How Inflation is affecting Businesses in Nigeria
Every day, the average Nigerian is sliding into poverty. You have the money to buy that thing today, but by tomorrow you can no longer afford it. The money you have becomes useless
Salary earners on my list, How do you guys cope with this current economic madness?
Even me wey I will be businessman e don dey choke me ooo
The 4wks old turkey I’m selling now is N2500, I sold it for N1500 last year
As of last week, a day-old Turkey was N1050, as in September last year, it was N650
I wanted to buy it today, but they said N1,300.
I said no wonder, a lot of market women rush me today wanting to off-take all my 4wks old Turkey. When I noticed the rush, I know something is going wrong with the market. I quickly called my agent at the hatchery, and she told me it was now selling for N1300, I was shocked and I told them I no dey sell again, I prefer selling to end-users to make my full profit.
In Nigeria today, nothing is a liability, every single item is an asset as long as it is properly maintained. It’s only a poor man that will say buying a car is a liability, buying a car now is an asset.
If you don’t know what to do with your money and don’t trust anyone, Please buy cars and keep them, buy chest freezers and keep them, buy electronics and keep them, buy rice, garri and keep them.
Don’t go and be putting your money into what you don’t understand like fake investments, HYIPs, Ponzi schemes, etc.
Every item in Nigeria now is an asset, even a common garri is an asset. I have three chest freezers in my house, I bought them for 120k each (Shasha tokunbo) last year, and that same freezer is now selling for 180k each.
They’re not eating, not using fuel, and spending zero kobos to maintain it, I only ensure I put light on them at least thrice a week, anytime I see those freezers, I see my money building up daily.
The car that I’m driving now is an asset, the reason I don’t allow anyone to drive it. I have someone offering me a Tokunbo Toyota matrix for 1.2 last year, and that same car now, if you don’t have 2m forget it.
My generator in my house is an asset, I bought it for 55k 3years ago, and that same generator is now selling for 120k. If I want to sell my 3yr old neatly used old gen now, I can’t sell it for less than 80k. I’ll use my car for 2years and still sell it for the same amount I bought it or even add an extra 500k to it.
That is the situation we find ourselves in now, everything in your possession is now an asset. If you useless it or let people steal or damage it, you may not be able to afford it again.
I don’t want to talk about building a house now….
Building 3 bedroom flat from foundation to lintel only cost about 400k to 500k 2years ago exclusive of roofing, windows, and just laying of blocks. But Now, if you don’t have 2.5 to N3million, don’t go near it
I don’t want to talk about roofing, that one nah suicide mission🤣🤣
The only way to survive in this country nah to position yourself
If you can’t do business or don’t trust anyone, buy any valuable items and keep them, keeping your money idling for a very long time in the bank is the dumbest thing anyone can do.
You can check out some business ideas to invest in here. You can also go into full farming business or real estate business as these 2 are proven profitable business ventures.