By Nkechinyere Ewa-Okpara
Prof Okey Reuben Okechukwu, Provost, Federal College of Education Technical Isu, Ebonyi State, said ignorance of the principle of savings and its values for future comfort is why Nigeria suffers phases of economic difficulties.
Prof Okey, who stated this in a paper presentation during The University Of Nigeria Alumni Association, Abuja Branch, general meeting held 31st August 2024, noted that if the country and its citizens must survive and enjoy the economy amid dollar scarcity, they have to change their lifestyles and values.
In the paper titled: “Enjoy Financial Stability in an Unstable Economy; Nigeria as a Case Study”, the Educationist emphasised that Nigerians should form a culture of savings, show respect for hard work, conscience and character in times of surplus, for the sake of rainy day.
According to him, financial stability is a state whereby people have the resources essential to a healthy life, such as affordable housing, employment that provides a living wage, things that support employment like workers protection, paid sick leave and child care, access to reliable transport, power (electricity, water) scarcity and healthcare.
He said, “conscious approach to enjoying and surviving in an unstable economy requires but is not limited to living within your means; analysing your monthly or daily income and expenses to determine an amount that you can conveniently save.
“Identify areas you can reduce unnecessary spending to allocate more funds to your emergency funds saved for anticipated needs, particularly when addressing circumstances that lead to long-term benefits – distinguish between essential needs and discretional want, and focus on fulfilling your basic needs before non-essential purchases.
“Savings – is a financial stabilizer, with the potential to cater for urgent needs and create investment opportunities. It is advisable to improve the value of savings through investment yielding assets such as stocks, shares, bonds, micro finances, and production.”
To Nigerians, “adopt low style and avoid undue exposure, especially in the face of ravaging insecurity and economic uncertainty in the land.” He said
“Nigeria is a great country, and together we shall steer it to the harbour of prosperity of our dream and those of our founding fathers.”