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To whom it may concern:
I am a ‘very’ Ijebu man. Rest the DMs.
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Nojeem ‘Nudge’ Yusuf
21.2K posts
Nojeem ‘Nudge’ Yusuf
@NudgeTM
Tax & Accounting | Nigerian expat living in the UK
St Ives, Cambs, United Kingdom Beigetreten Ağustos 2011
1.8K Folgt10K Follower
@AskMichaelTaiwo Wow. In war and love everything is fair.
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@NudgeTM Nope. Just a strategic decision. Aiming towards operational efficiency.
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Heard Kuda just did. Laid off hundreds across departments. And no, it wasn’t due to financial challenges. Just a strategic decision.
Tech Layoff Tracker@TechLayoffLover
Massive layoffs will be announced in the next couple weeks. Across the board. Very few are safe.
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@yinkanubi Chances are that Citibank isn’t the sole lender. Could be a syndicated loan, with several lenders while Citibank is the arranger.
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Allow me to explain it for my Nigerian audience.
It is STILL a Loan, but not from the UK Government.
The £746 million will be delivered through UKEF's Buyer Credit Facility, coordinated and arranged by Citibank. So the actual lender is Citibank, and not the UK Treasury. Nigeria, via the NPA and the Ministry of Finance, borrows from Citibank, with UKEF providing a 100% unconditional guarantee to the lender against non-payment.
So Chris Bryant is technically correct that the UK government is not "lending money to Nigeria." But regardless of who the lender is, Nigeria still carries a real debt obligations.
Chris Bryant@RhonddaBryant
Completely wrong. We’re not lending money to Nigeria. We are enabling UK businesses to get contracts building ports overseas. The businesses are a key uk export earning them money and UK Export Finance earns interest, making profits for the uk.🇬🇧
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@OneSodiqAlabii @Tolu__Grey So we have an‘Oga ta Oga o ta’ problem. 😀
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@NudgeTM @Tolu__Grey It seems so. Private primary schools in Nigeria are doing decently well because their owners have a skin in the game.
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Show me one state that has delivered on primary education and I will champion a charter city(state) status for them
Awon oniyeye, with supporters propping up their mid work. E no dey pass road and flyover with a sprinkle of demolishing houses of their enemies
Make I logout abeg
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@OneSodiqAlabii @Tolu__Grey Does this mean that if there isn’t a personal gain, we usually don’t care about public good.
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@Tolu__Grey There's none, as of now. The states that are doing well with basic education have all outsourced it to the private sector
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@NudgeTM What about the growing interest on the loan....what happens if the owner of the house falters /default?
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Imagine you want to build a house, but you don’t have enough money.
A company tells you:
“We’ll arrange a loan for you with the bank, and you can pay it back over time. But you must use our contractors and buy our materials. And if you can’t pay, we’ll settle the bank, but we’ll have a claim over the house.”
You agree. The bank pays directly to the contractors, so you’re not tempted to spend it on something else. They build your house and you repay the financing over time.
Win-win for everyone. You get your house, the bank earns its return, and the company and contractors make money.
It’s a structured deal, not a favour.
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Nojeem ‘Nudge’ Yusuf retweetet
If you are looking for lists of primary schools in Nigeria, you should check out our website. I reckon we now have ~98% of existing public schools and ~70% of registered private schools listed here:
eduintelng.org/stat-category/…
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@NudgeTM @Dontee___ You get the point.
And you know there is no incentive to ship out profit for a local entrepreneur, that’s why it rarely happens.
Dangote’s growth gave us the refinery.
Lafarge isn’t going to use their profit to build a refinery for Nigeria in Nigeria.
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I expect you to know the answer but I suspect you have a bias (which is fine, we all have our bias but ensure your bias is in your favour in the long term).
You could have asked AI this question and you would get your answer.
Anyway, here it is in summary:
Nord and Innoson
*Nigerian ownership
*Nigerian control
*Nigerian value creation
*National pride
* Strategic example to show investors and creditors that Nigerians can do it too, opening the door for future Nigerian manufacturers and entrepreneurs.
GAC and Mikano
* Foreign ownership (meaning a significant portion of the economic value and profits ultimately flows out of Nigeria)
* Foreign brands (even if locally assembled or represented)
* Core value, IP, and control sit outside Nigeria
Think Dangote Group and BUA Group vs Lafarge.
Same industry, different ownership structure, different implications for value retention.
Tosin.X@Dontee___
What's the difference between Nord,Innoson, GAC and Mikano. Absolutely None. As far as I am concerned there is NO difference in all the three companies. Nord does not manufacture, it assembles like these other brands too and they're all Nigerian brands!
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@OneSodiqAlabii I’d like to believe the benefits outweigh the risks to the UK government, and that’s why they have gone ahead. Of course, the outcome can be completely different.
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@NudgeTM A structured deal can also be a favour though if the terms are better than others are offering you or if others are even reluctant to offer you anything. UK gov is taking a risk they don't have to take.
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Is this not the same thing Chinese did with Chinese loans?
Nojeem ‘Nudge’ Yusuf@NudgeTM
Nah, this isn’t aid to Africa at all. The UK is backing a loan to Nigeria on the condition that the contracts go to British companies. That means the money goes to UK contractors, who would likely use British staff and services. Those companies (and their employees) pay taxes in the UK. Nigeria then repays the loan with interest at commercial rates, likely funded by Nigerian taxpayers. So this is really about supporting UK businesses, not giving aid. If anyone is going to insist that this is aid giving, then it is Nigeria giving aids to the UK.
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This is a good example to support my earlier tweet that incompetence and mediocrity are our biggest problems, not corruption. Many countries developed in spite of, not in absence of, corruption.
P.S. For those at the back of the class, I am not making a case for corruption.
tyro@DoubleEph
Okotie-Eboh did not invent or start corruption in Nigeria. What he did invent was Nigeria's national reserves, treasury bills, Niger Bridge financing, Kainji Dam financing and many other things. It's not corruption that was unique or special about him. He did his job with a lot of diligence and competence. It is important to note that part since that is the part of the story no one seems to have copied from him. Instead he gets blamed for corruption for which he was killed in gruesome fashion
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@Dontee___ @OluwatobiAjayiJ Buying spare parts from abroad isn’t exporting profit. Exporting profit is paying dividends, etc to the owners of the foreign-owned companies, who are resident abroad.
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@NudgeTM @OluwatobiAjayiJ So Nord doesn’t also export profits out of Nigeria? Where exactly are the spare parts he assembles sourced from, aren’t they imported from abroad too?
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At work, I think I spend about 10% of my time writing prompts.
Fairly similar to managers giving instructions to their assistants.
Maybe by next year, that 10% becomes 40%, and the rest of the work shrinks such that I’m only working about 4 hours a day.
Interesting that the way we work is evolving right before our eyes.
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It’s foreign because the owners are, and would repatriate their profits abroad. For Nigerian owned businesses, their profits stay locally, which is good for the economy.
But if Nigerian-owned companies ship out their profits abroad, which I don’t think many of them do, then no difference to foreign-owned businesses.
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@OluwatobiAjayiJ There is no Bias.. I don't own a car manufacturing company and I don't work in any. I'm basically saying that I don't see the issue with Govt picking Mikano over Nord. Mikano is an investor in trillions of naira across the country just like Nord. So how is it foreign?
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@LArules07 @Born2rule015 😂😂😂 What part suggests I referred to it as a scam?
Again I’ve only clarified why it’s not UK giving aids to Nigeria, but UK supporting British businesses.
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@NudgeTM @Born2rule015 Anyone reading your tweet would never see it as a clarification, you worded it like it’s all a scam and this is another attempt to exploit Africa and Nigeria. Your pointers in the whole tweet had no positives for the beneficiary of the loan.
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Nah, this isn’t aid to Africa at all.
The UK is backing a loan to Nigeria on the condition that the contracts go to British companies.
That means the money goes to UK contractors, who would likely use British staff and services. Those companies (and their employees) pay taxes in the UK.
Nigeria then repays the loan with interest at commercial rates, likely funded by Nigerian taxpayers.
So this is really about supporting UK businesses, not giving aid.
If anyone is going to insist that this is aid giving, then it is Nigeria giving aids to the UK.
BASEDANDBOUGIE@basedandbougie
🚨BREAKING! The 🇬🇧UK plans to lend £746 Million to 🇳🇬Nigeria to help them refurbish their Ports. The consistent aid given to African is getting out of hand! Africa has received more “aid” in the last century than Britain did after the Blitz. The UK received $3.7billion in aid from the US and this was after a BRUTAL WORLD WAR and they used that money wisely to rebuild the UK into the state we see today. Not only that, most of the African politicians are living better than European politicians in 20 bedroom mansions whilst the general Africa public live in poverty …. Where is this aid going ???
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@LArules07 @Born2rule015 All I’ve done is to say that the are arrangement isn’t an aid. If someone is insisting it’s an aid, clarifying to them is being charitable.
Other people are talking about how it’s a win win and I don’t disagree with them.
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@NudgeTM @Born2rule015 Point is let’s focus on the positives, it’s a win win regardless of whether we call it a loan or an aid. The concern anyone should be having is the actual application of the loan and not what a random twitter user called it.
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The first sentence of her tweet is also wrong. UK isn’t lending Nigeria; they are only guaranteeing the loan. It’s a commercial loan arranged by Citibank. A commercial loan is never an aid.
Credible media source have explained this so clearly. The UK government has issued an official announcement about it.
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Did you read the quoted tweet atall? What did she call it in the first sentence? And yes, a loan can be classed as an aid as well, you are an accountant and should know this but you just want to spin a narrative and throw mud that should never exist on the topic. The concern should be around the actual usage of the aid for the greater good and not all this semantics.
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@kejitop Of course, they’ll hire folks in Nigeria. But the big guys earning the most would be UK guys.
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@NudgeTM Consider this too: is it feasible for the UK to recruit staff from the UK and bring them to Nigeria to work while outsourcing staff in Nigeria at a lower labour rate to cut cost.
Isn’t this also an aid to Nigerians?
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