Marco Hernandez said, “Nigeria’s population is expected to grow by as much as 35 million in the next decade, and unless the pace of growth and job creation accelerates, the country will account for a quarter of all people living in extreme poverty worldwide.” No, Marco Hernandez is not a prophet. He’s only the World Bank Lead Economist for Nigeria and author of many economic analytical reports. So, his words must hold water, no?
In our previous article, we told you how inflation, now at 21% and rising, has led to a massive increase in the cost of goods and services, making it more difficult for people to afford basic necessities. Rising inflation has raised the cost of living and about 133 million Nigerians (63% of the population), are poor. We also shared with you some things you can do to still thrive in this economy despite its present state, with investing being one of the things. Those who have benefitted from investing started out with the intention of it being a source of passive income. And now, most of them are convinced it is the best decision they have made so far.
Investing can be a powerful tool to thrive in the current state of the Nigerian economy. It is one sure way you can grow your money or like financial professionals and experts will say, “make your money work for you.” With annual returns that range from 5% to as high as 20% and even more, here are some strategies to consider:
Choose any of these strategies according to your risk appetite and investment level, then begin to build wealth at your own pace. Some of these strategies might not be worth your time and money so you can also further narrow down your choice based on your investment goals. Generally, investing can be an effective tool to thrive in this current state of the economy. And with these strategies, despite Marco Hernandez’s postulations, you can position yourself for success.
Remember, it’s important to consult with a financial advisor or do your research to make informed investment decisions that align with your goals and risk tolerance.
Make the most of your hard-earned money. Invest now and begin to thrive in this economy.