The annual convention of RCCG Region 31 Redeemer’s Men Fellowship (RMF) was held over the weekend with the theme Man in Dominion.
The event which addressed solutions to current economic uncertainties in the country, featured the official inauguration of the Regional Chapter of RMF the national leadership and free medicals for participants.
Speaking at the well-attended occasion, the Pastor in Charge of the Region, Pastor Joseph Adeyokunnu gave a word of appreciation to the men for the turnout and urged them to make good use of the knowledge obtained during the convention.
The National Coordinator RMF, Pastor Remi Oluboba while inaugurating the Region’s Chapter explained that the fellowship is built on four pillars which include; Family, Faith, Finance and Fitness. He challenged everyone to look beyond the challenges of today and be committed to God.
Mr Kayode Awolu, the Managing Director/CEO of Jubilee Life Mortgage Bank Plc spoke on addressing challenges and strategies in finance and investment management in the face of economic uncertainties.
According to him the current economic uncertainties in the country can be traced to global happenings that include the Covid 19 pandemics, Ukraine/Russia War 2022 and the global economic recession of 2022. He also identified Local Challenges like Insecurity in the Niger Delta and Northern Nigeria; Previous political and economic policies.
On businesses to focus in an environment like this, he pointed out that Food and agricultural value chain is a necessity. “No matter how down the economy, people will still eat” he said.
He explained that “currently government is importing food to augment local supply, but this initiative might not be sustained, hence the need for massive investment in Production of farm products., Processing of farm products, growing of animal husbandry and livestocks, Increase usage of high yield seedlings, Breeding of high-quality animal and high meat content.”
“Housing and Shelter: Urban cities and towns are consistently battling with housing shortages arising from population growth and immigration. A strategic investment in housing with a financing strategy that takes cognizance of fluctuations in the cost of building materials and less dependence on loans will guarantee a good return to investors.”
Advising on Key issues about building and housing he noted that “Your procurement process must address the possibility of material price fluctuations and possible consequences of cost overrun. Ensure you de-emphasis borrowing and focus on off-plan sales (spontaneous financing). This can be achieved by offering buyers some discounts. Ensure you have a robust sales team without which the value of your investment may be eroded over time but not as much as the rate of inflation.”
“Clothing and Textile: This is an industry that has been killed by foreign fabrics but with the increasing cost of imported goods, and the critical importance of clothing to survival, the industry may receive life again.”
“Transportation, Power, Oil & Gas: The value chain in transportation, power, oil and gas is limitless. The return to investors in this area of business is still very high, but specialized skills are required to succeed in any area of the business that may be of interest to you.”
On how to finance the options, he encouraged participants to “Reduce dependence on loan and do more spontaneous funding; Focus on transaction with shorter tenor; Avoid transactions with foreign components unless you have ways of ledging your risk; Ensure good governance and control structures are in place in the business, to reduce loss arising from human and non-human interference; Focus on fees-based transactions and reduce putting your capital at risk.”
On his part Mr. Tayo Ogungbenro, Partner, KPMG Nigeria spoke on Identifying and leveraging opportunities in Agriculture value chain.
According to him, the Nigerian economy is one of the largest in Africa, characterized by its diverse sectors including oil and gas, agriculture, service and manufacturing.
He opined that agriculture remains vital as it contributes about 24% to the GDP of the country.
He added that Nigeria has a total of 70.8million hectares of land, 34million are being used for arable farming, then 6.5million used for permanent crops and 30.3 are or meadows & pastures.
Mr Tayo urged participants to get information and get involved in farming. He highlighted some profitable commercial strategies to include; “Smart Stockpiling; Strategic Purchasing; Collaborative Market Strategy; Partnership -Risk Sharing”.
Speaker earlier, the Regional RMF Coordinator, Pastor Ben Femi Ayanda in his welcome address, commended the leadership of the Men’s Fellowship for the successful convention, he underlined the difficulty in bringing men together.
On the theme on the event, Olabamiji Adeleye, President, RCCG Region 31 RMF noted that the “Convention is to remind us as men, that dominion is our entitlement from God, and what we need to enjoy this privilege.” He underlined the relevance of finance and quality health in achieving a fulfilled life.
He noted that the focus of this edition was to engage experts on Finance and Investment Options in the Face of current Economic Uncertainties; how participants can take advantage of opportunities in the agriculture value chain and to provide free medicals consultancy for participants. According to him “we all need a healthy body to dominate and actualize God’s promises for our lives.”