economic situation in Nigeria

The current economic situation in Nigeria is making the  shelves of pharmacies empty . This economic situation in Nigeria is what most pharmacists have not experienced before. Those that have been importing have suddenly found that they can only import about half of what they used to import with the same amount of money.

The economic situation in Nigeria is affecting retail pharmacists a lot more and most of them are suddenly seeing their shelves looking empty because the money they go to market with can only get them a few quantity of goods.

But for all pharmacists, here is what you must do in response to the current economic situation in Nigeria.

  1. UNDERSTAND THE ECONOMIC CYCLE OF BUSINESS – Economies of countries including Nigeria runs in cycles of approximately 7 years. This means that you will experience a booming period of about seven years and this will be followed by a recession. The last economic crises we had in Nigeria occurred in 2009. This was followed by years of economic bubble where Nigeria generated so much money from oil. we are now in 2o16 and have entered another period of recession. So, you need to know that this is just a phase that will pass just like rainy season follows after dry season
  2. YOU DID NOT DO ANYTHING WRONG – In the current economic situation in Nigeria, sales in a lot of pharmacies will drop drastically. The mistake you must never make is to assume that your sales is dropping because you did something wrong. Do not internalize what is happening around you now because its just the general economic situation and has nothing to do with you.
  3. TRAINING YOURSELF AND YOUR STAFF – It has been found that very successful companies double their training budget is times of recession because this is the thing that your staff need to learn the best strategies of increasing or maintaining your current sales level. You need to know that the low sales will demoralise your staff and make them reluctant to market to customers. Trainings will help fire them up. CALL 08023622171 if you need a top trainer or watch the video below or register for an online  course at
  4. CUT DOWN ON YOUR DISCRETIONARY EXPENSES – These are expenses that you can do with out – know a pharmacist that buys sports newspaper daily. This is a form of discretionary expense that if you have such must be eliminated.
  5. FIRE UNPRODUCTIVE STAFF – This is the time to look at your staff and fire those that you know have been adding little value to your organisation. You don’t need any excess luggage that is consuming your scarce resources.
  6.  LISTEN TO INSPIRING MESSAGES AT LEAST ONCE A DAY – You need to download inspiring messages of great speakers like LES BROWN, JIM ROHN, TONY ROBBINS and listen to them at least once a day
  7. PRAY AND MEDITATE – You need to understand that the race is not to the swift nor the battle to the strongest but that TIME and CHANCE create opportunities for those that excel in life. Its only by praying and meditation that your can notice the right CHANCE and TIME to act and get a quantum leap in life

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