Let’s be honest: the idea of retiring early and wealthy in Nigeria sounds like a fantasy. In a country where “hustle” is a lifestyle and most people are just trying to survive, kicking back in your 50s or even 40s with enough money to live on your own terms feels almost rebellious. But what if it’s not just possible but practical if you know what you’re doing?
That was the core of our conversation during a Twitter Space hosted on July 9. We brought together two experts who live and breathe personal finance: Omoefe Orobator, a financial analyst and senior financial planner at Money Start, and Oyinkansola Badejo, a digital business analyst and financial literacy advocate.
Their answers were insightful, deeply personal, and actionable for any young Nigerian looking to retire early and comfortably.
What Does “Retiring Early and Rich” Really Mean?
For Omoefe, it’s not about yachts or private jets. It’s about systems: “Retiring rich and early means I’ve put systems in place — income-generating assets that pay me regularly, so I don’t have to worry about money. The work I did in my younger years now works for me.”
Oyinkansola’s take is just as real: “It’s very achievable. You just need discipline and focus. Retiring early means dedicating the second half of your life to what brings you pure joy. Nobody should have to work all their days. It breaks my heart to see people in their 60s and 70s still toiling. Retirement should be about living on your own terms, doing what makes you happy, and being financially stable while at it.”
Both agree: early, rich retirement isn’t a pipe dream; it’s possible, but it starts with your mindset.
The Mindset Shift: From Scarcity to Abundance
Why do so many Nigerians struggle to even imagine early retirement? Omoefe doesn’t mince words: “It’s mindset, income, and the economic system. Most Nigerians have a scarcity mindset, shaped by what they see around them — parents and elders still hustling in their 60s. But we live in a time where you can create your own environment.”
Oyinkansola zeroes in on the root: “Financial illiteracy. People aren’t educated about their options. I know people earning good money who don’t know what investment opportunities exist. It’s not just about income gaps, it’s about financial knowledge not taught in schools.”
So, what’s the first step? Start thinking beyond today. Oyinkansola bluntly states, “Many Nigerians use their children as retirement plans. I don’t subscribe to that. You need to start putting systems in place in your 20s, 30s, and 40s so you can live comfortably later. The last thing you want is to be old and broke.”
Omoefe’s four-point mindset reset:
- Shift from scarcity to abundance.
- Move from active to passive income.
- Prioritise ownership in businesses, stocks, and intellectual property.
- Keep your future self in perspective. Every decision now is a building block for the life you want.
The Balancing Act: Enjoying Your Youth vs. Planning for the Future
Planning for retirement is great, but nobody wants to be the person who never enjoys their money. Oyinkansola is clear: “It’s all about planning and discipline. Have a budget. Take out your savings and investments first, then do whatever you want with what’s left. That’s your real salary.”
Omoefe adds a twist: “I always allocate a ‘joy fund’ in my budget. I also budget for enjoyment as I plan for bills, savings, and investments. You have to enjoy your youth, but with a plan.”
Are Pension Savings Enough? (Spoiler: No)
If you think your employer’s pension plan will set you up for life, think again. Oyinkansola breaks it down: “You need to take extra steps. Calculate your pension: it probably won’t be enough to retire you comfortably. Most people I know who’ve retired don’t even bank on their pension; it’s just extra. Build your own portfolio, your own assets, your own shares. That’s what you can control and adjust as opportunities come.”
The Step-by-Step Playbook: How to Actually Do It
Omoefe’s three-part formula is refreshingly simple:
- Mindset: Start with abundance, not scarcity.
- Manage Your Money: Track income and expenses. Budget. Live below your means. Avoid lifestyle inflation.
- Maximise Your Money: Increase your active income (upskill, build your brand), and grow your passive income (invest in funds, stocks, real estate trusts, intellectual property).
She’s bullish on funds: “You don’t have to do day trading. Invest in a basket of securities — money market funds, ETFs (Exchange traded funds), REITs (Real estate investment trusts), etc. For example, SFR REITs on the NGX did 60% year-to-date last year, with 10–14% dividend yields. The goal is multiple streams of income: dividend, rental income, and profit. That’s when you start to see real wealth.”
Oyinkansola’s step-by-step for the ₦100k–₦500k earner:
- Start with a clear retirement number: Know your target. How much do you need monthly, and for how many years? Do the math.
- Identify how much you can consistently save and invest: Consistency is key. Don’t overextend yourself. Invest what you can sustain for years.
- Build an emergency fund, then invest: Start with low-risk instruments like money market funds. They give about 20% per annum.
- Grow your income: Don’t be comfortable in one place. Plan how to move your income from ₦500k to a million and beyond.
- Track your expenses: Know where your money goes. Adjust as your income grows.
Income Strategies: How to Make More (and Keep More)
Oyinkansola is direct: “Focus on high-earning careers or businesses. What fields will do well in the next 10–20 years? Have multiple income streams. Don’t rely on one source. Invest early and consistently — time is your greatest asset, not money.”
She’s a fan of leveraging skills: “Turn your expertise into consulting, courses, or digital products. This is the best time to get into selling digital products. Start early. The earlier you start, the earlier you can retire.”
Saving vs. Investing: Why Most People Get Stuck
“Saving is for short-term needs, in a safe account with low returns,” Oyinkansola explains. Investing is using your money to earn more money for long-term growth. People stay stuck in saver mode because they fear risk and lack financial education. They don’t know which instruments are low or high risk, or where to start.”
She’s excited about how fintech is changing the game: “Apps like Cowrywise, PiggyVest, and Bamboo are making investment accessible. Now, you can buy mutual funds, dollar funds, and stocks from your phone, without visiting an investment firm physically. There are no more excuses.”
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For First-Time Investors: Where to Start
Both experts agree: money market funds are the perfect entry point. Oyinkansola says, “They’re low risk, managed by professionals, and pay dividends quarterly. You don’t have to manage it yourself. Just put your money there and let it compound.”
She’s also big on knowing your risk appetite: “If you’re low to medium risk, put more in money market funds and less in stocks. If you’re high risk, you can go heavier on stocks. But always diversify.”
Omoefe adds: “Treasury bills and government bonds are basically risk-free, with steady returns. Commercial papers are another option. For higher risk, look at dividend-paying stocks, ETFs, and REITs. But always know your risk appetite.
There is a direct correlation between risk and return: the more risk, the more return, and the lower the risk, the lower the returns.”
Oyinkansola states that the journey to early and rich retirement doesn’t have to be a solo mission, especially if you’re overwhelmed by the options. “If you don’t know where to start, consult a licensed financial advisor,” she urges. “It’s an investment in itself. Pay for someone with the knowledge to guide you, so you don’t end up putting your money in the wrong things or making costly mistakes.”
She emphasises that a good advisor can help you clarify your goals, track your expenses, and build a realistic plan for your income and risk appetite, making the process less intimidating and more effective.
What’s in Their Portfolios?
Omoefe’s portfolio is a masterclass in diversification:
- Dividend-paying Nigerian stocks.
- ETFs tracking the S&P 500.
- Money market funds.
- Commercial papers.
- REITs (real estate investment trusts).
- Gold ETFs.
She’s clear: “Nigerian stocks are high risk, but the dividend yields are competitive. I also like gold ETFs — gold has been the best-performing asset for 2025.”
Oyinkansola’s approach is similar: “I invest heavily in funds managed by professionals — money market funds for my emergency fund, ETFs (Nigerian and foreign), dollar assets like the Vetiva USD Fixed Income Fund, and some growth stocks. I don’t put a high percentage in risky assets. Most of my budget goes into low-risk funds and ETFs.”
Omoefe is passionate about the opportunities hiding in plain sight within Nigeria’s financial landscape. “Nigeria is an emerging market, and if you’re looking for places where you can see outstanding returns, this is a great place to be,” she explains. “Many people overlook the Nigerian market because of past disappointments or negative headlines, but if you look closely, you’ll see that many companies here are still undervalued compared to their global counterparts. Especially in sectors like financial services, there’s so much room for growth.
Most U.S. companies are overvalued, but you’re getting in early in Nigeria. The ecosystem is still untapped, which means there are real opportunities for young investors willing to do their research and participate actively. We need more young people investing here for their wealth and to help drive the country’s economic growth.”
Red Flags: How to Avoid Scams
Omoefe’s checklist for spotting scams:
- Unrealistic returns in a short time frame? Run.
- You don’t understand the investment? Run.
- Pressure to act fast? Run.
- Recruit others to invest? Run.
- No regulatory license? Run.
Oyinkansola adds: “If it’s too good to be true, it probably is. Always ask: how are they making the money they’re promising you? If there’s no registration or regulatory license, look away. Use regulated platforms only. And if you’re not sure, consult a licensed financial advisor.”
Financial Education Is the Real Wealth Starter Pack
Omoefe and Oyinkansola stress that financial education is the bedrock of building wealth and retiring early in Nigeria, listing practical resources and strategies for boosting financial literacy and making smarter money decisions:
- Follow credible financial news platforms: Use Nairametrics to track Nigerian stocks’ performance and get up-to-date financial news. And Yahoo Finance for U.S. companies to check financial statements and news.
- Use investment and research tools: TradingView is great for analysing stock performance, while Investing.com is useful for local and international market trends.
- Leverage digital investment apps: Apps like Cowrywise, PiggyVest, and Bamboo make it easier to access mutual funds, dollar funds, and stocks right from your phone. They also provide educational content and updates, so you’re not just investing blindly.
- Engage with financial communities: Join online communities, follow accounts that share financial tips, and attend webinars or conferences like the Naira Life Conference for honest, practical conversations that help you take control of your finances and build long-term, sustainable wealth in Nigeria.
- Consult official resources: Platforms like the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) offer foundational financial literacy guides and regulatory updates. You can also visit the Nigerian Exchange (NGX) website to verify if an investment platform or security is licensed and listed.
Omoefe adds, “You owe it to yourself to do your own research. Don’t invest in anything you don’t understand just because someone said you should. Equip yourself with knowledge—follow, read, and keep learning. Even as a professional, I’m still learning every day.”
The Final Word: Start Now, Stay Consistent
Omoefe’s last advice is simple but powerful: “Invest in yourself. Invest in your skills, network, and knowledge. Bet on yourself, and everything else will follow.”
Oyinkansola echoes the urgency: “Start early and stay consistent. Even if it’s just ₦20k or ₦50k a month, be intentional. Track your expenses, invest wisely, and let time work for you. If you keep waiting for the perfect time, it’ll never come. Start now.”
The Real Secret: Progress Over Perfection
Retiring early and rich in Nigeria isn’t about luck, privilege, or waiting for a miracle. It’s about mindset, discipline, and action — starting small, staying consistent, and letting time and compounding do their magic. The tools and knowledge are here. The only thing left is to start. So, what are you waiting for? Your future self is already cheering you on.
