Dike Onwuamaeze
The Chief Executive Officer of Cedrus Group Africa (CGA), Mr. Olubusayo Adeniyi, has advised Nigerians to rethink their attitude toward savings and investment in order to escape the poverty trap and migrate to prosperity.
Adeniyi gave this advice recently during the unveiling of the group’s economic outlook titled “2023-Rearview, A Glimpse Into 2024.”
He said: “The essence of what we are doing is to move people from being poor to being rich. So, we first need to disabuse our mind of whatever error that we have been carrying so that we will have the right mindset.
“Every fruit has elements of seed and bread. Sow your seed and do not eat it along with the bread. Remove your savings before spending. Prepare for your future with investments. We want to help the investing public to change their mentality around savings because it will always payoff. Our goal is not leave any demographic behind.”
Speaking on the same vein, the Technical Analyst of CGA, Ms. Oluwafisayomi Toyo, said that the mentality of spending ones income before saving and investing would only perpetuate poverty in an individual’s life.
Toyo said that investment is very essential and remained the most effective way for the common man to become prosperous.
She, therefore, advised Nigerians to move their money from savings accounts to investments in equities, fixed income, real estate market etc. where it would yield more returns for them.
“The little you have saved should not remain in the bank. Rather, it should be turned into investment in various asset classes that will help them to manage the economic crises.
“Last year the equity market returned 45 per cent. This showed that there is a lot of value in the market. Positive returns on companies will drive the market further and their prices upward while some of them will issue dividends that will be delightful to investors, ”she said.
Similarly, the Research Analyst of CGA, Ms. Chinemelum Nwaeze, who presented the group’s economic outlook, said that it is high time for Nigerians to begin to do away with the mentality that the rich will be getting richer while the poor are getting poorer by embracing delayed gratification through targeted savings and investments even with N5000 per month.