Make Money from Nigeria’s Road Transportation Industry by TUNJI AFUWAPE ~ Part 2

Are you interested in doing business in the transport sector? Do you want to tap into the numerous opportunities in the road transportation industry? Then this article is for you.

2. Motorized three wheelers (tricycles)

Keke NAPEP is an experimental model of poverty eradication that seeks to empower the poor unemployed or underemployed Nigerian to a position where he / she can create a measurable and verifiable value in society in order to earn daily bread. KEKE NAPEP vehicles project, is a pet of former President Olusegun Obasanjo, in which the National Poverty Eradication Programme (NAPEP) operates the scheme.

NAPEP purchase the vehicles from Manufacturers (Autobahn) and sell at subsidized rates, on part payments basis to Nigerians to alleviate poverty, by providing them small business opportunities and transportation for most part of the country. However different brand of tricycle are now available in Nigeria .Tricycle make an average of N5,000 a day and a brand new tricycle is sold for about N400,000 to N500,000. They currently have an association called the Three Wheeler Beneficiaries/Operators Association of Nigeria.

Make Money from Nigeria’s Road Transportation Industry by TUNJI AFUWAPE ~ Part 1

Are you interested in doing business in the transport sector? Do you want to tap into the numerous opportunities in the road transportation industry? Then this article is for you.

The transport industry in Nigeria is booming currently and Nigerians can now create unlimited wealth from this sector. In fact, this is one of the fastest growing business opportunities in Nigeria.

If you have been looking forward to creating additional streams of income to make your dream come true, then you can stop the search right now. Why? Because you have just come to the place where you will discover the fastest and easiest way to start earning money on your own that will help you turn your dreams into reality.

Nigeria has the largest road network in West Africa and the second largest south of the Sahara, with roughly 108,000 km of surfaced roads. The population is there and the environment is good. The road transportation is a good business, and more people should come into it. It is a business anybody can do.

How to Make Money Running a Road Transport Business

FINANCING A BUSINESS

Like it or not, alternative business income generation is the order of the day today. Forget the security your salary job provides today, instability in world economy is sending governments and private organizations into panic mode.

To stay afloat however, it is essential to start building your own business now. Either you are managing it your self or you want to employ a hand, read through our Start up tips before you decide.

Let your money work for you by Kenneth Doghudje

Everybody wants to work with the best. The best represents a standard that over time we have come to believe represents quality, results and success. In my experience, I have discovered that many people are not working with the best tool to make them financially successful. They are not employing money! They neglect to make money work hard for them thereby producing more. Instead, they spend most, if not all of what they make, believing another one will come.

Money is meant to be your employee, toiling to make you richer. The rich understand that the purpose of money is for multiplication, while the poor think money is meant to be spent. The former put their money to work and end up getting more while the latter spend and end up working for money. You can never get rich working for money. You can only get rich when money works for you. Here are some reasons that make money an excellent employee:
Firstly money is neutral. It has no favourites and does not play “office politics.” It does not give excuses for poor performance nor neglect to follow instructions. Once you deploy it to work for you it keeps on doing so, and it will provide results if deployed correctly and wisely.

ICT usage low among SMEs, says Dr Wee

Some 73% of small and medium sized enterprises (SMEs) do not use information communication technology (ICT) in conducting their businesses. 

Malaysia Minister in the Prime Minister’s Department Datuk Dr Wee Ka Siong said the usage of ICT by SMEs still remained low even though the adoption of such technology was a sure way to boost innovation.

"Malaysia is ranked among the top countries in the usage of smartphones.

"However, it is rare for companies to tap into ICT to solve problems," he said after launching the ParkAide application at a hotel here on Tuesday.

Dr Wee, who is also MCA deputy president, said a vast majority of companies have yet to use e-banking in paying the salaries of their employees.

"In some companies, if there are 30 employees, then 30 cheques will be issued," he noted.

On another matter, Dr Wee commended the 25 prominent Malay leaders and civil servants for their stand on wanting a moderate Malaysia.

"It is high time we look into issues and address them in a moderate way, without confrontation," he added.

CBN Commends Osun’s Policies On Small Businesses

THE Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has commended the Osun State government for formulating people-friendly policies that are particularly geared towards the empowerment of women in the state.
The apex bank’s governor made this remarks in the state capital, Osogbo at the official ceremony for the disbursement of N2 billion CBN Micro, Small and Medium Scale Enterprises Development Fund and the distribution of second batch of 22 mini-buses some transport operators in the state.

Nigeria climbing another debt cliff By OMOH GABRIEL

Nigeria climbing another debt cliff

on August 25, 2014   /   in Broken Links 12:43 am   /   Comments

By OMOH GABRIEL
Nigeria is again on the path towards a debt trap set as usual by its quest and taste for nice things. The country is accumulating debt without any visible alternative of paying back the loans apart from oil.
In other parts of the world, countries borrow to improve their capital infrastructure that aid further production. This helps in no small way to pay off such debt. In those other countries, citizens and corporate bodies pay their taxes regularly to aid development. Nigeria’s tax to GDP ratio is one of the lowest in the world.
With oil prices swinging and with more oil being found around the world, Nigeria has been growing its debt profile.
Nigeria’s total debt stock has risen to a very high level of N10.4 trillion as at June 2014. The rising debt profile of the country is made up of external debt stock of N1.46 trillion ($9.377billion) and Federal Government domestic debt of N7.421 trillion ($47.653billion). States in the federation have a domestic debt stock of N1.551trillion or $9.963 billion.
The Federal Government share of the rising external debt stock stands at $6.363billion. As at December 2013, however, the total stock of external debt was $8.821 billion, indicating a rise of $556 million in the first half of 2014. But as at 31st December 2012, Federal Government’s external debt was $4.14 billion as against a total debt stock of both federal and state governments of $6.5 billion.
A break down of the rising debt profile showed that Federal Government’s external and domestic debts amounted to N8.8 trillion or $57.030 billion as at the end of June 2014. Federal Government borrowing from multilateral institutions amounted to $3.826 billion while loans from bilateral sources mainly China Exim Bank and Eurobond amounted to $2.537 billion.
In the case of states, a total of $2.904 billion was sourced from multilateral institutions, $108.9 million was obtained as loans from bilateral sources, thus making states’ total outstanding external debt as at June 2013, $3.013 billion.
The growing debt should be of concern to all Nigerians considering the nation’s recent experience with the Paris Club of creditors.
Nigerians will remember that in 1985, Nigeria owed $8 billion to the Paris Club of creditors out of $19 billion of its foreign debt. By the end of 2004, about 11 years after, Nigeria owed the Paris Club $31 billion out of $36 billion of its foreign debt. The rise in the debt stock was as a result of interest rates, interest arrears and interest charged on the arrears.
These are huge arrears, penalties and interests accumulated over the years. In December 2000, rescheduling agreements made by the Federal Government showed the principal balance of the nation’s debt was $1.48 billion. But the principal arrears were $10.31 billion; interest arrears $4.45 billion and late interest $5.18 billion.
As a result, over $6 billion increase was recorded on Nigeria’s debt profile between 2002-2004. This added up to $31.42 billion that Nigeria was said to be owing the Paris Club as at 2002. To exit the Paris Club, Nigeria made the total payment of $12.4 billion to Paris Club and Britain, the largest creditor received $3 billion.
Years after, Dr. Ngozi Okonjo-Iweala who assisted Nigeria to exit the club of creditors is again presiding over the accumulation of another round of debt that could snowball into a debt trap. In an attempt to comfort Nigerians that all is well, the Director-General, Debt Management Office, Dr. Abraham Nwankwo assured that the debt remained sustainable at a ratio of 12.51 to the Gross Domestic Product, GDP. But he contradicted himself immediately by saying that the managers of the nation’s debt would apply more caution in further borrowing in order not to run into the crisis of debt overhang, which the nation once suffered.
Nwankwo is just being a clever civil servant. All is not well. The debt is mounting and the nation’s revenue profile is dwindling. Oil production is dropping, traditional buyers of Nigeria’s oil are finding alternatives. If the prices of crude crash as it did in the 80s that led to the nation’s inability to pay its debt as at when due, the country will once again be in a strait. For several years, Nigeria has been preaching economic diversification without any appreciable progress. The nation has continued to import goods it has no business importing.
Nothing has changed, just the faces of the economic managers whose major concern is gathering in Abuja at the end of every month to share oil money.
DMO-DG said: “The sovereign debt is doing well. Currently, our total sovereign domestic debt for federal, states and the FCT is about N8.9 trillion and external debt is about $9.38 billion. The question to ask Dr. Nwankwo is: how well is the debt doing? A debt is a debt. These men should stop deceiving Nigerians. You are accumulating debt for the next generation of Nigerians. The last debt overhang is what has caused the level of unemployment in the country today.
The present insecurity ravaging the unity of the country was as a result of the indiscretion of those who led the nation to wanton borrowing in the 70s. Today, while those men and their children are living in luxury, the younger generation is wallowing in abject poverty.
The government would want Nigerians to swallow the bait that the nation’s current debt/G.P. ratio is about 12.51 per cent which is much lower than the 56 per cent total public to G.P for countries in Nigeria’s group saying that this is not an indication that Nigeria can afford to borrow without caution.
In spite of the rebasing which means we have more capacity to borrow, we are not going to borrow without caution. In fact, we are going to be more cautious, especially because our tax-G.P ratio is low. Many economic agents do not pay their taxes.” This is where this government has failed. If many economic agents are not paying their taxes and oil revenue is dwindling, what has it done to fill the gap? This is dangerous for the future.
The frightening thing is that the Federal Government raised additional $1 billion from the international capital market in 2013 following which several Nigerian firms, especially banks have also gone to the international capital market to raise funds for their operations. Six companies issued nine bonds within the last one year, from which about $3.4 billion was raised. This development does not look promising considering Nigeria’s previous experience with borrowing from the international capital market.

- See more at: http://www.vanguardngr.com/2014/08/nigeria-climbing-another-debt-cliff/#sthash.8hMBSB8U.dpuf

Nigeria is again on the path towards a debt trap set as usual by its quest and taste for nice things. The country is accumulating debt without any visible alternative of paying back the loans apart from oil.

In other parts of the world, countries borrow to improve their capital infrastructure that aid further production. This helps in no small way to pay off such debt. In those other countries, citizens and corporate bodies pay their taxes regularly to aid development. Nigeria’s tax to GDP ratio is one of the lowest in the world.