ECONOMY | ENTERTAINMENT | EMPLOYMENT
Problem No Dey Finish
House of Sapa 2
- Topsy
- TEM
Can You Hear Me?
One Nigeria, Many Nigerians
- UGKM
- Pascolo
Happy, Happy Independence, that is all I can say, I wish you many, many, many happy returns. Happy independence o, our dear country – the labours of our heroes past shall never be in vain. In the last year, Nigerians have said 'soro soke were' i.e. talk to me direct or leave me, let me live. The VAT tussle is an example of this – we wait and watch on how that unfolds. States want to provide for their citizens and the parents clearly don't believe these kids are grown enough. We at Serious understand this because sometimes our parents also tell us to sit down but as the coconut head generation, we will always find a way! We don't analyse the effects of the VAT tussle in this edition however, I just wanted to show that everybody dey fight for independence which is a nice story to highlight on independence day. What we do tell you is that despite inflation and high exchange rate, life is happening, gbedu still dey jam, outside is open, businesses are growing and the covid economy is creating new jobs we want you to take advantage of. You know we are all about finding independence despite a turbulent world. I leave you this season with Damini's words of wisdom and wish you godspeed as we enter a new quarter: “Dangote, Dangote, Dangote still dey find money I no dey, I no dey, I no dey sleep on the money o Who I be? Who I be? Wey make I no go find money o I no dey send anybody o Me I dey hustle gan gan” With love, light and a little wawa wowo Emi gangan l'emi
HOW MUCH SIR?
TIME TO REFUEL N5,000
YOUR POS DEY GO SO?
OH, NA STERLING POS. THIS ONE NO DEY FAIL
STERLING...
01
Problem No Dey Finish
- Topsy
This Life Na One
Parties have always been an important part of our lives as Nigerians. From naming ceremonies when we're born to the burial rocks when we leave this cruel world, we must sha do party.
“When we celebrateeeee we dey pop champagne”, I remember this song as the anthem for all the parties I attended in school. Although I was broke, when invites came, the next move was to plan how to attend; my business was how I got there. I can only explain what parties do for me, but I know I'm not alone in this boat. I remember, when we were expected to stay home during the pandemic lockdowns, it was a severe test for Nigerians. Owambes became virtual and food delivery went into overdrive. “Economy hard, economy hard, Coro dey outside,” we still had people planning parties and invites to these events flying about. This is evidence that when it comes to parties, sapa got nothing on us! Where Una Dey See This Money? A Nigerian party is an elaborate project that requires serious planning, approval from the gods and most importantly, funds. Nobody wants to hear any gist of how their event wasn't a hit. The higher your budget, the bigger your street cred; everybody wants to appear on bellanaija and ms_asoebi. But the issue now is that times are harder across all income-earning segments.
Dollar is moving mad, and inflation dey choke; we hear that inflation rate is reducing, but items in the market no dey hear that one. Today, rice has become gold; our owambe analyst tells us that cost per plate at a party which was ₦1,800 at the start of the year is now averaging ₦3,000-3,500, even people that did point and kill before don dey close eye. Right now, unless you are Obi Cubana or you know about PaywithSpecta, you have no business buying a cow.
With all the elements of a good party going up, we have an emergency on our hands. It means the cost of throwing a party has also gone up, but trust Nigerians, the numbers haven't declined; infact, it's as if there are more parties these days. Where una dey see money throw these big parties?
The Matter On “grand”
One would expect that the much-discussed hardship in the land will affect the number of daily events, but we no gree; we are not stopping our groove.
Our in-house Owambe analyst has also told us that the cost of parries has gone up by 300%, meaning we have more people taking loans, donations and contributions. Some make up the planning fee from sales of Aso-Ebi (no be me talk am oh), others save towards the event (my WhatsApp group) and some just do bambiala after spending all they have on the event. There's a lot on the list of having a great party; music, venue, photography/video coverage, ushers and bouncers, not forgetting item 7 (food and drinks).
Depending on how grand you decide to make your event, you can add to the list above. Despite this increase in cost, when the choice is between starving for the party and not having a party, Nigerians will always go for the former. That's why our friends at Sterling have given us suggestions to reduce the pressure of getting “funds” for these events. Forget Me Not
We know some owambes take us by surprise, but mostly we spend months planning our own shutdown experience. This is where Doubble by Sterlingcomes in handy through its two variants, target and rewards. We can't come and kill ourselves; that's suicide and manslaughter together. Doubble calculates the amount you will save monthly and uses your interest to finance your target. On the Doubble rewards variant, you decide on a fixed amount you want to keep monthly and the duration for saving; once the saving period elapses, you begin to get paid both your capital and interest over a pre-agreed period of time - easy peasy, right?
For my choplife geng, Detty December is fast approaching; why not jump on the Doubble by Sterling wagon and make it a December to remember. Parties for us are more than just events; it's our culture and a necessity. And just in case you need a plus one, I am available oh. Loyally yours, Topsy.
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House of Sapa 2 - TEM
61
Happy Birthday Uncle
“Every nation determines its own destiny; the clever the nation, the better the fate."
~ Mehmet Murat Idra
It's another day to celebrate Uncle Nigeria; happy birthday oh! Barka da ranar haihuwa! E ku ojo ibi! Ezi ncheta omumu! You know, that uncle, the one that has seen it all; wars, terrorism, prosperity, poverty and even blockbuster Netflix movies (#KOB army). It's been a long road and there's a longer one ahead, but at least we get one day off to dress our Uncle up and celebrate his resilience and determination.
This year, we anticipate Uncle's birthday with mixed feelings; on paper, our new egbon at NBS (yes, we miss you, Egbon Yemi) told us that our economy grew by 5% in the last quarter. Inflation continues to dip to a four -month low of 17.38%, but that one no concern Mummy Chibuzor (sardine is now ₦600 from ₦250 in December).
Even with oil prices averaging $70 per barrel, we are kinda broke, and we hear that our debt is running like Usain Bolt at ₦33.7 trillion, while
we are chasing like ShaCarri. While debt in itself is not a bad thing, the koko is that for every ₦1 naira we make as a country, we pay 85 kobo back. This our Uncle sha. Why Are You Running? If you think debt is running, wait till you meet FX. That one is doing kilome, kilome. We are, however, confident in the leadership of our Seniorman, Uncle G, to weather the storm of FX and other issues facing the industry. Guess who has a new digital currency called GIANT as well; we are gargantuan. So, here's to a future of faster transactions, better financial inclusion and more remittance from our relatives in the abroad (Uncle Soga, I am talking about you). We also hear about the long spoken 720 billion swap deal with China, one that can improve foreign trade. Indeed, our ogas at the top have been busy.
Another race still ongoing is the race to eradicate. It's ok to lose track of the variants (alpha, beta, delta, lambda; they are legion), but don't lose track of your safety measures. With a third wave, vaccine or no vaccine, please stay safe. Go Gaga The struggles are not synonymous to our Uncle, it is globul. China, for example, recorded a 7.9% growth compared to its 18.3% in the first quarter despite a boost in recovery. We also saw the Taliban take over Afghanistan, a military coup in Guinea-Conakry, the assassination of the Haitian president and the killing of Odudubariba by Makanaki and Eniola Salami (it's a crazy world out there). Elon Musk has also been doing tech doings. After calming down from disrupting crypto, Spaceman Elon has decided to face his main hustle—SpaceX's Starlink, a set of low-orbit network satellites set to deliver internet connectivity to the entire world.
He and his billionaire bros, Jeff Bezos and Richard Branson, have also now turned the space travel something to a 100-metre race. They want to commercialise it too so that in the coming months, you and I can travel to space to sightsee. And it's just for the shikini-sum of $200,000 or N100 million. In the end, capitalism wins!
5
Na Our Own
“Sango no fit comot Oyo go rescue people for East, that's Amadioha's job."
~ Local OAP
At 61, the most powerful message we can learn is that we are our own; we are our own heroes. The Nigeria we want to see can be achieved by us working together for our Uncle. Most people retire at 60, but our own Uncle is forging the path to a greater future, and we are here for it.
Overall, it's been a year of ups and downs, and while the future holds promise, the state of our sapa in months rests on all of us (government and citizens) to make a conscious effort for a better and more secure nation.
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Uncle has been through a lot, so whether you are team japa or team home, today is undoubtedly a good day to appreciate the labour of our heroes past, make he no loss.
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02
Can You Hear Me?
- UGKM
Jungle Out There
Old Aspirations
Since the 2000s, Nigeria's economy has recorded immense growth - an average of 7.3% in the last twenty years (when you are big, you are big). However, this growth has been mostly one-sided as only a few sectors have carried the economy. It seems like daily bread don scarce and actual jobs created cannot match the number of labour market entrants each year. No cap, unemployment grew from 3.6% in 2006 to 33.1% in 2020.
The issue of unemployment hits home every time; it's like that ex that swears that they have moved on but keeps leaving messages in your DM (catch your sub, KNRFR). As much as you try to forget it, it's just everywhere you look. That's why Nigerians have found more creative ways of making their urgent 2K.
It also created an underemployment challenge; at least you know one person who is not doing what they like or earning what they deserve. (Not us sha, we love Serious but we won't mind jara income).
While conventional industries are still very much the largest employers of labour (I mean our parents haven't stopped desiring their children to be doctors, lawyers and engineers), it is becoming clear that they are not sufficient to serve the growing employable population.
Recently, the NYSC announced that they mobilize over 300,000 graduates yearly. In some kia cases, the outcome is that most settle for available jobs and end up being underpaid.
Others become CEOs of their IG/WhatsApp business, while those who have the means can japa for better opportunities.
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Currently, both the private and public sectors seem incapable of catering to our growing population. In recent times, the sectors that used to carry us are also facing their own challenges. Unlike in the past, when we had oil money and abroad money, the level of public and private investment doesn't match the required number of jobs in the economy. The alternative is to tackle unemployment another way.
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Diffusion of Talent Not everyone can japa, and with the right doings, Nigeria is actually a great place to be *winks*. One of the most interesting things that came with the pandemic was the change in traditional work and, with that, an option for the budding population.
Today, we hear that “unofficially”, there are over 200,000 residential Nigerians with jobs outside Nigeria; yes, it's mostly tech bros/sis—IT skill demand grew by 110%, year on year in 2020—but we are seeing exportation of all forms of talents beyond the Atlantic. It makes sense since the current environment isn't creating enough jobs, more skilled hands are finding employment across borders. And it is not just tech bros; it's everybody, project managers, writers, doctors and every form of skilled labour.
The new terrain allows you to take matters into your own hands and improve your skills without even leaving the house.
A World Out There
The good thing is that no matter the skills you have, there is a world out there that needs them.
Look at us, we saw that you needed a light-headed analysis of economic affairs, and we gave you Serious. While the government and private sectors intensify efforts to grow the economy and create more jobs, we know there are now other opportunities to get that 2k legally.
It's our Independence Day; be independent and stay jiggy.
More Nigerians are becoming exposed to new work hours and new cultures, creating room for more people to be employed. Even locally, skills are beginning to move past the 9-5. We hear that a new app, Slick Hustle, aggregates skilled labour, artisans and small businesses in Nigeria. So, whether you are blue or white, you just need to learn the demand and find the market for it; chikena
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04
One Nigeria, Many Nigerians - Pascolo
Things Don Cost Over the last eighteen months, a few 'tions' have been on everyone's lips: vaccination, isolation, exhaustion (because we are tired), and—even non-economic enthusiasts - inflation.
For the people that like big English, inflation is an economic phenomenon that describes the general and persistent increase in the prices of goods and services within a period. In layman terms: things don cost, from the price of food to everyday services. Sometimes sef, just the anticipation of inflation causes inflation.
According to Serious economists, inflation depends on the cost of production and demand. On the cost side, when companies like Bigi (#madeinnaija) pay more for production, they respond by increasing the unit prices of their goods. At the same time, when demand for a good or service increases, producers may be unable to supply quickly enough. Prices inadvertently go up, leading to demand-pull inflation.
This Breakfast Na For Everybody
I am Going Higher, Yes I Am While inflation is an indicator of a struggling economy, it provides an opportunity for the Bridgertons to earn more and consolidate their income. In Nigeria, this category has access to investment opportunities that are usually unaffected by inflation (real estate, inflation-indexed bonds, equities and oil and gas). It means that when prices are high, they virtually flow with the tide. For instance, upperclass traders gain from higher prices and thus earn more revenue.
They are able to buy in bulk and store, so they are going to make a killing in business. Since they also are the largest investors in companies and corporations, they get dividends at higher rates due to the increase in the income of large corporations. Don't we all wish our last names were Bridgerton? Eyan Mayweather
The fast-eroding 23% have a combined buying power of about $28 billion. Typical white-collar professionals, business consultants, tech bros and entrepreneurs make up this economic category. We call them eroding because las las, e don choke and inflation has a big effect on them. The Mayweathers are traditionally the primary catalyst for economic growth, and any decrease in their income threatens the sustained development of Nigeria. Even with a stable source of income, they are forced to use income and savings to fund consumption, further limiting their capacity to innovate and explore new opportunities.
The higher the inflation, the less the Mayweathers can save or even invest. With the constant rise in prices, there is only one way to go, earn more or join Sapalona.
At this point, let's remind ourselves that inflation is not a uniquely Nigerian thing or a Bubu issue—inflation affects every society. Nonetheless, it is safe to say that its effect on #30BG is not the same as on Sapalonas.
Inflation shifts income redistribution in most developing economies, as it increases income inequality between the upper class (Bridgertons) and middle class (Mayweathers), while the lower class (Sapalonas) remain relatively unaffected.
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NOITALF N I INFLATIO N Doings in Abule
Inflation Dey For You
We found out that rural inflation increased faster (45%) than urban inflation (41%) between 2020 and 2021, indicating that prices are rising faster in rural areas than in urban areas.
As we have seen, inflation affects everybody despite their income or place of residence. If you decide to go to Canada, inflation is still there, just that unlike here, he no too choke.
However, this doesn't mean that inflation affects rural dwellers more than urban dwellers because of the fundamental nature of the rural economy.
Maximum doings in Nigeria costs less than $1 per day, more than rural dwellers have to spend. Since farming is the primary enterprise in these areas, out-of-home feeding is reduced as well as payment for some of the luxuries of the urban area. Perhaps that's what Patoranking referred to when he mentioned wetin dey happen for abule.
What this means is that no matter what you do, factor in inflation.
So if you are a Bridgerton, ensure that you have inflation-proof investments; eyan Mayweather, ensure that you make little investments on I-Invest; and if you are sapalona, don't let inflation stress you.
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