Financial and mental health experts have recommended ways Nigerians can manage the lingering economic and financial burden that is taking a toll on their businesses and mental well-being.
The experts, on Saturday in Ibadan, made this recommendation during the fourth edition of the annual Finance and Investment South-West Summit (FISWS) with the theme: ‘Navigating economic uncertainty: Strategy for financial planning and risk management’.
The founder and convener of the summit, Dr Lola Odeyale Ayo-Fashida, in her remarks, stated that the essence of the annual event is to address trending and topical issues bordering the financial and socio-economic realities of the country.
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Dr Lola Ayo-Fashida lamented the current financial distress facing Nigerians’ businesses, finances, debt management, and mental health, adding, “There are a lot of fluctuations and price hikes. Hence, there is a need to look critically into the topic and how to go around and about it.”
The keynote speaker, a professor of Economics at the University of Ibadan, Adeola Adenikinju ─ represented by Dr Olumuyiwa Olanrewaju ─ stated that economic uncertainty is mostly caused by market fluctuations, policy changes, natural disasters, and political instability, among others, and is driven by internal and external factors.
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Professor Adenikinju noted that in Nigeria the immediate factors causing economic uncertainties are the removal of fuel subsidies, exchange rate unification, border closure, and lack of social investment programmes.
The don stressed that to successfully navigate these challenges, households and governments must think outside the box, adding that times like this create both opportunities and challenges.
“How to survive as a business or an individual is a function of our ability to plan and implement applicable and workable solutions,” Professor Adenikinju said.
Mr Olusegun Ojo, a human resource and credit administration practitioner, spoke on ‘Good work ethics as a strategy for navigating economic uncertainty’.
Ojo stated that economic uncertainties can potentially impact income, employment, prices, investment decisions, consumer spending, and overall economic welfare.
In the course of his presentation, he spoke extensively on the types of economic uncertainty, which according to him included volatility in financial markets, natural disasters, and changes in macroeconomic policies, among others.
Dr Alfred Atiba, a lecturer, management consultant, and director of Dr. 3pleA Company, spoke on ‘Business branding: Strategy to navigate economic uncertainty’.
He spoke extensively on brand attributes and how to build a strong brand that will propel a business in times of economic recession.
Atiba stressed that building a strong brand entails visibility, defence, communication, strategic positioning, and psychological impact, adding, “I have found out that to succeed in life, especially in your chosen area of industry, you must learn to think and act like a great brand.”
Mrs Bunmi Akingbade, a financial and business consultant, spoke on ‘Strategies to navigate economic uncertainty in personal finance’.
Akingbade noted that financial intelligence is the ability to understand basic finance principles of how money works. She added that it entails how to make money, how to manage money, how to invest money, and how to use money to help others.
According to her, the steps to manage personal finance included creating a budget, saving, setting financial goals, starting investments early, avoiding debt and liabilities, and spending smartly.
Akingbade added that when one has money, they should stop and think, make a plan, ask questions, review information, and take action.
There was a panel session on mental health, anchored by Oluwatoyin Asesoji and titled ‘Maintaining good mental health as a family and relationships in this economy’.
The panellists were Earl Alright, lawyer and counselling psychologist; and Motolani Akintayo, pastor and clinical psychologist.
The panellists discussed the various ways uncertain economic realities and the inability to manage them can negatively affect homes, businesses, and the mental health of people.
They recommended proper business and family planning, and regular health and psychological evaluations as some of the ways to manage these trying times.
The chairman and sole administrator at the Oyo State Pacesetter Transport Services, Dr Dikko Salami, graced the occasion as a guest of honour and also delivered a goodwill message.
In the course of the event, a children’s book on financial literacy written by the convener of the summit, Dr Lola Ayo-Fashida, titled ‘Bisola Visits Her Grandma’ and published by Purplebloom Publishers, was presented and read by the creative director and founder of the publishing house, Adejoke Oyekan.
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