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Title:
NTA Weekend Deal: Multiple Streams of Income in Nigeria (21st July, 2024)
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Host:
Nigerian Television Authority (NTA)
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Location:
#NTA Headquarters, FCT Abuja
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Start Date:
Jul 21, 2024
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Links:
Event Description
Weekend Deal is a weekly program by Nigerian Television Authority (NTA) aired every Saturday and Sunday.
On the episode of the weekend deal held on Sunday, 21st July, 2024, the episode was titled: Multiple Streams of Income in Nigeria.
There were three (3) guests invited to this episode who include:
- Katherine Pam Semlek, Trainer, Consultant and Social Entrepreneur.
- Kenny Sax, Musician and Saxophonist.
- Dr. Uzor Onyia, Principal, EngineeringXpress
The program started with an introduction of how Nigerians are adopting different measures to cope with the harsh economic realities, one major measure being adopting a second source of income. Successful business coach, Dr. Jerry Oguzie emphasized that to become wealthy, one needs multiple streams of income. The Federal Government recently made a provision in the Civil Service Act for civil servants to engage in subsidiary farming to generate alternative source of income. This shows the support of the government towards having multiple income streams. The easiest way to have an extra source of income is to leverage on the emergence of digital businesses. Some other side hustles may include: Social media management, tailoring, real estate, event management, pastry making, graphic design, article/content writing, photography, etc.
Hon. Bomkam Wuyep, the DG of PLASMIDA outlined that the most relevant skills today are digital skills. Online businesses are thriving in Nigeria due to the ease of online marketing. The key is to identify a niche, prepare a social marketing plan and leverage the power of technology. Prof. Uwaleke, the Director, Institute of Capital Market highlighted Stock Investment as a good way to make passive income. Dr. David Owah, a Cyber Security Expert mentioned that the government and its agencies cannot comfortably absorb as much graduates anymore. This means that young people have to actively be on the look out for alternatives hence highlighting the importance of side hustles.
One of the guests for the program, Katherine Pam Semlek was asked if entrepreneurs are made or born. She mentioned that there are no right or wrong answers. She further stated that any human can become what they want as long as they set their mind to it and acquire the requisite knowledge to be able to do it. Katherine further mentioned that a lot of people that incorporated online marketing and various online business strategies were able to thrive during the lockdown in 2020. She advised that young people trying to find alternative sources of income should look around them and find a starting point. She also emphasized that when one creates value, they will definitely be looked for.
Kenny Sax talked about how he started music at just 8. Despite struggling to sponsor his education, through music, he was able to finish his education. He learned to use the saxophone and now works as a music instructor and a computer scientist.
Dr. Uzor Onyia talked about what led to what he is today. Being a researcher and teacher, his interest was born out of curiosity to know things coupled with his passion for educating people through self expression. Dr. Onyia grew up in a family of ‘natural builders’ where he developed the engineering instinct. He handled his first project as a year one student in the Federal University of Technology Owerri. The project was a hostel building which opened doors to even more projects for him. After his undergraduate, he went abroad to complete a masters degree after which he started working as a researcher/project manager with an NGO. Dr. Onyia’s experience in the academia influences his career as a Civil Engineer. He studies each project in detail, imploring situational intelligence through out the construction lifecycle of each project to ensure client satisfaction. According to Dr. Onyia, EngineeringXpress seeks to incorporate soft skills in engineering education to create not just brilliant but also intelligent engineers. He made reference to EngineeringXpress’ collaboration with the NYSC where they are training Corp members on skills that will place them ahead and make them generate more income on the side. At EngineeringXpress, Dr. Onyia and his team understand and close gaps between engineering education and industry practice in Nigeria, introduce impactful curriculum and set of guidelines for developing engineering skills and competencies and effectively track and verify engineering skills for safe and innovative engineering education and practice in Nigeria.
Dr. Uzor Onyia was asked about young people that lack capital to venture into businesses and how they can navigate that challenge. He first acknowledged that younger people find it more challenging to raise funding because of the lack of good network and track record hence the need to put in extra effort in fund raising. Young people need to first convince themselves and have faith in whatever it is they want to do. That belief is expressed naturally when you are pitching your idea to an investor. Another indicator is the people around you. A potential investor wants to see that the people around you first believe in your idea. If your close relative or friend does not believe in your idea, then it is a red flag for an investor. Dr. Onyia also mentioned that most young people believe that capital is the master key to success in business. He talked about how young people can leverage relationships and partnerships to build successful businesses. Katherine also agreed to this, stating that goodwill can open doors for you that money cannot. She was of the opinion that starting small and being consistent is key.
