Reality TV star and entrepreneur Leo DaSilva has expressed concerns over the financial challenges faced by a company he assisted in securing funding for, attributing these difficulties to recent economic policies under President Bola Tinubu’s administration. DaSilva highlighted that the sharp depreciation of the naira and rising interest rates have plunged the company into significant debt.
In 2019, the company secured $10 million in international funding at a 5% interest rate. However, the subsequent economic turmoil and currency devaluation have exacerbated its financial woes. DaSilva emphasized the challenges Nigerian entrepreneurs face in obtaining favorable loans, stating, “It will take magic for people in our generation with big ideas that need funding to actually get good loans.”
While some businesses have found opportunities in the current economic climate, others, like the one DaSilva mentions, are struggling with increased debt due to currency depreciation and higher interest rates.
These contrasting experiences underscore the varied impact of recent economic reforms on Nigerian businesses, highlighting the need for policies that support sustainable growth across different sectors.
