The brand director of PENGlobal Incorporated, an innovative business and social brand promoter, Sir Francis Abai, has posited that the fall in the global price of crude oil is an opportunity for investors in the country to identify indigenous businesses that are economically viable for investment.
He made this known midweek after presenting T-Shirts and Face Caps to members of its PENGlobal WhatsApp Family Group that emerged winners of its April 2020 reward edition.
According to the brand director who specialises in brand education and in creating business and social brand awareness for more brand engagement across the social media networks, hinted that dependence on crude oil has made the country’s leaders and investors alike to fail to identify prospective brands in the non oil sector.
“To some persons, it seems the end has come for Nigeria’s economy as a result of the dwindling price of crude oil. But as far as I’m concerned, the price of crude oil is no different from the price of a local brand like garri or any other brand for that matter. Demand rise and fall for all commodities. This is certainly not the first time oil price is low.
“For years, the country’s leaders have the opportunity to transform Nigeria into the business hub of Africa but they failed to do so because of cheap petrol dollars they relied on from oil export which are extravagantly wasted on a lot of senseless political and economic jamborees.
“But now that oil price is down because of coronavirus pandemic, I believe it is a wake up call and an opportunity for investors to begin to look at enterprises that are independent of the oil sector and are showing signs of growth as well as profitability, now and in the future.”
Sir Francis also hinted that a negative mentality exhibited by Nigerian investors is their appetite for quick and big profits which the oil industry offers hence the focus on oil. He thus reminded investors to not forget that just as an infant requires time to develop into an adult, so too viable businesses are no exception.
Continuing, he said, “There are a lot of viable businesses that investors could invest in. In my area of specialty, I have come to discover that information is not just money but power and if you’re not informed, you’re certainly deformed. As a brand developer, manager and promoter, helping clients to circulate information about their brands as well keep them informed on ways to improve their brand is what PENGlobal is about.
“At PENGlobal, we help brands to gain awareness by educating and giving them a voice of their own through a brand story hinged on their philosophies. We have discovered that one reason most businesses fail is as a result of a lack of understanding what branding entails. A lot of persons venture into business with wrong philosophies that unknowingly to them, hinders their brand success.”
The brand director called on the various levels of government as well as other well meaning bodies and individuals to invest in indigenous businesses across the non oil sector as well as do away with ideologies that impede local enterprises from succeeding.
“While Nigerians should be alarmed at what is going on in the oil sector, it is also important that they beam their focus on where they can commit funds locally. They shouldn’t believe Nigeria can’t do without oil. Like I said, there are a lot of businesses they can support, PENGlobal for one; and the earlier investors begin to look inwards, the better for the nation’s economy.
“Our leaders in government are themselves not helping matters. They run abroad to beg foreigners to come invest in the country when there are local enterprises that can do magic but are not supported. It only shows that our leaders in government don’t believe in the manpower capabilities of their citizens. And this is very wrong! Nigeria as a Giant of Africa is underutilising its youthful and skilled population.
“I therefore call on the various levels of government and investors to look inwards and diversify their investment portfolio. They should begin to support small and medium sized businesses that are hungry for success.”
The winners of its PENGlobal April 2020 reward edition, Engr. Odu Richmond who is the Chief Executive Officer of Durichtech Nigeria Limited and Chief (Elder) Reuben Tonjoh who is the Public Relations Officer of Egbema Gbaramatu Communities Development Foundation, EGCDF, while receiving their gifts from the brand director both attested to the uniqueness of PENGlobal as a brand propagator as they promised as well as called on others to support the brand.