Danger recession ahead! Article by OAP Rufai Oseni of Inspiration FM 92.3

It has to be said,times are hard in the world ,but in Nigeria,it is always a different case,because of our peculiarities!!!!!(which includes aso ebi,big weddings,Dash money and our innate passion for living beyond our means).

Truth to tell your ability to understand the times,would help you withstand the odds.what are these odds? You want to ask.I would reply by saying quickly that things will never be the same “in 2pac’s voice”.

The dire situations we find ourselves in Nigeria hitherto heightened by corruption was worsened by the slump in oil prices from 100dollars to 50dollars per barrel!(this chicken has not only come to roost but to take over).

The pain and hurt most Nigeria’s feel are the results of examinations written over the years in the days of excess,when we churned out 2.3 million barrels of crude oil daily at 150 dollars walking away with 3 billion dollars every day or on a good day(OK! Everyday was a good day then)

It should be said that other factors did hinder our progress like the dutch disease or corruption or tribalism, but while all of this might be the case,we as Nigerians had a role to play (which we did not play) you might want to ask what role?

We forget in a hurry that the people are custodians and could demand more from the government by our rights! I know you would retort that’s not true we don’t even have rights but we forget that the occupy Nigeria movement could have been the roadmap for that real change we need(I cringe at the word change these days).

Now with all of the “unfactored factors” and encumbrances we have effectively sailed our Mediterranean like migrants and arrived at our parlous state of DIY recession.(DIY-do it yourself)

Question is what do we do? With negative growth -0.3 and a stagflation?

It would interest you to know that if the first quarter does that badly,what would the 2nd quarter be like? With the 65% increase in fuel price and the finality on our budget dance!

The budget might shore up the economy you reckon,but when the finance minister says in Queen’s English that “we might not be able to do all projects in the budget”
What it means is?the highly contentious Lagos – calabar railway might not be concluded if there is no money!!

So either ways it is topsy turvy!
That is why you need to have the capacity to innovate this time in this time of our lives.

I would point out three key you need to look at to be successful.

At first you must be willing to provide  value
VALUE
Value in this regard, is something that can meet the needs of people and provide satisfaction for them.It could be a product or Service that helps in creating a solution or solutions to challenges. Challenges and societal needs abound and in simple terms meeting them matters this is season.
For instance you are close to places  where people need to clean their cars,if you can do it then why not create that value well.It is in doing you are blessed.Especially at a time like this the definition of job or work is now value,So what is the value you have to give.

Once you have effectively understood the value proposition,then you need to develop a product line for the value.”Turning value into a sellable product is the first line of financial success” in developing this product you must make it of very high quality and at the best price,whether it is a service,it must be at a competitive price and you must find ways to duplicate it at a lesser cost.

After you effectively get the product right,then you diversify and open up new markets and put up new caps for yourself, increasing your market share and creating variants for your product line to cater to all markets for instance, you can develop a garri product line with different variants.,1 lebu the fine paste garri from the cassava residue(this is effective for making EBA or eating with beans) you can also make it cheaper and have your yellow garri production line in the mix,The capacity to innovate in this trying time would make you exceptional in all you do.

So we need to thank God for this dire season and learn to innovate than complain.