Perhaps the days when people put their life savings in a bank or investment firm are gradually coming to an end.
Today, they are adopting ancient method of savings which they believe brings high returns than investing in a bank.
Economy&Lifestyle has discovered that most Nigerians now buy goods, especially farm produce in large quantities, keep them until they are out of season and in high demand before selling them.
This according to Ahmedu Memunat, a tailor, has enabled her to meet her needs and responsibilities in this period of economic frustration.
“Before now, I used to put my life savings in a bank throughout the year and had nothing to gain from it, instead a few thousands as interest.
“This year, my friend introduced me to the palm oil business and I keyed into it. I had N400,000 as savings last year so I used it to purchase palm oil and right now my money has doubled within a few months.
“Many of my friends are doing this for survival. I have decided to continue investing in this oil business alongside my tailoring job.
“Now I can seamlessly meet my needs and those of my family.” Findings revealed that this system of savings was long practised in ancient times and only few Nigerians with the money practised it in these modern times. Not until recently, people started keying into it. Though the waiting days for reselling may be long, the yields keep individuals motivated to wait.
Mrs. Sadiat Akhigbe, a civil servant, discloed that she also bought Ogbono (African bush mango) when it was cheap a few months ago and she is now reselling it.
“I never thought about doing such a business in my entire life. “A few months ago, a colleague gave me N500,000 to keep for her and that she would not be needing it till December.“Then a friend told me she was doing this Ogbono business and it is lucrative.
“She explained the procedures and I was worried because I had no money. I remembered the money of my colleague and decided to risk using it.
“It was worthwhile that is what I will say. “I am reaping more from the business and have been able to return the capital. “I will carry out such business next year.”
Economy&Lifestyle findings further revealed that most of these struggling individuals get their money from thrift contributions where they pick suitable positions that give them the time and space to utilize the money from such businesses . “I know you would wonder how a hairdresser would gets money to invest in buying items , storing and reselling. What I do is partake in two thrift contributions where I take number two or three positions.
“I collect the money, use it to buy goods and store and continue with the contribution. It looks simple but very difficult because I will have to deprive myself from many things knowing that when I resell those items I bought, I can then spoil myself.
and sort out my bills.
“My husband also partakes in the contribution and takes a strategic position to collect his money which we add together for the business.It has come to a stage in life when partners begin to think and execute things together to survive.
“If they don’t cooperate things will go worse.
“The bank will hardly give individuals credit for running such a business. If they give you, do you have a collateral? How do you repay the loan, especially with the high interest rate? So that one was a no go area for us, “, Mrs Okoli Judith,a hairdresser ,said.
The post Economy: Many Nigerians now put more money in farm produce storage than bank savings appeared first on Vanguard News.
