The Executive Director of the Nigerian Consumer Credit Corporation (CreditCorp), Olanike Kolawole, has urged Nigerians to develop multiple sources of income to cope with the country’s rising cost of living.
Mrs Kolawole made the call at a two-day business summit organised by the Redeemed Christian Church of God (RCCG), His Majesty Chapel, in Lagos.
The summit, themed “Becoming Mountain-Moving Entrepreneur”, brought together young entrepreneurs and members of the public for discussions on busofiness growth, financial management and wealth creation.
Speaking on “Growing SMEs Through Financial Wisdom and Strategic Planning”, Mrs Kolawole said entrepreneurs needed to build businesses around system development, financial discipline, market intelligence, standardisation and productize.
She also identified people development, cash-flow expansion, networking, continuous learning and legacy planning as important pillars for sustainable business growth.
Mrs Kolawole said many small and medium-sized enterprises (SMEs) remained heavily dependent on their owners, driven by immediate cash needs and operated informally.
She urged entrepreneurs to move from simply owning businesses to building systems capable of producing consistent results.
“Shift from business owner to system builder,” she said, stressing the need for entrepreneurs to establish structures that would allow their businesses to operate effectively beyond their personal involvement.
She also advised business owners to develop a better understanding of their markets rather than focusing solely on their products.
Entrepreneurs, she said, should know who their customers are, why they buy, when demand changes and what products or services are moving fastest.
Kolawole said Nigeria’s economic difficulties, including inflation and the depreciation of the naira, meant that the income of many households was no longer sufficient to meet their needs.
“With the current economic situation, inflation and the devaluation of the naira, what many people earn today may not be enough to meet their needs. That is why we encourage people to have multiple streams of income.”
She encouraged participants to identify their skills and talents and find ways to turn them into additional sources of income.
“Look at your skills. Look at what you have inside you. Look at the talents you possess and think about how you can multiply those talents and create additional sources of income,” she said.
“You should not depend on just one source of income. You can have two, three or even more streams of income to help you cope with the increasing cost of living while still maintaining a comfortable standard of living.”
The CreditCorp executive also urged Nigerians to take advantage of opportunities within the country’s large consumer market.
She pointed to the growing presence of foreign nationals in Nigeria’s business environment as evidence of the opportunities available.
“Whether we like it or not, we see foreigners coming into Nigeria and taking advantage of the opportunities available here. We see Chinese nationals coming into the country and doing business successfully every day,” she said.
Mrs Kolawole said there was still significant potential for business growth in Nigeria, particularly because of the country’s large population.
“There is still a lot that can be achieved in this economy, especially considering that Nigeria has a population of over 200 million people,” she said.
She said entrepreneurs who combined financial discipline, strategic planning, market knowledge and continuous learning could grow their businesses, create jobs and build sustainable wealth and lasting legacies.
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