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2022, the third year of the coronavirus pandemic and the year just before Nigeria elects her next president, has witnessed alarming economic headwinds. Rising inflation, growing unemployment, and foreign exchange scarcity are some of the challenges Nigerians had to grapple with. Rising cost of living is actually a global issue during the year. No industry has been immune to challenges. In many countries, developed and developing, individuals and industries have been stretched, in some cases close to breaking points.

As the year comes to a close at the end of the month, it is tempting to wish the challenges will end with the year. But it is unrealistic to think that the current situation of Nigeria and the rest of world will suddenly change as the calendar changes. Nevertheless, there are reasons to be optimistic about 2023.

One of the reasons for optimism is that towards the end of each year, individuals and organizations take stock and create fresh goals for the next year. This will be the case going into 2023. Therefore, before getting into the Yuletide season, it is important to check-up on your individual or corporate financial and physical health situation. You may want to know if your net worth increased this year, despite the economic stress. Which of your investments performed – or performed best? Did you switch to a sustainable lifestyle in 2022?

It is important to review the performance of our set agenda for 2022. The pandemic compels lifestyle changes even as other stressors include extreme weather events and social challenges are intensifying. Sustainable living has become mandatory. Adopting this lifestyle can put individuals, businesses, and countries on track of a healthier, financially stable, and environmentally sustainable living. A useful sustainability checklist can be developed from our columns in this publication this year. Such insights into how to live a sustainable lifestyle offer practical course of action. The lifestyle choices are briefly discussed below.

Set targets and measure progress

The practice of setting targets is important for personal and corporate effectiveness. Tracking or measuring the achievement or otherwise of our set targets ensures we know the progress we are making or our lack of progress, and how to improve the outcomes.

Setting targets requires that we balance opportunity and risk on the upside. It helps in the structuring of investment and provides reference points when faced with difficult situations or decisions. For well-structured, formal businesses, their annual report and – in a growing number of cases – stand-alone sustainability report are in the works now. The reports provide vital information on the financial and nonfinancial metrics of the institutions, reporting the trends over the past few years as necessary. So doing, we know if the institutions are meeting the essential goal of improving their performance.

For enterprises of various sizes, however, writing down financial goals makes the performance targets clearer – they transform from vague ideas that only exist in the head of the business owner or manager. For an individual, a financial goal for the year can be to generate a sizeable passive income a year and saving about 50% of it for retirement. It could be something different but one that relates to achieving an overall wealth status over time. The end of the year presents an opportunity to see whether or not one is achieving one’s long-term financial targets.

Simple living

Simplicity comes with terrific advantages that cannot be overlooked. It is inspiring new mindsets, habits, and lifestyle choices which are gaining ground even in today’s hyper-consumerist world. Living simpler teaches us to be resourceful, live greener, make considerate decisions, contribute to our networks, and protect our planet.

Given the high cost of living being experienced across the world, many people are cutting down on their consumption. A lavish lifestyle has become more costly as the prices of food, energy, real estate, etc. are going through the roof. But it is not just financial cost that is recommending less consumption and cutting off of waste. Environmental considerations for doing so are becoming quite popular and inspiring.

For organisations, sustainable corporate lifestyle includes eco-friendly choices and adapting facilities to use less resources. It entails meeting the needs of today efficiently while ensuring that future generations are able to meet their own needs as well. This principle, for individuals, translates to the pursuit of total wellbeing – wellness of the body, mind, and soul – as well as contribution to the wellness of the society and the environment.

Innovation

Here, innovation is not about doing just anything in a new way or creating new products using existing paradigm. We refer to sustainable innovations, which are new solutions that are validated by their positive impacts on the wellbeing of individuals, organizations, society, or the environment. For countries and organizations, innovations should reduce cycles of boom and bust, thereby fostering sustainable progress. This entails creating well-paying jobs, smart use of technology, conserving natural resources, simplifying tiring tasks, improving regulation and compliance, saving cost where necessary, and providing lasting benefit. Such human and societal progress must not be at the expense of the environment.

The current economic setback has threatened the progress that has been made in sustainability. Growth in investment in renewable energy has not only slowed, but some advanced economies are also making a recourse to high carbon energy sources, life coal, which they had started to phase out in the past. The world needs to get back on track with sustainability. The three inseparable factors of sustainable well-being are personal, sustainable economy, and a balanced and defensive relationship with nature.

Investing in partnerships

It is a clinical and logical truth that living without important relationships is not only unhealthy, but it is also potentially dangerous. Strong and positive relationships are the backbone of business and a good life. The future is always unpredictable, but one thing is certain: the future of any corporate or individual entity will be determined by collaboration and partnership.

Solidarity and support have become vital to communities and sustainable economic development. Therefore, we must focus on building sustainable partnerships. Progress and breakthroughs cannot be made in isolation, so working together to create opportunities will be the energy needed to fuel creativity, growth, and innovation. So, as the curtain falls on 2022, what sustainable partnerships did you forge or maintain during the year?

Looking back over the years at how far you’ve come and the progress you’ve made is one of the most satisfying feelings you can experience. At household level, year-end reviews don’t have to take a lot of time and can be fun if done with family members. And as individuals, seeing the small steps that you’ve taken over time now forming a larger picture that brings you closer to your retirement and investment goals can be quite satisfying. It is a good habit for one to take an hour or two at the end of each year to review the outgoing year and plan for the coming one.

At Bilaad Realty, our strategy is aligned with achieving the United Nations Sustainable Development Goals (SDGs) which provide a comprehensive framework for targeting sustainable development by 2030. The 2030 Agenda will always provide investment and business opportunities for the housing and construction industry.

As an organisation, Bilaad pays close attention to the environmental and social needs of its stakeholders by creating collaborations, new pathways, and value to promote sustainable progress, which entails environment responsibility, economic advancement, and socially-inclusive prosperity across all the communities we develop.

Happy Holidays.

Bilaad Realty Limited is an Abuja-based company focused on delivering sustainable real estate solutions.