Volume 83
Good morning,
If you’ve lived in Nigeria long enough, the tussle between labour unions and the federal government shouldn’t be news. If there’s one thing both parties can’t agree on, it’s deciding a minimum wage number that works.
The minimum wage was last reviewed in 2019 when it increased from ₦18k to ₦30k/month. A lot has changed since then, and now negotiations have started again.
The labour unions think ₦497k is a good number, arguing that it reflects the current realities. The government said it isn’t sustainable and proposed ₦57k/month.
On Friday, the government revised their offer to ₦60k, which the labour representatives deemed unsatisfactory. This has led to a breakdown in the current round of negotiations. As a result, the unions have announced an
indefinite strike starting today.
Your move, FG.
In this letter:
- #NairaLife:The Marketer Slowly Leaving Survival Mode
- The Cost of Being A Groomsman, According to Six Nigerian Men
- Aunty M: What Low Risks Investments Can I Put My Money Into?
- #ZikokoMoneyVideo: Go Back In Time And Give Your Parents Financial Advice?
- QUIZ: How Liquid Is Your Money?
- Where The Money At?!
#NairaLife: #NairaLife:The Marketer Slowly Leaving Survival Mode
The 28-year-old in this #NairaLife was in survival mode for years. From unpaid internships to jobs that paid slightly above the minimum wage. Her first break came in 2020 when she earned ₦150k/month. Four years later, her monthly earnings stand at ₦1m.
The only thing in her way right now is inflation.
The Cost of Being A Groomsman, According to Six Nigerian Men
We asked six groomsmen about the costs of being a groomsman and their stories are proof that “weddings” are expensive for everyone involved.
Ask Aunty M with Reni
Hey, Aunty M. So, I recently got employed at a bank and my pay is ₦110k. I just need advice on low risk investments to put my money and also how to manage the money in general and have savings in this economy. Thank you! – Adewuyi, 21
Hi Adewuyi.
Congratulations on the new job! This is exciting, and I’m glad that you’re looking to start investing your money.
But before you start investing, I suggest you set up an emergency fund. This is a savings account with 3 to 6 months worth of your monthly expenses in it. For example, if your monthly essential expenses are ₦75k, you want to have ₦225,000 in this account before you start investing.
Now that you have your emergency savings sorted, let’s get into investing. If you want something extremely low risk, you can consider a Certificate of Deposit (CD). A CD is similar to a savings account, except that your money is locked in and you receive a higher interest rate. With a CD, you can’t withdraw your money until the CD reaches maturity. If you want to access your savings before then, you will pay an early withdrawal penalty.
If you want to take the stakes up a bit, I’d recommend investing in funds that track the US markets: the S&P 500 (the 500 largest companies in the US), the whole US Market, or the Nasdaq (US digital, biotechnology, and other companies). These funds can be purchased directly from Nigeria.
Xoxo,
Reni
Go Back In Time And Give Your Parents Financial Advice
QUIZ: Do You Even Have What It Takes To Be a Nigerian Billionaire?
Make some money decisions and we’ll tell you if you’re Otedola, Dangote or another Nigerian billionaire.
Where The Money At?!
We can’t say we’re about the money and not actually help you find the money.
So we’ve compiled a list of job opportunities for you. Make sure you share this with anyone who might need it because in this community, we look out for each other.
Again, don’t mention. We gatchu.
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All good things must come to an end. But not this good thing. We’ll be back next week.
In the
meantime, keep reading Zikoko’s articles and be sure to share the love.
See you next week…
Yours cashly,
Toheeb,
Zikoko’s’OG’ Mr. Money
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