Nigerians have been urged to consider strategic alternative investments in the form of commodities rather than hibernating their money in banks.
Alternative Investments Expert and graduate of Harvard Business School, United States, Rotimi Ojamamoye, said this.
Ojamamoye said this at a training tagged: “How to Secure Your Funds Against Inflation/Economic Downturn.”
He was the key speaker of the training organized by FLAP Cooperative and supported by Assertrise Limited.
He emphasised that gratuities and pensions are not good plans to hedge oneself in the future against inflation.
As such, he said there is a need to invest, which is another way for an individual to plan ahead of inflation.
Ojamamoye said: “Many of us have good savings, jobs and businesses, but I can tell you that your job will not survive if inflation hits you so hard.
“For instance, in this period, a lot of companies are thinking of laying off workers because there is insufficient inflow.
“And no matter how skilful you are in an organisation, if you don’t convert your skill to knowing and understanding alternative investments, you are putting your life and family at risk of financial instability because your job will never be a good strategy to eradicate inflation now and in the future.”
Ojamamoye said gold is one of the strongest commodities that will not devalue easily as well as agriculture and real estate.
To this effect, any investment in Real Estate must be strategically planned while determining the duration such as short, medium or long term plans.
According to him: “Inflation is the worst enemy to any investment globally and many find it difficult to determine how to get out of it.
“Until we have a global outlook of the situation, we will not be able to come up with the best financial plan.
“Although during inflation, people reduce their spending power.
“Still, there is a need to build alternative investments that can guarantee your business stability by providing services that people cannot resist during inflation.
“For instance, during COVID everybody was able to protect agriculture because we need food to survive.”
Ojamamoye further added that inflation is one turbulence that a country faces in its financial goals as such must plan for it.
Besides, inflation is beginning to disrupt businesses and lifestyles.
He said: “In Nigeria’s situation, we are facing a hike in dollar and energy rate thereby directly impacting the cost of living.
“The country imports 70 percent of its energy consumption.
“You have to think ahead and hedge yourself against inflation to guarantee financial stability.
“However, money is the blood of any economy and the quantity of it that you have will determine how much your family and business survive.
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“At this period, we must take necessary measures to ensure that our businesses get out of inflation.
“Debt is something that will destroy your business during inflation, but it doesn’t mean that it is not a good strategy to finance.
“But you must plan ahead of your debt if you must incur one.”
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