To educate Nigerians on how to sail through the shackle of economic hardship in the country, given the current inflation figures at 29.90% , LIDA Network organized a webinar on financial freedom in a bid to help citizens identify alternative means to grow and preserve their earnings...
In recent times in Nigeria, the path to financial stability seems daunting as millions of Nigerians are clamoring for economic stability and friendly policy.
However, amidst these challenges which include Naira devaluation and subsidy removal while minimum wages suffer a downturn; LIDA Network invited economic experts, and change-makers who offered invaluable insights and strategies to navigate financial freedom. The session featured three distinguished voices, Alma Oputa, Kalu Aja, and Olumide Adesina, sharing their knowledge and expertise to empower individuals to achieve financial resilience and success.
Read also: LIDA Network Trains Journalists on Impact-Driven African Stories
Economic Breakthrough Amidst Challenges
Like other speakers, Alma Oputa, the Managing Partner at Avant Garde Capital Limited, encouraged individuals to redefine their values and leverage creativity and innovation to thrive in the current market conditions. Focusing on currency diversification and risk assessment, she advocates for local production to bolster the economy and stabilize the currency.
“In this hard time, people should be able to identify lucrative investment opportunities,” She emphasized the importance of seeking investments in essential goods, such as land and food businesses which will continue to be in demand despite production limitations.
Similarly, Kalu Aja, a Certified Financial Educator, underscores the significance of diversification and monetization of assets in mitigating inflation and currency devaluation risks. He, however, called for government intervention to take effective measures which include, reducing customs duties and enhancing local manufacturing which will alleviate economic strains.
“The way out of inflation is to diversify and not get caught up in the currency that’s losing its value. Try to convert currency into an asset or to monetize an asset. If you’re not using your money, save it in dollars”.
He also advised that individuals should evaluate expenses critically, adhere to strict budgeting, and diversify wealth across different currencies and assets to safeguard against financial uncertainties.
Meanwhile, according to Olumide Adesina, a seasoned Financial Market Analyst, who spoke on the resilience of the Nigerian stock market and financial education offers strategies to succeed in investment.
Watch Pharmaceutical Inflation in Nigeria: Healthcare cost continues to rise
He mentioned that the advantage of the Nigerian stock market over the crypto market is that it’s very difficult for you to lose, “it’s not even possible because there is a limit.”
He further emphasized on the various ways people can navigate the stock market: such as establishing personal relationships with investment banks. Olumide highlights the role of financial education in empowering individuals to make informed investment decisions and overcome financial barriers.
“The major problem facing many Nigerians is not limited capital but lack of financial knowledge. There are times that assets fall 30-40%, so if you don’t have that risk appetite, be careful of what you are getting yourself into,” he urged.
Edited by Irene David-Arinze
