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.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.
2. Contractors: The budget of the ministry of works has been slashed by more than 50%. This means that fewer roads and houses will be built. Maintenance will even be reduced as the budget would hardly pay salaries . So contractors will have to find an alternative source of funding .
3. Interior decor and furniture: As politicians invest less in property and govt invest less in housing, there will be less houses to furnish. Those importing expensive furniture that they sell to govt at inflated prices will reduce the stock they order, before they end up using it themselves.
4. Rental services: This involves businesses that rent different types of equipements. Tractors, buldozers etc. With fewer contracts awarded, who will rent the equipments ? Even those who are into rental of events stuff, like chairs and canopy are not left out. Politicians and those who benefit from the corrupt system will go low key. So if they use to rent 10000 chairs and canopies during events, they might cut it down to 2000 now. They are no longer in power so they now spend from their pokcet and not that of govt. Those newly elected wont see so much money either like the previous administration .
5, Event planners: Those involved in event management, who plan big events and make millions from govt and politicians will also feel the heat because Buhari is known to be very frugal.
6. Hospitality Industry: They will be affected seriously because gone are the days politicians will want to sitout and have fun, they will find one name and call the meeting. Taking up all the rooms in a hotel, eating everything with women from the purse of the govt. There will be less of such extravagant spending. Politicians that use to carry 10 girls and stay in the most expensive rooms, will begin looking for the cheaper rooms.
7. Car dealers: They will feel the heat. Imagine calling a politician who use to buy 10 pieces latest mercedes cars and give to people, and he tells you to help him find buyer for the one u sold to him last that he needs the money. There will even be less escort cars, as politicians who used 20 hilux cars might limit to 2 or 3.
8. Runs girls: Heavily patronised by politicians, he era of Buhari will most likely see them have less clients as politicians will be careful not to live ostentatious lifestyle
9. Human Hair delears: Anything that affects politicians affects runs girls, and anything that affects runs girls will affect human hair dealers. So you have to find alternative and more economic hair because the runs girls have tight budget now.
10 .Boutiques: Those selling real expensive stuff will feel it too. As the politicians will be more interested in children school fees abroad, diesel for generator 24hrs, maintenance of the luxury houses they live in than clothes.