Nigerians have been admonished to set clear financial goals and develop a comprehensive plan to achieving wealth creation despite the challenges faced by individuals and businesses.
A renowned financial expert and investment banker, Olu Odugbemi gave the admonition during a workshop on “Financial Enlargement: Sustainable Wealth Creation in a Troubled Economy” organised by the Faculty of Social Sciences.
The hybrid interactive session was held at the Faculty of Social Sciences Board Room on Tuesday, October 17, 2013. It witnessed the University of Ibadan alumni inspire the audience, including UNILAG Council member, Professor Solomon Akinboye on strategies for thriving amid economic challenges.
Mr. Odugbemi known for his successful career in investment banking and financial advisory services, began his lecture by drawing various scenarios from the Bible and some of the lessons of the scripture which can be applied to wealth creation.
While giving practical examples of countries like Venezuela, that had similar experience of hyper-inflation like Nigeria, Mr. Odugbemi opined that the primary cause of Venezuela’s inflation and high cost of living was as a result of excessive money printing by the government. He argued that the government’s fiscal mismanagement, including deficit spending led to an increase in the money supply, which in turn fueled inflation. He therefore emphasized the importance of implementing sound monetary policies, reducing government spending, and promoting economic stability.
Another perspective he focused on was the structural issues within Venezuela’s economy, noting that over-reliance on oil exports, lack of diversification, and weak domestic production also contributed to the country’s economic woes. According to him, Venezuela’s national currency which is the Bolivar became almost worthless during a four-year period of hyperinflation.
Drawing from his extensive experience, he discussed various strategies and principles that individuals and businesses could employ to thrive even in challenging economic climates. The financial guru highlighted the significance of prudent financial management, diversified investments, and innovative approaches to entrepreneurship. He encouraged the audience to focus on developing skills and knowledge that are adaptable to evolving market demands.
The agronomist stressed the importance of the implementation of transparent and accountable governance practices, reduction of bureaucratic hurdles, and creation of an enabling business environment.
His words, “… by fostering a favorable regulatory framework, policymakers can attract investments, promote entrepreneurship, and ensure fair competition, all of which are essential for financial enlargement.”
During the Questions and Answers section of the programme, the guest-speaker patiently provided practical advice and actionable steps for financial empowerment.
Earlier in his remarks, the Dean of the Faculty of Social Sciences, Professor Adelaja Odukoya expressed gratitude to Mr. Odugbemi for accepting to speak to the faculty.
His words, “I am particularly honored to have such a distinguished professional share his expertise with our staff. I have gained a lot from his services for years because I have known him for a while, and I am quite sure his talk undoubtedly will broaden our perspectives on financial management and wealth creation.”
