Social media influencer, author and a former Presidential aide to President Goodluck Jonathan, Reno Omokri has given nuggets of information on investments – advising on areas to invest in, and the ones to refrain from.
He listed the businesses as:
1. Fixed Deposit
2. Print/Newspaper
3. Internet Cafe
4. Taxi (Except Ride Sharing Business)
5. Drop shipping
6. Car Wash
7. Blogging
He wrote via X:
“7 Businesses You Should Never Invest In!
“Fixed deposit, certificate of deposit
Print media/newspaper
Internet cafe
Taxi (except as a ride-sharing business)
Dropshipping
Car wash
Blogging
“The stock market and crypto sector give far more return on investment, so it makes no sense to invest in a fixed deposit that yields far lower than the inflation rate. And the print media, as well as Internet cafes, are dying industries. Every year, their revenue is shrinking.
“The most significant selling paper in the U.S. is USA Today, and their circulation fell 17% in 2023 from what it was in 2022 to less than 135,000 copies daily. The same thing is happening with The Yomiuri Shimbun, the biggest circulating paper on Earth.
“Independent taxis will find it increasingly difficult to compete with ride-sharing services, like Uber, Lyft, Bolt, etc. and by the time Robotaxis expand next year, there will be even less room for growth. Similarly, manual car washes are giving way to automated car washes. And since the coming of Chat GPT, blogging has significantly lost a lot of its appeal and is unlikely to sustain an individual as a career.
“As for dropshipping, it typically is only good as a side hustle in an already flourishing small or medium-scale shop with neighbourhood recognition. If you have a corner shop or a convenience store, then you could still eke out a dollar or two a day from dropshipping. But if it is your only income, you may end up as poor as a church rat.
“To learn viable ways of making legal, regular and sustainable money, consider subscribing to me on X. You cannot subscribe to me on X and not make money.”