An economic and financial expert has urged professional not to solely rely on monthly salary, rather also engage in business investment and diversification of ideas.
Alhaji Idris Akanji, the Chief Accountant at the Bursary Department of Olabisi Onabanjo University (OOU) said this while addressing the audience on Financial Intelligence at the Professional Muslim Forum of Oyo Guild of Muslim Professionals last Sunday.
Alhaji Akanji urged the audience not to relent on the present income they are earning rather they should have a foresight on future economic undertakings.
Idris Akanji affirmed that professionals who want to have control on their means of economic survival should reason on investment in legitimate businesses. He further debunked the idea of not venturing into lucrative businesses and gathering of wealth in the name of being God conscious.
‘Islam does not make accumulation of wealth illegitimate for us. Our pioneer leaders in Islam, despite the fact that they were in search of paradise were not debarred from having or enjoying the worldly wealth. Allah says, “And forget not your portion of lawful enjoyment in this world” (Quran 28 verse 77)’ Akanji said.
The Chief Accountant frowned at how Nigeria and many Nigerians imbibed the culture of dependence on consumption instead of production.
“Nigeria is the most consuming nation in Africa. Broad your horizon on what and how to produce, not what and how to consume” he said.
“The era of easy life has gone. It is high time we thought of what to do to better our economic condition” he added.
Further, Alhaji Akanji explained that if professionals invest on businesses in Nigeria intelligently, they will make a lot of profits from their investments. The idea of successful economists is diversified-investment.
Pointing to the trio elements of a good business that formulates a financial intelligence, Akanji advised that professionals should see what everyone else has not seen, think what no one else has thought and do what no one else has dared. These are the elements of making money from where people think there is no profit.
The expert also urged professionals to be creative and innovative while spotting business opportunities. He debunked the idea of seeing some types of legitimate businesses as unprofessional or filthy. He advised that the person who wants to engage in such business should allow creativity and innovation in such business – that is the secret of professionalism.
Alhaji Akanji further called the attention of the professionals to motivational factors for investment in Nigeria. In his presentation, he pointed out that Nigeria has abundant natural resources, policy environment supportive of private entrepreneurship, strong financial system, highest Return on Investment and trainable, resourceful and cost-effective workforce with 60% as youths among others.
Talking on pitfalls of business and investment, Akanji explained that many business failed to succeed due to poor business plan, lack of business management skills, lack of sustainable capital base, high start-up cost and lack of corporate outlook and image among others.
The expert finally submitted by asserting that financial intelligence is not about being employed but about how to have control on the flow of cash in ones vicinity and ability to have a foresight on economic issues.