Let me begin with a story I often share during coaching sessions. In many Nigerian towns, from Mile 12 in Lagos to Bodija Market in Ibadan and the ever-busy Wuse Market in Abuja, thousands of traders rise before dawn to set up their stalls. They push through fluctuating prices, multiple levies, long queues at wholesalers, and unpredictable customer turnout. Yet they hold strongly to a common belief drawn from local wisdom: “No matter how scorching the heat becomes, it never dries up the river.”
This proverb captures a simple truth: consistent effort, paired with wise financial habits, can preserve and grow even the smallest income streams.
Across the country, imagine a civil servant trapped daily in the notorious Lagos-Ibadan Expressway traffic, or the Port Harcourt Garrison–Oil Mill gridlock. With rising fuel costs, rent, and school fees, they dream of financial stability and a debt-free life. Their challenge is the same—balancing today’s needs with tomorrow’s aspirations.
Whether in the markets, offices, farms, or digital workspaces, Nigerians share a common desire: financial freedom. The timeless rules in The Richest Man in Babylon offer a practical roadmap. Below are its core lessons, localized for Nigeria, with real examples that can help make 2025 your most financially disciplined year yet.
1. Start Thy Purse to Fattening- Save First, Spend Later
Clason recommends saving at least 10% of one’s income before spending anything else. In Nigeria today, where inflation averaged about 28–30% in 2024 (according to the National Bureau of Statistics), saving must be intentional.
Practical Nigerian Approach (2025):
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Automate savings using Nigerian fintech platforms such as PiggyVest, Cowrywise, Moniepoint Save, or bank-based standing orders.
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Consider joining registered cooperative societies, popular among civil servants and traders, which offer better interest rates and access to credit.
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For business owners, adopt the “daily contribution” model through Ajo/Esusu, but ensure you use verified, trustworthy operators or digital Ajo platforms.
2. Control Thy Expenditures- Distinguish Wants From Needs
Cost-of-living pressures make overspending easy. In urban areas like Abuja and Lagos, food prices rose significantly in 2024 due to fuel and logistics costs (NBS Consumer Price Index).
Practical Case Study:
A family in Gwarimpa realized they had five streaming subscriptions they barely used. After canceling three and switching to cooking meals at home rather than daily takeout, they reduced monthly expenses by nearly ₦40,000.
Action Steps for Nigerians:
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Track expenses weekly using simple methods, such as notepads, Excel sheets, or budgeting apps.
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Buy essentials at wholesale markets like Ariaria (Aba), Kantin Kwari (Kano), or Ogbete (Enugu), where bulk purchases reduce costs.
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Differentiate luxuries from necessities. With soaring costs, financial discipline is no longer optional.
3. Make Thy Gold Multiply- Invest Wisely
Money should not remain idle. Even small investments can grow over time.
Investment Options Relevant to Nigeria:
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Federal Government of Nigeria (FGN) Savings Bonds: Low-risk, accessible to retail investors, and backed by the government.
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Mutual funds through platforms like Meristem, ARM, Chapel Hill Denham, or Stanbic IBTC.
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Agri-investments-but only with verified, regulated platforms or direct partnerships with reputable cooperatives, given past scams in 2020–2022.
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Real estate fractional ownership, now offered by several licensed PropTech firms.
Case Example:
A teacher in Benin City started investing ₦10,000 monthly into a regulated mutual fund in 2021. Despite market fluctuations, the investment grew steadily, shielding savings from inflation and creating a modest long-term fund.
4. Guard Thy Treasures from Loss -Avoid Risky Schemes
Nigeria has witnessed recurrent fraudulent schemes from MMM (2016) to various crypto and agriculture scams (2020–2023). The Economic and Financial Crimes Commission (EFCC) reported significant losses nationwide during these episodes.
Protection Tips:
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Invest only in regulated entities approved by the Securities and Exchange Commission (SEC Nigeria) or Central Bank of Nigeria (CBN).
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Avoid “quick-money” promises or platforms without clear documentation.
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Attend local financial-literacy programs offered by NGOs, banks, or state cooperative departments.
5. Make of Thy Dwelling a Profitable Investment-Own Your Home
Homeownership in Nigeria is challenging due to high costs and limited mortgages, but several workable options exist.
Nigerian Pathways to Homeownership:
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National Housing Fund (NHF) mortgage loans via the Federal Mortgage Bank of Nigeria, allowing Nigerians to access lower-interest mortgages.
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Incremental building, widely used nationwide, involves building small portions over time as funds allow.
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House hacking: buying or building a two-unit structure, living in one, and renting the other.
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Rent-to-own schemes under state housing authorities (e.g., Lagos HOMS).
Case Example:
A civil servant in Minna secured an NHF mortgage and purchased a modest two-bedroom home, paying monthly installments comparable to their former rent. Within five years, the property appreciated significantly.
6. Ensure a Future Income- Plan for Retirement
Many Nigerians rely on children for retirement support, yet data from PENCOM shows that more Nigerians are now opting into contributory pension schemes.
Action Points:
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Ensure full compliance with the Contributory Pension Scheme (CPS) if you are employed.
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Self-employed individuals can join the Micro Pension Plan.
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Consider long-term investments such as treasury bills, fixed deposits from reputable banks, or annuity plans.
Case Study:
A trader in Onitsha Market enrolled in the Micro Pension Plan with monthly deposits of ₦5,000. After several years, she built a steady retirement fund, independent of her business’s fluctuations.
7. Increase Thy Ability to Earn, Invest in Yourself
Skill development is one of the most reliable paths to higher income.
Opportunities in Nigeria (2025):
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Digital skills, data analytics, software development, UI/UX, and digital marketing—learned through platforms like ALX Africa, LinkedIn Learning, and NITDA training programs.
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Vocational skills such as fashion design, catering, welding, shoemaking, and cosmetology remain profitable given Nigeria’s strong informal sector.
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Agriculture value-chain skills (e.g., poultry management, fish farming, and food processing) continue to offer income opportunities in rural and peri-urban areas.
8. Pay Thy Debts and Avoid Foolish Borrowing - Handle Debt Responsibly
High-interest short-term loans common in many Nigerian digital-lending apps can quickly lead to financial distress.
Nigerian Debt-Management Strategy:
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Create a repayment plan allocating a fixed percentage of your income to debts.
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Avoid borrowing for non-essential items or discretionary spending.
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Negotiate more favorable terms with lenders, especially microfinance banks or cooperatives.
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Build an emergency fund to reduce dependence on borrowing during crises.
Case Example:
A commercial driver in Kaduna, overwhelmed by multiple digital-app loans, joined a debt-management support group run by a local NGO. With guidance, he consolidated repayments and avoided further borrowing, restoring financial stability.
Final Thoughts for 2025
The principles in The Richest Man in Babylon remain relevant across generations because they are grounded in discipline, prudence, and patience. As Nigeria navigates economic pressures—from inflation to exchange-rate volatility—these timeless rules offer a stable foundation.
If you save consistently, track your spending, invest wisely, and avoid speculative risks, you position yourself for lasting prosperity. Wealth is not an event; it is a journey built through small, deliberate steps.
Let 2025 be the year you take full control of your financial future.
— Coach A.
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