I’ll just come out and say it: Nigerians have a numbers problem. At first, I thought it was just Old Nollywood and their love for name-dropping huge amounts of money like they were pricing pepper.
But it’s more common now. One person said 65% of the married men in Lagos are in her DM, and another one said Nigerians spend $1 billion on betting platforms daily. The one that broke the camel’s back for me was when another person said BB Naija Sheggz’s house costs ₦600 billion. For God’s sake.
You see why this guide is important?
First, let’s look at the difference between millions and billions
It’s easy to point out that you need one thousand millions to make a billion, but the major problem is visualising it.
Let’s use time as an example. If someone dashes you ₦1 every second, it’ll take you over 30 years to make a billion naira. However, it’ll take you just about 11 days to make a million naira. Can you see both figures are not mates?
Let me blow your brain further, following the same time example, it’ll take you over 31 thousand years to make a trillion naira if you earn ₦1 every second.
“Millionaire” and “Billionaire” aren’t synonyms
Bill Gates is worth around $100 billion. If he buys twenty Boeing 747 planes at $148 million each, he’ll still have over $97 billion as change. A millionaire worth $900 million can only buy the same plane six times before going broke.
Twenty aeroplanes and Gates’ net worth didn’t even feel it. But someone said a house in Ikota is ₦600 billion — more than $700 million. Let’s be for real, please.
One billion naira is not that easy to spend
Even if you spend ₦1 million every month, it’ll take you about 83 years to run out of ₦1 billion. Now imagine ₦50 billion. Unless you’re a Nigerian politician, it’s extremely unlikely you’ll spend it all in a lifetime.
You can never be a billionaire by saving
It’s not like I’m swearing for you o, but how much do you want to save? Even if you save your entire salary every month, it’ll take an average Nigerian minimum wage earner centuries to reach a billion naira.
So, if a motivational speaker tells you, “Making your first billion is just determination and a thing of the mind,” feel free to throw hands.
Consider returning to school
If by now, I’ve not been able to convince you that a million naira isn’t even fit to kiss the feet of a billion naira, run your parents a refund of the school fees they spent on you and start taking maths class again.