Businesses that will suffer under Buhari: A user in Nigeria’s biggest forum, Nairaland, with the moniker – Osile2012 have compiled ten businesses he thinks will be negatively affected by the incoming government of President-elect, Muhammadu Buhari.
1. Real Estate: Corruption influenced the high rise in the value of property in Nigeria. An area is mapped out and once politicians pick interest in the area, the value of property rises rapidly for no reason. Land that is worth 1.5m, the moment a politician comes and buys for 10m and starts building a mansion, every other land owner in the area starts selling from 10m upwards.
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The same goes to buildings. A politician sees a house he or she likes, the seller increases the price by 10 and the politician buys. Then every other property around the area is on the rise.As the new administration takes over,politicians will reduce their spending.They will now be more interested in managing their loot wisely and no more buying properties anyhow for themselves and their girl friends, because they wont have access to funds to steal. This will affect the sales of property, as there will be more properties for sale and less buyers. Even the politicians who are the target of estate investors will have to sell theirs to maintain their life style. Remember they have drivers, cooks, security and kids who are studying abroad. People who have raw cash, will buy properties for less than the actual value. A house that is selling for 20m can be bought for 10m. Because the true value of the land in those areas will surface. When you call unimaginable prices for properties, even the politicians will ignore you.