COVID-19

Good morning Covenant friends and Partners. We bring you update of our reflections and meditations from last week till today. Since we published our reflections and meditations last week we have received several calls and comments, by the special grace and guidance of God Almighty we will try to respond to some of those concerns with authentic economic statistics and Biblical economic policies information.

We indeed appreciate those comments and salutations from well-meaning Nigerians and curiosity will not allow us from appreciating in a special way our Fathers in the Lord who commented too. No doubt the period we all find ourselves now is both swaggering and sagging.

The Global is in a typical economic mess with traumatic shake; what humanity boosted is fastly giving way and the structures are ridiculously crumbling with great falls, but the Lord of the earth, the creator of the whole universe and the possessor of ALL human beings SAYS, ” WHEN THE EARTH AND ALL ITS PEOPLE QUAKE, IT IS I WHO HOLD ITS PILLARS FIRM”.(PSALM 75:3).WHEN, BECAUSE OF THE UPSURGE OF EVIL POWERS, THE WHOLE MORAL ORDER OF THE WORLD SEEMS TO HAVE CRUMBLED, GOD STILL GUARANTEES ITS STABILITY. ALTHOUGH WHEN THE FOUNDATIONS ARE BEING DESTROYED, WHAT CAN THE RIGHTEOUS DO? But Paul did say, ” so no one would be unsettled by these trials. You know quite well that we were destined for them “(thessalonians 3:3).

The few scripture quotations reveal the limitness of humanity and how far they could go. It further reminds us to humble ourselves that whatever we have or achieve or acquire or inherited is not really permanent, that with time and space it fades it doesn’t matter the level management and carefulness. Between 1974 and 1975 during the oil boom Nigeria government doubled people’s salaries without a corresponding justification, moreso during this period Nigeria never own hundred percent any organisation or company or bank of her own. This naturally triggered double digit inflation which is still rearing its ugly head today. Few days ago India Refiners shunned Nigeria crude oil because of the crude oil slack, remember that India has remained the single largest buyer of Nigeria crude oil in the past few years after the United STATES slashed its imports from the country on the back of its shale production boom. Nigeria policy trust priorities for which the budget is fashioned for the year 2020 include: (1) Fighting corruption, (2) Increase security,(3) Tackling unemployment, (4) Diversifying the economy, (5) Enhancing Climate resilience and (6) Boosting the living standards of Nigerians. You can at least agree with us that with the advent of Coronavirus outbreak and its associated consequences that this policy trust priorities has been abandoned to save lives of Nigerians. The attention shifted to erecting isolation centres, buying of ventilators, testing kits, face masks, etc.

TRACKING COVID 19

A closer observation of these policy trust priorities and the pandemic, the initial purpose is defeated giving room for increasing corruption as against fighting its reduction, with the overwhelming influence of Covid-19 unemployment is on the increase as against initial idea of tackling it, the original plan of diversifying economy is on hold because Nigerians and her leadership are immediate thinkers,the best we can do now regarding that priority is to maintain the economy which is already in a critical situation with the crude oil not selling at forcast pricing per barrel and the running crazy of dollar to naria bearing in mind that Oil is denominated in dollars hence changes in the strength of dollar effect oil prices positive and negative.

Recently, Senate has approved the borrowing of #850 billion, Germany granted Nigeria debt relief of #8.9 billion and IMF approved $3.4 billion loan request. Again, Federal government has approved the release of over 2,500 Prisoners. What do you make of the recent Almajris deportation to their state of origin. Our economy is stagflation which means high inflation, slow growth and high unemployment. The challenge of releasing of Prisoners which we support absolutely and the deportation of Almajirs without any plan for reformation and rehabilitation throws red light alarm .

WHY THIS WRITE UP?

We will as usual offer brief explanations .

(1) Post Covid-19 will come with a lot surprises mostly negative, which has started already. You are fully aware that many state governments are slashing salaries of workers by 50%. Don’t think there will be any improvement on this till the end of the year if not first quarter 2021.

(2) With the rejection of our crude oil in the international market inflation index will continue to remain at two digit up to December and the stagflation will continue though mildly. Don’t forget that the monies borrowed during this period is not for investment and hence the national will look around to find funds for continuing maintaining the debt interest until the debts are fully paid.

(3) The insecurity, kidnapping and other vices to generate funds will increase because of the number of Prisoners released possibly without defined skills or profession and the deportation process of Almajirs without re-orientation, reformation and rehabilitation.

(4) Nigeria is mainly a consuming country, hence what is not saved is not invested and what is consumed is not saved. No country whose economic strength is mainly consumer strength survives except the economy produces what it consumes.

(5) Nigeria economy is an emerging economy in the global market hence has not developed the tenacity to keep hold the market in international markets. It has not developed to extent that she can determine prices.

(6) The gap between the employed, underemployed and unemployed will increase unimaginably and the reasons are obvious.

(7) No institution or country will be willing to cancel Nigeria debt.

(8) Then, of course, if you don’t have you can’t get and if you don’t get you don’t have.

(9) The consequences of Tribalism, quota system, marginalisation, corruption, ethnicity, mediocrity, political economics, political power interplay, political correctness, political instability, and tolerance of inadequacy.

(10) The adjusted rate of the Naria to the Dollar by CBN reveals that the cost of importing goods and services with Naria will automatically take a rise.

WHAT TO DO

With the current economic situation in our country as painted early,  this is what a well informed or savvy investor or planner can do to remain afloat.

(1) Move from Covid-19 to Post Covid-19. Many people are still struggling with Covid-19.

(2) Plan your family budget and discuss with your family of the new trends in family resource management.

(3) Make your budget workable by flexibly insisting on its provisions.

(4) Diversify your investment portfolio by rechannelling available resources to where you will achieve more ROI.

(5) Stop borrowing money from anyone and don’t loan to anybody. Money borrowed to eat food or buy vehicles etc is waste. Instead of loaning money to anyone do rather support the person to your ability because money borrowed during this period will hardly be paid at agreed time. Though you can borrow if it’s for investment.

(6) Try to manage whatever you have. It’s a lot better to stay with what you have than living in the absence of reality.

(7) Any amount of money you don’t need for 12months should be moved to savings account, but if the amount of money is huge we encourage you to invest money market. Money market is still very active in business investment interplay. Is being likened to a safety net, which means you invest in a pool of low risk fixed income securities and get ROI on your investment over a period of time.

(8) If it is possible avoid tenancy building in the mean time. Most times the amount of money you used to repair a house a tenant left so that another tenant can move in ,is more than the two years house rent paid.

(9) Though there is global crisis, there are still few organisations that are solid, that you can benefit from, instance include Telcos, Tech companies, Manufacturing companies and Agricultural industries etc.

( 10) Move from a consumer oriented perspective to a consumer oriented consultancy.

(11) Don’t just travel this time for the fun of it rather plan strategic and reimbursing trips.

(12) Training curriculum should reflect the realities on ground, that is with the level of unemployment and uncertainty people should be trained to be capacity based, knowledge based and self employable personage.

(13) Faith based organisations should plan retraining of their Ministers or Clergy men with reality on ground. They should stop creating mediocres who go about claiming people’s hard earned properties and vehicles by faith. Believers should go beyond falsehood attitude to wealth to hard work of research and strategic development.

(14) We should stop imposing culture upon culture, it works in the USA, doesn’t in anyway make it possible to work here. This culture imposition does not produce proto type rather it inhibits knowledge growth.

(15) Post Covid-19 will introduce maturity of faith in such a way that people’s personal faith are developed, hence prophetic prayers, miracle prayers will not strive as before and spiritual deception will be on the decline consequently many churches will close down resulting into many unemployed or unengaged ministers. Fake miracles will be on the increase in order to secure relevance but with few adherents. It takes a fake faith to meet a fake prophet.

(16) Churches should restrategise by adopting Strategic renewal, corporate venturing, selfless and servant leadership and corporate innovation. This will help to develop researchers, egg heads among brethren. It’s a very serious gap that throughout this pandemic explosion we are yet to hear of a Christian scientist who has come up with any findings. Honestly this is bad.

Woa, we need to stop here for this week to avoid boring you with very lengthy write up. We will continue next week God willing.

Let us pray together. Father in the MIGHTY name of JESUS CHRIST we declare and proclaim that no one reading this piece will die due to this Covid 19 in the MIGHTY name of JESUS CHRIST AMEN. We command East wind of the Lord to blow this virus into outer darkness in the MIGHTY name of JESUS CHRIST AMEN. We cover all of you and all yours with the blood of JESUS CHRIST AMEN. We put hedge against the enemy and decree that it stops its spreading in the MIGHTY name of JESUS CHRIST AMEN. You will not be look for after the reign of this pandemic and none of yours shall be looked for in the MIGHTY name of JESUS CHRIST AMEN. Joy cometh. Stay away and safe.

His BONDSERVANT Chidi.

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