Economy
How To Manage Money As Young Professional In Nigeria
By Ndem Nkem
Money makes the world go round! You are made to realize how authentic the cliché phrase actually is after you have graduated from college or university, forced to join the labour markets and stroll the boulevards of Nigeria’s challenging economy.
On the bright side, you are finally entering the early stages of your career and you are getting paid for your time rather than paying for classes, but then, there is also the false sense of mega wealth that comes with the new income, making it super difficult to manage spending.
At Jumia Travel, we love young professionals and we are huge proponents of careful spending, so… if you have just graduated and are having a hard time getting your financial act together, we offer five simple ways you can effectively manage spending and excel financially as a young professional
Set savings goals
It is common for young people in Nigeria to spend everything and save nothing, either because they are making very little or they are living above their means. While living paycheck to paycheck may work out well for a while, at some point, it will become essential to create stability in your financial life. The stability can only be created by setting saving goals and actually following them through. Starting a solid savings account or scheme will not only help you weather inevitable tough periods, such as layoffs, but also move toward longer-term dreams, such as starting your own business. If you, however, are a bit unsure on how to start saving, you can start with putting away one-third of your income in a savings account. While putting N1,000 out of every N3,000 you earn into the bank might sound like a lot and it is, it’s the only way to get closer to that ultimate goal of financial security.
Opt for less expensive entertainment options
You are young. Of course, you like to hit the bars after work, go out for lunches and basically have fun… usually, the best kind of fun. While it is okay to let yourself enjoy bouts of fun time, it is important that you keep yourself in check and track your spending. If eventually you realize that you are spending the bulk of your monthly income on entertainment, it might be time to cut back a little. For instance, instead of going out to club and lounges for drinks with friends, maybe consider having happy hour at your place.
Always go for Quality rather than Quantity
When buying the things you need, whether clothes, shoes, cosmetics e.t.c, it is important you take your time to research so that you end up purchasing quality. Quality items tend to be a bit pricey; however, they are an investment rather than liability as they are built to last. Cheaper items may seem cost effective and alluring as a lot is offered for less, but they mostly tend to get ruined quicker than you imagine and you have to spend money fixing them or getting a new one. Basically, it takes discipline, patience and a practiced eye but it is a habit you can attain with time.
Don’t be stingy with career-related investments
A majority of young professionals tend to look the other way when presented with opportunities that may improve their status, advance their careers and eventually their earning power, especially when those opportunities would cost them a lot of money. While it may not seem like the shrewd thing to do, one area where it is okay to be a spendaholic is when it comes to investing in your career. Even if it is as “unnecessary” as hiring a maid service so that you can use the extra time it creates to work on your business or website, do it; you would literally be sacrificing to secure an upgraded future.
Date wisely
This may seem far-fetched, but young people love the dating game. Unfortunately, a number of young professionals crumble financially due to the wrong choices they make when choosing a partner. While passion, love and romance is important, it is important you choose someone whose values match your own and not just where money is concerned, but also ethical and moral values. If you must commit yourself financially, ensure you give only what you can let go and not something that can derail your financial goals. Basically, learn to make decisions with your heart, along with your head.
Nkem Ndem is a PR Associate at Jumia Travel.
By Adedapo Adesanya
The United Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.
This dealt a heavy blow to the oil-exporting group at a time when the US-Israel war on Iran had caused a historic energy shock and rattled the global economy.
The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”
The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.
“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.
OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.
The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.
The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.
Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.
The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc bested four price decliners on the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 27. The alternative stock market opened the week bullish during the session with a 0.03 per cent uptick.
According to data, the security depository company added N2.61 to its share price to close at N76.26 per unit compared with the preceding session’s N78.87 per unit.
As a result, the market capitalisation of the platform increased by N820 million to N2.425 trillion from N2.424 trillion, and the NASD Unlisted Security Index (NSI) gained 1.38 points to finish at 4,053.97 points compared with the 4,052.58 points it ended last Friday.
The four price losers were led by NASD Plc, which slumped by N3.80 to sell at N34.70 per share versus N38.50 per share. FrieslandCampina Wamco Nigeria Plc fell by N1.45 to N98.10 per unit from N99.55 per unit, Food Concepts Plc slid by 27 Kobo to N2.43 per share from N2.70 per share, and Geo-Fluids Plc dipped by 9 Kobo to N2.91 per unit from N3.00 per unit.
The value of securities transacted by market participants went down by 82.0 per cent to N7.4 million from N41.3 million units, the volume of securities declined by 28.5 per cent to 319,831 units from 447,403 units, and the number of deals dropped by 34.1 per cent to 29 deals from 44 deals.
Great Nigeria Insurance (GNI) Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 59.6 million units sold for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Also, GNI Plc was the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with a turnover of 400 million units worth N1.2 billion.
By Adedapo Adesanya
The first trading day of the week in the currency market was bearish for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 27.
Yesterday, it lost N5.80 or 0.43 per cent against the United States Dollar to trade at N1,364.24/$1, in contrast to the N1,358.44/$1 it was traded last Friday.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the official market by N13.70 to close at N1,847.72/£1 versus the preceding session’s N1,834.02/£1, and slumped against the Euro by N11.56 to sell at N1,602.29/€1 versus N1,590.73/€1.
Also, the Nigerian Naira tumbled against the greenback during the trading day by N5 to quote at N1,385/$1 compared with the previous rate of N1,380/$1, and at the GTBank FX desk, it traded flat at N1,370/$1.
The poor performance of the domestic currency could be attributed to liquidity shortage at the official currency market on Monday, which came amid surging demand for international payments. At $76.50 million, interbank liquidity printed higher across 79 deals, up from the $43.572 million reported on Friday.
Nigeria’s gross external reserves declined to $48.45 billion amid a month-long decline in inflows, amid uncertainties in the global commodity market. The depletion of foreign reserves could be partly attributed to the Central Bank of Nigeria’s intervention in the FX market.
The market remains perturbed by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market, while boosters, including oil prices, continue to look rocky due to stalled discussions and unclear ceasefire negotiations between the US and Iran.
A look at the cryptocurrency market, Bitcoin (BTC) has been rejected near $79,000 three times in eight sessions, leaving the level as the de facto ceiling of its current trading range even as major cryptocurrencies trade lower over the past day. It lost 0.9 per cent to sell at $77,003.61.
Analysts say that upcoming US Federal Reserve policy decisions and top tech firms’ earnings this week could provide the catalyst to push bitcoin decisively above $80,000.
The market also continued to weigh Iran’s interim deal proposal to reopen the Strait of Hormuz, which failed to advance over the weekend. The White House said US officials were discussing the latest Iranian proposal but maintained “red lines” on any deal to end the eight-week war.
Solana (SOL) dropped 1.8 per cent to $84.25, Ripple (XRP) went down by 1.6 per cent to $1.39, Ethereum (ETH) depreciated by 1.3 per cent to $2,290.00, Binance Coin (BNB) declined by 0.5 per cent to $625.18, and Cardano (ADA) fell by 0.2 per cent to $0.2480.
However, Dogecoin (DOGE) rose by 2.0 per cent to $0.1002, and TRON (TRX) appreciated by 0.2 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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