Poor Nigerians are interestingly averse to institutional borrowing.

Yet they borrow for silly purposes like partying and travelling.

And it is why many of them remain poor and never fulfill itheir life potentials.

Even when many relocate, they still try to pay cash for stuff.

Current government has been trying to increase the purchasing power of Nigerians by compelling banks to lend more.

We also now have the likes of Renmoney and Spredda.

Yet, many Nigerians are not taking advantage of these platforms to build wealth.

I think the NOA, CBN and banks need to do more of radio and TV enlightenment for Nigerians

Why save for 12 months and pay 350k for an iPhone 11 when I can buy it right now and pay 40k for 12months

Why struggle with your business when you can take a 5mil loan today and grow.

I still do this after returning to live in Nigeria. I buys stuff abroad on a friend's tab and pay the friend back into their own local account.

Most people abroad send money home anyway to assist their folks back here.

But you must have proven integrity to do this.

A major difference I experienced between living in Nigeria and living abroad is that Nigerians live backwards while people abroad live forward.

In Dubai for instance, if you desire a car today and you have an income, you could walk into a dealership and pick a new car.

And you spend the next 3, 5 or 7 years paying back on a monthly

If you live in Nigeria and desire to own a car to make your life easier, you've got to save over the next 2-3years while living with the challenges of not having a car

This is the biggest problem with living here

It means I could save up and afford a used car of maybe just 1.8mil over 2-3years whereas, I could afford a new car of 6mil if it is spread on my salary over a 5yr period.

Why I think many Nigerians have relativly low purchasing power.

I can understand if you are a Muslim and borrowing at interest is against your faith. It's fine.

But if you have no such reservations, put structure and processes in place in your business, make a growth plan and get funding to grow your dream.

Discipline is all it takes.

There is a concept called OPM (other people's money). It is what rich people use to build wealth.

OPM is that 5k, 10k and 200k that you and I keep in the bank that other smart people borrow and use to create wealth for themselves.

When you heard that Dangote took a 5bil loan from Diamond Bank, did you think it was Pascal Dozie's personal money.

No! It was that 5k that you and I kept there hoping to win "salary for life"

Or you think it is Tony Elumelu's money that Rabiu of BUA Sugar borrows from UBA.

If you are a business owner, there are things you have to do.

1. Register your business with CAC.
2. Get TIN
3. Open corporate account for the business.
4. Let your business cash flow go through the account.

After 6months, you can get funding from banks, BOI etc.

Tested.

Even if your business is a side hustle, let your salary go through the business account.

What lenders are interested in is that your business is making money regular which is an assurance of ability to repay loans.

I am not a financial expert, in fact I am an Engineer.

But I have experienced and observed these things in practice.

Pls don't tell me why it will not work. Or how the interest rate is high.

If we don't use this opportunities, CBN will shut them down and it will be our loss.

Another thing I have observed causing the wide divide between the rich and poor in Nigeria is the access to information.

It seems like the rich deliberately hoard valuable info from the poor to prevent competition.

But those info are, in reality, in the public domain for all.

Money is an essential part of the human society. Therefore, it is important for everyone to have financial education.

Also, learn to ask bankers and rich people around you about opportunities, how to turn money over and how to store value.

I am open to sensible discussions.