The Obstacles Facing Multiple Streams of Income Acquisition in Nigeria
Hi friends, today let's discuss about the role of property agents in acquiring an apartment and the need for multiple streams of income. Greetings from @salvadornkpara
Due to the hardship in Nigeria, many people are dieing of starvation, hunger and the likes. There are four basic needs of man: food, clothing, shelter and sex. Apart from food the next basic need that is very difficult to attain in Nigeria is shelter. Most families today can't afford shelter due to several factors, the high rate of unemployment and joblessness that is prevalent in the country. The second factor is the role played by property agents in Nigeria, most especially in Lagos, the commercial capital of Nigeria. Most Nigerians on hive must have encountered the activities of property agents in their respective areas. The cost of servicing property agents is approximately equal to the rent for the apartment you're about to acquire. The cost of living in Nigeria. People find it difficult to feed talk more of accommodation.
The Cost of Servicing a Property Agent in Nigeria
High cost of living have made landlords and property owners to increase rent (house and shop rent) incessantly within the country most especially in Lagos. Due this increase of rent, families no longer love comfortably. A family of five will move into a single room apartment in order to survive. The main issue is after receiving quit notice from the landlord, the next thing is to look for a new apartment. In Lagos, before an agent will take you to see an apartment, you must pay a registration fee of about #2,000 which is equivalent to $4.87 at $1 to #410.88Source. In fact the disparities in the exchange rate shows you the level of the Nigerian economy and the hardship it portrays. This is because almost everything used in Nigeria are imported from outside the country. Even made in Nigeria goods are also expensive due to the cost of production and transportation. Let's return to our discussion, after paying the $4.87 (#2,000) to the agent, you're also going to pay additional #60,000 ($145.99)Source after you've seen the apartment and lastly, the 10% agent fee which is calculated according to the amount of rent you're paying. The question is: what is the fate of the unemployed in acquiring an apartment, which is a basic need for his/her survival.
The Need for Multiple streams of income and it's Obstacles in Nigeria
Yesterday I commented on the post of @tarazkp on Two Investments: One Platform, when talked about multiple streams of income. In this post, I'll be looking at the challenges of attaining multiple streams of income in Nigeria. In Nigeria, the processing of having multiple streams of income is almost impossible to the common man. The reason for using the word almost impossible is because creating multiple streams of income is in itself capital intensive. Take a civil servant for instance who wants to create a multiple stream of income, he or she must either save almost half of the salary or take a loan from the bank, which will be serviced by the salary. For explanatory purpose, let's take a civil servant who earns about #50,000 ($121.66) per month with five children to feed, pay school fees, clothe as well as save for rainy days from the same salary. If the civil servant saves 50% of the salary which is about #25,000 ($60.83)Source monthly, what'll be the fate of the family if the savings is for one year and the business he or she is about to establish will cost #500,000 ($1,216) and the amount saved for the year is about #300,000 ($729). Based on the analysis, it's too burdensome for the civil servant, how much more an unemployed. Although the unemployed can venture into content creation platforms like hive blockchain and many others, but it's not enough when it comes to multiple streams of income and meeting up with the high cost of living and rising inflation rate in Nigeria. Even as a blogger, there are major challenges that an unemployed or a single stream earner will face in the geographical location called Nigeria, first, the issue of purchasing data from network service provider on his own accord. Second, an attempt not to grow in the blockchain. This is due to constant power down of his HBD once it drops. Without staking in the blockchain on will continually remain at the bottom of the blockchain.
What's the way Forward in Nigeria
If the situation in Nigeria continues the way they're, the ordinary Nigerian will become a destitute in his own country. The solution is for the government to reinvest incomes gotten from the oil reserves and create other areas in the economy that one can venture into. Provide soft loans for intending business minded people and also provide shelter for its citizens and give them out at a subsidized rate. One can't survive with one stream of income in this unstable world economy.
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