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Nigeria’s biggest export may not be oil but its citizens — Aboyeji

Andela’s Co-Founder and former CEO of Flutterwave, Mr Iyinoluwa Aboyeji, has disputed claims that Nigeria’s largest export is its crude oil.



Nigerian tech ecosystem

Andela’s Co-Founder and the former Chief Executive Officer of Flutterwave, Mr Iyinoluwa Aboyeji, has disputed claims that Nigeria’s largest export is its crude oil. According to the Serial Entrepreneur, the country’s largest export is, indeed, its people.

Mr Aboyeji, who recently took to his Twitter page to make his point, also noted the fact that more than 17 million Nigerians live outside the shores of the country and remit between $25 billion to $35 billion into the country’s economy each year.

Therefore, it is wrong for Nigeria to keep thinking that oil is its biggest export because it is not, he emphasised.

Education is the ‘new oil’?

Furthermore, Mr Aboyeji argued that education is the new oil and that the Nigerian Government is making zero profit from it. For him, he intends to get more people out of Nigeria and invest in them and others who want to leave.

Nigeria still basking in the euphoria of its oil discovery

Over the years, Nigeria’s major source of revenue is its crude oil which is usually exported to other countries in its raw form. Since the oil boom of 1970s, the country has solely relied on crude exportation for revenue generation, even as it ignored other sources of revenue.

On Migration – Everyday, thousands of Nigerians troop to many countries’ embassies in search of visas either to travel for permanent residency or studies. Countries like Canada, Australia, and the United Kingdom top the list of the most sought after out countries. Most of those who get their visas hardly return.

Why is it so? – Nigeria, as many would say, is not a favourable place, especially to the teaming youths. Millions of Nigerians youths graduate from school every year only to queue up in search of jobs.

Therefore, when they find other countries favourable enough to support their dreams, they emigrate to such countries. And most times, Nigerians who leave Nigeria for other countries tend to fare better than they would have if they stayed back home.

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.



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Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.



The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.

In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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