Seize abundant opportunities in recession, don urges Nigeria

By Nofisat Marindoti, Osogbo

An Associate Professor in the University of Lagos (UNILAG) has noted that abundant business opportunities for exploration exist in recession and urged Nigerians to take its advantage.

Dr Olufemi Muibi Saibu said this at a lecture on, "Managing Personal Finances in Recession" at the Professional Quarterly Forum (PQF), in Osogbo, Osun State.

The PQF, organized by Majlis Tajdeed Tadamunil Muslimeen Association of Nigeria (MTTMA) was geared toward sensitizing the public on how to survive with meager resources under harsh economic situation.

Dr Saibu posited that the recession provides the best time to make investments and that one only needs to tap into the environment and raise his consciousness to some profitable businesses being ignored.

Saibu who lectures in the Economic Department advised businessmen to acquire only the basic needs and curtail their expenses even when income increases.

In addition to advising them to add value to their businesses, Muibi also enjoined professionals and businessmen to diversify their investments.

"We should avoid peer and societal negative influences as well as understand the circumstances we find ourselves, that is, this recession period, in order to maintain our finances.

"It should be noted that the most valuable assets of a man are his physical and mental capital, so be action-oriented and be empowered intellectually.

"We must gear our minds to positive things and be confident. Working in group is another way to manage finances as the business risks are shared."

Muibi nevertheless noted that the most important way to manage finances is to inculcate Islamic financial principles into business transactions.

"Islam encompasses everything, including businesses. We should follow Islamic principles in our business transactions and let Allah be our guide. It is only after then we will be able to manage our finances adequately even during this recession." Professor Saibu added.

Vocation section
The PQF workshop subsequently broke into a vocation section where, the Making of Coconut Oil and its Benefits were treated. Participants were taken through the process of making Virgin Coconut Oil in business quantity and marketing it.

The trainer, Mr Ridwan Oladipupo explained that Virgin Coconut Oil could be used for cooking, as body cream, massage oil and as hair conditional among others.

Oladipupo noted that the Virgin Coconut Oil is always in high demand by Cosmetics companies and implored participants to consider it as a very profitable business to invest in.