Business
8 Tips On How To Save Money In 2023
Saving money is a crucial aspect of personal finance, especially in Nigeria, where the cost of living can be high.
Whether you are saving up for a big purchase, building an emergency fund, or planning for retirement, it’s essential to adopt money-saving habits. Here are ten practical ways to save money in Nigeria:
CREATE A BUDGET
Start by creating a monthly budget that outlines your income and expenses. This will help you identify areas where you can cut back and prioritize your spending.
For example, if you realize that you’re spending too much on data usage in streaming unnecessary videos online, you can cut back on that expense and redirect the money towards your savings goals.
REDUCE FOOD EXPENSES
Eating out can be expensive, especially in Nigeria, where the cost of food can be high. Instead, cook meals at home and buy in bulk to save money on groceries.
For example, if you’re used to eating out 2 times in a day either during workdays or not, you can start packing a homemade lunch to work and also cook meals at home to save money.
USE PUBLIC TRANSPORTATION
Using public transportation or carpooling can save you money on fuel, maintenance, and parking. If you have a car, you can consider using it only when necessary or using fuel-efficient options like taking a bike. For example, if you usually drive to work, you can explore public transportation options like buses sometimes.
SAVE ON ELECTRICITY
Electricity bills can be a significant expense in Nigeria. To save money, turn off lights and electronics when not in use, use energy-efficient bulbs, and unplug appliances when not in use. You can also consider investing in solar power to reduce your electricity bill.
SHOP SMARTLY
Shop around for the best deals on big-ticket items like electronics, appliances, and furniture. Buy in bulk when possible. You can also take advantage of seasonal sales to get discounts on items. For example, you can compare prices of items on various online stores and choose the store with the best deal.
AVOID IMPULSE BUYING
Impulse buying can quickly drain your bank account. To avoid it, wait a few days to decide if you really need the item. You can also create a list of items you need before going to the store to avoid buying unnecessary items. For example, if you see a pair of shoes you like at the store, you can wait for a few days to see if you really need them.
INVEST IN FIXED DEPOSITS
Consider investing in fixed deposits with banks that offer competitive interest rates. Fixed deposits are low-risk investments that can provide a steady stream of income. For example, you can invest a portion of your savings in a fixed deposit with a bank that offers a good interest rate.
FIND SIDE HUSTLES
Finding ways to earn extra income can help you achieve your financial goals faster. You can take advantage of your skills and find ways to earn extra income through side hustles such as freelance writing, tutoring, or selling goods online. For example, if you have a skill like graphic design, you can offer freelance services to businesses or individuals in need of design services.
By adopting these habits, you can save money and achieve your financial goals in Nigeria. Remember, it’s not about depriving yourself of things
Business
IPO: ADF Opens Wealth Creation Pathway for 2m Vulnerable Nigerian Women
The Aliko Dangote Foundation (ADF) has unveiled the Women’s Share Subscription Grant Initiative (WSSGI), a pioneering financial inclusion programme aimed at increasing women’s participation in Nigeria’s capital market through the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
The nationwide initiative is designed to support up to two million Nigerian women, with a special focus on low- and middle-income earners, as well as vulnerable women. Through the programme, ADF seeks to expand access to equity ownership, promote a culture of savings and long-term investing, and empower women with greater opportunities for wealth creation through responsible participation in the capital market.
The initiative is open to several categories of beneficiaries, including independent applicants earning ₦100,000 or less per month, verified participants in designated ADF programmes such as CRoWN, ADFIN, and Mu Shuka Iri, eligible non-commissioned servicewomen and service spouses, as well as verified service widows.
To accommodate different categories of participants, the initiative provides two pathways for entry: Matching Grant Track: Eligible independent applicants who subscribe to a minimum of 10 shares will receive an ADF-funded application for an additional 10 shares in their name.
Unconditional Grant Track
The ADF will fund an application for 20 shares on behalf of eligible beneficiaries who satisfy programme eligibility, investor identification, and Know Your Customer (KYC) requirements.
This category covers verified beneficiaries from designated ADF programmes and verified service widows.
Under both tracks, grant funds will be applied directly through the designated issuing house. No cash payments will be made to beneficiaries, government agencies, or sponsors. Any shares successfully allotted will be credited solely to the beneficiary and held in her name.
Eligibility Requirements
Applicants must be Nigerian women aged 18 years and above; resident in Nigeria; meet the eligibility requirements of their respective participation category; successfully complete all required identity verification and KYC processes; and receive no more than one ADF share grant across all Foundation share grant schemes.
The ADF is implementing the initiative in partnership with Vetiva Capital Management and the Nigerian Exchange Group (NGX) through the Securities and Exchange Commission (SEC)-approved IPO subscription infrastructure.
The Foundation will not receive, collect, or hold applicants’ or sponsors’ subscription funds. All applications, payments, allotments, and refunds will be handled in accordance with the IPO Prospectus, applicable regulatory requirements, and the approved basis of allotment.
Participation in the programme is entirely voluntary. Prospective investors should note that share prices may fluctuate, dividends are only payable when declared, and neither allotment nor investment returns are guaranteed.
To facilitate broad participation, applicants are not required to have an existing Central Securities Clearing System (CSCS) account. Where necessary, accounts will be created through Vetiva upon successful completion of the IPO’s KYC requirements.
Eligible independent applicants may submit their applications exclusively through the official ADF portal at ipo.alikodangotefoundation.org.
READ ALSO: 40 Oil Blocks up for Grabs as NUPRC Opens 2026 Bid Round
Beneficiaries affiliated with the ADF programmes and verified service widows will receive application guidance through approved Foundation channels.
The offer closes on 13 October 2026.
The ADF urges prospective participants to remain vigilant against fraud. Applicants should not make payments to agents, individuals, or personal bank accounts in exchange for grants or promises of guaranteed allotment. Passwords, PINs, and one-time passwords (OTPs) should never be shared, and any unexpected payment request or online link should be verified through official channels before action is taken.
Through this initiative, the ADF is reinforcing its commitment to inclusive economic empowerment, broadening access to investment opportunities, and enabling more Nigerian women to participate meaningfully in the nation’s wealth creation journey.
Business
NUPRC Outlines Major Offshore Investment Pipelines
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a pipeline of major offshore projects with the potential to attract significant new investment into Nigeria’s upstream petroleum sector.
This is as the commission has intensified efforts to convert the country’s substantial hydrocarbon resources into producing assets and sustainable economic value, the NUPRC said in a statement.
According to the statement, Nigeria’s upstream investment outlook was presented at the Nigeria Investment Forum 2026 in New York by the Commission Chief Executive (CCE), Oritsemeyiwa Eyesan.
Eyesan, who was represented by the Executive Commissioner, Corporate Services and Administration, Dr. Kelechi Ofoegbu, highlighted the emerging investment opportunities across Nigeria’s offshore, gas and brownfield assets, noting that the combination of regulatory reforms, improved project economics and a growing pipeline of development-ready assets is creating new opportunities for investors and industry partners.
READ ALSO: NCDMB, Zeconia Global Train 50 on Digital Oilfield Operations
A key feature of the presentation, it said, was the identification of 22 major offshore projects, comprising 12 deepwater and 10 shallow-water developments, as part of the pipeline capable of driving substantial new capital into the sector.
According to the commission, the projects include major developments such as Bonga Southwest, Aparo, Zaba Zaba, Owowo, Bosi and Egina South.
The NUPRC also highlighted recent capital commitments across projects including Bonga North, Obeta Gas Development, HIN Associated Gas Development and Iseni Gas Development, demonstrating the movement of investment interest towards actual project development.
Business
Petrol, Diesel Prices Rise 86% in Eight Months – Report
The average prices of petrol and diesel have risen by 86 percent in 2026, with the two products reaching their highest average price levels for the year by September 22, according to the latest fuel price trend report by priceandpromo.
The report stated that the average price of Premium Motor Spirit, popularly known as petrol, rose to N1,378 per litre by September 22, while automotive gas oil, commonly known as diesel, increased to N1,899/litre.
It puts the increase in the price of petrol at 80.8 percent from the January 13 base, while diesel recorded a 91.8 percent rise over the same period. The average increase of the two products is 86.3 percent, which rounds to 86 percent.
The report stated, “The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July.
“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”
READ ALSO: NNPC Ltd Celebrates Second Year of Zero Voluntary Resignations
According to the report, petrol prices had increased sharply in March before remaining relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added.
The renewed increase came amid heightened volatility in the international energy market, according to the report, which noted that the domestic market remained exposed to movements in global energy costs.
“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.
The report indicated that the latest movement in fuel prices could have wider implications for transportation, logistics and the cost of distributing goods, given the importance of petrol and diesel to economic activities.
The report noted that fuel prices remained an important channel through which changes in energy costs could feed into transportation and other consumer costs.
The report further warned that the renewed increase in both products is a development to monitor because of its potential implications for the movement of people and goods.
It said, “The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”
The report’s figures show that the increase in diesel prices has outpaced that of petrol, with AGO rising by 91.8 percent compared with PMS’s 80.8 percent increase.
Courtesy – The PUNCH





