A financial expert, Ms. Margaret Banasko, Head of Marketing at FairMoney Microfinance Bank, has said Nigerian freelancers are facing increasing financial pressure due to the rising cost of living.
She made the statement in Lagos on Friday, highlighting the challenges freelancers encounter within Nigeria’s growing digital economy.
Banasko noted that Nigeria remains a leader in Africa’s digital labor market, with millions of young people relying on freelance and gig work for income.
Citing World Bank data, she said Nigeria has about 17.5 million online gig workers in sub-Saharan Africa, supported by a young population—over 65% of whom are under 35.
She also referenced National Bureau of Statistics data showing that approximately 87.3% of employed Nigerians are self-employed, reflecting a strong entrepreneurial culture despite rising inflation and costs.
According to Banasko, inflation, currency instability, and increasing electricity and internet expenses are reducing freelancers’ earnings and making saving difficult.
“Income alone is not survival,” she emphasized.
Banasko outlined five strategies freelancers can use to remain financially resilient amid economic hardship and unstable incomes:
- Build an emergency fund to cover at least three to six months of expenses.
- Cut transport and fuel costs by working remotely when possible.
- Replace physical meetings with virtual ones to save time and money.
- Use automated savings tools to stay disciplined and curb unnecessary spending.
- Share group or family data plans to reduce internet expenses.
She concluded that in a volatile economy, success should be measured not just by income but by the ability to save and grow wealth over time.
