Managing Director, Sofunix Investment and Communications Limited, Mr Sola Oni, has advised Nigerians to create means to enhance their incomes and block wastages as part of strategies to hedge against the harsh realities of economic recession.
Addressing the end-of-year forum of the Lagos chapter of alumni association of Adeyemi College of Education, Ondo State, on “survival strategy in a depressed economy”, Oni said every individual must manage cash flow, operate an emergency fund, create multiple income streams and place premium on needs as against want among others to block wastages in a recessionary period.
He underscored the importance of saving as a major tool for investment, urging the members to cultivate savings habit no matter how small to create a pool of investible capital.
He advised companies to review their products and services in line with the needs of their customers.
He noted that the recession became glaring with consistent negative growth in the Gross Domestic Product (GDP).
He said many countries, such as Australia, China, Indian, Singapore, Hong Kong, Canada, Japan, Qatar, New Zealand and Malaysia, had come out of financial crisis in solid shape and continued to wax stronger because they pay attention to debt management while growing their assets significantly through deliberate and consistent policy of investment in infrastructure.
“These factors, among others efficiently, positioned their economies on robust foundation that can withstand any financial shock. Also, at every level of the challenge, the governments of these counties were sending messages of hope to the governed. This reinforces the essence of communication strategy in managing recession,” Oni said in reference to what the government should do.