MARKET NEWS

Business experts have urged Nigerians to develop multiple sources of income, saying high inflation and the devaluation of the naira have made it increasingly difficult for individuals to depend on a single income.

The experts also advised Nigerians planning to travel abroad in search of greener pastures to acquire relevant, marketable skills before leaving the country, stressing the importance of being able to earn a sustainable income wherever they find themselves.

They spoke at a two-day business summit organised by the Redeemed Christian Church of God (RCCG), His Majesty Chapel, Lagos Province 122, in partnership with the Lagos State Residents Registration Agency (LASRRA).

The summit, with the theme: “Becoming Mountain Movers Entrepreneur,” was designed to empower entrepreneurs, aspiring business owners and members of the public with practical knowledge on business development and creating multiple streams of income amid the country’s challenging economic environment.

One of the lead speakers, Pastor Mrs Rotimi Oluwabukola, who spoke on “Creating Multiple Streams of Income in a Challenging Economy,” urged Nigerians to leverage technology and social media to market their businesses, skills and services.

Oluwabukola advised aspiring entrepreneurs not to wait until they had huge capital before starting businesses, noting that several ventures could be established with limited resources.

She urged Nigerians to become problem-solvers and productive members of society rather than relying solely on white-collar employment.

“Start with the small resources that you have. Don’t wait until you have millions in your account. There are jobs where you don’t need big money to start,” she said.

She encouraged entrepreneurs to use social media platforms to reach customers within and outside Nigeria rather than waiting for foreign patronage.

Addressing the increasing trend of Nigerians travelling abroad, popularly known as “Japa,” Oluwabukola advised those seeking opportunities overseas to first acquire marketable skills that could enable them to earn a living and remain financially independent.

She also urged Nigerians to explore opportunities within the country, stressing that Nigeria’s large population and growing needs presented significant opportunities for businesses.

Also speaking, the Executive Director of the Nigerian Consumer Credit Corporation (CreditCorp), Mrs Olanike Kolawole, said the summit brought together young entrepreneurs, new business owners and established entrepreneurs to equip them with the knowledge needed to take their businesses to the next level.

Kolawole said entrepreneurs should look beyond business expansion and focus on building sustainable wealth, creating employment opportunities and establishing a lasting legacy.

She said business growth should translate into more jobs and additional income for individuals and the wider economy.

According to her, inflation and the devaluation of the naira had made it increasingly difficult for many Nigerians to depend on a single source of income.

“The reality is that inflation is high, and with the devaluation of the naira, what most people earn today may not be enough to meet their needs. So, we are preaching the importance of having multiple streams of income,” she said.

Kolawole encouraged Nigerians to identify their skills, talents and abilities and convert them into additional sources of income.

She also called for greater attention to opportunities within Nigeria, observing that foreigners were increasingly coming into the country to take advantage of available business opportunities.

Citing the activities of Chinese nationals across various sectors as an example, she said Nigeria’s population of more than 200 million people represented a huge market for entrepreneurs.

She stressed that significant opportunities remained within the Nigerian economy for people willing to identify problems, develop solutions and build sustainable businesses.

Meanwhile, a business development professional, Miss Anuoluwapo Adeleke, emphasised the importance of registering businesses with the Corporate Affairs Commission (CAC).

Adeleke said business registration was critical to building credible enterprises capable of attracting local and international opportunities.

She urged entrepreneurs to stop procrastinating on business registration, noting that formalising a business could enhance the credibility of their enterprises and provide access to various opportunities.

Speaking on the initiative, the Pastor in charge of RCCG His Majesty Chapel, Pastor Tope Farorika, said the programme was driven by the church’s commitment to empowering people both spiritually and economically.

Farorika said the church believed that divine blessings should be complemented with practical knowledge, opportunities and empowerment.

The head of the organising team, Debo Omilani, said the summit was initiated from the pastor’s vision to empower both members of the church and non-members.

The Station Manager of the LASRRA office in Ojokoro, Mrs Olaniran Silifat, also sensitised participants on the importance of residents’ registration.

Silifat said residents and people working in Lagos State were expected to register with LASRRA, describing the exercise as essential for effective government planning and service delivery