Ex-BBNaija Housemate Leo talks about the effect of Naira depreciation
Former Big Brother Naija (BBN) housemate Leo DaSilva has opened up about the effect of the economic crisis and naira depreciation on Individuals and businesses.
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Leo made several tweets on his X account, one of which he recounted how he helped raise funds for business and how businesses have faced difficulties since President Tinubu assumed office.
”From experience let me give you one instance, stay with me. I am not supporting anyone but just providing a small context to the possibility. My company started trying to raise funding for some companies in 2019, let’s say company A. International funding was $10m, interest was 5%…
After we did the audit was when I removed my hand from raising money for Nigerian businesses, I might not understand all the Economics, but I know the business. If we do not export more things, the Naira will be k!lling many businesses”
According to DaSilva, his company has plunged into what he describes as “generational debt” due to the depreciation of the Naira and changes in the economic landscape under the current administration.
Leo DaSilva also highlighted the difficulties faced by those with big ideas but lacking access to adequate funding. He expressed frustration, stating that it would take “magic” for people in this generation to secure good loans.
DaSilva also alluded to the struggles faced under the former Central Bank of Nigeria (CBN) administration but refrained from going into further details, noting that he would share that story at another time.
