05/08/2024
HOW TO ATTRACT MONEY AND PROSPER IN NIGERIAN ECONOMY ESPECIALLY WITH THE HIGH COST OF LIVING ( HIGH COST OF FOOD AND FUEL PRICE) NIGERIAN MONEY LOSING VALUE, IS THERE ANY HOPE FOR A BRIGHT FUTURE FOR NIGERIANS?
Attracting money and prospering in the Nigerian economy, especially amidst challenges like high living costs , high cost of food in the market, high cost of fuel leading to higher cost of living and currency devaluation, requires strategic thinking and adaptive approaches to be able to match up to higher cost of living by making sure you can earn higher also.
Here are some strategies that can help:
1. Entrepreneurship and Innovation
Identify Market Needs: Focus on sectors that are less affected by inflation or have consistent demand, such as agriculture, technology, and renewable energy.
Entrepreneurship is another way to free yourself from depending 100% only on your small salary if you do a 9-5 Job only as a Nigerian. Salaries is no longer enough to sustain a living or unless you have multiple sources.
Start Small: Begin with a small, manageable business and scale up as you gain experience and resources.
Leverage Technology: Utilize digital platforms and social media for marketing, sales, and operations to reduce costs and reach a broader audience.
If the cost of being mobile is too much for you ,then leverage on online marketing.
2. Investing Wisely
Diversify Investments:
Spread your investments across different asset classes such as real estate, stocks, mutual funds, and foreign currencies.
Real Estate: Invest in properties in growing areas; real estate often appreciates over time.
Stock Market: Invest in stable, blue-chip companies eg Fortune 500 Companies internationally and consider dividend-paying stocks for regular income.
3. Continuous Learning and Skill Development
Acquire New Skills: Stay updated with industry trends and acquire skills in high-demand areas like IT, digital marketing, and finance.
Online Courses: Take advantage of free or low-cost online courses to enhance your skill set.
Definitely online courses will reduce high cost of daily transportation that eats deeply into your pocket for trainings of a month or two or 3 months.
4. Networking and Collaboration
Build a Network: Connect with like-minded individuals and professionals in your industry to share knowledge, resources, and opportunities.
Collaborate: Partner with others to pool resources and reduce costs. Some people do do Ajo Contributions to contribute and save and have access huge capitals when you use a tested and trusted and reliable partnership group.
5. Financial Discipline
Budgeting: Create and stick to a budget to manage your expenses effectively.
In a time like this you cannot afford to be eating in a restaurant morning, afternoon and Night. Cook and eat at home to reduce cost.
Also stop buying expensive things you don't need or will not use more than once , stop trying to compete with celebrities you see online most who live fake lifestyle or take loans that they struggle to pay back and be trying copy such unsustainable lifestyle.
Who said you cannot repeat clothes or shoes stop following the wrong role models that will lead you astray into doing what is called financial su***de.
Saving and Investing: Save a portion of your income regularly and invest it wisely for future growth.
This is a time to ask yourself where Can I invest my money to get higher returns on investment either short term and the long term. They are such investments available.
Reduce your Expenses
Reduce your high cost and expensive cost of living. Look for the most affordable places to buy things. So that you have savings and not empty your accounts as you earn money.
6. Leverage Government and NGO Programs
Grants and Loans: Take advantage of government grants, low-interest loans, and programs aimed at supporting small businesses and startups.
NGO Support: Seek assistance from non-governmental organizations that provide training, funding, and resources for entrepreneurs.
7. Exploring Export Opportunities
Export Goods: Identify local products with international demand and explore export opportunities to earn foreign exchange.
E-commerce: Use e-commerce platforms to reach international customers.
8. Adopting a Positive Mindset
Stay Resilient: Focus on solutions rather than problems and maintain a positive outlook.
Adaptability: Be willing to pivot and adapt your strategies as circumstances change.
Is There Hope for a Bright Future?
While the current economic challenges are significant, there are opportunities for growth and prosperity.
The Nigerian economy has a large and youthful population, abundant natural resources, and a growing digital economy.
9. Stop Putting Your Happiness on any Man and Woman.
Happiness is something you find from within and inside of yourself not your spouse or family or other people not Even Your Employer or Boss or a Pastor or Imam.
Best Friends change over time, Even your spouse can disappoint you, humans sometimes Dissappoint so this means your hope of staying happy should not be on a man or woman but from within and a higher source like God.
Happiness is something you seek Tony Robbins suggests finding happiness from within by:
Focusing on gratitude and appreciating what you have.
Cultivating a growth mindset and continuously learning.
Setting meaningful goals that align with your values.
Practicing mindfulness and staying present in the moment.
Building strong, positive relationships.
Giving back and contributing to others.
Living with a Purpose beyond yourself and that also serves others.
10. Finally Back it with Prayers and a strong spiritual lifestyle.
Great faith, prayers, fasting, alms giving, charity and pilgrimage if you can afford it.
By leveraging these strengths, adopting innovative strategies, and maintaining financial discipline, Nigerians can navigate the current challenges and work towards a brighter future.
Thanks for your attention and please enjoy your day and Do have a Productive Week.
Dr Laide Okubena
