Lagos, May 15, 2023 – Nigerians have been advised to save and diversify their income stream in the light of the current economic situation in the country.
This was the consensus of panelists at a webinar on: “Maximising Your Income: The Power of Diversification,” organised by Ecobank Nigeria as part of its activities to commemorate this year’s Workers’ Day.
Dr. Yemi Kale, a former Nigeria’s Statistician General, delivered the Keynote address on the “State of the Nigerian Macroeconomy: Implications for Consumers and Workers”.
He said the Nigerian economy had potential for growth because of its huge youth population, large market, abundant natural and human resources in the tourism, telecommunications, manufacturing, and technology sectors.
“Nigeria has potential for strong economic growth. It is the biggest economy in Africa and largest African market.
“Nigeria has abundant human resources as Africa’s most populous nation with growing youthful population and low-cost labour.
“It is the 6th largest gas deposit in the world, 8th highest producer of petroleum in the world and oil reserves are estimated to be 36 billion barrels.
“We are blessed with 34 solid minerals, over 44 exportable commodities and significant growth potential in the tourism, telecommunications, manufacturing, and technology industries.”
Kale, however, expressed regret that this potential is being constrained by macroeconomic dysfunctions like external contagion, political instability, improper planning and poor plan implementation and outright wrong decisions, policies, and strategies.
“Our GDP growth has been steady, slow, and fragile, high inflation risks, rising public debt indicative of shrinking fiscal space and declining reserves and slowdown in capital inflow.
“Households and workers must, therefore, explore multiple sources of income, invest to hedge inflation, buy food items in bulk to evade immediate upward price adjustment and avoid loan accumulation,” he said.
Kale identified Ecobank as one of the financial institutions that is parading an array of diversified products and services, noting the bank’s decision to organize the webinar was quite laudable because of the attendant benefits.
Daberechi Effiong, the Head of Consumer Products at Ecobank Nigeria, highlighted the benefits of saving with Ecobank and how to diversify income stream for maximum returns.
She advised customers to spread their portfolios for multiple sources of income and also imbibe the habit of financial planning.
According to her, “Ecobank has bouquet of high yielding products with attractive interest rates which customers can invest in.
“They can take advantage of our savings and current accounts, local and foreign accounts, super savers and so many others.
“We also have mortgage financing, either re-financing or outright purchase. They can access our services through our digital channels and Xpress points, our agency banking outlets, which is available all over the country.
“We also offer financial advice and grant loans with low interest rates to customers.”
Oluyemisi Ogunmola, the Managing Director, EDC Fund Management Limited, said that there was the need for participants to invest in money market and mutual funds as part of income diversification.
“You should have goals for diversification, either short, medium, or long term. We are also available for financial advice on where and how to invest. It is also important to know that you can start small with the fund you have.” she advised.
Earlier In her welcome address, Mrs. Korede Demola-Adeniyi, the Head, Consumer Banking in Ecobank Nigeria, said the webinar focused on practical financial planning insights on maximizing income and how customers and members of the public could key in as they go through their financial lifecycle.
She said that the webinar was a further demonstration of the bank’s commitment to the financial well-being of its customers, and urged members of the public to make Ecobank their bank of choice.
Ecobank Nigeria Ltd is an affiliate of the Ecobank Group, the leading private pan-African banking group. (GBN)
