The economic meltdown in Nigeria was a first for many who failed to prepare for the eventual financial damages that arose. Nigerians were well known to spend very heavily around the world from the 1980s to mid 2010s. Money flowed freely and exhorbitantly to the top 10% of the nation from oil related activities while the rest of the 90% suffered in unyielding economic conditions with over 70% in extreme poverty. So much money was availed to a hall-size of magnates that they enjoyed the peaks of life at the expense of the growth of the nation. Nigerian magnates booked out high-rise hotel towers in Dubai, dated the likes of Naomi Campbell and Kenya Moore in Private Jets and Luxurious Yatchs. Stashed massive funds in countries like Switzerland. Purchased the most expensive mansions in the United Kingdom, Australia and The United States. Bought hundreds of millions of souvenirs and party favors from China annually. So much money circulated globally from Nigeria, yet ridiculously, incomparably few tangible developments in the country. Money derived from corruption, incessant lobbying or crime and not from hardwork, is usually mostly poorly spent rather than re-invested wisely into the economy. Taking all of the above into consideration, the below are the top 3 greatest lessons from the economic meltdown, for all Nigerians, especially the candidates among the 10% that lived lavishly at the expense of growing the nation:
- Wealth Diminishes, Save
- Don’t Invest Foreign Until You Have Exhausted All Local Opportunities
- Avoid Debt Until You Are In A Financially Strong Position To Service Them. Pre-IPO, social media giant, Facebook, had a debt of almost $2 billion and they had a strategy. Within only a year post-IPO, Facebook reduced the company’s debt to only $100 million. The loan was well utilized and properly serviced.
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