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
Senate will pass 2026 budget after Sallah break, says Akpabio
Earlier, the Senate Committee on Appropriations had tentatively fixed Tuesday, March 17, for the final consideration and passage of the ₦58.47 trillion 2026 Appropriation Bill.
Godswill Akpabio, President of the Senate, said that the Senate will pass the 2026 Appropriation Bill on March 31.
Earlier, the Senate Committee on Appropriations had tentatively fixed Tuesday, March 17, for the final consideration and passage of the ₦58.47 trillion 2026 Appropriation Bill.
Speaking before the Senate adjourned plenary for the Sallah break, Akpabio said that the standing committees would continue working during the recess, particularly on ongoing budget defence sessions and coordination with the Senate Committee on Appropriations.
He said: “I hope the Leader will put pressure on the Committee on Appropriations to harmonise the report of the 2026 Appropriation Bill by that date.
“This is so that when we resume, we can try our best to pass the budget without requiring further concurrence or harmonisation.
“Leadership must work together to ensure everything is in order. The House of Representatives has already adjourned to conclude budget processes and will also reconvene on March 31.
“On that day, we hope to pass the national budget in tandem with the Senate,” said Akpabio.
Business
Strait of Hormuz disruptions: Implications for global trade and development
The ongoing military escalation in the region has disrupted shipping flows through this narrow passage.
The Strait of Hormuz is one of the world’s most critical maritime chokepoints, carrying around a quarter of global seaborne oil trade and significant volumes of liquefied natural gas and fertilizers.
UNCTAD reports that the ongoing military escalation in the region has disrupted shipping flows through this narrow passage.
The resulting ripple effects go far beyond the region, affecting energy markets, maritime transport and global supply chains.
These developments raise concerns for global trade and development prospects. Oil markets have reacted quickly, with Brent crude prices now rising above $90 per barrel.
Higher energy, fertilizer and transport costs – including freight rates, bunker fuel prices and insurance premiums – may increase food costs and intensify cost-of-living pressures, particularly for the most vulnerable.
Similar repercussions were observed during recent global shocks, including the COVID-19 pandemic and at the beginning of the war in Ukraine, which showed how disruptions in energy, transport and agricultural inputs can propagate across interconnected markets.
The current shock comes at a time when many developing economies struggle to service their debt, tightening fiscal space and limited capacity to absorb new price shocks.
While the overall global economic impacts will depend on the duration and scale of the disruption, the situation highlights the importance of continued monitoring, particularly implications for vulnerable economies.
Key implications and considerations
- Disruptions in the Strait of Hormuz underscore the vulnerability of critical maritime chokepoints to geopolitical tensions and their potential to transmit shocks across supply chains and commodity markets.
- Reducing risks to global trade and development, including environmental risks, requires de-escalation and safeguarding maritime transport, ports and seafarers, and other civilian infrastructure, while maintaining secure trade corridors in line with international law and freedom of navigation
- Economic impacts, both globally and for the region, will depend on the duration, intensity and geographic scope of the tensions. Continued monitoring is essential to assess evolving risks and their potential impacts.
- Socio-economic implications for developing economies: Many developing countries already face high debt service burdens, limited fiscal space and constrained access to finance. In this context, rising energy, transport and food costs could strain public finances and increase pressure on household budgets, potentially heightening economic and social pressures and complicating progress toward sustainable development, particularly in economies heavily dependent on imported energy, fertilizers and staple foods.
Business
JUST IN : Traders Resist Takeover of Lagos International Trade Fair Complex By LASG
The ASPAMDA Market within the complex—one of the largest spare parts markets in Lagos—was among the sections affected by the shutdown.
Commercial activities at the Lagos International Trade Fair Complex were disrupted on Wednesday as traders shut down the facility while protesting a proposed takeover of the market’s management by state and local government authorities.
The traders said they were concerned about the implications of the planned arrangement, including possible new levies and taxes that could affect their businesses.
Many traders insisted that the complex is a federal facility and called for further consultations before any changes to its management structure are implemented.
The development led to the closure of shops across the complex, leaving hundreds of traders gathered around parks and garages within the market premises as discussions continued.
The ASPAMDA Market within the complex—one of the largest spare parts markets in Lagos—was among the sections affected by the shutdown.
Eyewitnesses said traders began the protest early in the morning by locking up their shops and stalls to draw attention to their concerns over the proposed changes.
We are not against development, but we are concerned about the possible levies and taxes that may be introduced if the management structure changes,” a trader who identified himself as Emeka Onu said.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, visited the market during the day as part of efforts to engage with traders and encourage the reopening of the complex.
Before commencing her tour of the market, the minister urged that the gates of the complex be opened to traders, stating that her visit was aimed at interacting with stakeholders and supporting the smooth conduct of business activities.
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