Financial Slavery at 60; How to free yourself as a Nigerian (A MUST READ)

4 min read
Lagos To Hold Independence Parade For Nigeria At 60 - The Lagos Today

WHERE IT ALL BEGAN…

60 years ago, Nigeria gained independence from its colonial masters. Over the years, there has been an uncovering of her fatness as a Nation in Natural resources such as oil and gas. 

Nigeria is home to significant deposits of coal, iron ore, lead, limestone, tin, and zinc. Equally important is that she has rich land and water resources that are ripe for further agricultural exploitation.

Sadly, despite her fatness and richness in natural resources and 60 years of independence, she is still financially indebted and dependent on foreign countries. 

THE RICH PAUPER

As of March 31st, 2020, reports from the debt management office (DMO), aired out that Nigeria incurred a debt of USD3. 121 billion from China, this is just about 4% of Nigeria’s total debt. In total, Nigeria’s debt has risen to $79.6 billion, quite a lot for an independent nation.

If these debts were incurred in order to promote economic growth and development, it wouldn’t have been much of an issue. The problem is in the misuse of these borrowed funds which has, in turn, led to the economic crisis. 

FINANCIALLY ENSLAVED…

The accumulation of debts by the giant of Africa has become a burden on her citizens and stunted her economic growth. It has also resulted in the restricted requisition of flexible financing scheme to strengthen small and medium scale enterprises in Nigeria. With this unfavourable condition in the Nigerian economy, the nation still struggles with a low level of employment and a rising poverty rate. 

The current economic state of Nigeria has affected the masses. The young, old, rich, poor, are all infected by the disease of the Nation’s financial dependency and debt.  

HARD LIFE FOR THE CITIZENS AND RESIDENTS

September 1st,2020,  witnessed an unprecedented aberration when the electricity tariff was increased by more than 100%, the highest the nation has ever witnessed. Not too long after, fuel pump prices skyrocketed from N120 per liter N162.00 per liter. This in turn has led to the exponential hike in the prices of goods and services; a basin of rice is now sold for a thousand naira,  bread which is known to be the common man’s food is sold for N100 per loaf, and you really need to see the size of that loaf. The price of garri from N400 as of last year has risen to N900 per basket. 

The external debts accumulated by the Nigerian government affects every Nigerian born and unborn.

HOW CAN WE BE FREE?

In spite of the ill-favoured situation of the country, what measures can Nigerians take to become financially free and be truly independent? 

To become financially free means having enough cash and investments to cover any eventual need without having to worry about food, health care, housing, bills, etc. and other daily needs of life. Financial freedom is not about what you make, it is about what you save and invest. 70% of Nigerians cannot boast of this kind of freedom.

First and foremost, financial independence starts with a MINDSET CHANGE

You need to re-wire your MIND from FINANCIAL SLAVERY to FINANCIAL FREEDOM. (By the way, if you are POOR; you are financially enslaved. FACT!)

“As a man thinks in his heart, so is he” goes the popular saying, hence our outlook towards money must change.

If you want to be financially free, you’ve got to realize that you’re solely responsible for creating your own financial success, and your struggle around money, either intentionally or not. Your thoughts really matter a lot because they inform how you use your words. Negative thoughts have shown to have an adverse effect on our actions.  Quit playing the role of the victim who goes about saying “poor me” because more often than not, that’s how they end up becoming – poor!

Your mind is a very powerful tool, hence use it positively. Stop trading blames. Start taking responsibility for your actions. 

Secondly, you need FINANCIAL EDUCATION 

With the increased rate of indebtedness and decreased rate of employment in Nigeria, the importance of financial education cannot be overemphasized. 

To become financially educated means to acquire financial knowledge and to understand how money works. This blog is here for you

The absence of financial education is a heavy limitation on Nigerians. Knowledge is key… Ignorance is more costly than education. With sound financial education, you can overcome the turmoil of the impact of the debts incurred by the Nigerian government, and with this education, you can become rich. 

Thirdly, INVEST!

Without INVESTMENTS, you can NEVER be financially FREE! Yes, I said “NEVER”.

The value of developing a healthy investment habit as a means of becoming financially independent is a must for anyone who aspires to gain financial freedom. 

Investing is a NECESSITY to become RICH. You work hard for your money and your money has to work hard for you.  Not investing or not doing it right can mean longer working days. When you take your investments seriously, the returns generated by your investments can provide financial freedom in the present as well as in the future.

Investment can mean different things to different individuals, for the sake of this context; we define investment as “investing money in a financial product, skills, stock, real estate or a commercial enterprise with the expectation of making a profit”. An investment means a commitment of capital in different types of assets with the expectation that you will make a profit or profit in the future from these investments.

Finally, SOLVE PROBLEMS

Nigeria is a home full of OPPORTUNITIES, disguised as BIG PROBLEMS. Nigeria has GOLD on every street. All you need to do is find YOUR GOLD. Find a problem that YOU can SOLVE, and make LOTS OF MONEY while doing so. That is a known secret. Mind you, this is not for the faint-hearted.

In conclusion, you alone have the power to change your story from POVERTY to FINANCIAL FREDDOM. Your life is in your hands. Your ball is in your court. Take action. Take it Now. Stop making excuses. Start doing. Start making money. BE FREE!

HAPPY INDEPENDENCE DAY CELEBRATION! 

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