Threads Engagement: How to Earn above Nigerian Minimum Wage
A recent publication by the National Bureau of Statistics (NBS) has shown that the Minimum Wages for employees in Nigeria has remained unchanged at 38.946 USD/Month (30000 NGN/Month) in 2023. This value of minimum wage in the Nigerian currency (Naira) has remained unchanged since 2019. The present minimum wage was a 60% raise in the previous 18000 NGN/Month (23.367 USD/Month). Interestingly, the minimum wage can barely provide for good food for a month in the present economic realities in the country.
There is a high rate of unemployment too at 4.1 percent in Q1 2023. According to NBS, the in-depth unemployment analysis takes into cognizance, the key labour market indicates such as underemployment rate, hours worked and informal employment. The statistics defines employed persons as individuals who are working for pay or profit and who worked for at at least one hour in the last seven days against 40 hours. Unemployment is a serious cankerworm in the Nigerian economy and it may even ge worse as institutions are graduating many who are either under-skilled or not even have a place to expressed their learned skills.
The Nigerian story is not very different from other African countries. Angola, also shares the same minimum wage amount with Nigeria, while other countries like Egypt. Mozambique and Kenya earn about triple of that. Indeed, Africa has become a muster point for economic revamp concerns. We cannot deny the truth that web3 technologies like blockchain and cryptocurrency has caused a disruption in the world of work, hence, there is the need to have sectors of the bewildered economies adopt these technologies to improve the work deliveries and reward systems for its citizenry.
In a recent Threadcast hosted by @Taskmaster4450le as a pre-Hivefest communication for members of the Hive blockchain, Nigeria with it's record as a leading country where its citizens embrace cryptocurrency was discussed extensively. Cuba, Venezuela Sucre were in the list of locations that were mentioned that could maximize the innovations in the Hive blockchain to their greatest advantage.
No doubt, the Hive blockchain is leading and has no rival when it comes to empowering humans around the globe irrespective of race, eduational qualifications and tech skills. There is a room for everyone that wishes to use the internet. From social communication to gaming, art, sports and all niches you can ever talk about, there are dedicated Hive communities. An intentional push by the Leo team to onboard 10k new users to Hive is quite timely as developments are shaping up and more usecases are being added. One of such novel usecases is the web3 alternative for X (Twitter), Reddit, Substack, Medium combined - Threads.
Being able to create short form contents otherwise known as microblogs within 240 characters has become the most interesting social activity to be engaged in on the Hive blockchain. Using text, images, emojis, gifs and short videos o express one's thoughts has not been merrier epecially when it comes with a reward. One of the users during the Threadcast quoted @Theycallmedan who explained the simplicity of Hive blockchain as a new definition of fun and eased work.
Hive is the only place where you can buy a coffee with HBD, post about it and earn enough to pay for that coffee.
Interesting! You buy a coffee, talk about it, earn money for telling your friends on social media that you bought a coffee, and then they peer reward you to pay for the coffee and even more. Such a unique way of demystifying work and earning. While reflecting on how Hive has redefined social media based work in today's Threadcast, I tipped that "100 Threads a day is a very easy task and can fetch at least $1 worth of Leo" to users who engage it rightly. Just then, a dedicated Threads engager, @princessbusayo, shared a testimonial on how she earned $2 on threads in a single day. That was quite a quick support and validation to what I was yet to spill. Now look at the below screenshot.
just few days ago, I personally earned around $7 for participating in the Threadcast that ported @Breads to the Hive blockchain. Though such huge earnings are rare, it only shows the possibilities that are already abounding here on Threads. All of the words that made up the threads that earned $7, probably would not add up to 100, yet, the reward was massive.
Peer earning in microblogging platforms are not common and having a level-playground foe all users to earn on and own their data is just the "Hive thing". If a call is made, it would be surprising to see that hundreds of hivers are already earning above $1 from microblogging on Hive via the Threads interface. All it requires is a consistent level of engagement. Making 100 threads in a day is very easy, as we can break it down to 10 threads per hour and in just 10 hours 100 transactions were committed. Remember, you're talking about your daily experiences, thoughts life lessons, dinner pool party, et al. Random curation from @leo.voter via the Threads curation initiative as well as other $LEO curators would have made $1 too easy to earn in a day from 100 threads.
Accumulating $1.5 daily over a month gets to about $45 monthly and that is above the Nigerian minimum wage for employees who work for eight hours over five days. Graduates employed by private firms even earn less than that amount. This is what we earn with some random chit-chat on Threads.
Indeed, Hive blockchain via the Leo ecosystem can change the Nigerian work economy in several ways and I see that happening in the coming months and years as help others onboard seamlessly into this blockchain of possibilities.
What is the best you've earned on Threads in a day?
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This is quite enlightening. So not even $40 a month average. It seems to me costs have to be significantly lower. How much would a stake dinner cost in Nigeria and how much would a hotel stay cost?
Hi! I'm from Venezuela, and I have had conversations with several Nigerians about the similarity of our countries. And in Venezuela, the low wages are not reflected in lower prices. Sure they can be "lower" in some cases, than in the US for example, and just some cases because we have products that are more expensive.
My most recent grocery list was:
Eggs 5$
Flour x4 6$
Margarine 2$
Pasta x2 4.5$
Rice x4 7$
That is 24.5, you get the idea, now add to it all the vegetables and meat. My mom and Dad ear about 45$ each, even less, the rest of the money comes from extra jobs and from me. Neither of them could live just from their jobs.
Transportation:
0.35$ two per day if you have go to your place of work, 0.7 x 30 is 21$ just moving around (that is why many people quit and had to find something worse but close to home)
A pizza with soda 10$
and the hotel is from 30 to 150 a night, or more, it depends.
And I could continue. I just wanted to jump in because there is the misconception that because of the low wages our cost must be significantly low, and that is just true in a few aspects, but only if you compare against USA or European salaries, not for us, there is nothing cheap here.
Argentina has two exchange rates so according to either here are prices from memory and from online:
For this limited basket prices are cheaper here in Argentina. I doubt I could find a hotel in this country for $30 a night even if my life depended on it though. I think the government subsidies for fuel drives down the price for food grown far away. Without the subsidies some farms would be stuck with product they couldn't sell or the prices would reflect the cost of transport. Either way the prices would be higher.
Also the complicated two currency exchange system makes exporting food far less profitable. If I want to send you eggs, I have to charge you $9 in order for me to get the number of pesos $4 dollars gets me on the free market while using the banking system. People hate this but it does mean we can pay less for these items.
30$ is like the worse think you can find, 80$ - 100$ is where a decent one starts, with no amenities, so it's tricky because it's a hotel but no the hotel experience.
Here we also have two different values for the dollar. I play a lot with that trying to get the better deals but some times you just end up losing money.
If someone comes from money from the outside, it will look cheaper, but then you get also a cheaper experience, nothing like you would consider the bare minimum outside, maybe different just in some very touristic places, where you can find only foreigners.
The government subsidies a lot of stuff but those thinks fail a lot, are not available in the market, the gasoline is poor quality and damage the cars.
So we don't have a point where any economic aspect is positive. Not even the subsided bags of food, the food there is very crappy.
I'll be sharing the prices for these items in Nigeria.
Interesting analysis here. I'll share the situation in Nigeria.
Costs are not lower. Like I said a basic meal would take about $1. Not luxury! No lots of protein.
This is the message that we need to spread.
https://leofinance.io/threads/uyobong/re-uyobong-zw39gkwt
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