Covid\’19 popularly called coronavirus since it\’s official outbreak on 1st of January, 2020 has become the talk of the town. So far, Coronavirus has infected over 2million world citizens with major outbreaks in China, Italy and Iran, United States, UK, and many other countries. No continent of the earth was spared of this pandemic. Although few patients of covid exist in Africa compare to other continents, it\’s effect on our economy is parallel to a drowning stone.
As at 2019 crude oil was sold at the average price of $60 per barrel, but due to the pandemic (global) outbreak of coronavirus it\’s price dropped critically far back as $33 per barrel just a month ago, the story now is really disturbing; Price has dropped to $11. This greatly affect Africa economy because Nigeria for instance being the largest exporter of crude oil in Africa exports it\’s crude oil to Europe which currently is being affected by coronavirus.
Since the restriction on importation and traveling, South Africa, Rwanda and Botwana are not on the winning side of the battle because tourism being their major source of revenue has come to rest.
The economy of Africa generally is beginning to drown and heading towards recession since the outbreak of Covid\’19. The question is where are we heading to? Blessing or curse?
Covid\’19 as a Blessing in Disguise
The first precaution to take when faced with situations like this is to look beyond the current situation. According to https://www.mphonline.org/worst-pandemics-in-history/ Covid\’19 is not the first pandemic disease. Other diseases such as spanish flu outbreak in 1918 killing millions of people globally, Black water Disease, HIV/AIDS, measles and prominent Ebola have previously struck humanity and left, meaning this too would definitely pass by. What to do is take precaution, follow medical instructions, put your trust in God, proper positioning and getting your finance right.
History has it that except HIV/AIDS, most pandemic diseases positively improve the economy. This majorly is a result of the crash in stock market. This makes businesses sell their stock/shares at prices below the market price. This creates an entry for smart investors because this is an opportunity to get more for less.
Investors with financial knowledge identify the right type of business and invest into such. One of such is Extramile Africa. Since cash gets affected and devalued by crisis, Extramile Africa steps the game further by giving you the opportunity not only to save but to be a smart investor by investing your savings in assets like smart businesses. Your investment can come in bits via savings or a one time investment.
With this, when market correction happens, your token earlier invested becomes a luxury because assets has increased in value with market across time.
This philosophy remains the biggest secret behind the wealth of Warren Buffet according to his book \”The New Buffetology\”.
As an investor, you should moneytize fear by buying when everyone is selling and selling when everyone is buying. Extramile Africa can be a wonderful place to begin with.
Find out more about Extramile Africa via www.extramileafrica.com
Investment made easy, download our Android application on playstore today:
Do not panic but moneytize fear. Position yourself to win by going ahead of the market. Let your money work for you.
Onabanjo Testimony Enoch