***Say sector to do better
By Kingsley Adgboye with Agency report
The year 2020, although filled with mixed feelings and many hurdles, was a year packed with lessons. The year emerged with unforeseen turn of events that have initiated unprecedented trends in the Nigerian market, and the world at large, with severe impacts on supply chains, economic activities, and international trade.
Economies are trying to manage unemployment by reductions in interest rates, and other governmental action that impacts industries – mainly travel, tourism, and hospitality. Currently, global markets are trying to recover, the IMF warns of a slower 2021, and individuals and businesses are left to wonder, “how long will this trend continue?”
This pandemic will forever change all that we know, and have taken for granted as being ‘normal’, and it would be naive of us, almost catastrophic in fact, to think that things will simply just go back to normal as they were earlier this year.
This new reality has changed us as consumers, and the organizations we lead must change too, if we are to survive and thrive in the coming era of work.
While every country is at a different stage of the pandemic, and many businesses are struggling to tackle the ‘here and now’ situation, it’s important that we also start to focus our attention on the future sooner, rather than later.
According to Bilaad Realty, a real estate journal, “But, how best can business owners and investors plan for 2021, help rebuild the economy, invest wisely and get value for their money? This is what a few industry experts have to say.
“For businesses and individuals to thrive in 2021, amidst increasing prices of commodities in the country, there is need to prioritize our expenses. We must carefully think through all business decisions as regards spending and come up with cost-cutting measures to stem the tide of increased cost of living.
“In 2021, businesses should do more; be flexible in carrying out their business and Increase focus on online sales – proven over time to help grow businesses organically”, Eze Nwogu noted
“We are projecting a recession in the second quarter or at the end of the first quarter of 2021. So, it is important that we keep an eye on certain sectors like the real estate market, to ensure that expending continues in that sector in order to stay on top of the economic recession and mitigate the impact of COVID-19”, Alfred Friday Okoh said.
“Real estate still remains the asset of choice when it comes to investment and this has proven more than ever before to be so, in 2020. Buyers should be careful where they put their money in 2021.
“Extensive research should be carried out before making any investments, to ensure they work with companies with proven track record of delivering value”, Abdulmalik S. Mahdi stated.
Managing Partner, Modern Shelter, Mrs Amina Lawal, opined that “The Nigerian economy has been hit with both the Covid 19 pandemic outbreak, dip in oil price and Foreign Exchange (FX) volatility.
“The society at large has become less interested in investments, with capital savings yielding negative returns in the wake of rising double-digit inflation currently at 13.7%.
“It is important for organizations to prioritize spending and postpone expenses that will not add value in the current situation”.
On collaboration, she said “In 2021, we should look out for more meaningful and life-changing collaborations between Government (Public) and Private Sector.
“The private sector will come to the rescue of the deficit budgets being experienced by the Government, and will channel their investments to providing infrastructure and capital projects that will create an enabling environment for Small and Medium Scale businesses to thrive and on the other hand, increase the Gross Domestic Product (GDP) of the Nation.”