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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.

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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 dispatches five MDAs to handle Ogijo lead poisoning crisis

The motion, jointly sponsored by Mukhail Adetokunbo Abiru (Lagos East) and Gbenga Daniel (Ogun East), was brought under Matters of Urgent Public Importance pursuant to Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended).

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The Senate has mandated the Federal Ministry of Health, the Federal Ministry of Environment; the Nigeria Centre for Disease Control (NCDC) including the NESREA and the Federal Ministry of Solid Minerals to quickly look into the lead poisoning crisis at Ogijo community in Ogun State and report back to the Chamber within six weeks.

The motion, jointly sponsored by Mukhail Adetokunbo Abiru (Lagos East) and Gbenga Daniel (Ogun East), was brought under Matters of Urgent Public Importance pursuant to Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended).

During the plenary on Thursday , the lawmakers expressed grave concerns over the reported fast-spreading lead-poisoning crisis in Ogijo, describing it as a full-blown environmental and public-health emergency that threatened thousands of lives.

Lawmakers cited scientifically verified reports of extreme lead contamination linked to a cluster of used lead-acid battery recycling factories operating in the area for years.

According to the Senate, the crisis had left residents battling persistent headaches, abdominal pain, memory loss, seizures, and developmental delays in children, symptoms strongly associated with chronic lead exposure.

The Senate acknowledges and commends the proactive efforts of the Lagos and Ogun State Governments and their relevant ministries and agencies for conducting early inspections, raising community awareness and working with federal authorities to contain the exposure.

The chamber noted with concern that the Federal Government had already begun clampdowns, with the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, shutting down seven battery-recycling factories and ordering a temporary halt to lead-ingot exportation pending safety investigations.

Senators said they were “alarmed that residents have for several years complained of persistent headaches, abdominal pains, loss of memory, seizures, cognitive decline, and developmental delays in children, symptoms strongly associated with chronic lead exposure.”

Despite years of community protests, the smelters allegedly continued operating openly, releasing toxic fumes and particulate dust into surrounding homes, markets and playgrounds.

Some environmental samples, senators noted, showed lead levels “up to 186 times the global maximum safety threshold.”

A major dimension of the scandal, lawmakers said, was that lead processed in Ogijo had already been traced into international supply chains, reaching global battery and automobile manufacturers who either did not address the findings or relied solely on assurances from Nigerian suppliers.

Following the extensive deliberations, the chamber mandated the Federal Ministry of Health and the Nigeria Centre for Disease Control (NCDC) to deploy emergency medical teams to Ogijo to provide free toxicology screenings, blood-lead management, chelation therapy, and ongoing treatment for affected children and adults.

Simultaneously, the Federal Ministry of Environment and NESREA were directed to carry out comprehensive environmental remediation, mapping soil, groundwater, air, and household dust contamination.

The Senate also called on the Federal Ministry of Solid Minerals and relevant regulatory agencies to enforce strict compliance standards for battery-recycling and lead-processing operations nationwide.

Additionally, it recommended establishing a National Lead Poisoning Response and Remediation Task Force within NEMA and directed the Committee on Legislative Compliance to monitor progress and report back within six weeks.

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Business

Cadbury Nigeria PLC: Adeboye Retires as MD, Ogundipe Becomes Interim MD

Pending the formal announcement of Mrs. Adeboye’s successor, Mrs. Ogundipe will manage the day-to-day operations of the Company in her capacity as Interim Managing Director.

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Cadbury Nigeria Plc, a subsidiary of Mondelez International, has appointed Mrs. Folake Ogundipe, the current Finance Director, as interim Managing Director.

The appointment followed Mrs. Oyeyimika Adeboye’s retirement as Managing Director, effective November 30, 2025, when she attained the company’s retirement age.

In a statement issued by company’s Head of Corporate Communications and Government Affairs, Dr. Frederick Mordi, Mrs. Adeboye joined the board of the company in November 2008, as Finance and Strategy Director, West Africa.

She was appointed Managing Director on April 1, 2019, becoming the first woman to be appointed to that role since the establishment of Cadbury Nigeria in 1965.

During her tenure, she steered the West Africa business through various phases of growth, transformation and macro-economic volatilities.

Her contributions have been instrumental in achieving substantial growth, positioning the company for continued, sustainable and profitable expansion.

She is known for her servant leadership, being a people-first leader who reliably delivers results for consumers and customers.

Her passion for people has been evident in her focus on talent development, mentorship, overall engagement and strengthening capability of talent across the West Africa business.

“Serving as the Managing Director of Cadbury Nigeria Plc has been an incredible privilege and a crowning chapter of my career,” said Adeboye.

“Over the past six years, I have had the honour of leading a remarkable team and contributing to the growth of a company that holds a special place in the hearts of many.”

Pending the formal announcement of Mrs. Adeboye’s successor, Mrs. Ogundipe will manage the day-to-day operations of the Company in her capacity as Interim Managing Director.

She joined the company in September 2025, subsequently being appointed to the Board as Finance Director.

She is recognised as a distinguished executive leader with extensive multi-decade experience in driving business transformation, delivering sustained shareholder value, and fostering high-performance cultures within the consumer goods sector.

Before she joined Cadbury Nigeria, Mrs Ogundipe held senior leadership positions across diverse sectors, including Executive Director, Finance at Unilever Nigeria Plc, CFO for PES Group (Energy Services Company), and Financial Controller at Nigerdock Nigeria Ltd.

Her sector experience spans FMCG, energy services, and management consulting, giving her a broad and strategic perspective on value creation across industries.

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CPPE Tasks Govt to Fix Cost of Living Crisis Amid GDP Growth

Reacting on Nigeria’s third quarter 2025 Gross Domestic Product (GDP) growth of 3.98 percent , CPPE said that it’s laudable, but called for policy interventions to fix the cost of living crisis.

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The Center for the Promotion of Private Enterprises (CPPE) tasks the government to ensure that GDP Growth and macroeconomic stability translate into real improvements in citizens’ welfare.

Reacting on Nigeria’s third quarter 2025 Gross Domestic Product (GDP) growth of 3.98 percent , CPPE said that it’s laudable, but called for policy interventions to fix the cost of living crisis.

Dr Muda Yusuf, CEO of the CPPE, notes that despite the improvment in the GDP, the cost-of-living crisis remains a concern .

He said: ” While disinflation is underway and prices of some food items and manufactured products are easing, the social outcomes of economic reforms continue to weigh on households.

” It is therefore imperative for policymaking to prioritise targeted interventions to address the uneasiness around the cost of living and ensure that GDP Growth and macroeconomic stability translate into real improvements in citizens’ welfare—particularly for vulnerable groups.”

To consolidate the gains recorded in Q3 and unlock stronger, more inclusive growth, Dr Yusuf, said that the following policy interventions are critical:

Reduce Structural Bottlenecks

Address energy supply constraints, reduce logistics costs, improve port efficiency, and accelerate transport infrastructure development.

Mitigate the Cost-of-Living Crisis

Implement targeted social interventions and remove structural impediments that elevate consumer prices.

All tiers of government [local, state and federal] must sustain targeted interventions in agriculture, pharmaceuticals, transportation and energy to fix the cost of living crisis.  

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