The Economic Realities Of 2017

Shocking Revelation of how 2017 will look like economically for Nigerians 

This is a clear and factual economic outlook for 2017 from top CEOs and economists in Nigeria, no sentiment involved since they are the ones that have been most hit by the current economic crunch.

If you think preparation is one of the key factors to having a successful ride in 2017, then in preparing for such a year as the one we are in right now then planning should be the first step to consider. 

Yes, the enjoyment and merriment are over, rather than just sit and wait for the year to roll by it is better you begin to actualize your dreams this year by taking the right actions.

The old saying that experience is the best teacher had a burst tire in 2016, but I must tell you that there is no better way to plan or prepare than listen to those who have been bitten by the economic bullets of the present hour recession are yet are still standing strong enough to entering 2017 bouncing. 

In a highly intense session various CEOs and economic experts across several industries looked at Nigeria's economic direction for 2017.

According Atedo Peterside’s summary of the session:

*2017 will be tougher than 2016

*The economy will not recover until 2018, even 2019

* Inflation will continue to be high (hovering around 20%)

*and Naira to dollar will remain in the 450s.

*With money scarcity still looming many more businesses will fold up, leading to more job losses and more poverty. 

Prophet of doom you may say, but that is stack reality before our eyes.

With inflation and high exchange rate the banks will not be able to give loans and when they do the interest rate will be too high to afford.

With this high inflation those with paid salaries are now actually earning less, that is if they will be lucky to keep their jobs.

The presentation shows that all sectors of the economy (not just oil) are either falling or already in recession (below zero).

Signs are all over:

*British Airways just converted its Nigerian office into an agency; *almost all foreign airlines now fuel in Ghana; 

*Many people now smuggle crops and raw materials out to earn dollars.

Man, must survive. Nobody is even talking about import again. Where is the dollar to even smuggle goods in. 

*75% of vacant houses in Ikoyi and VI don't have buyers anymore; *Shoprite that opened in Ajah in August 2016 is still 70% empty as dollars to bring in goods is scarce and customer count is poor;

*5 other big supermarkets in Lagos have closed shop etc.

Rice current price in Benin Republic is N10,000 and in Nigeria it is N20,000. “How you want take bring am in self. Abi you want to increase the pot belly custom officials are carrying around like pregnant women”?

More people are depending on others for survival are now on the street more than ever before so even those earning salaries now have more people to take care of.

*And for salary earners, inflation has "chopped away" 40% of their income, meaning that if you earned N100, 000.00 in 2016, even if you are still earning N100, 000.00 now but the actual value is N60, 000.00

The experts' advice: 

1. Cash is going to be the King and whoever has it or has access to it should preserve it.

2. Spend less than you earn; saving for the rainy day is impossible as we are in the economic down pour. 

3. Cut down on avoidable merriment. Some don’t even have any choice. be happy with little 

4. Expect the best for yourself when you focus on the solutions. 

5. create multiple streams of income and resources

6. Look for dollar and pounds-earning businesses you can do right now like export of food items, commodities, etc.

7. Start producing and selling consumables and household items or must use items, recession or no recession people must bath and eat.

This Information is for planning and preparation purposes only.

2017 can be your best year ever if you prepare for it, 

Thank you