As the Academic Staff Union of Universities’ ongoing strike continues to make many undergraduates redundant, DEBORAH DAN-AWOH examines key lessons that students can learn to achieve financial independence before terminating their academic programmes.
In the last five months, Nigerian undergraduates at government-owned universities have seen their educational pursuits come to a halt due to a strike called by lecturers for a variety of reasons, the most serious of which is a lack of funding for public universities.
However, this is not breaking news, as university teachers have been striking for nearly as long as the country has existed. It is an obnoxious reality that has become so common in the Nigerian education system.
In fact, the issue of strike action, particularly by ASUU, has become so entrenched in Nigeria’s educational system that fewer than 20 months have been lost in the last five years due to the never-ending squabble between the government and the varsity lecturers.
For students, being caught in the crosshairs of this fight between two elephants is always a very unsettling experience, because every undergraduate typically dreams of graduating in record time in order to move on to the next chapter of life. However, if meticulously and purposefully harnessed, the downtime caused by these frequent industrial actions could be used as a dress rehearsal for how to achieve financial freedom before entering the volatile labour market.
Indeed, given the current economic situation, it goes without saying that establishing the framework for achieving financial freedom before graduating from university will likely increase any young person’s chances of building a successful career.
This is due to the fact that the fleeting nature of life itself often causes the transition from being a student (who has all of his needs met) to having to face a vast new world of providing for oneself to unfold so quickly that one has great difficulty adapting to the changes that come with it.
As a result, starting a side hustle before graduating from university becomes a much-needed intermission that helps students cope with the changes that come with this new world.
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Because financial ignorance has dominated many people’s minds, side hustles may be able to translate into long-term careers. This is most likely due to the perception that university is a time of discovering one’s passion, refining one’s path, partying, falling in love, adventure, and exploration.
According to the Wall Street Brothers’ book “Efficiency,” financial decisions or any choice people make compound by 20%.
Especially since the harsh realities of the Nigerian economy have dimmed the hopes and dreams of many university students.
Ifeoluwa Oladapo, a 24-year-old undergraduate at the University of Lagos, said she had high expectations when she started school. Nonetheless, it appeared that the strike had put her life on hold.
“To be honest, I’m sick of it all. I miss school and earning extra money from uncles and aunties. I am currently studying Marine Biology, but I am also an entrepreneur who specialises in cakes and pastries, which is the one thing that has kept me sane. When I’m not making pastries, I help run our family restaurant.”
Learning to bake while waiting for university admission was one of Oladapo’s best decisions.
“I’m glad I learned to bake back then because raising funds wasn’t easy.” But I thank God for my family, who stood by me at the time. If not, I would have been financially dependent on this country.”
Oladapo explained that saving her business profits and reinvesting them in other types of equipment had also yielded interest.
“I can now charge more because I know how much I have invested personally to achieve this level of professionalism.” Even though I make a lot of money, I don’t waste it on frivolous things. “I only buy what I need and save the rest.”
Stepanie Anene, an undergraduate studying Mass Communications at the National Open University, said that her professional career in voice-over had opened doors for her financially.
According to her, the first financial lesson she learned was that in order to make money, one does not have to follow the path chosen in school.
“I discovered I had a talent for voice acting.” Surprisingly, I’ve never had any formal training. I began by posting my content on Instagram. I began by contrasting the pronunciation of British and American accents.
“Access Bank was the first company to contact me about a job. I was intrigued; I didn’t know anything about pricing at the time, so whatever they offered, I accepted.”
Anene, who is still in school, revealed that she worked from home and earned thousands of naira as a freelancer.
“Since I began this in 2019, I’ve received direct messages from people in Kenya, Ghana, South Africa, and the United States.” It was then that I realised that many people, like me, want to break free from the constraints imposed by society or education.
“One thing I tell people is to start anywhere, anyhow.” Take the first step and then watch what happens. As an undergraduate, I earn no less than N100,000 per month from voice-over work.
“When people ask me how they can start making money for themselves or feel limited because of the course they are studying, I tell them it doesn’t matter. As a doctor, you can become a comedian and be amazed at how your life will turn out.”
In a country like Nigeria, only a few people, according to Anene, studied what they were passionate about. “You can work in any field as long as you want to make a side income,” she says.
Given the technological disruption and Nigeria’s backward movement against the tide of innovation and advancement, setting long-term goals to invest in knowledge and skills will ensure that young people are valuable enough to get future jobs and secure financial freedom.
Marvelous Eniwaye, a 100-level student at the Federal University of Technology, Akure, stated that the strike “has dampened my zeal towards my studies.” I had planned to do some educational things before the strike, but the strike has stymied my plans. Again, it has caused me to be retarded.”
Marvelous revealed that despite the strike, he had found a way to spend his time learning relevant digital skills.
“Right now, I’m brushing up on my computer repair and maintenance skills at a computer centre.” I’m learning UI/UX design, but I’m just coasting because I don’t have a personal system. I occasionally use the shop’s system because I don’t require any specialised applications.”
As things stand, the rhythm of skill acquisition and implementation has shifted. Even if the nation takes a back seat in the grand scheme of things, young people can embrace the new change and the future of work to close the poverty gap.
While some undergraduates are using the strike to lay the groundwork for a secure financial future, experts have advised that other students who haven’t absorbed this culture should start making hay while the sun shines.
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Dr. Udu Yakubu, biographer and publisher of May University Press Limited, stated that despite the economic situation, university students should understand that every stage of life passes quickly.
“Money lessons for undergraduates are that when getting part-time jobs, you can’t rule out the possibility of getting free money from parents and loved ones.”
Whatever it is, the point to emphasise is the need for students to be enterprising whether they are still in school or not.
White-collar jobs, according to Yakubu, had become obsolete.
“There aren’t many jobs out there.” Being enterprising means that if they are thrown into the labour market with their degree or qualification, they can do a lot for themselves if they have learned how to manage the few resources that have come their way.”
Undergraduates must comprehend the significance of financial independence. Experts also advise that once they are out of school, most of them do not have access to free money in the form of allowances.
