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
Data Centers Attract $270bn Investments in 2025 — Unctad
France, the United States and the Republic of Korea led as host countries, while emerging markets such as Brazil, India, Thailand and Malaysia also attracted major projects.
Image credit : Unctad
UN Trade and Development has reported that out of $1.6 trillion global foreign direct investment (FDI) in 2025, data centres attracted more than one fifth of global greenfield projects, with announced investment exceeding $270 billion.
In the report published this week on its website, Unctad, said that the demand for data centers investment was driven by AI infrastructure and digital networks.
The report reads:
” France, the United States and the Republic of Korea led as host countries, while emerging markets such as Brazil, India, Thailand and Malaysia also attracted major projects.
Similarly, the value of newly announced semiconductor projects rose by 35%.
By contrast, project numbers fell sharply by 25% in tariff-exposed, global value chain-intensive sectors.
Textiles, electronics and machinery were particularly affected.
While investment in technology-driven, capital-intensive projects lifts overall FDI figures, flows remain highly concentrated and generate limited spillovers.
Policies should aim to link digital infrastructure investment more closely to skills development, innovation systems and local value creation.
Seplat Energy Plc has appointed Tony O. Elumelu, the renowned Nigerian businessman and chairman of Heirs Holdings and United Bank for Africa (UBA), as a Non-Executive Director on its board with effect from January 22, 2026.
The appointment comes shortly after Elumelu’s investment entities, Heirs Holdings Limited and Heirs Energies Limited, acquired a 20.07% stake in Seplat Energy from French oil company Maurel & Prom (M&P) in a December 2025 transaction valued at approximately $500 million.
The deal positioned Heirs as the company’s largest single shareholder.In a related board change, Seplat announced the resignation of Mr. Olivier Cleret De Langavant, who had represented M&P as a Non-Executive Director since January 2020.
Both the appointment and resignation were disclosed in a filing to the Nigerian Exchange Limited.
Elumelu brings deep expertise in energy, banking, power generation, and pan-African investments.
His entry to the board is widely seen as a strategic move to support Seplat’s long-term growth ambitions and further strengthen indigenous participation in Nigeria’s upstream oil and gas industry.
The leadership transition underscores Seplat Energy’s evolving ownership structure and its continued focus on operational excellence and value creation in Africa’s energy sector.
The Economic and Financial Crimes Commission (EFCC) has called on Moniepoint, a prominent Nigerian fintech platform, to improve its regulatory compliance standards and reinforce its Know Your Customer (KYC) procedures.
EFCC Chairman Ola Olukoyede made the appeal during a recent meeting with Moniepoint’s leadership team. He highlighted the vital role that strong KYC processes play in detecting and preventing fraud, money laundering, and other illicit financial activities, while protecting the overall integrity of the financial system.
The chairman reportedly stressed that full adherence to existing regulations is mandatory for all fintech operators. He encouraged Moniepoint to exceed the baseline requirements set by the Central Bank of Nigeria (CBN) by putting in place more rigorous internal controls and enhanced due diligence measures to ensure only legitimate customers access its services.
This directive is part of wider regulatory attention on Nigeria’s fintech industry. It follows previous enforcement actions, including the CBN’s imposition of ₦1 billion fines on Moniepoint and several other digital payment providers in 2024 for identified compliance gaps.
Those incidents also led to temporary restrictions on new customer onboarding for some platforms.
In response, Moniepoint has stated its commitment to further strengthening internal controls and upholding the highest standards of compliance in order to deliver secure and transparent financial services to its users.
The EFCC’s position reflects the Nigerian authorities’ continued efforts to tighten supervision of digital financial platforms amid growing concerns over financial crime and illicit flows in the sector.
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