Business
6 quick tips to master personal finance in the face of dwindling Nigerian economy
The naira has been on a downward spiral, with the exchange rate for one US dollar reaching an all-time high of 733 naira at the black market and 461 naira officially as of May 2023.

The Nigerian economy has been experiencing a steady decline in recent years, leaving many citizens struggling to navigate the turbulent financial waters. With the naira facing continuous devaluation and a soaring inflation rate, personal finance management has become a crucial survival skill for Nigerians. This article aims to inspire and empower individuals to take charge of their finances, offering practical advice and expert insights to not only survive but thrive in the face of economic challenges.
As of today, the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 22.04 percent in March 2023, up from 21.91 percent in the previous month. However, this figure is still alarmingly high, considering the single-digit inflation target set by the Central Bank of Nigeria (CBN). The naira has also been on a downward spiral, with the exchange rate for one US dollar reaching an all-time high of 733 naira at the black market and 461 naira officially as of May 2023. This economic uncertainty has led to job losses, pay cuts, and reduced purchasing power for the average Nigerian.
Despite the bleak outlook, financial experts believe there is hope for Nigerians who are willing to adopt sound personal finance practices. “The key to financial success in a dwindling economy lies in discipline, planning, and investing,” says Amina Mohammed, a renowned financial consultant based in Lagos. “By taking control of your finances and making informed decisions, you can achieve financial freedom and protect yourself from the effects of the unstable naira.”
Here are some practical steps to help you master personal finance in the face of Nigeria’s economic challenges:

1. Create a budget and stick to it
Developing a budget is the foundation of good financial management. List your income and expenses to track your cash flow and identify areas where you can cut back. Prioritize your spending on necessities and avoid impulsive purchases. Sticking to your budget will help you live within your means and prevent unnecessary debt.
2. Build an emergency fund
Having an emergency fund is crucial, especially during times of economic uncertainty. Aim to save at least three to six months’ worth of living expenses in a separate account to cushion yourself against unforeseen crises such as job loss, medical emergencies, or other unexpected expenses.
3. Pay off high-interest debts
High-interest debts can cripple your finances and hinder your ability to save or invest. Make a plan to pay off these debts as quickly as possible, starting with the highest interest rate first. As you pay off each debt, redirect the funds to the next debt on your list, creating a “debt snowball” effect that accelerates your debt repayment process.
4. Diversify your income sources
Depending on a single income stream can be risky, particularly in an unstable economy. Look for ways to generate additional income through side hustles, freelancing, or investments. Diversifying your income sources can provide a financial safety net and increase your overall earning potential.
5. Invest wisely
Investing is a powerful tool to grow your wealth and protect yourself from inflation. However, it’s essential to make informed investment decisions and avoid get-rich-quick schemes. Consult with a financial advisor to determine the best investment options for your risk tolerance and financial goals.

6. Educate yourself on personal finance
Stay informed about financial trends, concepts, and strategies by reading books, attending seminars, or enrolling in online courses. Continuous learning will empower you to make smarter financial decisions and stay ahead of the economic curve.
In conclusion, mastering personal finance in Nigeria’s dwindling economy may seem like an uphill battle, but with determination, discipline, and the right strategies, it is possible to achieve financial stability and success. By taking charge of your financial future, you can create a brighter outlook for yourself and your family, safeguarding your wealth against the fluctuations of the naira and the challenges of the Nigerian economy.
Business
Tax Reform: I rented secret apartment after death threats –Oyedele
These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.

Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
Chairman of Nigeria’s Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that he was forced to flee his home and now lives in a secret location under armed police protection after receiving death threats linked to his tax reform efforts.
The Guardian reports that during a live radio interview on Nigeria Info FM, Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
“I had to pack out of my house,” he said. “I rented a place in a secret location where I now live. I’m not the kind of person who wants anybody carrying a gun to follow me around, but I had to accept mobile police protection.”
”Oyedele, a former Africa Tax Lead at PwC, has led the drive to simplify and clean up Nigeria’s tax system.
He described the backlash as unexpected but driven by powerful individuals who had turned tax collection into a personal revenue stream.
“These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.”
Business
Dangote Refinery Planning 1.6m Barrels Fuel Storage Tanks in Namibia
The storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to southern Africa.
Reuters reports that the storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.
Dangote was also considering supplying fuel to southern Democratic Republic of Congo, the sources said.
It was not immediately clear how much the project would cost, but the second source said construction of the storage tanks would begin shortly in the port city of Walvis Bay.
The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region and boosting access to refined products for southern African nations.
Business
UBA Announces Strategic Expansion into Key Markets Across Africa

UBA Group senior executives have concluded the Group’s Half Year Business Review, which was held at the global headquarters in Lagos Nigeria.
UBA Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.
He said “the gathering was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets.
“With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence.”
The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base.
The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.
The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets.
Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.
Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.
He noted that: “UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents”.
“Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.
“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY.”
These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.
As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.
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