Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts

Monday, August 28, 2017

Ten Signs Economic Recession Still Dwells in Nigeria

Economic Recession in Nigeria
Economic recession as caused by either internal or external factors usually comes with many acquaintances that make it dwell longer than anticipated in any country. From a realistic point of view, there are several predictors or signs that showcase the presence of economic recession in a nation. These signs may/may not be easily noticed for a layman but he/she could make a proper distinction between the prior experience and the days of economic recession. This in itself makes it imperative to say layman feels the effect of economic recession without knowing what to attribute it to while the economic practitioners that are concerned with the happenings in any society would see the signs as a confirmatory effect of the economic recession.

Significantly, the signs are highlighted below for further discussion;
  • Fluctuation in prices of goods and services.
  • Fluctuation in exchange rates per minute.
  • Loss of monetary value.
  • High cost of living.
  • Low standard of living as a result of inflation.
  • Poverty and hunger at the extreme.
  • Increasing rates of crime against person and property.
  • Changes in the consumption pattern of people - goods and services.
  • Survival placed first ahead of other things.
  • Personal savings at a reduced ebb - more withdrawals (cash) than deposits
Economic recession still dwells in a country when fluctuation effect sets in on vehemently everything. This is a confirmation that the economy is not yet in a state of equilibrium. As such, the prices of goods and services increases, reduces a little bit, rises up again and again - this is just the trend/pattern.
The fluctuation effect can also be noticed on the exchange rates in comparison with other core nations. At the beginning of the economic recession, everything business turns upside down thereby leading to significant skyrocketing of exchange rates. As the situation persists, the exchange rate will fluctuate either higher or lower without falling back and moving closer to its' former rate prior recession. This is the case of Nigeria today.

Currency Value
The currency of any nation is arguably one powerful tool for ensuring buying and selling of any goods and services - nationally and internationally. Whenever economic recession sets in, the purchasing power of such country's currency ($, €, £, ¥, N ) falls i.e. the value prior recession was stronger than what it is during the recession. The living example is the amount they sell foodstuff during former President - Goodluck Ebele Jonathan's tenure compared to the incumbent President, Muhammadu Buhari's term.

Cost and Standard of Living
The cost of living during the economic recession in Nigeria is apparently high, in fact higher than the period before, no doubt about that. This is, therefore, justifying the fact that everything is on the high side during the recession. Everything here includes EVERYTHING edible as well as services too.  In essence,  people struggle to make do with their basic needs - especially food and clothing - in order to sail through the breathtaking period. So, therefore, the standard of living is relatively low in this period.

READ ALSO; Entrepreneurial Options for Making 2017 Count in Recession Period 
Poverty and Hunger
Poverty and hunger are longtime conjoined twins used to measure the state of the economy respectively. In this article, recession period simply reflects that majority of the masses are poor and hungry i.e. hunger is at the extreme because the cost of living is high, job opportunities are low, and market men/women are not smiling due to the increasing rates of food prices. Extreme hunger and poverty is a noticeable manifestation of economic recession in Nigeria which also contributes to increasing rate of crime against person and properties.

Consumption pattern
Consumption pattern of people tends to change whenever economic recession sets in. In essence, people tend to consume based on what their purse/pocket can afford regardless of what they want and desire as a good or service. Invariably, serious adjustment plan would manifest when recession sets in. This is the case of Nigeria today.

Personal Savings
The high rate at which individuals save their money is arguably one of the indicators that an economy is booming while the contrary is the case when the economy experiences a recession. It is believed that individual savings will be at a low ebb whenever recession sets in while more cash withdrawals would be made every now and then from the bank due to the loss of currency value. This is arguably what is happening in Nigeria today.

Sunday, May 28, 2017

Why Ijebu-Ode Will Not Experience Desired Development Anytime Soon

Ijebu-Ode and Development Issues
Ijebu-Ode, one of the popular town in the heart of Ogun State - Nigeria, remains less-developed from earliest time till date for numerous reasons. One of which is why people move in and out of the area majorly for celebrating yuletide season (Ileya, New Year, Ojude Oba...). It is, therefore, worrisome when rich folks of Ijebu origin flocks around major cities within and outside Nigeria, leaving their beloved home in an apologetic state. This state is apologetic because Ijebu-Ode could not boast of certain essential elements (good roads, employment opportunities, sound/affordable public health care system, vibrant business activities...).

There are numerous factors raised to justify why Ijebu-Ode will not experience development anytime soon among her contemporaries. Carefully, go through these factors and see for yourself

Interest of Ijebu's
It is often believed that interest of indigenes is a formidable factor to consider whenever there is a need for change and development. Such change and development will be undesirable when the occupants (indigenes) are not convinced and ready for such alteration regardless of how lucrative it might seem. 

The interest of Ijebu's (indigenes not migrant)  is vehemently the first and paramount factor to consider if development is likely to surface in the area. There is a common saying, "Kekere Ijebu - Owo ni, Agba Ijebu - Owo ni" (meaning - small and elderly from Ijebu are stinkingly rich). It is worthy to ask few questions at this juncture; Where are the riches catered to?, Why are the riches not channelled towards the development of this area? How does the area benefit from their riches?

Going by the saying above, it is agreeable that development of the area should not be a problem since the wherewithal is within reach. However, due to the state of the area at present, it is apparent to note that the interest of Ijebu's (particularly the rich ones) are not formidable enough to help the area out of its state of epilepsy.
Location of Rich Ijebus
The quality of people occupying one area/jurisdiction arguably goes a long way to determine the level of development in the place. In essence, an area populated by poor folks is less likely to experience development compared to an area populated with rich and average folks where basic amenities and infrastructures are not joked with. The mixture of poor and rich people in an arena is quite preferable to an arena flux with poor folks for development tendencies.

In Ijebu-Ode for instance, the larger part of its occupants is average people coupled with a large number of poor folks. Location of rich Ijebus before and after fame is worthy to mention for weighing the chances of achieving development anytime soon. Most rich Ijebus live outside Ijebu (precisely far away - within and outside Nigeria) but often visit their self-built house "occasionally" during festive periods.

Had it been the majority of them "rich folks" lived in the area, they will be familiar with the apologetic state of their beloved area and see the necessity to put certain essentialities "good road network, improved security measure/agency, job opportunities..."  in place.

Lack of Job Opportunities
Availability of varying opportunities for occupants diversities (educational background, ethnic group, gender, occupation, religion) is an important pointer for achieving development in any area. On the other end, the non-availability of these opportunities would affect the individual cost and standard of living.

In Ijebu-Ode, job opportunities are scantily available for all and sundry. When indigenes of Ijebus find nothing sustainable to do, what hope lies for the immigrants. Lack of job opportunities is, therefore, normal in Ijebu-Ode because industries are in diaspora.
Myopic Minds of Most Self-Reliant People in Ijebu-Ode
Entrepreneurial orientation has proven to be the deciding factor behind the development tendencies of any nation whatsoever. In essence, the minds of occupants as regards business activities goes a long way to determine the extent at which development can surface in the area.

I begin to ask myself, why small scale enterprises flocks around Ijebu-Ode. This is agreeable because the total number of containers and shops in the area itself is equivalent to the number of houses in the area if not more than.  However, the noticeable businesses in the area are "Filling Stations" which does little or nothing to either contribute or enhance development in the area.

Security Challenges
Security of life and properties is a proven yardstick for measuring development in any area in the World. In Ijebu-Ode's case, security of life and properties is not guaranteed regardless of the criminal justice system presently situated in one corner of the town. It is indeed worrisome if a popular town in the heart of Ogun state "Ijebu-Ode" still battles with the insecurity of inhabitants life and properties.

Anyway, Ijebu-Ode will not/never experience development anytime soon if adequate attention is not taken into consideration - to reduce cases of armed robbery, shop burgling, kidnapping, extortion... Although this scenario is noticeable anywhere in Nigeria, it is quite disappointing when the same security agents in the area demonstrate efficiency when dignitaries have a function.

Absence of Industries
Availability of industries is a key decider for ensuring development in an arena  - the more industries are situated in a place, the more likely such place has developmental tendencies. The prominent industry in this area is the banking industry which has little tendencies of contributing to the development of the area because the banks are majorly situated in one area of the town (Folagbade to be precise).

Since security challenges are inherent in the area, investors won't find the place attractive and safe for their business. Non-availability of industries capable of employing thousands of people in the area is another justification as to why Ijebu-Ode will not experience development anytime soon.

Without an urgent approach to these aforementioned facts, Ijebu-Ode development remains a mirage in totality.

Thursday, April 27, 2017

Why Economic Recession Thrives Longer than Anticipated in Nigeria

Recession in NIgeria
From time immemorial, issues regarding uprising and downsizing of the economic state of the nation across the World (Nigeria inclusive) has been of utmost priority to all and sundry bringing about different notions and arguments. Some scholars assume “economic twist” whether positive

Thursday, January 19, 2017

Innovations Sustaining Nigerians Today; Diminishing Values in Return

Innovations Diminishing Nigerian Values Today
Society today hold in high esteem certain code and conduct which might not be common to other nations of the World - within/outside their continent. Practically, the fashion sense of the Westerners today (Americans and co) is totally contrary to the African (Nigeria in particular)

Thursday, January 05, 2017

Entrepreneurial Options for Making 2017 Count in Nigeria's Recession Period

How to Survive 2017 with Entrepreneurship
Year 2016 like no other in Nigerian history is marked with a shocking twist in her economic fate under the anticipated governance of All Progressive Congress (APC). Although, the situation "economic recession" was a global phenomenon at that terrain but its (global) reaction and people's experience remains worrisome, particularly in Nigeria. Recession clothing comes with numerous unworthy accomplices that need adequate attention by rural poor, urban poor, rural rich and urban rich. 

Such accomplices are;
  • Inflation, Poor Standard of Living, High Cost of Living, Abject Poverty, Health Risk Factor, Increasing Crime Rate...
Regardless of any/all these highlighted accomplices, sustenance and survival seem a highly essential thing craved by all because heaven is far from reach for an Average African man. Thus, the situation at hand requires diverse coping mechanism within (self-discovery) and outside (government intervention) the dwellers reach. Prominently, 21st century has proven to be an age destined for entrepreneurs (as described by Joseph Schumpeter) reflective in the statistics of key decision makers in the globe today. 
success options for people

Entrepreneurial Options and Notable Considerations in 2017

The options discussed herein are restricted to entrepreneurship scope leaving out job placement within the private and public sector. These options are evaluated on the basis of the risk, opportunities involved before giving it a shot.

Trading; Literally, buying and selling of goods (depending on one's choice) seems to be the easiest to kick start in this breathtaking time but its shockingly with its own shortcomings. Obviously, capital to start is often the major problem while it is mostly advised to; start small, endure through difficult times, plough back profits, borrow from financial institutions (cooperative societies...), consider the 4p's - Place, Product, Price, and Promotion.

The success of this business is realistic but its' often threatened by environmental factors (in this perilous time) which is capable of determining its livability, sustainability and continuity. Hence, security of the goods must be provided by the operation manager (because the security of lives and properties are in oblivion in the hands of the government) in order to avoid "armed" robbery cases capable of shattering the dreams/goals of the business. 

On a practical basis, Real Estate is a living proof of undying and highly lucrative business but its dealers (intending ones inclusive) needs a serious understanding of the dynamics and gimmicks of the business (like other demands) to thrive successfully through thick and thin as competition triples.

RELATED; Making it BIG in a Breathtaking Economy 

Service Delivery; Another path to surviving in this breathtaking time is to render service based on one's individual preferences and capabilities. This has proven to be an inextricable platform for making ends meet particularly when the entrepreneur is very versatile, inquisitive and distinctive at its vocation/calling - fashion designing, shoe making, make over and spa...

Manual labour cannot be out-rightly ruled out here because of how demanding the task is and how lucrative it can be. In essence, for manual labourers to thrive (at least for the desired time) he/she must be well acquainted with people, the task involved and a commensurate figure for the task assigned.

Online Business; Obviously, this is an information age where whoever gets informed first leads and others follow. Trends today continue to showcase the internet as an inextricable mechanism for people/nations motives, orientations and preferences; business, entertainment, health, religion, polity, sports, education. At inception, the motive was slightly for improved means of communication but its tentacle has spread beyond the creator's imagination.

Noticeably, the level of competition on internet basis today makes it difficult for a starter to break-in easily without much effort compared to the yesteryear. Regardless of how easy the past was or how tedious the present is, passionate pursuit of the desired goal tirelessly in line with training and guidance will thus guarantee success sooner or later. Options here revolves around; marketing, blogging, branding, website designing, app designing, delivery service...  

Agriculture; The mainstay of Nigerian economy from time immemorial is not the last option on the least but that which can provide individual massive wealth in the midst of this perilous time.  Agriculture the household name are not limited to; farming, food processing, ranching, animal husbandry, livestock, horticulture, apiculture, viticulture, aquaculture to mention but a few. Applying entrepreneurial orientation, skill and expertise to any of the aforementioned agricultural foci is solely enough to succeed in this recession period. Do not forget to provide yourself security which can be a little demanding.

Wishing you all a Successful 2017

Tuesday, November 15, 2016

Niger State Agricultural Manifestation; Prototype for Nigerian Government

NigerState Agricultural Manifestation; an Example for Nigeria
Agriculture - the mainstay of Nigerian economy from time immemorial before the discovery of Oil in the 70's can still not be underestimated in this current dispensation. A trip to Kaduna on Monday 7th November, 2016 saw the manifestation of agricultural produce in Niger state under the ownership and management of private individuals. 

Agricultural produce reflective in the land were Rice (Local), Beans, Groundnut, Pepper (Varieties), Cassava e.t.c. It is noted that majority of the produce were planted in acres of land with many local preventive measure. With the notion that Nigerian government should diversify from a her "blessed cursed" produce - Oil into agriculture due to the multiplier tendencies on economic growth and development. 

Nevertheless, the gains of Nigerian government from Agricultural produce as earlier experienced are not limited in this current time to the following; 
  • Assurance of food security 
  • Availability of job opportunities for inhabitants 
  • Reduction in the rate of unemployment (as a result of the above) 
  •  Poverty level at low ebb (same as above) 
  • Improved balance of payment (reflective in the growth/development of the economy) 
  • Enhancement of living standards of people (rural/urban) 
  • Achievement of sustainable development 
  •  Improved stand among Nations of the world (Not just Giant of Africa by mouth) 
Hence, the agricultural manifestations in Niger State and other states in Nigeria (Ondo State, Kogi State and lots more) are important pointers for Nigerian government to learn from. Although, there have been luxury of policies/programmes channeled towards agricultural development but the end seems not productive. 

Without mincing words, the Westerners (Ogun, Oyo, Ondo, Osun, Lagos) are mostly with lackadaisical attitude towards Agriculture reflective in the amount of land mass wasted (unutilized) compared to the Northerners. For a sustainable development to be realistic, it is highly essential for all the cardinal zones (South, North, West and East) to have agricultural orientations due to the fact that the monopolistic produce "Oil" returns cannot be equitable to the multiplier effects of Agricultural produce. 
#Embrace Agriculture# 
#Embrace Life# 

Thursday, September 01, 2016

Mark Zuckerberg Visit to Nigeria; Tips and Considerations

Mark Zuckerberg in Nigeria
         Like Linda Ikeji posted about the visit of Mark Zuckerberg to Nigeria I hold no different opinion about that considering his status (financially and socially) globally. Although, many powerful world leaders had stepped their feet on the green soil but he is not what anybody expected at all at the moment. I therefore see no reasons why Nigerians will slay Aunty Linda.

Thursday, August 18, 2016

How to Make it in a Breathtaking Economy

How to survive a breathtaking economy
Achieving success in life is craved by all and sundry from anywhere in the world but diverse factors within and outside the individual can scupper the so-called dream. By the virtue of birth, some people has lived long enough on the face of the earth without knowing bitterness (financial breakdown) while the latter part of an individual strives day and night to make ends meet regardless of their helpless state.
Note, the concern here is not the silver-spooned fellow but rather the less privileged who has no option to choose from when the economy floats progressively or retrogressively. It is thus essential to challenge the less privilege due to their disadvantaged position to survive in a "breathtaking" economy.         
It is no longer news that handy work combined with distinct creativity served as the only way out of unemployment, poverty and its antecedents. This is sequel to say, individual skill/talents/ is the only tool that can salvage them from slavery where government feels little or no concern for them.
          Surprisingly, the callings or interest of sons/daughters of the same womb might not necessarily be the same. Thus, it is advisable to pursue your passion without minding what someone else wants you to do. Practically, the veteran African legend FELA ANIKULAPO KUTI is an example whose vested interested was in music amidst her parents’ wish of a medical doctor. Am quite sure, if Michael Jackson (WACKO JACKO) had delve into acting movies he wouldn’t be celebrated as he was in his lifetime and thereafter.
          Nevertheless, making it a breathtaking economy needs more than just the skill as environment comes to play in determining the extent of achieving success by the intending ones. It is a necessity to have a strategic plan with the available resources (cash and material) in order to achieve desired goal amidst the unfriendly environment. The significant trait that ensures the utilization of this goal is simply individual distinctiveness in form of innovation and discovery. A perfect example is the wave of social media networks experienced in the world today e.g. Facebook, WhatsApp, Twitter, Instagram, Instachat to mention but a few.
Besides, where the government has a negligence attitude towards unemployment issues it is a necessity for able bodies to seek a way out for their sustenance and survival. It is thus paramount to live the life of an entrepreneur as that’ mars the differences among the nations of today.
Having noted all the odds as against the positives, it is expedient to wish you well as you get into your dream world and making it a reality. 
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