In the wake of the recent devaluation of the Naira, the economic landscape in Nigeria has witnessed significant shifts, impacting various sectors. Among those at the forefront of these changes is Forevermore Investment Group, a prominent player in both real estate and financial services. We had the privilege of sitting down with Mr. Kyomnom Kachiro Bargo, the CEO of Forevermore Investment Group, to gain insights into how this devaluation affects their operations and their strategies for adapting to these challenges.

On cost

Mr. Bargo, CEO of Forevermore Investment Group, shared his perspective on how the devaluation influences the real estate sector. “One immediate consequence is the potential increase in construction costs due to higher prices for imported building materials and equipment,” he noted. This phenomenon can put pressure on the affordability of housing projects, affecting both developers and potential homeowners. However, Mr. Bargo pointed out that a weaker Naira might also make Nigerian real estate more attractive to foreign investors looking to diversify their portfolios. This could potentially stimulate foreign direct investment in the sector, leading to growth and development in the real estate market.

Calls for prudence

Adaptability is a cornerstone of Forevermore Investment Group’s approach. Mr. Bargo emphasized the importance of prudent financial planning and risk management in navigating these changing dynamics. “We continuously assess market conditions and adjust our strategies accordingly,” he explained. This adaptability might involve seeking alternative local suppliers, exploring partnerships, or diversifying their real estate portfolio to include more affordable housing options.

Diversification

Beyond real estate, Forevermore Investment Group provides financial services, including loans, savings, investment, and consultancy.

The devaluation inevitably affects these services, impacting interest rates on loans and returns on investments. However, the company remains vigilant, monitoring these fluctuations and adapting their financial products to remain competitive and attractive to their clients.

Mr. Bargo also highlighted the critical role of consultancy services during times of economic uncertainty. “We provide our clients with informed insights and strategies to navigate the changing financial landscape effectively,” he affirmed.

As a player in sustainable investment, Forevermore Investment Group faces the challenge of balancing economic challenges with environmental and social responsibility. Mr. Bargo reiterated their commitment to sustainability, emphasizing their active pursuit of eco-friendly real estate projects and their efforts to encourage sustainable practices among clients.

In conclusion, Mr. Bargo, CEO of Forevermore Investment Group, offered valuable advice to fellow investors in Nigeria during these times of economic flux. He encouraged them to stay agile and well-informed, diversify investments, manage costs efficiently, and explore export opportunities when applicable. Keeping a close eye on regulatory changes and remaining committed to sustainable practices, he emphasized, can be sources of resilience and growth even in challenging times.

In this interview, we gain a deeper understanding of how Forevermore Investment Group navigates the challenges posed by the Naira devaluation, reaffirming their commitment to adaptability and sustainability in a rapidly changing economic landscape.