A report by Money Africa has stated that the problems of slow growth, high inflation and high unemployment would continue to persist in the country unless the country goes out of debt.
The report titled ‘2023 optimism: Making the best of a potentially challenging year,’ stated that Nigerians need to get out of bad debts to survive the financial challenges in 2023.
It noted that the residual effect of the pandemic, the Russian-Ukraine war and high inflation have affected the finances of Nigerians and led to loaning from every means possible to survive.
While advising Nigeria to avoid debts, it stated, “There are two types of debts: Good debt and bad debt.
“You need to let go of bad debt on consumables (debt that has no future value) and gravitate towards good debt.
“A good debt bears fruit in the future.
“Be less aggressive with non-conventional and high-risk investments. Less than five of your portfolio should be embedded in high-risk assets.
“The argument here is that, if the investment goes to zero, your portfolio is still standing firm.”
Advising Nigerians to focus on the things within its control, it stated, “You can not change the inflation rate. You cannot stop the Naira depreciation.
“They are out of your control, so you will do well to rather focus on what you can impact.”