Nigerian state governors on Thursday approved the release of $1 billion from the country’s excess oil account to the government to help fight the Boko Haram Islamist insurgency. The account holds foreign reserves from excess earnings from sales of crude. It currently totals $2.3 billion, according to Nigeria’s accountant general. “We are pleased with the…
By Bianca Iboma
The Managing Director of CEI Agency Limited, Mrs. Chinwe Ebele, has advised Nigerians to curb ostentatious lifestyle and explore other alternative avenues that can create innovative opportunities for their businesses to thrive.
According to Ebele, who disclosed this during a day workshop in Lagos tagged, Re-Awakening Your Genuis… illuminate your world, who was concerned about the difficult times and continued economic crisis rocking the nation, the country would emerge stronger from recession.
She said: “The reality is that our economy is undergoing a major change and we must change with it if we don’t want to drown,” adding that surmounting the huge challenges occasioned by the recession and rising to new heights of achievement have to do with being focused.
“The adoption of watch and wait by most entrepreneurs should stop. The economic crisis requires urgent measures. When one’s business is stuck, one should ask vision-based questions that will bring recovery instead of wallowing in self pity.”
She said entrepreneurs, industrialists and various sectors need to gain insight on how to use their silver lining especially now that there is recession. “ Many of us deeply feel for the state of the nation’s economy but apart from the emotions, what are the physical ways we intend to contribute to development. Nigerians can create opportunities to recover from the situation if we can change our mindset. Although as a nation we have experienced exponential growth in population over the last decade, but economically, we have not recorded much progress; there is need to diversify.”
Stressing that every recession creates opportunities for innovative entrepreneurs while inaction may not always be safe at such times, she said if other resources would be explored, things would improve, adding that one of the best times to invest in a new business or expand capacity is during an economic downturn.
“Entrepreneurs should stop focusing on the negative rather they should act and improve operations that would position their businesses for growth, until the economy recovers their businesses must thrive to survive she said.”
While another facilitator at the event Chief Executive Officer of Cynstepit Pesources Limited, Mrs.Lawrencia Onyemachi said that great leaders know how they fight a war often decides whether they win the peace.To combat myriad challenges in the business world today,one need a lot of empowerment to succeed. “For anyone wishing to start a business, it is better to consider businesses that address basic needs. Needs that will warrant the citizenry to spend irrespective of the state of the economy.
Onyemachi said as the nation grapples with the impact of dwindling oil fortunes,devalued currency and weakened economy, there is no better time to become more creative with ideas,concept development, competitiveness, growth and quality.
She further said, the marginal propensity for survival consume and the disposal income of the consumer in a wobbing economy is shrinking due to the prevalent uncertainties. People become more discerning and selective in their consumption habits owing to the lull in the economy.
She narrated her banking experience but was not discouraged, rather it became a stepping stone for her greatness. When one loses a source of income, they should put on their thinking cap and be more creative to diverse another means of legitimate earnings. “Inspite of the various forecast by experts Onyemachi said recession may not end anytime soonest people should identify their will power and survive.
She employed Nigerians not to live way beyond their means that would deepen the rate at which recession affects individuals and the nation at large.
Stating that the crisis should not warrant Nigerians to be neck deep in credit,citing hundreds of employers and state governments that have either slashed salaries of their employees or owe salaries running into months she said.”