Inflation, Naira Devaluation Make Multiple Income Streams a Must, Experts Tell Nigerians
By Aboki Forex —
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 anyone to depend on a single income. They also advised Nigerians planning to travel abroad to acquire relevant, marketable skills before leaving the country.
The experts 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, themed “Becoming Mountain Movers Entrepreneur,” was designed to equip entrepreneurs, aspiring business owners and the public with practical knowledge on business development and creating multiple streams of income amid the country’s challenging economic environment.
Start small, use social media
One of the lead speakers, Pastor Mrs Rotimi Oluwabukola, spoke on “Creating Multiple Streams of Income in a Challenging Economy.” She urged Nigerians to leverage technology and social media to market their businesses, skills and services. She advised aspiring entrepreneurs not to wait until they had huge capital before starting, noting that several ventures could be established with limited resources.
“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.
Oluwabukola encouraged entrepreneurs to use social media to reach customers within and outside Nigeria rather than waiting for foreign patronage. Addressing the “Japa” trend, she advised those seeking opportunities overseas to first acquire marketable skills that could enable them to earn a living and remain financially independent. She also stressed that Nigeria’s large population and growing needs presented significant business opportunities.
Inflation and the naira reality
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. She said entrepreneurs should focus on building sustainable wealth, creating employment opportunities and establishing a lasting legacy.
“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 extra income. She noted that foreigners, including Chinese nationals, were increasingly coming into Nigeria to take advantage of available business opportunities. With a population of more than 200 million, Nigeria represented a huge market for entrepreneurs willing to identify problems and develop solutions.
Register your business, LASRRA says
Business development professional Miss Anuoluwapo Adeleke emphasised the importance of registering businesses with the Corporate Affairs Commission (CAC). She said registration was critical to building credible enterprises capable of attracting local and international opportunities, and urged entrepreneurs to stop procrastinating.
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. Head of the organising team, Debo Omilani, said the summit came from the pastor’s vision to empower church members and non-members. LASRRA Ojokoro Station Manager, Mrs Olaniran Silifat, told participants that residents and workers in Lagos State were expected to register with LASRRA for effective government planning and service delivery.
For Nigerians, the message is clear: with the naira under pressure and prices rising, relying on one salary is no longer safe. Building multiple income streams, formalising businesses and learning marketable skills are now practical survival tools.