LegendHero:


It’s evident you don’t even know the meaning of infrastructure.

Below is the definition of infrastructure. The people you think you are borrowing the loan will fail woefully in their business without infrastructure.

Have you ever wondered why people are more in urban centers than rural areas? Infact what make a place urban and what makes a place rural? Where does business thrive more? Rural or urban?

So if your country is looking like 19th century village, how will people excel in the first place even if you share 1million each for them in business?

Major difference between developed and underdeveloped countries if infrastructure. Without infrastructure, there is no incentive to grow.

On Awolowo example you gave, if they had not truncated the democracy back then, Ibadan would have been one of the best city in Africa. At least we can still see those Western Region built edifice, if Awo had shared the money along people for business, the war would have cleared their profit and we will still not have any edifice to remember the good old days.

He said govt should not build road instead give him the money to do business.

He collected money buy goods coming on bad road. After spending hours on the road he got accident and died, all goods destroyed

My experience in Lagos

Anytime govt build road in place shortly after, you will see businesses springing up, marwa and okada will start pilling up, businesses developing around the new road. That's the power of infrastructure

techbroX:


Well, that's a question for the government. At the same time, we need both. We need rail infrastructure to transport heavy goods and masses and decongest the roads,
and electricity cannot do that.

We could prioritize so we can develop like 2-3 major infrastructure within an 8-year tenure, but when we have greedy politicians who love to do white elephant projects just to loot money, they would frustrate such plans. This is why corruption is Nigeria's biggest enemy.

I'm very sorry to be tribal

OP may be ibo. They are mostly traders

okeysoninv:
lie, it takes more than a million to move a container away from Lagos. Even within Lagos is more than 500,000. Imagine if the rail line moves 100 container per day . Check the multiplier effect.

You can see the youths clamouring for change. See the wat they reason so pathetic.

Somebody leaves village go to Lagos, Abuja or PortHarcourt and still says infrastructure is a waste of money

emerged01:
OP doesn't understand a thing about economics. Writing off importance of infrastructures shows you need somebody to start teaching you basics of economics.
In no time a business of 2b naira will collapses without good infrastructures. Infrastructures is one of the major thing investors consider before taking a step towards investing in a country.
Our poor infrastructures is what actually cause low investment in the country. We need more rails that can move people within 30mins or 45mins to next state to encourage investors.

The cocoa house he ignorantly mentioned is what Awolowo used to provide free education, build industrial estate in Ikeja Lagos and Ibadan

The free education is what makes Yorubas to be at the fore front in Nigeria now

His analysis is what makes their government to support businesses in onitcha and the businesses later find their way to Lagos where the market really is because the infrastructure in Lagos attracted more people and investment creating large market

Simeonjoe1:



Very false.
The point we fail to understand is that we need infrastructure. This your statement here is still why we are here today.
You said back then we didn't prioritize our refinery and as a result we are affected now.
Same way you said we shouldn't build stadium, rails and big buildings now, do you know the impact this can have on us later? Same way we are comfortable importing fuel with subsidy before, well we are comfortable without rail for now.

Also no country, I repeat no country in the world fund major infrastructure without borrowing, you can't build everything on revenue alone, if you do you'll be restricted on critically needed infrastructure and this will have a long term impact on your economic growth.
This will be like a déjà vu we refuse to learn from. Same way we accuse the former leaders of not building infrastructure, of not creating a strong power supply plan, of not prioritizing our rail, roads, refinery and it's adverse impact on the Nigeria of today, that will be the same way your grandchildren will view you if you didn't engage in rigorous infrastructure building.

Government is not a profit running ventures in fact many countries requires budgeting for critical infrastructures. Many mega projects runs at a loss, but that doesn't stop government intervention and development of other project. Infrastructure and HDI goes hand in hand, and if you really want to develop to better standard, infrastructure takes the larger chunk.

There is what we call priority. We are neck deep in poverty and building Airports and Rail-stations won't help the people in anyway. Delta state sank billions in building Airport when what they actually need is a well-funded active seaport and productive petrochemical industries (Atleast lure investors to the state and form joint partnership), that would have been more productive than having an airport with just a few hundred flights yearly because you don't expect poor and struggling people to buy flight tickets.

We need infrastructure, but only critical infrastructure that can sustain the economy. ROADS, POWER, EDUCATIONAL CENTRES AND HOSPITALS are what we need at this point in our life when we are battling with chronic poverty.

If and when we have been able to capture some local and international market sectors, we can then talk about building rails, stadiums and some gigantic structures. For now, it makes zero sense to borrow millions from China to build rails. To what end? We can borrow and fund critical infrastructures and open the market for more investors to come in.

We need jobs bro. If we are poor, we will vandalize whatever is being built. Poverty is the root cause of lots of problem we are facing and if we don't tackle it, it will consume us. I'm glad with the Dangote refinery and I wish the coming government focuses more on having more industries set up. For a start, we can get our steel industries running. Look for ways to capture the West African market. We can't be here and Chinal and Indians are dominating the markets of our neighbours when we have the resources to penetrate and capture. Look at the progress we made in the banking sectors all over the sub-continent.

Borrow money to get these things running and see the magic it does to the local economy. Again, we should learn to prioritize. We can't compete with Europeans for now. If they are building train stations, let them. Out focus is first defeating poverty.

Efewestern:


There is what we call priority. We are neck deep in poverty and building Airports and Rail-stations won't help the people in anyway. Delta state sank billions in building Airport when what they actually need is a well-funded active seaport and productive petrochemical industries (Atleast lure investors to the state and form joint partnership), that would have been more productive than having an airport with just a few hundred flights yearly because you don't expect poor and struggling people to buy flight tickets.

We need infrastructure, but only critical infrastructure that can sustain the economy. ROADS, POWER, EDUCATIONAL CENTRES AND HOSPITALS are what we need at this point in our life when we are battling with chronic poverty.

If and when we have been able to capture some local and international market sectors, we can then talk about building rails, stadiums and some gigantic structures. For now, it makes zero sense to borrow millions from China to build rails. To what end? We can borrow and fund critical infrastructures and open the market for more investors to come in.

We need jobs bro. If we are poor, we will vandalize whatever is being built. Poverty is the root cause of lots of problem we are facing and if we don't tackle it, it will consume us. I'm glad with the Dangote refinery and I wish the coming government focuses more on having more industries set up. For a start, we can get our steel industries running. Look for ways to capture the West African market. We can't be here and Chinal and Indians are dominating the markets of our neighbours when we have the resources to penetrate and capture. Look at the progress we made in the banking sectors all over the sub-continent.

Borrow money to get these things running and see the magic it does to the local economy. Again, we should learn to prioritize. We can't compete with Europeans for now. If they are building train stations, let them. Out focus is first defeating poverty.

True Talk...

But mrvitalis said we don't need major infrastructure that we should focus on offering credit facilities to entrepreneurs.

Biodun556:




You can see the youths clamouring for change. See the wat they reason so pathetic.

Somebody leaves village go to Lagos, Abuja or PortHarcourt and still says infrastructure is a waste of money

Is this how to contribute to the thread?
Abu what's all this?

Simeonjoe1:


True Talk...

But mrvitalis said we don't need major infrastructure that we should focus on offering credit facilities to entrepreneurs.

I'm not in support of all he said. We need critical infrastructures, especially road, schools and hospitals.

The incoming government must not follow the step of previous regimes. We are suffering bro. We must get things right, else, the calamity that will befall us, many won't survive.

mrvitalis:

You don't need electricity it's not a a factor businesses consider

Generating electricity in Nigeria is already cheap or every business ...I personally run a factory that has never been contacted to NEPA n never will yet power accounts for less than 5% of my cost of production

Power is not important for now we are too broke for that

I suspect your acclaimed factory is probably a barber shop or a football viewing centre which you run with a 2.5KVA petrol engine. Or rather the 950W tiger. Because anything aside from that, I make bold to say you're lying, and the lie does not even make sense.
Even 2.5KVA petrol engine can't consume just 5% of your cost of production. That's a terrible lie.
If you're really into production and you run a diesel plant with an average consumption of 50L per day, you will not make that claim I bet you.

mrvitalis:

Many Nigerians believe the fallacy investing in Infrastructure drives development ; this is a massive problem ,I believe this started with awolowo and his socialist and the idea stuck ,Baba was building cocoa house , nta ,Nigerian house ...big project that offers no economic benefits...how much does cocoa house generate today ?

Before you make a claim in what is presumably an intellectual article, what you should first do is read and research wide before taking a position. Writing your bias and limited view based on ignorance amounts to intellectual fraud. That's what you did here. There are so many books on the western region for you to have a proper understanding of what the activities and raison d'etre were.
First of all, saying NTA offers no economic benefit is like saying channels has no economic benefit. Is that even true?
As for Cocoa house, it used to host so many stores and businesses up to the early 90s chief of which was the leventis and kingsway stores, both owned by UAC and presently hosts shoprite, kokodome and some other businesses. So it's a fat lie to claim it does not generate profit. Its just like saying Trump towers or the Burj Al Arab or the Taj Mahal does not generate any profit. It is such buildings that you all point to as models of urban developments these days including the former World Trade Center. I guess you're OK with them because they are built by Arabs and whites.

mrvitalis:

90% of the money won't be paid back if government gives out the loan ...but that's not the case here ...banks are to be given the loan with key instructions ...your profit to reloan this money won't be more than 10%

You must loan to only this sectors

Loaning is bank business they know who and who needs the loans

Infrastructure are things u build with revenue not loan ....it makes no sense borrowing to build infrastructure

But that's exactly what FDR did in the Marshall plan that rescued US economy from the Great Depression

ABBkelvin:

Oh Mrvitalis, despite our political differences on who should drive this country forward, I am still glad you're adept to the possible nearest solution manual to Nigeria economic woes.

HDI first and foremost is what Nigeria need to work on such as, modern-day technical and vocational institute like 2000 branch all over Nigeria for a start, then the graduate of this institute will be provided immediately with credit facility to start an SME through meticulous application of the skill gained in respite to mordern technology and information world we are in.

I will implore you to create more thread on the HDI for more dialogue in other to create awareness to people on how important HDI is before GDP of a country, HDI save WEST and China first before GDP.

Emphasis should be put more on the HDI of developing economy in other to maximize their potential over a given period of time.

Awolowo's problem back then can be corrected today with the help of information technology insight on future projection and possible outcome of different variable, also the world wasn't fast paced then during the first and second republic. If we don't solve this problem now in the next 500 year Nigeria will still be a mess.


I believe the credit facility should be given through a methodical approach and please forget about graduate, graduate don't believe in SME anywhere in the world, they want to be seeing in large office buildings putting on suit and ties, the credit facility should be given to those who are ready to hustle with there little vocational and technical knowledge they will gain within the span of two years and applied with it directly without shame or ego that limit most graduates.


HDI IS THE WAY

What do you mean by Awolowo's problem?
The SW was the most economically productive region under him and had the highest HDI due to his free education policy. So what exactly do you mean?

Kukutenla:

What do you mean by Awolowo's problem?
The SW was the most economically productive region under him and had the highest HDI due to his free education policy. So what exactly do you mean?

You want to debate that ? Promise u won't run away ?

Efewestern:


The only infrastructure we need now is road, hospitals and educational centres. We don't need rails, stadium, gigantic structures... and unnecessary airports.

We are poor. Infact, we are swimming in poverty. The best way out of this whole mess is productivity. If we can produce 40% of what we consume, it will go a long way in curbing unemployment, poverty and crime.

For decades, we saw no need of refining the fuel we consume. Infact, west Africa imports fuel from non-oil producing countries like India, England.. It will be better if government grant loans to private business men to set-up local refineries and capture the West-african market than building train stations which ends up being vandalized because the people you intend to make comfortable are poor... and an hungry man is an angry man.

For now, we don't need certain infrastructures. We must fight poverty with everything we have got and the only way to do that is by being productive. Any nation that depends on others for what they consume will always be poor.

I'm beginning to wonder why China only gives loan for infrastructure and not other productive ventures

Very apt points.
Your last line. China is aware building infrastructure is what gives foreign investors a foothold on your economy. Control economy and you control the people.

Kukutenla:

I suspect your acclaimed factory is probably a barber shop or a football viewing centre which you run with a 2.5KVA petrol engine. Or rather the 950W tiger. Because anything aside from that, I make bold to say you're lying, and the lie does not even make sense.
Even 2.5KVA petrol engine can't consume just 5% of your cost of production. That's a terrible lie.
If you're really into production and you run a diesel plant with an average consumption of 50L per day, you will not make that claim I bet you.

For you to burn 50l a day means you have above a 30kv generator n you operated minimum it 12 hours that day ...say 90 mins is used for starting , warming up a machine and winding it down.

You still have 630 mins worth of production

Even you are producing say pure water ..30kva can carry 7 water sealing machine

Say you produce 1.5 bag a minute ...it's usually 2 bags a minute ...say we go with one

You would h 945 X 7 =6615 bags

Say you buy diesel 850 per litre that's 42500...it cost ....that gives you less than #6.5 per bag cost of electricity

Average production cost is around 150 ..6.5/150

That gives you 4.2%

I hate when people without experience or fact talk like they know it

mrvitalis:

You want to debate that ? Promise u won't run away ?

Why should I run away. If you did the needed research before making wrong claims on Awolowo you won't have made them. But I'm aware you're a narrow tribal champion.
Even Akanu Ibiam later copied Awolowo so you're sitting here to make wrong claims.
Cocoa farmers were about the richest Nigerians in the 50s.

Efewestern:


I'm not in support of all he said. We need critical infrastructures, especially road, schools and hospitals.

The incoming government must not follow the step of previous regimes. We are suffering bro. We must get things right, else, the calamity that will befall us, many won't survive.

You all don't get me ,my point is it makes zero sense to borrow to build infrastructure ...borrow to give credit to your people, create more revenue then use the revenue after debt servicing n recurrent expenditure what ever is left invest in infrastructure

Kukutenla:

Why should I run away. If you did the needed research before making wrong claims on Awolowo you won't have made them. But I'm aware you're a narrow tribal champion.
Even Akanu Ibiam later copied Awolowo so you're sitting here to make wrong claims.
Cocoa farmers were about the richest Nigerians in the 50s.

not just akanu ibiam , ojukwu, Sam mbakwe, ojukwu, Alex ekweme umiah

Only obi tolled Michael okpara and zik capitalist idea

Cocoa house is a good project to signify prosperity ...but it doesn't kick start any economic development ...Infact projects like that are not ment to make profit ... Burj khalifa is another one ...they can never make profit

My point is there is no sense in borrowing money to build infrastructure like that ,borrow money use it to provide cheap credit to your people

Is building a house for a man not important? Is buying a car for a man not important ? Is going for vacation not important? ...but if such a man is earning 200k and his commitment a month is 450k ...and his family gives him 20 million loan

Should he invest into business to increase his income to say 800k so after commitment he still has 350k to spend or use the 20 million to build house ,buy car n family vacation so his commitment would now be 600k every month on same 200k income ?

There was a reason Eastern region had highest number of registered companies ,

mrvitalis:

For you to burn 50l a day means you have above a 30kv generator n you operated minimum it 12 hours that day ...say 90 mins is used for starting , warming up a machine and winding it down.

You still have 630 mins worth of production

Even you are producing say pure water ..30kva can carry 7 water sealing machine

Say you produce 1.5 bag a minute ...it's usually 2 bags a minute ...say we go with one

You would h 945 X 7 =6615 bags

Say you buy diesel 850 per litre that's 42500...it cost ....that gives you less than #6.5 per bag cost of electricity

Average production cost is around 150 ..6.5/150

That gives you 4.2%

I hate when people without experience or fact talk like they know it

Really? Average production cost of a bag of pure water is 150? Where is that?
And you really think a 30KVA gen will carry 7 water sealing machine? Which means 1 machine consumes less than 5KW? That's not true bros. What about the water treatment plant then? What powers it? How do you also pump the water or does water come out by itself? What about lighting for the factory? You only calculated for the packaging machine and you jumped to conclusion. Na wa o.

mrvitalis:
not just akanu ibiam , ojukwu, Sam mbakwe, ojukwu, Alex ekweme umiah

Only obi tolled Michael okpara and zik capitalist idea

Cocoa house is a good project to signify prosperity ...but it doesn't kick start any economic development ...Infact projects like that are not ment to make profit ... Burj khalifa is another one ...they can never make profit

My point is there is no sense in borrowing money to build infrastructure like that ,borrow money use it to provide cheap credit to your people

Is building a house for a man not important? Is buying a car for a man not important ? Is going for vacation not important? ...but if such a man is earning 200k and his commitment a month is 450k ...and his family gives him 20 million loan

Should he invest into business to increase his income to say 800k so after commitment he still has 350k to spend or use the 20 million to build house ,buy car n family vacation so his commitment would now be 600k every month on same 200k income ?

There was a reason Eastern region had highest number of registered companies ,

What about the individual who borrowed to build Mega plaza of those days? I guess he was foolish? Real Estate development, which cocoa house is part of is big money any day.
If a man who lives on 200K gets a 20m loan, if he builds a house of 5 to 10m out of it, he has saved himself the cost of paying rent every year, and also reduced the risk of uncertainty for his family in the case of any untoward event such as death, job loss etc? So he should build house out of that money definitely. He should also consider buying a car since he's a family man in the range of 1 to 2m because a family should ideally have a good means of movement.
What he decides to do with the rest 8m is up to him.
But if you're saying he should push all the 20m into business. Consider that he's into buying of goods to sell in a retail store and 2 months into the business, a trailer transporting his goods fall over on the bad roads and ruins his goods. Has he not suffered loss?
And what business do you have in mind that will give him 600k immediately every month as take home profit?

Kukutenla:

What do you mean by Awolowo's problem?
The SW was the most economically productive region under him and had the highest HDI due to his free education policy. So what exactly do you mean?

Awolowo as a person didn't fail, but the policy and system of running society he created were fully demoralized due to lack of consistency in our previous administration rule with heavy lack of insight into what the future hold for us back then and different form of government which doesn't have the same agenda and motive for the people.


Now we have the chance to look into the past with the data available which help to modify our future into a beffiting world standard in all our new HDI program we are envisaging to come to reality in this coming administration, meanwhile during Awolowo's time, there were none readily available social engineering and economical data needed to quantify the past, present and future back then which are readily available due to presence of technology and information science today.


We are able to know where we are now cause we have enough data to compare our failings in regards to other develop nation we are competing with. I hope you grab the concept of what I am trying to explain here.

Kukutenla:

What about the individual who borrowed to build Mega plaza of those days? I guess he was foolish? Real Estate development, which cocoa house is part of is big money any day.
If a man who lives on 200K gets a 20m loan, if he builds a house of 5 to 10m out of it, he has saved himself the cost of paying rent every year, and also reduced the risk of uncertainty for his family in the case of any untoward event such as death, job loss etc? So he should build house out of that money definitely. He should also consider buying a car since he's a family man in the range of 1 to 2m because a family should ideally have a good means of movement.
What he decides to do with the rest 8m is up to him.
But if you're saying he should push all the 20m into business. Consider that he's into buying of goods to sell in a retail store and 2 months into the business, a trailer transporting his goods fall over on the bad roads and ruins his goods. Has he not suffered loss?
And what business do you have in mind that will give him 600k immediately every month as take home profit?

This mind set is sad ...how you people want to live luxury or spend in wants with borrowed money is Sick I swear

Someone actually wrote this ? Nigeria problem indeed is big

mrvitalis:

This mind set is sad ...how you people want to live luxury or spend in wants with borrowed money is Sick I swear

Someone actually wrote this ? Nigeria problem indeed is big

Oga how many businesses have you collected loan to build.
If you had that many businesses you won't be on NL writing so many ignorant BS.
And for your info, just using the generic term business is part of what's making you to make errors in your analysis. In terms of manufacturing to improve an economy, is pure water business a good business in that light?
Is importation of substandard goods to sell a good idea in that respect? How many businesses in China manufacture pure water or import to sell?
Most Nigerians need vocational and entrepreneurial skills not just loans for "business" which ends up depleting our forex

ABBkelvin:
Awolowo as a person didn't fail, but the policy and system of running society he created were fully demoralized due to lack of consistency in our previous administration rule with heavy lack of insight into what the future hold for us back then and different form of government which doesn't have the same agenda and motive for the people.


Now we have the chance to look into the past with the data available which help to modify our future into a beffiting world standard in all our new HDI program we are envisaging to come to reality in this coming administration, meanwhile during Awolowo's time, there were none readily available social engineering and economical data needed to quantify the past, present and future back then which are readily available due to presence of technology and information science today.


We are able to know where we are now cause we have enough data to compare our failings in regards to other develop nation we are competing with. I hope you grab the concept of what I am trying to explain here.

Nope
Not at all. Awolowo's policies were successful by any standard. Like i told the other guy, what Awolowo did is an exact replica of what FDR did to revive the US economy.
The fault lies with successive administrations who failed to build on his successes. If China and US did not have a good string of strong and visionary leaders spanning fifty years, they couldn't have made the strides they made up till today.
My point is if we adopt the Awolowo policies now, we will be better off in five to ten years than we are now

Kukutenla:

Oga how many businesses have you collected loan to build.
If you had that many businesses you won't be on NL writing so many ignorant BS.
And for your info, just using the generic term business is part of what's making you to make errors in your analysis. In terms of manufacturing to improve an economy, is pure water business a good business in that light?
Is importation of substandard goods to sell a good idea in that respect? How many businesses in China manufacture pure water or import to sell?
Most Nigerians need vocational and entrepreneurial skills not just loans for "business" which ends up depleting our forex

This is not about me ,I haven't told anyone my business on nairaland

Where did I say give the loan to importers ?I specifically said import substitution or export oriented Industry

I won't respond to your attack on my personal life

One thing u would be taught in MBA if u ever get the chance to do it is ..." If the output of Ur business is different when u are there than when u are not ..,then your management techniques is bad ....

Kukutenla:

Nope
Not at all. Awolowo's policies were successful by any standard. Like i told the other guy, what Awolowo did is an exact replica of what FDR did to revive the US .
The fault lies with successive administrations who failed to build on his successes. If China and US did not have a good string of strong and visionary leaders spanning fifty years, they couldn't have made the strides they made up till today.
My point is if we adopt the Awolowo policies now, we will be better off in five to ten years than we are now

exactly what I said in the first paragraph, if you read it again carefully, the solution you also provided is the same solution I provided and I also gave reason while it will be more easier to run it now due to more information and data backup available... where do you have disagreement with my argument precisely?

Like we are still going to use the Awolowo policies, just that the implementation and oversight of the policies will be easily carried out in this present timeline due to ready made information available on pros and cons of HDI.

Kukutenla:

Nope
Not at all. Awolowo's policies were successful by any standard. Like i told the other guy, what Awolowo did is an exact replica of what FDR did to revive the US economy.
The fault lies with successive administrations who failed to build on his successes. If China and US did not have a good string of strong and visionary leaders spanning fifty years, they couldn't have made the strides they made up till today.
My point is if we adopt the Awolowo policies now, we will be better off in five to ten years than we are now

Not really Bros sorry let me join

What awolowo failed to understand and what his idiology followed fail to understand is

1) half education is worse then no education at all ...it's better to have 5 graduate fully trained than have 500 graduate poorly trained

2) government have no business in direct running of business ,

3) infrastructure doesn't kick start economic growth

mrvitalis:

Not really Bros sorry let me join

What awolowo failed to understand and what his idiology followed fail to understand is

1) half education is worse then no education at all ...it's better to have 5 graduate fully trained than have 500 graduate poorly trained

2) government have no business in direct running of business ,

3) infrastructure doesn't kick start economic growth

I think this is a broad issue of socialism vs capitalism, with my insight in future innovation and intelligence gathering base on Nigeria history and psychological setup of we Nigerians I think the best solution available is to apply social-capitalism policy like General Mao of China(best way to resolve large population problem starting from basic like ours).


We should create a topic on the identity we want our future economy and policy to follow in order to know where we should channel our reasoning faculty when it comes to proffering solution to our present and our immediate future policy if we as a citizen actually want to meet up with world standard in everything that makes a country successful.

Kukutenla:

What about the individual who borrowed to build Mega plaza of those days? I guess he was foolish? Real Estate development, which cocoa house is part of is big money any day.
If a man who lives on 200K gets a 20m loan, if he builds a house of 5 to 10m out of it, he has saved himself the cost of paying rent every year, and also reduced the risk of uncertainty for his family in the case of any untoward event such as death, job loss etc? So he should build house out of that money definitely. He should also consider buying a car since he's a family man in the range of 1 to 2m because a family should ideally have a good means of movement.
What he decides to do with the rest 8m is up to him.
But if you're saying he should push all the 20m into business. Consider that he's into buying of goods to sell in a retail store and 2 months into the business, a trailer transporting his goods fall over on the bad roads and ruins his goods. Has he not suffered loss?
And what business do you have in mind that will give him 600k immediately every month as take home profit?

There is no bank manager anywhere in Nigeria that would approve a loan of N20million for an individual who is earning a monthly salary of 200K so he can use to build a house!

How is he going to service the loan.
Is it from salary of 200K where you cannot legally deduct more than 33.3% every month meaning that it will take at least 27years just to repay the principal portion of the loan.

Better leave matters of financial analysis and stick with politics and football which you know!

SavageResponse:


There is no bank manager anywhere in Nigeria that would approve a loan of N20million for an individual who is earning a monthly salary of 200K so he can use to build a house!

How is he going to service the loan.
Is it from salary of 200K where you cannot legally deduct more than 33.3% every month meaning that it will take at least 27years just to repay the principal portion of the loan.

Better leave matters of financial analysis and stick with politics and football which you know!

Learn to read and understand properly before you jump into conversations
The guy never said bank manager. He said loan by family members

ABBkelvin:


I think this is a broad issue of socialism vs capitalism, with my insight in future innovation and intelligence gathering base on Nigeria history and psychological setup of we Nigerians I think the best solution available is to apply social-capitalism policy like General Mao of China(best way to resolve large population problem starting from basic like ours).


We should create a topic on the identity we want our future economy and policy to follow in order to know where we should channel our reasoning faculty when it comes to proffering solution to our present and our immediate future policy if we as a citizen actually want to meet up with world standard in everything that makes a country successful.

I have always said Yorubas are social capitalist while Igbos believe in American styled capitalism ...reason we have never agree politically

mrvitalis:

Not really Bros sorry let me join

What awolowo failed to understand and what his idiology followed fail to understand is

1) half education is worse then no education at all ...it's better to have 5 graduate fully trained than have 500 graduate poorly trained

2) government have no business in direct running of business ,

3) infrastructure doesn't kick start economic growth

Crap.
Awolowo's regime did not have poor education. The education compared favorably with British standards where basic education is free to this day. Even in the US, Canada and China free education exists only up to high school level. So your point 1 is utterly wrong.
Govt did not run business directly during Awolowo's time. What they had was marketing boards which are equivalent of commodity exchanges. The farms were privately owned by the farmers and they paid taxes and royalties on their produce.
Infrastructure CAN kick-start economic growth. That it has failed to in the era of Buhari is due to his poor management, lack of vision and capacity and corruption. I already gave you an example of FDR and the Marshall plan. Another one is that of the infrastructure renewal projects in countries like India, Brazil etc
Besides, while you're making a case for giving small business money directly to run, you conveniently forget that this same administration actually did that with anchor borrower's program and NIRSAL. How did that end if I may ask? Where are the burgeoning rice businesses the private guys who got the money started?