The Manufacturers Association of Nigeria (MAN) noted that about 800 companies collapsed last year and about 300 are under stress. If that is the case, the implication is that non performing loans in banks will likely pick up. In other words, besides these vapour FX-anchored bank profits, they must plan on what happens when things return to near-stability.
Indeed, some companies are struggling to pay their debts as I have noticed that tech-enabled debt collection Nigerian startups are now being funded in Nigeria. Last month, that category picked the top prize.
When you see the little bird dancing on the roadside, check well because something is beating the drum. Those debt collectors will not be raising money from venture capital firms if debts are not growing! Shine ya eyes…
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