By
Patrick Ogungbola
MD/ CEO, BLUEHEDGE REALTORS
Another month is here again; we welcome you to the beautiful month of May 2020. Well, we know most of us have been at home for over a month now due to the lockdown, but not to worry, it will soon be over. If we think very deeply, we will still see many reasons to be thankful. From January till date, millions of people have died all over the world as a result of corona virus and through other diseases/ incidences. Sadly, also in Nigeria, very many wealthy and influential figures have lost their lives as a result of COVID-19; their money couldn’t save them. If not for any other thing, we should be grateful to God for the gift of life and good health.
Agreed, life is no longer the same to many people, and of course, it will no longer be the same even after this period. The effect of the global pandemic is having more than a telling effect on so many people. If there had been an opportunity for people to prepare ahead of what was coming, may be it would have been a different scenario, but it hit the world suddenly, unprepared and unannounced.
The effect of this monster-pandemic is being felt and will be seriously felt in this clime than other parts of the world. While the governments of other countries were saving and increasing the stock of their reserves for the ‘rainy days’ (for a time like this), our own leaders were busy spending away our resources, this is why we find ourselves where we are today economically. Currently, all economic indices and statistics are not in favour of Nigeria. Some recent reports to prove these are as follows:
· Africa’s leading economy, Nigeria has a population of nearly 200 million people. Worldwide, it is the 30th largest economy, by GDP volume. However, Nigeria’s economy is highly dependent on oil and is therefore very vulnerable to fluctuations in crude oil prices and production. In 2019, Nigeria recorded a growth of 2.2% (IMF). According to the updated IMF forecasts from 14th April 2020, due to the outbreak of the COVID-19, GDP growth is expected to fall to -3.4% in 2020 and pick up to 2.4% in 2021, subject to the post-pandemic global economic recovery (https://bit.ly/3aOYOYz)
· Due to the falling oil prices amid the coronavirus pandemic, Nigeria is predicting a recession that could lead to a devaluation of its national currency – (https://bit.ly/3d1cn8Y)
· Before the pandemic, the Nigerian government had been grappling with weak recovery from the 2014 oil price shock, with GDP growth tapering around 2.3 percent in 2019. The country’s debt profile has been a source of concern for policymakers and development practitioners as the most recent estimate puts the debt service-to-revenue ratio at 60 percent, which is likely to worsen amid the steep decline in revenue associated with falling oil prices. These constraining factors will aggravate the economic impact of the COVID-19 outbreak and make it more difficult for the government to weather the crisis. The COVID-19 crisis is already causing all components of aggregate demand, except for government purchases, to fall (https://brook.gs/2VPOStB)
· With oil accounting for 90 percent of Nigeria’s exports, the decline in the demand for oil and oil prices will adversely affect the volume and value of net exports. Indeed, the steep decline in oil prices associated with the pandemic has necessitated that the Nigerian government cut planned expenditure. In fact, on March 18, 2020, the minister of finance announced a 1.5 trillion naira ($4.17 billion) cut in nonessential capital spending (https://brook.gs/2VPOStB)
· The restrictions on movement of people and border closures foreshadow a decline in exports. Already, countries around the world have closed their borders to nonessential traffic, and global supply chains for exports have been disrupted. Although the exports of countries that devalue their currency due to the fall in the price of commodities (like Nigeria), will become more affordable, the limited markets for nonessential goods and services nullifies the envisaged positive effect on net exports (https://brook.gs/2VPOStB)
· The last unemployment report released by the National Bureau of Statistics (NBS) ranks Nigeria 21st among 181 countries with an unemployment rate of about 23.1%. The country has also been rated as the poverty capital of the world with an estimated 87 million people living on less than $2 a day threshold (https://bit.ly/2ShWtiD)
We can go on and on and on, but there’s no point. It doesn’t make much sense to be analyzing problems, it makes better sense to proffer solutions. The mistakes have already been made, there’s no point crying over spilled milk. But the irony of it all is that most individuals, that is, Nigerian citizens didn’t contribute to the mess the country found herself, but almost everyone will face the consequences. Imagine you suffering for what you didn’t cause – mismanagement of the country’s resources and lack of planning. Just as Nigeria is guilty of this, some individuals are guilty as well.
And so, what’s the way forward? Are we to suffer from the consequences of bad governance? I know you will say, ‘God forbid!’ So, what must we do to be exempted from the consequences of the economic quagmire?
Simple advice! Think differently. Difficult times are interesting times, it all depends on how we look at it. The best of human beings come out in times of difficulties. Great inventions and discoveries are born out of the need to survive and weather the storm of life. Indeed, there will be massive transfer of wealth at this time to those that can maximize the potentials of the time. While many people are looking at just surviving, some others will be looking for opportunities of a lifetime. Life is a choice and we are all product of our choices. This is not a time to be afraid, but a time to be courageous and a time to take bold steps. It was Warren Buffet, the great investor and one of the richest men in the world that said, ‘The worst time to do something is when everyone else is doing it. Be fearless when others are fearful’. Wise people use difficult times to soar high like the eagle, and this will lead us to share some striking characteristics of the eagle which is very relevant for the present time.
· Eagles love the storm. They get excited when storm clouds gather. Why? They welcome the challenge it brings. They know the storm wind will lift them above the clouds. Above the clouds, they can rest their wings and become stronger. The lesson here is for us to get excited about the storms in our lives (difficult period like we’re currently experiencing). Challenges bring opportunities. We could see the opportunities wrapped in our challenges if we are not so busy, complaining and trying to avoid them. Embrace your challenges and learn from them. That’s how we grow and get stronger.
· The eagle is a master of change management. The mother eagle carefully prepares the nest for its eggs. When it is time for the eaglet to learn to fly, the mother begins to remove the comfort layers from the nest, exposing the pricks and sticks. She then throws the eaglets out of the nest. She does this repeatedly until the eaglet learns to fly. Out of fear, the eaglet jumps back in the nest, with each attempt, shrieking and bleeding from the pricks in the nest. The mother eagle wouldn’t yield. To others looking at this, it would seem that the mother is wicked and hearltess. The process is repeated until the eagle eventually starts flapping its wings, getting stronger and stronger with each flap until the baby eagle begins to fly higher and higher, rising above its initial challenges and pain. This lesson is much more relevant for this trying period. We must not become complacent in life; clinging to the old and familiar. We can only grow if we are willing to step out of our comfort zone. The thorns or pain in life are there to tell us that there is nothing more for us where we are, and that it is time to move on, grow and spread our wings.
· Eagles have excellent vision and concentration. To catch their prey, they focus on it with laser-like intensity and set out to get it. The lesson here is for us to focus on one thing to accomplish at a time. Give it your effort, time and energy. Focus and set out to achieve it.
· Eagles fly alone or with their own kind. The lesson here is for us to associate with people of like-mind; people who can help us grow. Also, note that not everyone will share your vision or dream, find people who think like you so that you can both dream and grow together. Don’t waste your time with naysayers and negative people.
· Rebirth involves death of the old-self. The eagle has to make a painful decision at around age 40. To die or go through a painful process of rebirth which will extend its life for 30 more years. This process involves the painful task of knocking out its own beak and plucking out its talons so that new ones can grow. This entire process takes about 5 months to complete. The lesson here is that: No pain, no gain. Many of us want to be successful, but without sacrifice, hard work, disappointments and heartbreak that comes with it. To survive and grow, we must be willing to change. And sometimes, we may even need to go a step further — a death of the old self and a total rebirth. Ending toxic relationships, leaving toxic jobs, getting rid of destructive habits, thoughts, traditions and mind-sets that is taking us back.
We believe the above illustration and the lessons learnt are very relevant most especially in times like this. Let’s always remember the ways of the eagle, and be determined to apply these principles to our lives. Change is within our power, if we believe and ready to pay the price! I strongly believe that we shall all come out of this stronger.
We wish you the very best in the month of May 2020.
As usual, we want to remind you that we care so much about you, and that when it comes to your real estate investment and advisory, we are always here to give you the very best service you can never get elsewhere. This is our promise, and will always be.
Meanwhile, please find below the powerpoint presentations of our current properties for sale in Lagos, Abuja and Port Harcourt, Nigeria.
Thank you.
Affordable Properties For Sale in LAGOS, Nigeria
Affordable Properties For Sale in ABUJA, FCT, Nigeria
Affordable Properties For Sale in PORT HARCOURT, RIVERS STATE, Nigeria
