This boat is sinking- By @Hopefield_net

Madam Ifeoma is a petty trader with a store located on Etete road, GRA in Benin City. She is my one stop shop for ingredients especially fish, meats and chickens of all sorts. I have been wondering where she had been for the past two weeks as her store was under lock and key. I was almost getting used to a new place until yesterday when I noticed that her store was open for business. I could notice the joy in her face immediately she saw me approach.

“Aunty Ify, where have you been all these days?”

“My brother, it’s a long story o. Just help me thank God that I am back hale and hearty”.

Aunty ify, as I fondly call her has been battling with a lot of financial challenges as a result of business losses since she commenced her petty food and ingredients trading. According to her, she pays about N150,000 in rent and maintains a generator at N145 per liter of fuel in order to run her deep freezer. Apart from that, almost all her products are sourced from Cotonou in Benin Republic. This really got me interested.

“Wait, are you saying all the fishes and chicken you sell are not from Nigeria?”

“It’s not like there are no Nigerian products but they are too expensive. Take rice as example, a bag of local rice is N30,000 while imported rice is N25,000. In this Buhari economy, people cannot even buy locally made products.”

I shared a similar view today in one of my discussions. Supposed I wanted to be prudent in 2015 and saved N10,000 in a Nigerian bank to buy a bag of rice in a few months time instead of spending it. I would think that I was being frugal. In 2015, N10,000 could conveniently buy a bag of either local or foreign rice. However, fast forward to 2016, the intent will be defeated. The same amount last year can merely buy half of same in today’s economy. However, If I bought a bag of rice as stock instead of saving the money in bank in 2015 with the intent of selling the same bag in 2016, it means I would gain N14,000+ after one year (risk exclusive).

Nigeria is the boat here and the economy is sinking. The business climate is adversely affected. Businesses are counting losses daily despite increased prices and reduced quality.

National Youth Service Scheme……. To be or Not to be

Nigeria is a poor country. We have always been poor but we just kept deceiving ourselves. It is true that we have natural resources but what are we doing with these resources? Nothing kills the future faster than corruption. As a result of dwindling oil revenue and sky-reaching corruption, the government is unable to fund the only program that brings Nigerian youths together. Is there really a future for the young ones?

If the government (Federal and State) can no longer fund this scheme, isn’t it time to jettison it?

I am like you, I believe in a better Nigeria. Let’s connect on twitter @hopefield_net