You may be wondering why I decided to post this here. Today is Monday, all workers are expected to be at work while job seekers are busy searching for opportunities that would keep them in the workforce. I saw a post online and felt inspired to share it here so that we workers and smart job seekers can learn from it.
Why Hard Work Isn’t Enough: Building Real Wealth for Retirement in Nigeria
Many Nigerians have experienced the bittersweet reality of retiring after decades of dedicated service, only to find that years of hard work did not translate into lasting financial security. Retirement
ceremonies are often grand and heartfelt, publicly honouring individuals as men and women of integrity who faithfully served the system. Yet, behind the applause and speeches lies a stark truth: too many retirees receive gratuities and pensions that barely cover immediate expenses, let alone secure their futures.This situation is not unique; millions face the same challenge across Nigeria. After thirty or more years of service, many retire without assets such as a house, business, or investments. Their pension payments are often too small to keep up with inflation, eroding their purchasing power over time. Statistics from the National Bureau of Statistics illustrate that pension payments frequently fall short of retirees’ basic needs, exposing a serious gap in long-term financial planning for public servants.
The problem runs deeper than insufficient pay. Many Nigerians grow up believing their salary equals financial security and that saving is enough to build wealth. However, saving money without investing it in income-generating assets means their value diminishes over time due to inflation. The reality of economic life in Nigeria shows that assets like land and productive businesses appreciate significantly, often massively outpacing inflation. For example, a plot of land that could be bought for ₦500,000 a decade ago may now be worth tens of millions of naira, while consumer goods and depreciable items like cars lose value steadily.
As shared in a powerful personal reflection, a car purchased for ₦1.5 million in 2011 could never be sold today for anywhere near the current value of that money invested in land, which has appreciated exponentially. This simple comparison underscores a critical lesson: wealth grows with wise investment and strategic asset building—not merely through hard work and loyalty to an employer.
The Nigerian economy brims with opportunities that many overlook. Affordable land, small-scale businesses, and investment platforms provide accessible routes for growing wealth. Yet, success demands financial education and intentional efforts beyond paycheck reliance. Building assets that generate income, even modestly; provides resilience against economic shocks and inflation, enabling retirees to secure their futures.
This wake-up call is especially urgent for public servants and others relying solely on pensions. Instead of applauding years of service alone, Nigerians must foster a culture of financial wisdom that teaches how to multiply money and build lasting wealth. No one will ask how many years you served in retirement; the vital question will be what you built and left behind.
By embracing financial literacy, diversifying income sources, and investing wisely, Nigerian workers can transform retirement from a time of financial struggle to one of peace and prosperity. It is a call to all: make smart decisions today that will yield rewards tomorrow. May wisdom guide every Nigerian as they plan for a secure and dignified future.
Written by Akinyele Kolade Abel
Kolade Akinyele is a passionate writer and brand analyst who believes that Nigeria can be much better than it is today.
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