Still considering misinformation (especially for those of us with young kids), these are areas where people will try to sell them wrong stories and plans:
1. Hard Drugs – You may think you’re getting high, but it’s someone else making money off you on a daily or weekly basis while you deal with the problems associated with drug use.
2. Excessive alcohol – You might think you’re getting high, but it’s a company benefiting daily or weekly from your consumption while you deal with the problems of consistent alcohol use, especially hot, ethanol, and dry gins.
3. LGBTQ – I really do not know the agenda behind this, but I know it affects family units, and I have seen many youths who engage in this regret it at an older age.
4. Save Naira in the bank – Apart from the bank making money off you, the Central Bank can print more Naira faster than the interest you will gain. Aside from your 6-month to 1-year emergency funds, saving more Naira isn’t advisable.
5. Invest in the Nigerian Stock Market – I really don’t know how liquid and seamless the Nigerian stock exchange is, but I think you shouldn’t invest much in it unless you’re an insider.
6. Huge debt/loans – Apart from the fact that Nigerian banks charge very high interest rates (25%) on loans created from almost thin air (not fully backed), I don’t think it’s good to use a loan to start most businesses in Nigeria, except if it’s an Islamic loan or another type with a very low interest rate.
7. Huge spending and lifestyle – The crude oil in Nigeria has made everybody feel rich, leading to high consumption and even borrowing massively for consumption. It’s important to live modestly and produce something.
8. Hustle culture and taking shortcuts – While it’s not bad to want things fast, it’s important to understand that good things take time. Patience and doing the work without shortcuts are crucial. From hindsight, I have realized that slow and steady wins the race.
9. Farming is not a good job or business to make quick money in Nigeria – While there is some truth here, people can still add farming or gardening to their corporate jobs.
10. The government is coming to save me – Many people believe the government will rescue them through free money, cheap goods, and other favorable policies. While this can happen, it is unlikely to be substantial or reach everyone. The government can’t solve all your problems, so it’s high time you started taking full charge of your own life. It won’t be easy at first and will take longer than you think, but you can achieve it.