DEVELOP ENTREPRENEURSHIP SKILLS AS BACKUP PLAN

Always Develop Entrepreneurial Skills as a Backup Plan.

No matter how secure your job seems whether in government, private, or multinational sectors cultivate entrepreneurial skills as a Plan B, either for immediate needs or post-retirement. Relying solely on a pension or salary can be risky. It’s heartbreaking to see retirees at 60 struggling with health issues, hopelessness, and financial strain. Even if you retire with ₦30 million as a director, pension systems often restrict access to less than 50% of your savings. The remainder may only be released after your death, leaving your hard-earned money inaccessible when you need it most.  

Many retirees face this harsh reality. A friend of mine, retiring six years ago, was panicked about sustaining himself. I advised him to start selling building materials. Today, he’s nearly completed a 6-bedroom house in his hometown a feat he couldn’t achieve in 30 years as a civil servant. While government roles may restrict running a company, nothing stops you from supplying goods (e.g., selling roofing wood) or services (e.g., poultry farming). For instance, last December, chickens was sold for ₦30k each and turkey sold for ₦80k–₦100k. With just 100 chickens and turkeys, you could had generated nearly ₦2 million in profit  just last December alone. 

Past generations were taught. “Go to school, get a job, and escape poverty.” But this no longer works. Millions of graduates now survive as POS agents, Uber drivers, or in low-paying roles unrelated to their degrees. A graduate friend earns ₦60k monthly at AEDC but spends ₦50k on transport and ₦300k annually on rent leaving nothing for food, bills, or family. I urged him in future to think of starting an electrical supplies business, partnering with estate developers and training apprentices for steady income.  

You don’t need ₦50 million to begin. With ₦10k, you can supply zobo drinks, akamu. or other low-cost products to local estates. During COVID, I contacted a lawyer and registered Oyugbo Jelly while working at an NGO and later completed YALI’s 6-month entrepreneurship training. This is helping me keep body and soul on difficult times. My wife supplements her income by selling perfumes at her workplace.  

Salaries Alone Won’t Save.

Even "good" salaries (₦500k–₦800k) struggle to cover modern expenses like Nursery pupils school fee and house rent. In 2009, a 3-bedroom house in Wuye cost ₦15 million; today, you need up to ₦150 million. Inflation and rising costs demand multiple income streams.  

 

Wealth is within reach if you confront fear and start. Entrepreneurship is challenging, but poverty is harder. Begin from your room, workplace, or community. Use your skills, network, and creativity to build security before retirement and age forces.

Until the moment when will shall dance in white Greater Grace.

Oyugbo Osagie Jonah 

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