I have a similar experience investing in farm produce during harvest, the person (a friend) who helped me with the deal later sold the produce and never remitted the money to me till this day.
Most people have unrealistic expectations of agric businesses. The profit margins are very small. You cannot simply hand off your investment to someone else and you think you will be picking money from the trees. Some of us who have been in it for long know the losses we incurred in recent years because of government policies, adverse weather conditions, etc. I have a cassava farm myself. But the plants were dealt with by a neighbour's goats that crept under a portion of my fence. Not even the Fulani cows ooo. As for my maize crop, the Fulani guys themselves came to harvest it with bags. Were it not that we spotted them at night when they came and confronted them, we would have lost our entire crop. There are too many headwinds to success in agriculture business in Nigeria. The Anchor Borrower rice farmers know what the 2022 flood did to their investments. Many of them are now on the hook to pay back the loans. In Nigeria, there is no support from the government, no subsidies, NOTHING! You are on your own.
You're absolutely correct. I have similar experience. Solar camera of 200k & 30k to security staff has helped alot. Any invading animals becomes our food because govt have failed to come to our aid. However, I always consider the real estate aspect of Agric as the primary benefit of Agric & crops as secondary benefits. Either way, the profit is slow. Avoid starting big, I lost millions for starting big. I'm currently doing good on a small scale. I'm a diasporan & visits every few months. Goodluck everyone
Many of us has fall into this trap which is sad trying to help someone help you many times doesn’t work sorry brother not only Nigeria Thanks for sharing your experience
I absolutely remember the video of you and Ema. What she. I have experienced this many times trying to do business with people in Nigeria. These type of people would still have the mouth to blame the government, forgetting that charity they say start at home.
Sorry for your loss, I had similar experience that you may have been aware of and I learned a valuable lesson as well. There is a lot of unprofessionalism, untrustworthy, and individuals with criminal minds in Nigeria just looking to take without producing or giving any value. I never worry about those kinds of people cause that same mindset would cause their demise.
@Bigwillz I have gotten my fingers burnt so many times doing business in Nigeria. From both family and 3rd parties. Even with a legal contract their greed is too much for them to care. For now my money is spent for my family and comfort. As I live in the diaspora I can't Invest my money there and get high blood pressure. Sorry for your financial loss
Very interesting video, Bigwillz. I think before anybody starts a business or invests in a startup, they need to realize most small businesses fail in the first year or two. And starting a business is usually extremely hard work, but working extremely hard, by itself, won't guarantee success. It also takes a bit of good luck.
This is sad. I also did business in Nigeria and lost over 50 million naira - and this was well before the Naira crashed under Tinubu. For one, I invested heavily in Agropartnerships, CrowdyVest, an Oil Palm plantation, and more. I lost it all. I would have been better off keeping my pounds sterling (I live in the UK). In one investment, we discovered that instead of investing in the agreed plantation that was proposed, the scoundrels decided to invest in mining in Zamfara. Then, of course, the bandits came, and that was the end of that business and our money. Will I still invest in Nigeria? I don't know.
2015 and 2021 made me say I give up in Nigeria I lost close to this amount in 2015 Then in 2021 my own very cousin did me dirty. Run when you hear come and invest in Nigeria The trustworthy people left in Nigeria are not up to 5
The situation in Nigeria has drawn so many people into fraudsters and hence one should be careful...I'd rather have my money in the bank than take a risk to have more money
This statement is so annoying. Given lazy cheap excuses for bad behaviour. The guy is a thief and a fraud and that has nothing to do with Nigeria. Is it only Nugeria that has problems? Let stop protecting encouraging criminals. An average Nigerians today don't want to work, everyone is looking for easy out. Farming is a good ventures if done with integrity. investors loss money because barbarians are digging holes in genuine investors wallets. You should write a petition to IG or ICPC and try to recover your money. Today generations don't want to do things the right way. Is the reason majority of Nigerians are frustrated.
Bro it doesn't matter where you travel in black africka or in the carried beyond you will be taken advantage of trust not even those that they call spirits
