

seriously?! Some people still do Fixed Deposit?!

Ever since I heard the news of the latest round of sacking. I am saddened by the loss of only one out of the bunch. Mr Rasheed Olaoluwa, the former MD of Bank of Industry.
The man met a BOI that nobody knew would help the common man and now that he has left, BOI is on the lips of every manufacturer and entrepreneur.
While we are often quick to often criticize, we must also commend exceptional service.

I wish him well in his future endeavors and will definitely keep tabs to know what this exceptional man is up to in the future.