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.
Nigeria has taken a major step toward transforming its aviation industry, as the Minister of Aviation and Aerospace Development, Festus Keyamo, formally received the country’s Civil Aviation Master Plan from the International Civil Aviation Organization during the opening of the ICAO Global Implementation Support Symposium in Marrakech.
The Minister also participated as a special guest at a high-level Ministerial Round Table, where he addressed the “Future of Aviation Workforce in Nigeria,” outlining government efforts to close the skills gap and strengthen human capital development within the aviation sector.
The Civil Aviation Master Plan (CAMP) represents a landmark framework designed to guide the development of Nigeria’s aviation industry over a 20-year period, from 2025 to 2045.
It reflects a structured and forward-looking strategy aligned with the country’s National Development Plan and broader economic priorities.
Developed in collaboration with ICAO’s Capacity Development and Implementation unit, the initiative began in September 2024 with extensive stakeholder engagement and technical training, ensuring a comprehensive and inclusive planning process across the aviation ecosystem.
The Master Plan focuses on critical pillars including infrastructure modernization, adoption of advanced technologies such as unmanned aerial systems, and strict adherence to global safety and security standards to achieve a zero-fatality aviation environment.
It also envisions the transformation of Nigerian airports into aerotropolis hubs to boost economic growth, job creation, and connectivity.
Additionally, the plan emphasizes sustainability, innovation, and private sector participation, particularly in areas such as Maintenance, Repair and Overhaul facilities and cargo development, while aligning Nigeria’s aviation growth with global environmental standards.
The presentation of the CAMP at the ICAO symposium highlights Nigeria’s commitment to international best practices and its rising profile in global aviation development.
Business
Dangote Refinery Targets $5bn from IPO
On 1 April, the Nigerian Exchange Group and the African Securities Exchanges Association convened senior executives from leading exchanges across the continent to discuss the structure of the planned listing.
Dangote Petroleum Refinery & Petrochemicals is seeking to raise up to $5 billion from investors across African market during it’s upcoming initial public offering on the Nigerian Exchange Group (NGX).
The share sale is expected to open as early as May, with analysts valuing the company between $40 billion n and $50 billion, making it one of the most significant capital market events in Africa’s history.
The offer is expected to cover between 5 percent and 10 percent of the company’s equity, creating an opportunity for both local and international investors to participate in the continent’s largest refining project.
Market stakeholders have continued to position the listing as a major milestone that could deepen liquidity and expand participation across African financial markets.
On 1 April, the Nigerian Exchange Group and the African Securities Exchanges Association convened senior executives from leading exchanges across the continent to discuss the structure of the planned listing.
The meeting focused on how the Dangote Refinery IPO could serve as a model for cross-border capital mobilisation and improve investor access across multiple African markets.
Business
Supreme Court Overturns Appellate’s Ruling on $2bn Debt Recovery Battles Nestoil /Neconde Energy vs FBNQuest Merchant Bank
In the lead judgment read by Justice Mohammed Baba Idris, the five-member apex court panel held it was a “legal anomaly” to allow lawyers appointed by the Receiver/Manager to also represent the companies, citing a conflict of interest.
The Supreme Court of Nigeria on Friday ruled in favor of Nestoil and Neconde Energy, overturning a previous appellate court decision that disqualified their legal counsel, including Wole Olanipekun (SAN) and Muiz Banire (SAN).
The court upheld the companies’ right to appoint their own lawyers to challenge the ongoing receivership.
The apex court ruled that despite the receivership initiated by a consortium of banks, Nestoil and Neconde retain the right to appoint their own legal counsel to challenge that very receivership.
Nestoil Limited (an oil services firm) and its affiliate Neconde Energy Limited (which holds interests in Oil Mining Lease 42) are embroiled in a multi billion-dollar debt recovery suit filed by lenders, primarily FBNQuest Merchant Bank Limited and First Trustees Limited.
The lenders allege that Nestoil, Neconde, and their promoters (Ernest Azudialu-Obiejesi and Nnenna Azudialu-Obiejesi) owe over $2 billion (plus N430 billion in related liabilities) under financing arrangements, including a Common Terms Agreement.
In the lead judgment read by Justice Mohammed Baba Idris, the five-member apex court panel held it was a “legal anomaly” to allow lawyers appointed by the Receiver/Manager to also represent the companies, citing a conflict of interest.
The judgment affirms that the boards of the companies retain the authority to act in defense of the companies’ interests.
A receiver/manager was appointed over the companies’ assets and interests, leading to disputes over who controls the companies and who can represent them in court.
In January 2026, the Supreme Court sent related appeals back to the Court of Appeal to resolve the preliminary issue of legal representation before proceeding on the merits.
On January 23, 2026, the Court of Appeal disqualified senior advocates Wole Olanipekun (SAN) (for Neconde) and Muiz Banire (SAN) (for Nestoil), ruling that the Ernest Azudialu-Obiejesi-led boards lacked authority to appoint counsel once the receiver/manager was in place. It allowed counsel appointed by the receiver to represent the companies instead.
Nestoil/Neconde and their promoters appealed this disqualification to the Supreme Court (one key appeal being SC/CV/48B/2026 by Neconde).
The apex court had reserved judgment after hearing arguments from a five-member panel.
In Friday’s ruling, the Supreme Court upheld the appeal by Nestoil and Neconde (and their promoters).
It set aside the Court of Appeal’s judgment disqualifying the companies’ chosen counsel.
Their boards (led by Ernest Azudialu-Obiejesi) retain the authority to appoint counsel of their choice to defend their interests, particularly since the validity of the receivership itself is being challenged.
Allowing the receiver/manager’s counsel (appointed by the lenders) to represent the companies would create a serious conflict of interest and undermine fairness and independence in legal representation.
The arrangement involving the lenders (FBNQuest and First Trustees) as appointors of the receiver was deemed fundamentally flawed.
The appointments of Wole Olanipekun (SAN) and Dr. Muiz Banire (SAN) (along with their teams) as counsel for Neconde and Nestoil are restored.
The companies are now free to proceed with their preferred lawyers in the ongoing debt recovery proceedings.
The ruling is procedural (focused solely on representation) and does not decide the merits of the underlying debt claims or receivership.
Those substantive issues will now continue in the lower courts with the restored counsel.
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