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Youths, Government & Finances

by Adedayo Adeyanju on 10th January, 2012 at 2:34 AM CEST

I am Nigerian, and I am writing in the light of recent events in my home country especially #OccupyNigeria movement. There is the need for an increase in sustainability focused governance for us as young people responsible for our financial independence and for governments as the custodian of their nation's commonwealth.

The Nigerian scenario is simple. With millions living below $2 a day, it is essential that the government folds its sleeves and works to ensure that the living conditions improve appreciably. The government instead removed the subsidy hitherto placed on Petrol. This move is set to free up over a trillion dollars to be dedicated to infrastructure development but it is grossly unpopular and has seen thousands of young people conduct peaceful protests in several cities around the country.

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This is because all prices depend on the price of Petrol especially since most people generate their own electricity with petrol-powered generators and also because of the poor roads that make transportation tedious and dangerous. Willing to see Nigeria get better, young people have urged government to cut its own expenditure especially salaries and allowances by at least 50% and free up even more funds for development.

As young people all over the world, we have a lot to learn from the on-going situation illustrated above. The first is that your financial health is dependent on the decisions of your government. We have to be more interested in governance and the policies of government. This is not just because you should give the government feedback on what you think about their policies but also because the policies open up (or close) opportunities for you to school, build a business or simply live comfortably.

Globally, there are 62 countries that are witnessing a “Youth Bulge” i.e. have 2/3 of their populations under the age of 30. Sub-Saharan Africa, Southern Asia, the Middle East and the Pacific Islands are the regions with the most widespread youth bulges. Do you spot a pattern here yet? The regions with the lowest employment figures and per capita incomes have the greatest reserves of young people with the attendant energy, creativity and inevitably, capacity for mischief. Get invaluable experience, volunteer at these places, take an internship.

We need to begin to think pro-actively about money. We all have dreams, from wanting to travel the world to aiming to build a business. These are difficult to do without the discipline and creativity that taking care of your fiscal health requires. Create financial targets for yourself. Whether it is to save a certain amount of money by the end of the year or to explore opportunities to gain more income…looking after your bank account should become a vital aspect of your future projections.

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What’s my tip? Save at least 30% of any income you get and leave it there. Want some advice from Warren Buffet? He says "if I had one piece of advice for young people generally it would be to just avoid credit cards."

~ Adedayo Adeyanju, from Nigeria

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Stefan Alievikj

Stefan Alievikj | C:F staff

All along, we should never quit our dreams! :)
cheers Adedayo

10th January, 2012 @ 2:54 AM CEST

Faisal  imtiaz

Faisal imtiaz

great :)

10th January, 2012 @ 6:56 AM CEST

KEDEI INAH

KEDEI INAH

It is just a pity that democracy is no longer for the people, they only need the people to vote them in and then they to become a dictator instead of a leader.
Life is getting harder every day; there are no jobs or even basic amenities, school fees is on a fast increase yet nothing has been done about the plight of the people.
Revolution has come to Nigeria all thanks to the revolution that took place in Tunisa, we must fight our rights no matter what it takes.

10th January, 2012 @ 8:24 AM CEST

Samuel Duru

Samuel Duru | Action team

Great piece! Well done Adedayo!

10th January, 2012 @ 10:23 AM CEST

Kasali Idris

Kasali Idris

I'm also Nigerian and can see through your lenses, Adedayo. Money never motivates Leaders, LOVE does. We shall prevail! Great Read This.

10th January, 2012 @ 1:33 PM CEST

Sandra Jekabsone

Sandra Jekabsone

Great piece to read and you have very well explained yourself of the current situation in Nigeria and developing countries. Wish Nigeria luck with fresh start and going upwards starting from this year, to be an example for other countries, like starting a chain. Stay Strong.

11th January, 2012 @ 10:49 AM CEST

Jehangir ali

Jehangir ali

great

11th January, 2012 @ 12:14 PM CEST

Jatin Kataria

Jatin Kataria | Action team | CF Chapters

Yeah absolutely right.. it never happen in initial phase of career ..
but by d time goes u automatically start learning on savings.. ;)

n yeah i m not using credit cards.. :P :P

11th January, 2012 @ 2:16 PM CEST

Jatin Kataria

Jatin Kataria | Action team | CF Chapters

due to this scenario ... youth always under value themselves..

1 more example is new establishment by starters , its always mix between pvt ltd & .org (or section 25 in India) - now the terminology "Social entrepreneurship" is becoming interesting day by day . . .

I always come across 1 que while talking to change makers, i mean those who really want to serve the society, what can be the financial modelling / funding source . .. mindset is "people who are in social services should not earn money" - n thats where current youth (change makers) are stuck even if they go for their own...

I am sure in future answer will automatically come because we have live example of education system-- this "service industry" is came out of that mindset and thats why higher fees is obvious in good institutions..

11th January, 2012 @ 2:24 PM CEST

Carl Thomas

Carl Thomas

Thank you for sharing your thoughts and situation in Nigeria. My fervent greetings. An amazing article. Was enjoying reading.

11th January, 2012 @ 2:53 PM CEST

Andreja Kodrin (C:F Management)

Andreja Kodrin (C:F Management) | Action team | CF Chapters

Great thoughts, Adedayo! Your observations are more that relevant at this moment with aging population on one side of the globe and with huge youth unemployment worldwide. However, what I value the most in your article is your approach towards solutions and tip!

Only with this attitude, that no one else will solve the problems but that it is up to you to start, it is possible to create the change.
Best wishes!

11th January, 2012 @ 9:00 PM CEST

Adedayo Adeyanju

Adedayo Adeyanju | Action team

Thank you all for your feedback. Very appreciated.

Hi Kedei and Kasali, i am so glad we are in tune. Stay strong, guys.

Very interesting thoughts, Jatin. I'm faced with making a decision on whether or not a graduate degree will produce enough ROI to justify the investment of money, time and effort. My preferred schools of course charge very high fees!

Andreja- Exactly! The competition will only get fiercer as the older population gives way and the legacy and attitude that our generation provides for the next one(s) has to be one of sustainable spending and fiscal vigilance.

13th January, 2012 @ 2:42 PM CEST

IKPA VERONICA

IKPA VERONICA

adedayo great post. I am also a Nigerian. With the level our leaders go they make the future for the youts bleak. Our education system is bad, I happen to school in a fedral school and we have been at homefor over a month due to strikes by the federal universities. It gets worse everyday and you begin to wonder if this would ever change. They come up with sweet songs every election and we fall for it thinking we are ushering in a new era not knowing its the same people with different faces.
Good solution, but you have to wonder where the money you are saving would come from.

13th January, 2012 @ 9:02 PM CEST

TITILAYO IJAGBEMI

TITILAYO IJAGBEMI | Action team

Great Job Guy. So well stipulted

17th January, 2012 @ 4:46 PM CEST

Bubacarr A. Baldeh

Bubacarr A. Baldeh

We keep it luck, we need change and we should fight and die for it inorder to save the world from such autocratic leadership.

26th January, 2012 @ 1:38 PM CEST

Vanjo Gerand Gicanal

Vanjo Gerand Gicanal

Yes, I'm not and never get a credit card !

31st January, 2012 @ 5:30 AM CEST

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