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How Nigeria Can Create 3 Million Jobs

Facebook made $5 billion in one quarter (QI 2018). If that party continues, it will close the year with $20 billion as profit. That is despite its efforts to actually stop making too much money by prioritizing posts from friends and families over corporations and celebrities.

Demonstrating Facebook’s declining web presence, mobile made up $10.7 billion, or 91 percent of all ad revenue, up from 89 percent last quarter. Facebook reached $4.98 billion in profit, up from a weak $4.26 billion last quarter.

If you run the number, another two more quarters, Facebook profit would be enough to fund Nigeria's approx $30 billion annual budget.

Now, Apple is worth about $829 billion. That is more than the GDP of Nigeria [I get it. GDP is faulty]. But get my point, there is wealth in innovation.

Meanwhile, if you are paying attention, you would have noticed that Nigeria's federal, state and LGAs governments increasingly have lesser to share from NNPC generated revenue from crude oil business.

The federal government, states and local governments shared N626.8 billion for the month of April. ...Giving a breakdown of the revenue accrued in March, Mr Idris said N480.59 billion was received as gross statutory revenue, lower than N557.94 billion received in March by N77.34 billion

I will remain with my thesis that government must pick say $3 billion from the foreign reserves and fund SMEs in Nigeria (there is another one for VC tax incentives). The funding will be given as loans tied to BVN. Any person that does not pay can never access the financial system until the person repays. If we do this, we can create 3 million jobs within a year. Our immediate challenge is funding innovation and I am confident there are many small companies in Nigeria that would need that funding.


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