OPINION
By Tolu Adeliyi
And for Nigeria, this is the best time for “Sin Tax”
When countries of the world were pumping cash out in the name of pandemic stimulus, everyone should have expected the aftermath inflation.
When leaders of nations were lying and trivializing the impacts of the pandemic, people ought to have thought about the consequences on the supply chain globally.
I would have expected leaders of nations to use COVID-19 as an opportunity to support organizations in investment in automation rather than pumping cash out to people’s hands.
I would have expected leaders of nations to sit to agree on bilateral economic activities that will aid localization and supply chain that requires lesser human interface.
I remember a president who said that COVID-19 would be like normal flu, it will just go away….. What an irresponsible inept!!!
Now, we all are facing the consequences of some people’s incompetences, lying and wickedness.
I hope that CFOs and financial experts are projecting right for 2023. This is the time to adjust your forecast and convert it to T+x(i). This is the only way for companies to weather the storm in a precautionary strategy.
Cost control and cash/liquidity strategy is most important right now. Localization of your supply chain may be helpful too. Collaboration with other industry players may bring some economies of scale. Unhealthy rivalry may be a costly venture and a big waste of resources.
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CEOs and HR should be looking for multi talented people with capacities to multi task. This is a cost saving strategy.
CIOs and CFOs need to collaborate more to come up with automation and revenue ring-fencing strategy. This is a dire time!
Household should also hold their investment in cash or semi-liquid forms. Investment in equity is not the best right now. Investment in debt should also be done with a lot of caution as several defaults may begin to happen.
Real estate is still better especially when it is rental and commercial. You have to begin to plan to convert your residential property to multi-family where you can rent out a part of the property and earn rental to cushion the impact of the the surge in your mortgage rates. Begin to act now before it gets to the rush hour.
And for Nigeria, this is the best time for “Sin Tax”.
For the young people, this is the time for you to embark in several trainings and certification in readiness for the rebound. It will certainly rebound but we may not know when yet. Equip yourself and be ready for opportunities.
The world is better when we are all together positively.
Tolu Adeliyi, a Nigerian Economist, social critic and public commentator writes from Indianapolis, U.S
