In 2014 I bought a piece of undeveloped land for N1.3m (at the time N166/$). In Dec 2019 I sold the same piece of land for N1.8m. ~50% ROI sounds great right? Wrong. 100% wrong. N360/$ (its now ~420/$). In $ terms I bought for $7.83k and sold for $5k. I lost -$2.83k.
Now x100 to understand the real impact of my land deal. When people talk about Naira billionaires I always 🙃🤣. N1B in 2014 = $6m. Same N1B today = $2.38m & falling. So much of Nigerians inflow is linked to remittances. So many people poured money in Nigeria for investment
Unless you are developing and adding serious value to land in a special and structured way. Man. I dunno. Losing 36.14% in $ whilst the Naira value increased 50% is well. Hard. I'm not an economist. I'm just a humble capitalist. And this 👆🏾is value destruction in plain sight.
