Don’t be Afraid of this Economy…is a long read.
Even when the following has taken place within the last few weeks:
1. Zenith bank sacked 1, 200 staff
2. Access bank sacked 800 staff
3. Skye Bank sacked 400 staff
4. Unity Bank sacked 320 staff
5. Construction industry sacked 60,000 workers
6. La Casera weeded out 1, 300 workers
7. Nigeria Stock market has lost over N3 trillion in the last 3 months
8. Foreign investors have withdrawn over N400 billion from the stock market.
9. Unemployment rises by over 60% in the last three months
10. JP Morgan delisted Nigeria with over N310 Billion lost in 24 hours
11. GDP dropped from 6.1% projected in 2015 to 4.5%
12. Ethiopia and Kenya overtook Nigeria as Africa’s number one and two for FDI, within the last three months.
13. Naira is on a free fall. It exchanges N222, N350 and N256 against the Dollar, Pounds and Euro respectively.
14. Companies are closing down; others are downsizing so as to survive.
No, you cannot blame this on the government as the prediction for oil price crash was made several months before Buhari started his campaign for presidency.
Time to Create Your Own Economy
We have all for a long time depended on the government of the day to determine our own financial future and the government itself has also depended on Crude oil revenue to determine its own economic future. What a sorry state of expectation, living like beggars and depending on human being to determine the state of our own future. Even governors, who are supposed to be custodian of the territorial wealth of their people, no longer search their own resource, everyone is waiting for the so called oil money to pay common salary.
Now, it is no more news that oil prices are now in the Waterloo, taking fire from all cylinders and many countries including the rich ones are taking the hit. Saudi-Arabia world richest oil producing country has redrawn over 70 Billion dollars from its external reserve managers to support it budget as a result of oil price crash. Norway, one of Europe oil majors is already increasing the capital base of it banks just to withstand or cushion the economic pressures coming from Oil price crash.
British Petroleum world biggest oil investor and producers is already abandoning some of its rigs in the US because of the high cost of drilling oil as against the low selling price. Even the Nigeria masses are beginning to understand the economic terms. I bet you, they will never want to get on the street to protest against fuel subsidy removal even if they do, no politician has one thousand naira to share for that parade as no money is coming in again for such game. You got to look through the eye of needle to be able see some key indicators that can propel the economy of our great nation forward.
These indicators are going to be the driving force in
determining your investment decisions and areas where there will be economic boom, especially when all the dust has settles and when will it settle?. I know for sure the job of an economic minister is not a good one to aspire for at this time of the economy. I pray for the guy in advance.
Now, if BP is taking off from some US oil field then US will have to turn back more to Nigeria for it oil supply needs…
Where is the Nigeria stock market heading as investors are divesting from Europe and turning to Nigeria. in spite of our unstable fiscal policy. Do not let the big grammar distract you, we are breaking it down as we table some hard facts on the table meet us at:
Accessing Business Finance
on 22nd of October 2015. Fee is: N5,000 (fee
covers breakfast/lunch & a free drink).
Pay to: FCMB bank, Highnet/SBP Seminar, Acct No: 3336402028.
If you are paying before 15th of Oct, is N4,000.
Ellma Reality Check (ERC)