Yes, this is the time for enjoyment and merriment, but I bet you it better you begin to have impute into how your next years is going to look like than just sit and wait for the year to roll in. The old saying that experience is the best teacher had a burst tire in 2016, but I must tell you there is no better way to plan or prepare than listen to those who have been bitten by the economic bullets of the present hour recession are yet are still standing strong enough to enter 2017 bouncing.
In an highly intense session various CEOs and economic experts across several industries looked at Nigeria's economic direction for 2017. According Atedo Peterside’s summary of the session, 2017 will be tougher than 2016. The economy will not recover until 2018, even 2019. Inflation will continue to be high (hovering around 20%) and Naira to dollar will remain in the 450s. With money scarcity still looming many more businesses will fold up, leading to more job losses and more poverty.
Prophet of doom you may say, but that is stack reality before our eyes. With inflation and high exchange rate the banks will not be able to give loans and when they do the interest rate will be too high to afford. With this high inflation those with paid salaries are now actually earning less, that is if they will be lucky to keep their jobs.
The presentation shows that all sectors of the economy (not just oil) are either falling or already in recession (below zero). Signs are all over: British Airways just converted its Nigerian office into an agency; almost all foreign airlines now fuel in Ghana;
Many people now smuggle crops and raw materials out to earn dollars. Man, must survive. Nobody is even talking about import again. Where is the dollar to even smuggle goods in.
75% of vacant houses in Ikoyi and VI don't have buyers anymore; Shoprite that opened in Ajah in August is still 70% empty as dollars to bring in goods is scarce and customer count is poor; 5 other big supermarkets in Lagos have closed shop etc.
Rice current price in Benin Republic is N10,000 and in Nigeria it N25,000. “How you want take bring am in. Abi you want to increase the pot belly custom officials are carrying around like pregnant women”?
More people depending on others survival are now on the street more than ever before so even those earning salaries now have more people to take care of.
The experts' advice:
1. Cash is going to be King and whoever has it or has access to it should preserve it.
2. Spend less than you earn; saving for the rainy day is impossible as we are in the economic down pour.
3. Cut down on avoidable merriment. Some don’t even have any choice
4. Expect the worst Christmas in 20 years.
4. Look for dollar and pounds-earning businesses you can do right now like export of food items and commodities. Get all you need from www.investmentlight.com/export.
Start producing and selling consumables and household item or must use items recession or no recession. Visit www.investmentlight.com/liquidsoap for how to produce household item
Information is for planning and preparation purposes
2017 can be your best year ever if you prepare for it,
Thank you
