The past 16 years in Nigeria has been characterised by increased inflation, increased poverty, and decreased access to social amenities. This has led to Nigerians taking up side jobs in addition to their full-time jobs. The advent of social media has led to new jobs that don’t require degrees. Sometimes, people hit it big with these jobs and are made financially. Other times, not.

In Nigeria, there is talk of a ‘cabal’ that determines who makes money and who doesn’t. This talk has been dispelled because more and more people are making money every day. Information about financial literacy and opportunities exist on the internet, but this information doesn’t necessarily reach everybody. Especially the people in dire need of it.

In a discussion hosted by Page Financials, Nigerian financial analysts came together to discuss our collective futures as Nigerians in the ever-changing face of the economy that is riddled with inflation and dipping prices of the naira. On the panel was Subomi Plumptre, Oluwatosin Olaseinde, Tunji Andrews, Onyeka Akumah and Segun Akintemi. They talked about indices and the types of places money can be put in for funding.

But regular bank savings accounts aren’t quite as effective anymore. Because as inflation happens, any money left in an account that yields 4% per annum is actually fallow. Platforms like Farmcrowdy, the Stanbic Mutual Fund, AXA Mansard Investment portfolio and stocks are better places for a good return on investment.

At the end of this session, a few things were gathered:


  1. Financial information is important.
  2. Since the government doesn’t seem interested in fixing the naira and the economy, the onus is on us to determine our financial futures.
  3. Savings accounts might be useless except for when money is needed. The yield is extremely low.
  4. Learn the market and place you’re putting your money in order to know the risks.
  5. There’s important information on the internet. The panelists are on social media and are approachable.

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