agricultural diversification.

agricultural diversification.

The Nigerian government is interested in diversifying the Nigerian economy from a mono-economy to a multi-economy. This will enable the country to stop being dependent on revenue gotten from the oil and gas industry. Unfortunately, before oil was discovered in the Niger Delta in 1958, Nigeria was an agricultural super power. We exported the largest amounts of cocoa in the south western part of the country, palm oil in the south eastern parts and groundnuts and cotton in the northern parts of Nigeria. We were the largest exporters of these listed commodities before the civil war, in Africa, but soon after the civil war ended, misguided leadership from successive military regimes and democratically elected administrations, have led us astray and depended on oil. These misguided leadership, have even assisted corrupt politicians, businessmen, civilians and the military, to steal everything we have and now they desire that we venture into other industries, especially agriculture they left to die.

a modern farm

a modern farm

These people do not know what industrial diversification means. Industrial diversification is a strategy that involves choosing to structure an industry in a manner that promotes involvement in a wide range of revenue producing activities. The goal of any type of industrial diversification is increase the chances of returns by diversifying or spreading assets over a wider range of activities, while also helping to minimize the potential for failure or loss.

As it relates to production operations, industrial diversification has to do with providing goods and services that appeal to multiple markets rather than focusing on a product line that appeals to mainly one market. For example, a company may operate plant facilities that produce clothing items at one location, while also manufacturing bedding and other types of household textiles at another. At times, the diversification may involve completely unrelated products, such as a company that produces a line of office supplies but also has a division focused on the production of televisions and other electrical entertainment devices. The degree of industrial diversification will often be influenced by what owners believe will provide the best possible protection from declines in one market by enjoying corresponding increases in demand in another market.

What this means is that in agriculture, we can diversify the industry, which would increase the returns after we must have spread assets over a wider range of activities. Take for example, palm oil is a major agricultural commodity in the south eastern part of Nigeria, cassava is also a major crop grown in this region. With diversification, agricultural practitioners can introduce new crops like tomatoes, potatoes, groundnuts, beans and the rest of them to the south east and which would improve the economic returns from different value-added crops and marketing opportunities. With the threat of marauding Fulani-herdsmen from the north, who are trying to seize lands down south for cattle grazing, if we truly support agricultural diversification, we can then introduce dairy cattle and other livestock farming in the southern parts of Nigeria. The economic benefits to these idea is huge, but I do not think we have the political will to make this happen. Look at the grazing bill tearing the nation apart, were government want to take lands from all states of the federation and hand it over to Hausa-Fulani herdsmen, the same people who have been killing innocent Nigerians. The same people who have been labeled the fourth most violent terrorist group in the world by Amnesty International.

Industrial diversification can also occur in other industries like, power, transportation, tourism, health, sports, communication, information technology etc. We need our economists, especially the CBN to look more into this.

Agricultural diversification is a success in India. I rest my case.

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The paper money we use today originated during the middle ages. In those days, goldsmiths and merchants trading with gold and silver items, kept the values related to these items. The goldsmith, as a guaranty, delivered a receipt to the merchant. With time, these receipts were used to make payments, circulating from hand to hand.

paper money: dollar bill

paper money: dollar bill

The first bank notes were issued by Banco do Brasil in Brazil in 1810. They had its value written by hand, as we today do with our checks. With time, in the same form it happened with coins, the government came to conduct the issue of notes, controlling counterfeits and securing the power to pay. Currently, all countries have their central bank in charge of issuing coins and notes.

Nigerian Naira: 100 Naira note/bill

Nigerian Naira: 100 Naira note/bill

Paper money experienced an evolution regarding the technique used in their printing. Today, the printing of notes uses a specially prepared paper and several printing processes, which are complementary to each other, assuring to the final product a great margin of security and durability conditions.

The set of coins and bank notes used by a country form its monetary system. The system is regulated by appropriate legislation and organized from a monetary unit, its base value. The countries, through their central banks, control and guarantee the issue of money. The set of notes and coins in circulation, the so called monetary mass, is constantly renewed through the process of sanitation, substitution of worn out and torn notes

As coins and notes ceased to be convertible into precious metal, money became more dematerialized and assumed abstract forms. One of these forms is the check that, for simplicity of use and security offered, is being adopted by an increasing number of people in their day-by-day activities. This document, by which one orders payment of a certain amount to its bearer or to a person mentioned in it, aims mainly at transactions with bank deposits. The important role played today in the economy by this form of payment is due to the innumerable advantages offered by it, speeding transactions with large sums, avoiding hoarding and diminishing the need of change by being a document completed by hand in the necessary amount.

The need now came for people to

Money now has an electronic form

Money now has an electronic form

Electronic money, or e-money, is the money balance recorded electronically on a stored-value card. These cards have microprocessors embedded which can be loaded with a monetary value. Another form of electronic money is network money, software that allows the transfer of value on computer networks, particularly the internet. Electronic money is a floating claim on a private bank or other financial institution that is not linked to any particular account. Examples of electronic money are bank deposits, electronic funds transfer, direct deposit, payment processors, and digital currencies.

Electronic money can either be centralized, where there is a central point of control over the money supply, or decentralized, where the control over the money supply can come from various sources. Electronic money that is decentralized is also known as digital currencies. The major difference between E-money and digital currencies is that E-money doesn’t change the value of the fiat currency (USD, EUR) it represents, but digital currency isn’t equivalent to any fiat currency. In other words, all digital currency is Electronic money, but Electronic money isn’t necessarily digital currency. Many mobile sub-systems have been introduced in the past few years including Google Wallet and Apple Pay.

Money, whatever the form it has, is not valuable for itself, but for the goods and services it may purchase. It is a sort of security giving its bearer the faculty of being creditor of society and take advantage, through his or her purchasing power, of all conquests of modern man. Money was not, hence, invented by a stroke of genius, but stemmed from a need, and its evolution reflects, at each time, the willingness of man to harmonize its monetary instrument to the reality of its economy.


Initially, during the course of civilization, money didn’t exist. People who lived during the early ages, had to make exchange for items or goods they did not have. They engaged in trade by barter, which is the exchange of an item for another item and these items weren’t of the same value. So if a fisher man caught more fish that he could use, he exchanged them with a livestock farmer or farmer who had grains, like wheat. This form of trade still exists today in some parts of the world. This exchange, however, is not free from difficulties, since there isn’t a common measure of value among the items bartered or exchanged.

traders exchanging tomatoes for a cup of grain

traders exchanging tomatoes for a cup of grain

Some items became more valuable than others and more sought after. These items assumed the role of currency or money. These items were referred to as commodity money. Items like cattle, spices, milk, cowry shells, were used as commodity money, due to the fact that these items were scarce. Later, these commodities became inconvenient for commercial trades, due to changes in their values, the fact of being indivisible and easily perishable, therefore checking the accumulation of wealth.

items used as commodity money

items used as commodity money

cowry shells, one of the items used as commodity money

cowry shells, one of the items used as commodity money

As soon as metal was discovered, it was used to make utensils and weapons which were previously made of stone. For its advantages, like being durable and divisible, metal became the main standard of value. It was initially used in its natural state, then in the forms of ingots and objects like rings to bracelets. The metal traded with were weighed and assessed of its purity at each transaction. Later, metal money gained definite form and weight, receiving a mark indicating its value and the person who issued it. They came to be valued commodities. The increased value of these objects led to its use as money and the circulation as money of small scale replicas of metal objects.

gold and silver were the most preffered objects used as money

gold and silver were the most preferred objects used as money

Coins were first minted in Lydia during the 7th century B.C, which is present day Turkey. The first metals used in coinage were gold and silver. Minting of gold and silver coins was common for many centuries and pieces were guaranteed by their intrinsic value or importance.Then a coin made with twenty grams of gold was exchanged for goods of even value. Gold were used for higher valued coins, while silver and copper coins were used for lesser value. Later cupronickel and other metallic alloys were used as coins and these coins came to circulate for their extrinsic or face value and not their metallic content. With the appearance of paper money, minting of metal coins was restricted to lower values, necessary as change. In this new role, durability became the most requested quality for coins.

In the next write up we will conclude our story on the evolution of money.



Yesterday we talked about how to sell a product by showing enthusiasm or love for the product or services you are selling. Today, we continue the second part of how to sell a product, by connecting with your buyer. If you do not establish a relationship with your buyer or customer, you might not be able to sell your products/services or even close a deal. Continue reading.

buyers and sellers

  1. Anticipate your customers’ motivations.

You want to be able to answer any questions that customers may have about a product, but even more importantly, you want to anticipate those questions. This shows that you understand customer needs. Make sure that you are able to connect emotionally with customers by addressing those needs.

  • Think about your typical customers. What motivates them? What needs do they have? Are they young? Single? Wealthy? Do they have families?
  • Once you have an idea of your customers in mind, think about how your product can help them meet their needs or reach their desires.

  1. Practice breaking the ice with customers.

If you are working in direct sales, the way you connect with people is critical. Instead of asking the close-ended question “May I help you?,” ask the more positive, open-ended questions like “Are you looking for something for yourself? Or a gift for someone special?” In addition, be ready to make remarks about your product that will interest customers and start deeper conversations. For instance, if you are in clothing retail, you might say: “You know, ugly Christmas sweater parties are really popular right now. Have you ever been to one?”

  1. Convert the customer’s motivations into the product’s characteristics.

In marketing, this is known as “positioning,” and it consists of equating the product with the customer’s hopes and desires. A number of factors are important when positioning a product:

  • Position the product in the best spectrum of the market possible. Don’t pitch the product too high or too low in terms of affordability and luxury.
  • Position the facts about the product according to the person you’re selling it to. You may have a handful of different facts, but it’s up to your skill to know which of those facts best serve each individual sale.

  • Don’t fudge facts or lie outright. Product positioning is about perception, not deception.

  • Position the facts so that they transcend the product itself. This means that the desirable, positive values associated with the product are what sell it. Companies that excel at this include Coca-Cola, Apple, and many designer goods or labels. Think about how your product will connect with a customer’s lifestyle or values, and not simply serve a function.

  • For instance, if you are trying to sell a relatively high-end minivan to a wealthy older person, you might mention its luxurious features. Do this by saying things like: “Take a look at that wood trim—it’s just beautiful. And those soft leather seats—they’re so comfortable. They’re perfect for taking a nice sunset drive.”

  • If you were trying to sell the same minivan to a family with three children, however, you would emphasize its more utilitarian features. For example, you could say things like: “The third seat adds lots of room for carting friends around. It also folds down when you need room for hauling groceries, sporting gear, and things like that. And did I mention that side air bags and anti-lock brakes come standard?”

  • seller and buyer

    1. Be honest about your product.

    Long-term lovers of your product will only come about if you’ve been honest with them. This means being transparent in your delivery of product information and also admitting your own lack of knowledge or mistakes you’ve made. Don’t be afraid of honesty; it builds trust.

    • If you ever are not able to answer customers’ questions or supply them with what they need, offer to follow up with them later, as soon as you are able to.
  • Make sure customers know they can come back to you later if they have questions or concerns.

  • If it ever turns out that a product isn’t right for a customer, be honest about it and help the customer find what he or she really needs. Even if you don’t make the sale today, your honesty and generosity will be remembered, and can translate into future sales.

  • For instance, if you are trying to sell a sports car to customer who eventually tells you that he has five young children who he drives to school everyday, you could say something like: “Well maybe you’d be better off with a good minivan or SUV. But if you’re ever in the market for a second vehicle, come back and talk to me and I’ll help you get a good deal.”

    1. Close the sale.

    There are many styles and methods of closing a sale, but one of the most effective has the mnemonic, ABC: “Always Be Closing.” As you confirm your prospective buyer’s interest in the product, put forward trial closes like, “Does this sound like the product you want?” or “So what do you think? Will this meet your needs?”

    1. Give customers time to consider.

    Appearing overly pushy is a turn-off for many buyers. They may want to go home and do a quick online search for more information. Let them do so with your enthusiastic and supportive pitch in mind. If you’ve been truthful, helpful, considerate, and enthusiastic, and the information you’ve given them matches with what they read online, they are likely to come back to your product.

    • Sometimes, it pays to let your customers take the lead. Give them time to consider, and keep quiet while they do. Only offer more information when they request it.
  • Don’t let customers get away without knowing how to contact you. If you are working in a store or on site, make sure customers will know how to find you again (especially if you will be moving around). Make sure to tell customers something like “I’ll be right here at the counter if you need me,” or “Just ask any sales associate to page me if you have any questions.”

  • You can also give customers your contact information so they can get in touch with you if they have questions or want more information. Slip the customer your business card or other contact information and say something: “Call me anytime if you have questions, and you can also find me right here in the store on weekdays.”

  • Use your instincts. If you think a customer is close to buying, stay nearby without being intrusive. You’ll want the customer to be able to find you quickly. The last thing you want is for a potential buyer to decide to purchase and then be unable to find you.



    a bar tender selling to his customer

    a bar tender selling to his customer

    This is a first part of a marketing article for marketers and people who hope to sell their products/services to their target customers. Believe me, finding someone to your services or products, is not easy. You might even loose faith in yourself and become scared of selling more of your products and services.

    Selling a product doesn’t have to be complicated. At it most basic level, a sales program is defined principally by what you sell, who you sell it to, and how you sell it. Beyond that, sales involves staying focused on the details of your product and customers. As a sales program continues, you will want to keep paying attention to changing trends and the needs or desires of your customers. By observing these changes, you will be able to adjust your program and keep your sales strong.


    1. Share your love of the product.

    A good salesperson believes in the product that is being sold, and transfers this enthusiasm to the customer. There are numerous ways to show your love of a product.
    Don’t neglect body language and tone. You will convey energy and enthusiasm if you speak clearly about a product, and show expression when discussing it. On the other hand, if you mumble when customers ask questions about a product, or cross your arms over your chest, then it will appear like you are distant and don’t care about the product.

    Be prepared to discuss how you use the product, or how other satisfied customers have. Specific stories about the product make it relatable to customers. For instance, if you’re selling a shampoo, you can tell a customer something like: “My hair is usually so frizzy, but ever since I’ve started using this it’s been as smooth and straight as it is right now.”

    1. Study your product.

    If you are able to convey knowledge about the product, and to answer questions that customers may have, then they will understand that you really care about the product. If you find the product worthwhile, they are more likely to as well.

    It is absolutely vital to know your product inside out. If you do not know something a customer asks of you, try saying something like “I don’t know the exact answer for that, but I’ll be happy to look into it and get back to you right away. What’s the best way to contact you when I find the answer?”

    a satisfied customer

    a satisfied customer

    1. Emphasize the perks of the product to customers.

    As well as getting good product information to the right people, it is important to translate the product’s features into benefits. This makes it easier for the customer to see why they should purchase the product.

    Think about things like:

    • Will the product make the customer’s life easier?
    • Will the product create a sense of luxury?
    • Is the product something that can be enjoyed by many people?
    • Is the product something that can be used for a long time?

    4. Ensure that the product has been adequately explained.

    If you are not doing direct, person-to-person sales, then you will need to ensure that good product information is supplied via retail packaging, point-of-purchase displays, and any marketing materials. Even if you are selling products directly or making a pitch, having good product information on display will help you convince customers.

    • Make sure that all product information is informative, true, and complete.
    • Make sure that the language on product packaging and marketing materials is clear, direct, and easy to read.
    • Invest the time and money to ensure that your product, packaging, and marketing materials look good—high-quality photos, vivid colors, etc.




    cheta hard at work on his blog

    cheta hard at work on his blog

    My name is Cheta Okorafor and I am a blogger. I need 1,000 blog followers to follow my blog. Linda Ikeji makes a lot of money from her blog. She is the most recognized blogger in Nigeria today. Last year, she bought a land rover jeep and this year, she bought a mansion in Banana Island, Lagos worth over #500 million. I am a modest person. I will be able to earn an income if you fellow my blog. So I have launched this #operation1000followers campaign and I hope you would help me in achieving this lofty goal of mine. I promise to be holding an end of year party every year with my followers and it would be a nice get-together with my fans to share ideas and get to know each other. That would also be an excellent idea to post on my blog. Maybe that would make me more popular than Linda Ikeji who doesn’t give back to her followers who literally made her. Without them, there would be no Linda Ikeji and without you guys, there would be no Cheta’s Blog! Thank you guys. You are awesome. Even when the story makes no sense to you, you still visit and follow my blog.

    linda ikeji in a how multi million mansion

    linda ikeji in a how multi million mansion

    linda ikeji with her land rover jeep

    linda ikeji with her land rover jeep


    To follow my blog, all you need to do is open the blog, on your laptop or desktop and you will see a “follow Cheta’s blog!” link on the lower left hand side of the blog. If you are not a wordpress user, some directives would pop up and you need to take some seconds to fill them. If you are a wordpress user, all you need to do is click on the app or pop up link.

    If you want to follow my blog from your smartphone, you can do so by opening the blog and at the bottom of the blog you will see space that will tell you to enter your email address and a follow link below it.

    Please, follow me so that I can make money like Linda Ikeji.

    Thank you.





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    You can determine how your money works for you by registering with just $8 USD or N1,600 NGN, and assist these parents get the best medical care for their children and not only that, empower them in starting a small business for themselves. When these parents, who are mostly jobless, learn basic skills in starting their own business, they can earn money to secure a brighter future for their children. They can also use the opportunity to become members of DCFI/$8.COM and earn money too.



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