What is the calculation of the super-rich Nigerian and why don't they run to the hills whenever there is an economic crisis?
I think because each crisis presents new opportunities with loopholes to gain advantage. I’ve once said that Nigeria is the world’s opportunity capital.
What Nigeria produces in abundance is opportunists. We don't do capitalism or socialism in Nigeria, we do opportunism.
Opportunism doesn't think long term about anything. It takes lemons and makes lemonade, then tries to create a lemonade monopoly to have outsize sales margins.
This is why we import when things are scarce. We trade when we are broke. Importation and trade are very short-term value creation processes without long-term upside. It is why our wealthy people are ”low-quality” according to @DoubleEph 😂
There is generally no production depth
Our banking system is also complicit in supporting this charade. It is why most of the nonperforming loans have been made to these same opportunists masquerading as the ”super-rich”. I missed the opportunity to add quotes in my first tweet. Their so-called wealth is qualified.
Something is fundamentally wrong when an economy is almost completely transactional. Yes, I have made money from fintech but I also see the long term damage of the current fintech hype. Nigeria as a country has been in one long hype cycle. This is why I keep saying it isn't real.