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Nigerian Scammer Slangs
General

21 Nigerian Scammer Slangs

by Abbey 27th August 2022
written by Abbey

Today I bring you a whole lot of words that are commonly used by Nigerian scammers. Some of our common words have been hijacked to possibly have a negative connotation.

I will like to stress that these words have found their way into our music and film and even daily life and they are not in any way indicative that hearing these words from a person means such a person is a fraudster. I use a lot of them myself, and I assure you that I am not a scammer (haha).

In the same vein, I had also compiled a list of 16 words that will tell that the person you are dealing with is mostly a scammer which you can find here.

You can also check this link if you want to find out all the “nick names” or slang words that Nigerians use to describe fraudsters. It is important that you read it because the information written out there by foreigners is so wrong.

Without wasting so much of your time, here is a list of 21 slang that are common among Nigerian scammers. There are loads of them and this list will constantly be updated.

1. Yahoo Boy

If they call someone a yahoo boy, it means the person is into scam. Yahoo boy is the number nickname for fraudsters.

2. Aza

“Send me your AZA.” This means “send me your account number” AZA is the word used to mean your account number and it has now found its way into the everyday Nigerian Lingua. AZAMAN on the other hand, means a scammer.

3. Tax return

This is a common scam that fraudsters used to pull on unsuspecting westerners. A version of it even became a thing during the covid-19 economic relief payment made by the United States Government. This operation was a massive one where stolen details of Americans are stolen and used to collect money from the government without the knowledge of the victim or the government.

In 2021, a man named Abidemi Rufai was charged with aggravated identity theft with the intention of stealing $1.6M from the IRS.

Who was actually successful at robbing over 100 residents of Washington to the tune of $350,000 in unemployment benefits from the Employment Security Department (ESD).

It only leaves one wondering if the American system is too “trusting” or if the man in question is just too smart.

However, the fraud-related meaning of it is when a scammer sends you an account where you wire the money into, it’s the very last step before a scam occurs.

4. Bombing

Nigerian scammers can be great multi-taskers. They could dedicate 30 minutes of their day to each of their victims especially if it is a romance scam. And they can chat with more than 10 of those victims in a day.

Now, because of the time difference between the USA and Nigeria, these scammers usually stay awake all night to keep chatting with a victim which makes their type of multi-tasking all the more impressive.

Bombing means to attack at once. They bombard a particular dating site in the hopes that one of the victims will “drop” something for them.

5. CC (Credit card)

This is also another slang that can very well mean such a person is not into fraud. It is only in the western world that you’ll have credit cards, Nigerians only have debit cards.

While I understand that debit and credit cards can be sometimes mixed up, the word “CC” can be a code word for a credit card scam.

By the way, Nigerian scammers are not hackers. They usually only buy stolen credit card information which a westerner would have hacked.

6. Wire or Waya Waya

The only way most Nigerians receive money via wire is if the money is coming from a foreign country (I would assume this is true for most countries as well).

So, there is a fair chance that a typical Nigerian who is talking about wire without having a legit business or having families overseas could be into something shady.

As a side note, the bigger scammers are the ones who receive money via wire transfer.

7. Maga

A maga is a male foreigner who has been deceived into thinking he is chatting with a beautiful girl from LA while the actual person is somewhere in Lagos.

8. Maye

A maye is a western woman who thinks she is talking to some white guy in the US army posted to Germany but could very well be in Africa.

9. Home Boy

This is what you can describe as a “fraud apprentice.” The fellow doesn’t know much yet and is currently shadowing people who are up the ladder.

10. Shaye

This is not necessarily a fraud word. It means to go and have fun (at a club). Fraudsters celebrate but so do legit people as well.

11. Format

The scammers usually have a way they scam people. Think about how they ask you to submit your email in order to access the free trial of a software, then after the free trial, they keep sending you emails in order to get you to purchase…it is something similar.

The people who perpetrate fraud, say for example, via email usually have a prepared FORMAT for it. The people who scammed you via romance scam usually had a prepared FORMAT for it.

12. Picker

This is a mule, usually a foreigner who has a foreign bank account where proceeds of crime can be paid to. Pickers also often run away with the money of the fraudsters.

13. Fools

This is a pool of people who could have gotten into the list via different forms. If a scammer buys up the identity of a large group of people, those people are termed FOOLS.

If a scammer has a list of people he has scammed in the past, those people are also FOOLS and they can be retargeted for scams.

14. Legit

When scammers say something is legit, it means that the authenticity of the information they are giving you about a potential victim is legitimate.

15. VPN

Yeah, I know VPN companies market it as a tool that can be used to hide your online identity but the proliferation of VPNs had made it even easier for fraudsters to “be in a location they are not.”

People can now access country-locked dating apps from wherever they are.

16. Bad Market

This means bad luck. You must know that most fraudsters are highly superstitious people. Sometimes when they have an unsuccessful scam attempt, they might blame a lot of things or people for giving them bad luck.

17. Oka Ti Fo/Ise Ti Ja

These terms are used to describe a scenario when the victim of a fraud finds out about it. But don’t get carried away, victims in a lot of cases still want to keep the relationship going especially in a romance scam. They now know that the person they are chatting with is fake, but they don’t care. You’ve got to give it to those fraudsters sometimes; they are very consistent.

18. Grinding

This has the same meaning as the normal grind. Fraudsters also grind but for a bad reason.

19. Eke

A slang used to call members of the Nigerian police. By the way, scammers and the police are like cat and mouse.

20. Opata

Where you are saying things that are outright rubbish.

21. Noke

This means to defraud another person.

No related posts.

27th August 2022 0 comments
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Nigerian scam, us military
General

Nigerian Scam, US Military (How it works).

by Abbey 30th August 2022
written by Abbey

Today, I’ll tell you about a variation of the Nigerian scam in which the perpetrators assume the identity of an American military personnel.

It all starts with a simple Instagram search for the term “#marines.” A scammer makes the query from his house, and boom, the floodgates are opened. Thousands of photos of people in the US military uniforms pop out.

The scammer looks for a photo of a man who is good-looking. It is even preferable if such a person has a photo of their child, as this will make the scam more believable.

So, when a Nigerian scammer visits a dating app, they can use a VPN if such a dating app is locked from Nigerian users. He registers with a name with a couple of pictures and waits… This is pretty much the way you throw a hook in the lake and wait for the fish to bite.

The anatomy of a scam target

Certain characteristics or circumstances of a woman could indeed make her a very easy target for scams. In the US (as compared to Nigeria), there isn’t that sense of community in a living environment.

In Nigeria, for example, I can cross over to my neighbor’s house and chat with them all day and even eat or sleep there if I wish. I always have someone to talk to, and except in very high-brow areas, people often visit each other and it is very normal.

Compared to the Western world, where they have skyscrapers, everyone minds their own business, and you all call the cops on strangers…so nobody wants to intrude. The issue with this is that it boxes you in; you are all on your own in your own space, and to make it worse…winter is a constant. The westerners now have to spend months indoors and it all gets bad.

Add to that the fact that this particular female is divorced, has a child, and that child may have left for college. So she’s all alone in the middle of winter, with no neighbor to talk to, no husband to cuddle and no child to play with. Such a person, who is most likely in her 40s, would resort to online dating in order to try and connect with someone… anyone.

You will hardly see a Nigerian scammer trying to hook up a lady in her 20s.

Trust me, a typical lady in her 20s on a dating app is more likely to be rude, she has little disposable income, and she is also on the dating app in the hopes of probably finding someone who earns more than her.

How the scam works

So you match with a certain guy in the US military who is stationed somewhere far away. I mean, America has over 800 military bases, so the scammer can pretty much pick any random country and there is quite a high certainty that there is a US Army post there.

Actually, America has no military base in Nigeria… if you ask me, I will say it is geopolitics.

Back to the topic, so here is a woman in her 40s who is chatting with this good-looking divorcee, and he is sending her messages every day from a prepared script.

One day, she asked him for a video call, but he told her that he couldn’t do a video call with her because where they are is a secret military base, and enemy forces might intercept the call and use it to attack the base. He said that video calls are banned.

So, she sees reason with him and accepts the voice notes he sends. She is happy to finally meet someone who cares about her and who is in constant communication with her. However, the voice notes he sent to her are not in a western English accent; that is a red flag on its own, but she doesn’t care or she chose to ignore the truth.

One day, she calls him on the phone, but the line is not clear. Of course, the scammer has done this intentionally by rubbing his phone on his clothes and it makes a noise as if the line is breaking.

Our victim here is disturbed. He is the new love of her life. The man who professes his love to her day and night and she hasn’t been able to reach him for the first time in the two weeks they have been chatting. He knows she is hooked. That is why he offsets her balance by cutting off communication.

She is now worried that she hasn’t been able to reach her lover for a day now. He would later text her that his iPhone was bad the other day and he doesn’t have access to money until he leaves the base, and perhaps if she could send him some money to replace the phone.

And there goes your $1000 or whatever it cost to buy an iPhone.

But the scam doesn’t end there. He keeps chatting with her even more, and he goes to his archive of scams and looks for a photo of a hand that had a fairly deep cut on it.

A week or two after collecting money for the phone, he sends her a voice note with a palpitating voice. He told her they were attacked by the enemies and he was lucky to escape with just a bruise. He tells her that he needs medical attention as his office has no idea where he was and that his hands need to be stitched, among other injuries.

She hears the terrible ordeal that her lover is in and hurriedly goes to wire him another $500 to settle the hospital.

And that is how it keeps going, and I can certainly give other swindle examples.

Lots of times, the victims might later find out that the guy is a scammer, but they can’t move on from him, and some will even beg the scammer to keep chatting with her. They just don’t want to get out of that fantasy.

It’s a sad world.

I think I enjoy these scam series and I plan to write more about it. You can read my other related articles as well.

Here is an article on the words that means scam in Nigeria.

21 Nigerian Scammer Slangs

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30th August 2022 0 comments
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Nigerian scam phishing
General

Nigerian scam phishing (Forms it can take)

by Abbey 1st September 2022
written by Abbey

Phishing, a word that essentially comes from the word “fishing”, is used to trick you into clicking on a link where the scammer can obtain some valuable information from you, such as your credit card details or passwords to your bank account.

While phishing is not really a Nigerian scammer’s favourite trick, some still use it.

You should also know that phishing can very well come from your next-door neighbor, and you can’t just conclude that such a scam is coming from a Nigerian.

I also shared my personal experience of a phishing attack.

Ways your information could be obtained

Your personal details must be in the public domain for this to happen. This could be your email on your employer’s website or the contact form of your personal website.

But the more popular ones are if your organization is hacked and your personal details were stolen (Nigerian scammers are social engineers, not computer hackers), Nigerian scammers can buy that information from the dark web.

You could have also given your emails to a romance lover you met online… You know, remember that one time they asked for your e-mails to send over some document?

Types of phishing attacks that a Nigerian scammer can employ

There are lots of phishing attacks. They can take different forms, and not all phishing attacks are for monetary reasons.

Here are a few ways that a Nigerian scammer can hit you.

1. The Nigerian charity donation scam

In this type of scam, the actor is counting on the fact that you will be greedy enough to want to obtain money that you have not worked for.

Here is an example of a Nigerian scam phishing email.

From:

Sent:

To:

Subject: A charitable donation for you

Hello,

My name is Janet. I am the personal assistant to Duchess Joana Morrison (this could be an actual person). Mrs. Joana is a philanthropist who has vowed to donate all of her inherited wealth to the less privileged in society.

Although Mrs. Joana has a large private foundation, she will also feel that her workers are hand-picking people with sentiments and has contracted me to randomly find people for her donations.

I’m getting in touch with you if you know people who might need help or if you yourself need a $5,000 donation and can explain why you should get it.

To read more about her and to send in your application, kindly click on this link below.

www.forbes.com/news/charity/joanamorrison/2333444/ythsoi

Sincerely,

Janet David

If you read and just delete this email, then there is no problem. If you click on this link, view the website, and go back, then you are most likely safe.

However, the problem occurs when you get to this website. You can find the profile of the “philanthropist” and they ask you to apply for some good easy money, and all you have to do is pay a $1 administrative charge.

To pay this amount, however, you will need to enter your real credit card details on a fake website and the scammer simply obtains the information needed to wipe you clean.

2. Nigerian payment receipt fraud

Even as a Nigerian, I have received several such emails, and the idea is that the scammer needs you to click on a link where they can extract your information.

In my case, the scammer sent me an email with the title “payment receipt” and there was a document attached to it.

The English and formatting of the writing were poorly done. The words read something like, “Here is a receipt for the payment we made to you.”

But there was no link. I believe the email providers are catching up to malicious links. So they attached an HTML document to the email, telling me to click the email in order to see the receipt.

But with my knowledge of web design, an HTML document can simply hold a website url and clicking on it will load the website on your browser. The reason why I emphasize this is that you might have been trained not to click on a link if you are not sure of the source, but what you might not have been told is that opening an HTML file is just the same as clicking on a link.

The only thing I said to myself was “if you are going to send me a receipt, you could have sent that as a PDF file.” I am not clicking on your link.

Keep your eyes open and be careful out there.

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1st September 2022 0 comments
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Nigerian scam on Facebook
General

The Nigerian scam on Facebook [Exactly how it works]

by Abbey 7th September 2022
written by Abbey

This sort of scam can take a few forms, and 3 of them will be covered in this article. You should know that, ordinarily, Facebook allows people to change their location. So, it is not farfetched for a Nigerian or a citizen of any other country to change their profile picture, change their location and profile, and take up the identity of a completely different person.

Facebook has been one of the platforms that have bridged the gap between the countries. While it facilitates the good, it also enables the bad. Here are the 3 major forms that a Nigerian Facebook scam will take.

1. Facebook friendship and group scams

How many of you are on Facebook? How many of you are in that weight loss Facebook group? How many are in the keto group? How about that adult coloring group?

It turns out that people who have bad intent can just as well join those groups and try to build trust with multiple people over time and attempt to be their friends. I will give you an example.

So, let’s say you are in that adult coloring group. Then there is this profile who is always answering questions. In fact, the same person might say they want to give out a 5-page coloring book for free, and all you have to do is to chat with them privately.

From this private chat that they get that initial contact with you, they will claim to fall in love, and before you know it, you will begin sending them money for things. I don’t wish to go over this here as I have already covered that in another link. More on that in the link below.

Read more about how a swindler tries to obtain money from you while claiming to be in the military.

So, you might be feeling that you are immune to scams because you are not on a dating site, but you could be completely wrong.

2. Phishing

So, it could also happen that a scammer is impersonating your friend in order to obtain money from you. The phishing thing works when a scammer is trying to get you to input your login details on a fake Facebook website.

It normally starts when a scammer sends someone you are friends with on Facebook a message. This message could say that the person’s Facebook password has expired and they need to change it. They will then be required to enter both their old and new passwords on a fake site.

Once they do this, the scammer will take over their Facebook account.

The next phase of this operation is that the scammer finds the close friends of the person whose account was stolen. They would use the victim’s account to chat with the victim’s friends. They would tell the friends that the victim is sick and needs money for surgery; or that the victim needs a new phone; or that the victim is in an emergency.

The whole idea is to come up with something convincing that will make the victim’s friends send money to a Western Union or MoneyGram account. Oh by the way, the scammers like Western Union or MoneyGram a lot. This is because refunding such money is close to impossible.

3. The Nigerian Prince Scam

Well, this sort of scam is more commonly used in countries like Bangladesh or India, and I will make a separate blog post to discuss that. The scammer, who may be a Nigerian, takes up the identity of a European or American on Facebook and initiates virtual friendship with unsuspecting women.

They build trust with these women over time and that sets them up for the swindle. It should be noted that, in most cases, women who are around the age of getting married are usually targeted for this scam. They promise them marriage, and in these countries, marriage is really a huge deal.

As time went on, this foreign husband would tell the woman that he wanted to send her some goods from his country. When the supposed goods arrived in the woman’s country, she received a phone call from a customs official who instructed her to pay money for the huge shipment.

This sort of scam is usually perpetrated in such a way that the victim has little time to think. And as a general rule, if they are hurrying you up, you should be careful and be suspicious.

So our victim sends the customs money some cash, sometimes even going as far as borrowing money to clear the goods with the hope that she will be rich once the goods reach her hand. She could have asked the husband to clear the goods, but it will be around this time that he suddenly has some financial difficulties and doesn’t have enough cash. He himself will urge her to take a loan as the goods he sent will more than cover the amount she borrows.

But of course, the goods never show up.

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7th September 2022 0 comments
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Nigerian scams on tinder
General

[Explained] Nigerian scams on tinder

by Abbey 9th September 2022
written by Abbey

Tinder has become the number one dating and meeting point for people all over the world. While it will primarily pair people who live in the same area, those willing to pay a premium can change their location to “physically” be anywhere in the world.

In fact, you don’t even need to upgrade to Tinder Gold or Tinder Pro; you can just use a VPN and get teleported to somewhere on the other end of the world.

With Tinder, anyone can take on the identity of someone else and chat with people from across the world. Some might ask, but what if the person I am chatting with has a verification badge?

Well, I would like to inform such a person that Tinder’s verification process is just a hoax. They don’t check anything, and a black person can verify that they are a white person.

But what if the app says my match is a few miles away from me?

Well, at the point when a Nigerian scammer uses a VPN to “relocate” to another place, the tinder app is going to record a nearby location, falsely telling a potential victim that the fraudster lives in the same location as them.

So, you cannot trust that the person you are chatting with right now is in the same vicinity as you. The advice I will give you is not to get carried away. Test the person’s knowledge of the city you are in. Ask them about specific locations or events that occur in the city that mostly locals would know.

How a Nigerian would scam you on Tinder

The people who perpetrate this scam usually have a phone dedicated to searching for potential victims on Tinder. They only log into Tinder using a VPN, and they would never ever use that same phone to search for dates in Nigeria.

You must understand that a tinder scam is not so different from any other type of scam. The most important thing they need to pull off the scam is to be able to get that initial access and generate that initial “vibe” with you.

Once the scammer has been able to generate some rapport with you, They usually send you pre-written messages first thing in the morning. These messages are usually “love text messages” copied from the internet. The scammer calls you “baby all the time. She sends you her nudes, of course. Those nudes usually don’t have her face, which could very well be the nudes of someone else.

The scammer could be posing as a sexy 24-year-old on Tinder who is looking for men who are trying to date someone way out of their league. These males are usually over 40 years old, as it is normal that most guys will only begin to make it when they hit 40.

So men who are divorced or men whom society might view as being “socially awkward” are now suddenly finding loads of love from this angle online.

The Consistency

So whatever you want about Nigerians, you have to give it to them with the level of consistency they put into these scam ventures.

Our sexy young lady soon starts sending love emojis to this older man and promising to do dirty things to him when they finally meet.

The bait

However, this lady, who had posed as an NGO worker, suddenly received a job transfer letter. She has to go somewhere in Africa for work. She promises you that nothing will change and that she will always be in touch.

But before she does that, she asks you guys to migrate the chat to WhatsApp or Instagram. Of course, you are eager to add her on IG in order to see all those other sexy photos. Only if you knew that 90% of her followers are fake.

Yeah, it basically cost less than pennies to buy up a bunch of followers.

The scam

So here is this woman you plan to meet in the near future, staying under the sun and taking pictures with African kids (pictures that she took off the internet).

But is it only a matter of time before she tells you that she is not getting any younger and would like to take things seriously? Actually, she doesn’t need to make the first move; you would have been given enough green light to make the move yourself.

So, she tells you how she dreams of being in your hands by winter. But then, there is an issue. She is out of money because the NGO is having financial issues. And she loves her job too much because putting smiles on the faces of the kids is the most beautiful thing in the world to her.

Soon she tells you that she can’t meet the rent and that if you could help pay for a couple of months, But you are already playing the boyfriend role and, perhaps, the husband role. So, you jump on it and offer to save your princess.

Then she loses her phone. Then she got malaria and was in intensive care (yep, white people legit go into ICU from malaria bites alone). Then she gets hungry. Then she needs to send some money to her mom with a disability.

But finally, it is time for her to come back. Then she tells you she needs money for flight tickets. And then the flight got canceled and she was stranded at the layover airport.

All through this scam, these guys usually have genuine documents to back up their claims.

This is the anatomy of a Nigerian tinder scam.

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9th September 2022 0 comments
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Types of Family in Nigeria
Relationship

[Detailed] The 7 Types of Family in Nigeria

by Abbey 9th October 2022
written by Abbey

In this article, I will discuss the types of families that are common in present-day Nigeria. While I understand that there are over 12 types of family structures in the world, in this article I will only write about the ones that are relevant to Nigeria.

The family is crucial to a child’s upbringing because it may be the single factor that will have the biggest impact on their development. All societies are built around groupings of individuals that we commonly refer to as “the family,” because children need adults for a very long time.

Children, on the other hand, have sometimes had to live in familiar places that aren’t always the best because of changes in family structures over the past few years. This is what we’ll look at in this piece.

1. Nuclear family

The traditional family structure in Nigeria is the nuclear family. This kind of family consists of two parents and kids. Society has always valued the nuclear family as the best setting in which to raise children. The two-parent structure of nuclear families gives them strength and stability, and they typically have greater chances because two individuals can make more money.

A family with adopted children might not appear to be a nuclear family when one considers what a nuclear family actually is.

In reality, a nuclear family is one in which both parents live together and raise their children, whether they were born into the family or were adopted.

Most of the time, there is financial stability in the family since both parents reside in nuclear families. It is likely that both parents will have jobs and make a living. In general, this raises the family’s standard of living. The children are typically raised in a typical and consistent parenting style, which is another benefit of the nuclear family. Both of their parents devote equal amounts of time and devotion to raising them.

2. Single-Parent Family

One parent and one or more kids make up this kind of family. This kind of family can occur from a child being born out of wedlock, a parent passing away, a divorce, or when a couple is split up and living apart. In a household with only one parent, friends, family, and other relatives assist the parent in raising the children. This safety net can help care for the kid when the parent has to go to work.

Observing this kind of family in Nigeria nowadays is nothing new. We also have single-parent families in addition to nuclear families. Since they get to spend time together, members of this kind of family tend to develop close relationships. Additionally, they get to learn how to perform household duties as a family.

Due to the fact that there is only one parent in a single-parent family, that parent usually carries the majority of the financial burden. The family must therefore fight to survive on one salary.

It can be incredibly stressful to be a single parent and raise kids all by yourself. Growing up for children without one of their parents can be very challenging. As a result, the parents and children would always have to rely on one another for love and support, strengthening the family unit.

3. Step Family

I have seen that the divorce rate in Nigeria is undoubtedly on the higher side. Those who divorce often make the decision to remarry. As a result, two different families come together to form a stepfamily, or blended family. It includes the children from prior marriages or relationships of the new husband, wife, or spouse.

Stepfamilies are about as prevalent as nuclear families, despite the fact that they frequently face particular difficulties such as adjustment periods and behavioral problems. For these family groupings to function well, stepfamilies must learn to cooperate with one another and with their ex-spouses.

4. Extended Family

One or both grandparents, a married couple, their kids, and other relatives, including aunts, uncles, and cousins, all reside under one roof like a normal extended family. If a child from a previous marriage or relationship lives with the spouse and the rest of the group, this is not an extended family.

A term called an “incomplete extended family” exists. A single parent with children, their grandmother, grandfather, or both, as well as other relatives, all reside together in this kind of extended family. As a result of the absence of both parents, this family is considered incomplete.

A typical extended family has difficulties, such as everyone present in the home would probably want to have an opinion on how to raise the children during the entire process of raising the youngsters in the family. The fact that there is a financial issue with the extended family is another drawback. It can be problematic if the parents are now financially supporting numerous adults and kids without getting any help from them. The issue of privacy is another. The majority of extended families that cohabitate lack privacy. Depending on the type of home they reside in, this may vary.

The elderly residents of the house could get extra care and consideration. This is a significant benefit of the larger family. Additionally, when the parents leave for work, those at home can assist them in caring for their children. Family members are always willing to pitch in with household duties and other tasks, especially in the event of an emergency.

5. Separated Family

The parents of this kind of family have split up following a problem in their union. They must continue to carry out their parental responsibilities despite their refusal to cohabitate. Separated parents share responsibilities, unlike single-parent families, when one parent is solely responsible for parenting the child, even though she is typically the one who lives with them.

6. Childless Family

The form of family in which the married couple decides they do not want to have children is known as a childless family. Additionally, the couple in this household could be infertile. A childless family is not seen as a full family in our Nigerian society since it does not fit the typical family type, which includes a father, a mother, and, of course, children.

There are many reasons why a family is classified as childless. The issue of infertility is one of these elements. It’s possible that one partner has fertility problems that make it difficult for the couple to have children. When one parent has a genetic illness that could be passed to their offspring if they decide to have a child, that family may also be referred to as being childless.

In order to prevent passing the sickness to their children, the married couple can then decide they do not want to have children. Additionally, if both parents are career-driven, they may decide they do not want to have children just yet since they would not have the time to raise them. Couples who don’t have a steady source of income may also decide to wait to start a family until their finances get better.

The majority of childless households are not burdened with obligations because they do not have dependent children.

The family can also spend a lot of money without worrying about having to support young children. Couples in this kind of family always have more free time, and they are free to travel wherever they choose, as long as they have the money to do so. Additionally, they have the chance to advance their education and career.

7. Grandparent Family

Sometimes a child is raised by his grandparents instead of his parents for a variety of reasons. This is a grandparent family when the grandparents are caring for their grandkids alone, without the assistance of the children’s parents.

For a number of reasons, many grandparents today are raising their grandchildren. One in fourteen children is raised by their grandparents without the involvement of their parents.

This could be a result of the parent’s passing, addiction, abandonment, or incapability as parents. Many grandparents are forced to return to the workforce or find other means of income in order to support their grandchildren.

I hope this article has been of benefit to you. Drop your comments for thoughts and questions.

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9th October 2022 0 comments
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The 3 Types of Health Care Systems in Nigeria
General

[DETAILED] The 3 Types of Health Care Systems in Nigeria

by Abbey 22nd October 2022
written by Abbey

Nigeria has a public health system that is supported by a national insurance program. Public health care is getting better, but it still has a number of challenges, such as a low doctor-to-population ratio of only 1 per 2,000 people (poor on a worldwide scale, but higher than most of its African neighbors) and a strained infrastructure.

The nation spends 3.7% of its GDP on health care, which is lower than the global average but on par with many of its neighboring nations. Despite having a network of multi-discipline hospitals, mostly in the cities, doctors lament the poor remuneration. A number of initiatives, such as family planning and immunization programs, are improving life for residents, and the country’s prospects continue to change as its economy grows to become one of the largest in Africa, despite the fact that it is only ranked at 187 in the World Health Organization’s (WHO) league tables (World Health Report published in 2000) for the overall effectiveness of its health care system.

There are three different types of healthcare systems in Nigeria: tertiary, secondary, and primary care.

PRIMARY HEALTH CARE SYSTEM

The bulk of a person’s health needs throughout their lifetime, including physical, emotional, and social well-being, are taken care of by primary health care, which is a people-centered service rather than a disease-centered one. Primary care covers health promotion, illness prevention, treatment, rehabilitation, and palliative care, it is typically the first level of care people receive when they have medical problems or needs.

The healthcare outposts, clinics, health centers, and comprehensive health centers provide basic primary care services at the primary level, which is the lowest level and the point of entry to healthcare services. These services cover promotional, preventative, curative, and rehabilitative treatments. LGAs are in charge of this level of service and own and finance primary healthcare facilities. The National Health System is built on primary health care.

The management of primary care centers falls mostly under the purview of LGA health departments. With little assistance from the other levels of government, each level of government establishes its own health priorities and works to achieve them.
The bulk of the population in Nigeria often first interacts with the national health system through the primary health care system.

In order to bring health closer to the people, this form of healthcare system is located in each local government area. Primary healthcare addresses the population’s non-emergency, preventative healthcare needs. Primary health care offers treatments, encourages health education, and refers patients in need of more specialized services to secondary or tertiary health care. It also offers medical examinations to patients with all kinds of acute and chronic health problems.

Patients are normally treated by primary care physicians (also known as general practitioners or family doctors) at primary healthcare facilities, although in some circumstances, patients may be seen by other healthcare providers first, like a pharmacist or physiotherapist. The population’s accessibility to primary healthcare facilities makes it easier to provide a continuum of treatment that supports a full recovery, regular checkups, and preventative healthcare. Medical staff in primary health care centers usually have a lot of knowledge in a lot of different fields. This is so they can treat patients of different ages, genders, and health problems.

Unfortunately, only 20% of Nigeria’s more than 30,000 primary healthcare systems are fully operational to offer the population’s critical primary healthcare services, making the country’s primary healthcare system less than adequate. The primary healthcare system in Nigeria is in terrible shape for a variety of reasons, including inadequate personnel, a shortage of medical specialists, inadequate infrastructure, and an irregular flow of necessary medications.

There are significant access gaps to essential healthcare services due to the Nigerian PRIMARY HEALTH CARE system’s fragmented services, limited referral mechanisms, and inadequate infrastructure. The connections between the various levels of treatment are weak. The materials and equipment used in the primary health care facilities to offer services are hardly ever available or in good working order.

The majority of health centers no longer have working drug rotation programs, which causes a lack of necessary and vital goods and medications at the point of service delivery. Many primary healthcare components are not offered at the majority of service delivery locations. Professional conflicts within the healthcare system make all of these problems worse.

SECONDARY HEALTH CARE SYSTEM

Secondary health care, which is frequently provided in hospitals, is the specialized treatment and assistance offered by doctors and other health professionals to patients who have been referred to them for particular expert care. Although some services may be provided in the community, secondary care services are often located in a hospital or clinic. They could consist of planned procedures, specialized facilities like cardiology or renal clinics, or recovery treatments like physiotherapy. Numerous experts, including psychiatrists, cardiologists, obstetricians, dermatologists, pediatricians, and gynecologists, are part of secondary healthcare.

Secondary health care offers specialized services to patients through the outpatient and inpatient services of hospitals under the supervision of state governments. Secondary care hospitals receive patient referrals from primary healthcare providers. The state ministry of health offers technical support to the LGA health departments as well as medical services through secondary-level medical facilities. Each state is required to establish a single primary health care board made up of a board management team and a state-level governing body (which meets at least quarterly) (full-time employees).
Members of the governing body are women and men who represent their communities’ interests as well as their own professional, official, or political interests.

Additionally, they include individuals that particularly represent historically or currently marginalized groups, such as women and children. The Primary Health Care Board must meet frequently to oversee the provision of services in primary health care. The state governor appoints the executive secretary or director, who serves as the head of the board management team and directly answers to the board and whose responsibilities are laid out in legislation.

In Nigeria, general and public hospitals as well as private secondary facilities make up the secondary health care system. In-patient specialist treatment and support are the main goals of secondary health care for patients who have been referred by primary health care.

Secondary healthcare institutions employ healthcare experts who specialize in assisting patients who battle more serious medical issues that require specialized expert care, such as pneumonia, cancer, severe infections, and broken bones. Patients are typically seen by medical professionals at secondary healthcare facilities who are knowledgeable about their particular health issues. Specialists in secondary health care fields include gynecologists, cardiologists, psychiatrists, and pediatricians.

Medical evaluation, diagnosis, therapies, and surgical procedures are all provided as part of secondary health care. Since some patients typically choose the secondary health care system when the primary health care facilities are unable to meet their basic medical demands, this level of health care system in Nigeria accounts for a significant portion of the medical services provided to the Nigerian people. Most secondary healthcare facilities require referrals from primary healthcare facilities before a patient can get treatment, but some do not.

TERTIARY HEALTH CARE SYSTEM

The definition of tertiary care, which is a level above secondary health care, is highly specialized medical care that is typically offered over a long period of time and involves sophisticated tests, surgeries, and treatments carried out by medical experts in cutting-edge facilities. As a result, consultants working at tertiary care facilities have access to more advanced tools and knowledge.

The greatest level of specialized medical care in Nigeria is provided through the tertiary health care system. Typically, primary and secondary healthcare systems will refer patients with complicated and more serious medical conditions to tertiary healthcare facilities. Most of the medical care given in tertiary healthcare systems is carried out by qualified healthcare professionals using cutting-edge technology. The management of diseases; neurosurgery; diagnostics; heart surgery; palliative interventions; transplant surgery; intensive care; sophisticated diagnostics; and other medical services are provided in the tertiary health care system.

The Federal Teaching and Specialist Hospitals, which are spread out over every state in Nigeria, are the healthcare facilities that provide tertiary healthcare in the nation. Tertiary healthcare facilities in Nigeria include the University College Hospital, the Lagos University Teaching Hospital, the University of Port Harcourt Teaching Hospital, the University of Uyo Teaching Hospital, and many more.

The state of HealthCare in Nigeria

The provision of healthcare in Nigeria is not up to par, particularly in the primary and secondary healthcare systems. Numerous causes contribute to the country’s health system’s deficiencies. The first is the health sector’s inadequate funding. Members of the African Union (AU) convened in Abuja in April 2001 to discuss the appalling state of healthcare in their nations. To bridge the gap, the AU adopted the Abuja Declaration, which required that member nations devote at least 15% of their budgets to health care. Since the Abuja Declaration was made 21 years ago, no national budget allocation for health care has ever reached the agreed-upon 15 percent. In fact, the fiscal year 2023 budget includes the highest-ever healthcare spending allocation of 1.17 trillion naira, or 5.75 percent of the overall budget. There is still much to be done to raise the standard of healthcare service in Nigeria given the budget’s overall low allocation for healthcare.

In addition to a lack of basic amenities, Nigeria’s health care delivery system faces a lack of outdated equipment, poor maintenance practices, a poor and uncoordinated referral system, a lack of proper feedback mechanisms in the referral system, a lack of a proper health information system, a lack of capacity building for healthcare service providers, and a lack of citizen involvement in community participation and ownership in health care. The exodus of Nigerian medical and healthcare personnel is another significant issue. In a similar way, there aren’t enough qualified workers to take care of the majority of people who use primary health care as their first point of contact with the national health care system. This is because most of the workers are in the secondary and tertiary health care systems.

Conclusion

The health care system in Nigeria is underdeveloped and has faced numerous challenges, particularly at the local government levels. There are no effective and adequate surveillance systems in place, and as a result, there is no tracking system to track the spread of infectious diseases, bioterrorism, chemical poisoning, etc. A system well-grounded in regular monitoring and medical intelligence as the backbone of the health sector is important, in addition to competent management coupled with strong leadership principles, to achieve success in health care in this modern day. The suggestions made in this study may also be applicable to other nations (particularly African nations like Niger) who experience a similar issue.

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22nd October 2022 0 comments
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types of Intergovernmental relations in Nigeria
Govt. Agencies

[Detailed] The 6 types of Intergovernmental relations in Nigeria

by Abbey 23rd October 2022
written by Abbey

Nigeria’s government is run on a federal structure. The Federal, State, and local governments make up the three levels of government in this system. Together, the three levels of government cooperate to further the nation’s progress.

Federalism is the term for a mixed or compound form of governance that combines a central or “federal” administration with smaller regional governments into a single political system. Its defining characteristic is the establishment of parity between the two levels of government, which is represented in the founding example of modern federalism in the United States of America under the Constitution of 1789. Because of this, it can be thought of as a type of government where power is shared between two equal levels.

1. National-State Relations

The constitution that unites the federal and state governments in Nigeria’s first republic determines the INTERGOVERNMENTAL RELATIONSHIP in the state-nation relationship. Each regional government has its own constitution that is distinct from the federal constitution, and all of them have a coordinator and regard themselves as partners in the Nigeria project on an equal footing. In the nation’s state INTERGOVERNMENTAL RELATIONSHIP, there is no relationship of the superior-subordinate variety. It is one of excellence. In areas where the two levels of hierarchy can coexist peacefully, there is a theory of the national interest that states that in the event of a conflict, the center will have the upper hand since in relationships between nations, federal power ultimately prevails.

2. Nation-State-Local Relation

The second INTERGOVERNMENTAL RELATIONSHIP style is frequently described as the nation-state recent relationship in literature. This typically occurs when the federal government decides to interact with local government by means of a state-level regional government. It is uncommon for the federal government to interact with local governments without going via the state government in a form of governance based on the constitution. This kind of connection was established following the 1976 local government reform by the federal constitution, also known as the 1979 constitution, which brought democracy to Nigeria’s Second Republic. The Constitution says that the federal government can give local governments 10% of their income.

3. National-Local relations

Relates to the interaction between the federal and municipal governments. By accident, a direct relationship between the federal and local governments is not provided for in the Nigerian constitution. The 1976 local government reform was the first thing that caught the local government’s attention. After that, it was included in the 1989 constitution, which we never used, and finally the 1999 constitution. Even so, these constitutional provisions forbid the federal government from dealing with local governments directly; instead, it must go through the state government.

4. Interstate Relation

As the name suggests, this connection is one between two or more states that are part of the same federation; the states need not be adjacent, and the relationship need not be governed by legislation. Since Nigeria’s independence, interstate relations have largely been influenced by: 1. The state’s ethnic makeup (composition) 2. Political party membership3. The state’s nationalism and organizational style

5. State-Local Government Relation

Nigeria Federation State-Local Government Relations involves the interaction of superior and subordinate bodies. One reason is that local governments are influenced by state governments. They frequently have an impact from such acts because they were created by a state government act of parliament. It is impossible to build an organization with more authority than its founder. The first is that the state and municipal governments are legally related to one another. The legal arrangement establishes the state government’s superiority over municipal governments. Additionally, it states that the state government has the authority to retaliate violently against municipal authorities.

Therefore, the state government may take such action if the local government violates the law establishing it. Additionally, there is an administrative link that reinforces the local government’s inferior position to the state. For example, the local government’s annual budget must first be approved by the state government before it can be sent to the local government ministry for approval.

6. Inter-Local Government Relations

What is meant by this is the relationship between or among the local governments that make up the total number of local governments in a state. Every state in the federation organizes its local government such that they meet at least once every month or three months to discuss issues like the state local government joint account or how to use certain local resources for a state-wide project.

Such may be paid for road construction that connects one local government with another, garbage collection, or shared services that will benefit all local governments. Because of this joint account, it looks like relationships between local governments in NI are symmetrical, which they often are in Nigeria, and is a sign of harmony and balance.

Conclusion

Based on its integrative ability to approach the heterogeneous political life of multi-ethnic and multi-linguistic communities, federalism has evolved as one of the most desired forms of administration. However, due to the distorted character of federal practice in Nigeria, which has caused severe disputes among the constituent nationalities and led to continual tinkering and efforts at dissolution, the practice of federalism has remained a frightening nightmare.

Nigeria’s challenge has been how to establish an effective central administration that would support maintaining national unity while giving free rein to the diversity of the multi-ethnic and multilingual component divisions. Pressures for fundamental federal reforms have been a constant, intense, and polarizing aspect of modern Nigerian politics, despite the country’s growth from the colonial federal heritage of three political zones to a union of 36 states and 774 local governments.

Today’s Nigeria urgently needs to devolve and de-concentrate power to other constituent parts of the Nigerian federation, as required under the federal principle. The existence of minority groups inside the Nigerian federation also makes it imperative to develop, establish, and guarantee procedures that soothe minorities’ fears of dominance and oppression.

Therefore, to address the issues affecting Nigeria today, a reorganization of the polity that is guaranteed by the constitution and which, among other things, grants ethnic nationalities autonomy, will be sufficient. There is no question that the ethnic nations in Nigeria have a deep mistrust of the Nigerian State, and the only thing that can hold the very fabric of the polity together, in the long run, is a strong political, economic, structural, and functional restructuring.

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23rd October 2022 0 comments
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Types of indiscipline in Nigeria
Relationship

[Analysis] The 15 Types of indiscipline in Nigeria

by Abbey 25th October 2022
written by Abbey

Before attempting to define indiscipline, I believe it is important to understand what discipline means.  From my research, I believe one of the best definitions of discipline is the process of acquiring self-control and the habit of complying. It usually involves following a set of rules in a society or establishment.

Indiscipline can relate to disorderly behavior, rebellious behavior, or chaos; it can also allude to a lack of discipline, control, or appropriate training. Takes a school setting, for example, indiscipline involves students who assault teachers, disobey school rules, cheat in examinations, cause riots in the cafeteria and elsewhere, ingest Indian hemp, get inebriated, lie, and steal. These are all are gross misbehavior at the specific institution.

Indiscipline is described as a lack of restraint and disobedience that results in egregious transgressions of standards and laws and ultimately results in chaos and disorder. Lack of self-control is invariably the root of indiscipline. It explains moral decay, and discontentment,—all of which contribute to theft, robbery, and other criminal activity. As we advance, we will comprehend the reasons behind and effects of indiscipline in our society.

Types of indiscipline in Nigeria

a. Loafing

This happens when people are not putting in their fair share of work. Productivity is decreased when employees or workers in a group do not make their best personal effort to meet the goal.

b. Lethargy

If you are a civil servant, for instance, you would know that you are supposed to go to work on Monday, and with that knowledge, you are supposed to know that you need to sleep early on Sunday night. But if you stay up all night and get to work tired, this could be termed as a form of indiscipline. It could be brought on by a lack of sleep or a heavy workload. Lethargy at work can hurt productivity if it goes unchecked, because people with it will be less motivated to do their jobs, have less mental coordination, and be less alert.

c. Breach of rules (especially by students)

In Nigeria, secondary schools and college institutions have established dress codes that specify what students are supposed to wear. Wearing clothes that don’t follow the approved dress code, like clothes that show skin or underwear, disturbs the learning environment and is therefore seen as a form of disobedience.

d. Bad language

USE Foul language usage is viewed as an act of indiscipline, particularly among students in primary and secondary institutions. Even when used by adults, swearing and using profanity are usually seen as vulgar, indecent, disrespectful, and rude in Nigeria.

e. Tardiness

Tardiness is the propensity to arrive late. This type of disobedience is observed in public and private institutions of higher learning as well as in government agencies. Regularly arriving late to school can reduce productivity at work and have a detrimental impact on learning outcomes.

f. Failure to accept responsibility

Simply put, this refers to the failure to accept responsibility for circumstances within one’s power. Playing the blame game at work can keep the “blamer” from improving and learning and cause other team members to lose faith in them. A harmful workplace culture grows if left unchecked. And this in time, leads to a society where everybody do what they feel.

g. Truancy

Young people of school-going age are more likely to engage in this sort of disobedience, in which a student willfully skips mandatory instruction without proper justification from the school’s administration. Even when pupils are present at school, they may occasionally not attend class. Students who don’t go to school can’t learn as much and may be more likely to do other bad things during class.

h. Minor Infractions

Minor offenses are defined as those activities that do little to no harm. They have very few major repercussions, but, if committed repeatedly, could become serious. An example of this can be neglect, not being there when needed, carelessness, a small violation of the rules, etc.

2. Serious Infractions

These are behaviors that materially obstruct an organization’s ability to run efficiently. Any rational individual would agree that these actions have repercussions that appear to be serious. Major offenses include things like disobeying orders, lying, stealing, or disregarding safety regulations.

a. Nepotism

In Nigeria, instances of nepotism are widespread in both the public and commercial sectors. Nepotism in the workplace occurs when a staff member in a position of high responsibility hires a cousin or friend for a position without taking into account the more competent and experienced candidates who are also available. Talented workers lose motivation when their working atmosphere is like this, and bias is encouraged.

b. Drug abuse

About 29.4 million Nigerians consume psychoactive substances, prescription opioids, and other harmful drugs, including cannabis, cocaine, tramadol, morphine, methamphetamine, tobacco, and diazepam, among others, according to NDLEA statistics published in June 2022.

Drug abuse leads to a generation of youth whose future are wasted and they can’t keep the money they earn due to their bad addiction.

c. Vandalism

This is the intentional destruction of private or public property without the owners’ consent. Breaking windows, setting things on fire, ransacking a place, painting it, busting open oil pipelines, etc. are examples of vandalism.

d. Forgery

Making, changing, using, or possessing a fraudulent writing with the intent to commit fraud is known as forgery. It can take many different forms, ranging from writing a check in someone else’s name to forging one’s own academic record. It is also known as counterfeiting when money is the target of the forgery. In all fifty states as well as by the federal government, forgery, also known as “uttering a false instrument,” is a serious crime that carries a felony sentence.
The ability to produce and distribute reliable papers is essential to our society. Forged documents can have detrimental effects on organizations, people, and political bodies that are severe and broad-reaching. Forgery is severely penalized because of this.

3. Intolerable Offenses

These transgressions are so severe that they seriously damage or jeopardize a nation. For the majority of individuals, they constitute a threat and a danger. Examples of this kind include using weapons; thievery; fighting that causes severe injury to others; etc. Bribery refers to the giving or receiving of gifts, compensation, or prizes in exchange for special treatment. Offering stuff to public authorities as a way to get around local laws or having a senior public official accept money from a worker to get a raise are two examples. In addition to having negative consequences for the reputation of the parties involved, bribery can also lower morale.

a. Kickbacks

This is widespread in both public and private sector workplaces. Kickbacks occur when a contractor seeking a contract negotiates with an employee (or group of employees) of the company or government agency awarding the contract such that the employee(s) will receive a share of the contract’s payment in exchange for helping the contractor land the contract. The contractor typically submits an exaggerated invoice, and the employee(s) of the victim firm receive a “piece of the action” for winning the contract.

b. Embezzlement

The epidemic of embezzlement is felt in Nigeria’s public and private sectors alike. A person (or group of people) transferring money or other assets entrusted to them for their personal use or for something it wasn’t intended for constitutes an act of indiscipline known as embezzlement. In the public arena, embezzlement can take the form of paying salaries to undeclared employees, misusing public funds, or honoring shady contracts. The effects of embezzlement hinder Nigeria’s overall growth and have an impact on the supply of infrastructure for public welfare.

c. Cultism

In Nigeria, young people primarily engage in cultism at the secondary and university levels of school. These young people who participate in cults profess loyalty to covert organizations like the Buccaneers, Black Bra, and the Supreme Vikings Confraternity, among others. These cult groups often steal, mess up school activities, threaten people, and hurt or destroy people or their property.

I hope you have been able to assimilate the three major types of indiscipline in Nigeria and also understand the 15 examples I have given in this article. Let me know in the comments if you have other questions. Thank you.

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25th October 2022 0 comments
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Types of markets in Nigeria
Business

[Detailed] The 11 Types of markets in Nigeria

by Abbey 26th October 2022
written by Abbey

I am going to discuss the types of markets that are available in Nigeria. This list will be focused on markets that you will find in Nigeria and I will do my best to explain them as much as possible.

What is a market?

Any place where sellers of particular goods or services can meet consumers of the same products or services is referred to as a market. It establishes the likelihood that a transaction will occur. The buyers must have something to give in exchange for the commodity in order for the transaction to succeed

Marketing refers to the actions performed by a business to draw customers to its products or services through compelling messaging. Marketing aims to produce stand-alone value through content for prospects and consumers with the long-term objectives of demonstrating product value, fostering brand loyalty, and ultimately increasing sales.

The trade of products and services can take place in a market, which is a gathering place for interested parties. Buyers and sellers are typically the parties engaged. The market might be actual, like a physical store where people interact in person, or it could be virtual, like an online market, where there is no face-to-face interaction between buyers and sellers. A market is characterized by a few basic elements, such as the presence of buyers and sellers, as well as a commodity that can be bought and sold.

Markets are designated locations where supply and demand are balanced. Financial transactions happen in a market. Both buying and selling are done in these transactions. Markets come in a variety of forms, whether they be capital markets or commodity markets.

Types of markets in Nigeria

1. Physical Markets

A physical market is a location where buyers and sellers may interact in person and transact for the desired goods. Physical markets include places like shopping centers, department stores, and retail stores.

2. Non-Physical Markets/Virtual Markets

In these markets, consumers use the internet to buy products and services. In such a market, buyers and sellers do not physically meet or interact; rather, the transaction is completed online. Examples are jumia and Konga.

3. Market for Intermediate Items

These markets offer the goods that are used as raw materials in the manufacture of other goods.

4. Knowledge Market

A knowledge market is a system for exchanging knowledge and knowledge-based goods.

5. Capital Market

The type of market where equity shares and bonds are sold and purchased is a capital market. The Nigerian Stock Exchange is another name for the capital market in that country. The financial industry’s powers dominate the control and management of the trade that occurs on the capital market.

Companies and government organizations that want to make long-term investments can use the capital market to assist them put the resources provided to them to good use. Although particular institutions have authority over capital market transactions, the general public can nonetheless view these activities.

Governments and businesses both issue bonds and equity to the general public on the capital market. The majority of loans offered on the capital market are long-term. It is safe to assume that the capital market, also known as the Nigerian Stock Exchange, is a component of the nation’s financial system and deals with capital raising through the issue of shares, bonds, and other lucrative long-term investments. Investments and savings are therefore distributed between buyers and sellers on the capital market.

6. Money Market

The money market is another form of market in Nigeria. In this sector, urgently needed individuals and businesses are given short-term loans. Numerous financial transactions also occur in a money market. One benefit of the money market is that it contributes significantly to the country’s economic growth. Money markets work to maintain a balance between the supply and demand for capital. In other words, the money market aims to strike a balance between the supply and demand for money, although temporarily.

The money market also helps Nigeria’s economy grow since it is always willing to lend money to any area of the country’s economy that needs it. The money market provides funding for a variety of people, corporations, and organizations in addition to other sectors. The money market keeps its doors open to businesses and makes sure that there is always a supply of money. The benefit of providing money to firms is that it increases their general production. In other words, the money market gives corporations and businesses money.

7. Auction Market

A place where a certain kind of object can be bought or sold is called an auction market. There are numerous buyers and one vendor. The item is ultimately sold to the highest bidder after the buyers submit bids on the purchase prices.

Along with the costs of rare artwork and jewels, auction markets may also offer real estate and animals.

8. Black Markets

A market that transacts illegally and operates outside of the sectors that the government regulates is referred to as the “black market.” Any contract for the sale of products in such markets is essentially illegal, thus it is not just void. They can also experience legal or monetary repercussions.

The majority of black market sales are made through cash transactions to avoid paying taxes, making them challenging to track down and tax. They might also be used to market illegally obtained items like animal poaching proceeds or stolen works of art.

Black markets occur when certain goods and services are in short supply in developing countries. An establishment where illegal products like narcotics and weapons are sold is called a black market.

Black markets are not subject to the idea of automatic price setting in accordance with supply and demand. It permits sellers to charge extravagant rates for exceptional or rare goods. Two examples are the ticket scalping and shoe resale markets. Middlemen buy these products in bulk and resell them at inflated prices on the black market.

9. Labour Market

The labor market is the kind of market where people sell their labor to businesses and organizations that require their skills and knowledge in return for pay or income. The term “job market” is another name for this kind of market. In the labor market of Nigeria, businesses supply the need for labor while various employees supply it.

Great-skilled workers with advanced degrees who are also very adaptable and flexible in terms of productivity are in high supply on the Nigerian labor market. The labor offered by the Nigerian labor market is also noteworthy for being incredibly cost-effective. The minimum wage laws, the supply and demand of labor, and other factors all have an impact on the Nigerian labor market.

10. Commodity Market

The trading of various raw resources, including rubber, cocoa, and crude oil, is done on the Nigerian commodity market. In Nigeria, there are several different kinds of commodity markets. Open-air marketplaces, stalls, stores, and online retailers are among them. The kinds of markets we typically encounter in modern culture are open-air ones. People purchase and sell goods in an open marketplace at this kind of market.

Trading takes place in both temporary and permanent stalls in this kind of market. Most frequently, the local government council constructs these stalls. The council often oversees and maintains them. The general public can trade and purchase various consumer goods at open-air markets whenever they need to. These markets include Balogun Market in Lagos, Ajah Market in Lagos, Bodija Market in Ibadan, Igbudu Market in Warri, and New Benin Market in Benin, among others.

Stalls are a different kind of commodity market. The majority of cities and towns have market stalls. Numerous dealers place their goods on display in these built-in stalls where customers can stop by and make purchases. Additionally, these vendors use these booths to store their merchandise. The majority of the stalls are found at tiny street markets and trade shows.

Stores are a form of the commodity market that can be constructed as a standalone structure or as a block of shops. These stores offer a variety of items and commodities for sale to those that require them. On the other hand, online stores are online markets where customers may purchase goods and have them delivered. Online stores like Jiji, Konga, and Jumia.com.ng are among them.

11. Foreign Exchange Market

The type of market that deals with the buying and selling of foreign currency is the foreign exchange market. This kind of market trades any currency there is on the planet. The exchange rate is what determines this trade and exchange. This exchange rate represents the relative worth of different currencies.

Authorized dealers, who are financial organizations for which the Central Bank of Nigeria gives the license to trade and exchange foreign exchange, commonly known as FX, are the key participants in the Nigerian foreign exchange market. The Central Bank of Nigeria (CBN) and its customers, who purchase and sell foreign currency to meet their daily needs, are additional significant participants in the Nigerian foreign exchange market.

People can participate in a variety of parts of the Nigerian foreign exchange (FX) market. Windows are the term for these divisions. They consist of the Bureau De Change (BDC) market, the Foreign Exchange Window for Investors and Exporters, and the Intervention Window.

I hope you have had a good read regarding the types of markets that we can find in Nigeria. Ask me in the comments if you have a question.

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26th October 2022 0 comments
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