Nigeria has yet again seen one of its toughest moments as the year
2016 has been a most controversial and challenging financial year for
its economy which came first with the new change in governance and
various structural financial policies etc. Despite the fact that Nigeria
is growing at a GDP of 2% and giving the challenging business
environment that we are in and the decline in the three consumer
confidence indicators from the previous quarter, Global Investment
report has confirmed that People generally tend to save more in an
economic downturn owing to uncertainty about the future of the economy.
Speaking about the attitudes of Nigerians to spending in these
economic times, Nigerians continue to be some of the most optimistic
consumers on the continent, that's according to Nielsen's West Africa
Managing Director, Lampe Omoyele who joined CNBC Africa to discuss
consumer spending in Nigeria. “I think it’s going to be with cautious
optimism because of the slowdown in the Macro economy of the country,
also a certain measure of uncertainty, there has been a rising
inflation.”-Omoyele.
With the understanding that things gets worse before it gets better and the general notion that recession always usher in a new boom in the economy at the end, it is therefore advised to make positive moves in investing wisely now to things that will yield profitably on the longrun. Thus, there are yearnings at this time from investors who wish to know investment secrets that propels long-term returns on their investments. As Nigerians take initiatives to invest in various products and services in some major sectors, others are looking at are bank shares and equities market, Agriculture and daily products.
Meanwhile, Michael Oyebola, a wealth management expert eased the air when he shared insight on how to manage and invest ones finance in this competitive and uncertain times, he told CNBC that: “Wealth management is not just about investing, it is a process and you look at your investment portfolio, protection and insurance, and investment components which includes fixed income securities, cash, real estate protection, equities investment, sometimes you buy gold or arts, arts is for the professionals though, you also look ahead towards retirement because you are not going to be young forever, so you need to have a retirement plan and put money away”- Oyebola .
In the same vein, Tosin Osunkoya, Head, Trading, Rand Merchant Bank Nigeria says: “you need to preserve your wealth, save more and invest wisely, take less financial risk especially in an environment that is uncertain; people have lost confidence in the financial market, the best thing to do is to keep your money in cash. You can also invest in treasury bills, it is less risky and one of the ways to find high returns on investments”-Osunkoya.
In the midst of all these challenges and with a high record of inflation figures, a weaker naira and fuel shortages, it is almost impossible not to invest but let us all remember to save for the rainy day knowing that tough times don’t last but tough people do. With a positive and savvy attitude, we can face the Q3 and expect a friendly economic outcome for Nigerians
Follow on Twitter @standout_pat for more...
With the understanding that things gets worse before it gets better and the general notion that recession always usher in a new boom in the economy at the end, it is therefore advised to make positive moves in investing wisely now to things that will yield profitably on the longrun. Thus, there are yearnings at this time from investors who wish to know investment secrets that propels long-term returns on their investments. As Nigerians take initiatives to invest in various products and services in some major sectors, others are looking at are bank shares and equities market, Agriculture and daily products.
Meanwhile, Michael Oyebola, a wealth management expert eased the air when he shared insight on how to manage and invest ones finance in this competitive and uncertain times, he told CNBC that: “Wealth management is not just about investing, it is a process and you look at your investment portfolio, protection and insurance, and investment components which includes fixed income securities, cash, real estate protection, equities investment, sometimes you buy gold or arts, arts is for the professionals though, you also look ahead towards retirement because you are not going to be young forever, so you need to have a retirement plan and put money away”- Oyebola .
In the same vein, Tosin Osunkoya, Head, Trading, Rand Merchant Bank Nigeria says: “you need to preserve your wealth, save more and invest wisely, take less financial risk especially in an environment that is uncertain; people have lost confidence in the financial market, the best thing to do is to keep your money in cash. You can also invest in treasury bills, it is less risky and one of the ways to find high returns on investments”-Osunkoya.
In the midst of all these challenges and with a high record of inflation figures, a weaker naira and fuel shortages, it is almost impossible not to invest but let us all remember to save for the rainy day knowing that tough times don’t last but tough people do. With a positive and savvy attitude, we can face the Q3 and expect a friendly economic outcome for Nigerians
Follow on Twitter @standout_pat for more...
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