Lagos. The city that never sleeps. You must have heard this phrase before. It was popularized in the 1980s when Lagos had become notoriously popular for its nightlife. From endless traffic jams that keep you stuck in traffic till the early hours of the morning to hawkers working till dawn, the nightlife, and of course, its well-known red district area, Lagos was always in a state of hustle and bustle. You can be sure that if you step out to buy a plate of Noodles or Suya from a Mishai on Allen Avenue at 1:00 AM, you’ll find them there, cooking up another batch for their next customer.
We developed the ‘Lagos never sleeps’ campaign to celebrate this unique quality of Lagos, (you may have come across some of our billboards over the last couple of months). It doesn’t matter where you live in the city, or where you ‘originally’ came from, you can succeed and build wealth with the right tools and access that Cowrywise provides. Whether you live in Ikeja, Ikoyi, Okokomaiko, or even Ikorodu – so far you have worked hard for your daily bread, you should make sure you are building wealth alongside. Grab your phone, connect to the internet, download Cowrywise, and start saving and investing ASAP! 💙
Back to the Centre of Excellence!
There are many reasons why the city of Lagos never sleeps, and is in a constant state of ‘busyness’. First and foremost, as the Centre of Excellence, and the commercial capital of the country, it has a reputation to maintain. Other pivotal reasons highlighted below, affirm this position.
Living in the city of dreams
- Population density – With a population of 16 million from a 2022 census, Lagos is one of the most populous cities in the world. The rise of inter-state, rural-urban migration into the state has been a major contributor to its growing numbers. According to a 2016 report, 86 people migrate to Lagos every minute. That’s approximately 123,000 people every day. All in search of the Nigerian dream to ‘make’ it. An incredibly high labour force means the state can essentially generate more revenue in the form of taxes worth billions of Naira.
- Economic powerhouse – Lagos has become staunchly established as a commercial nerve center of the economy. Over 50% of Nigeria’s non-oil industrial capability is located in Lagos, and its GDP accounts for over 26.7% of Nigeria’s GDP, fuelled by private and public investment. Lagos is home to the HQs of major banks, as well as the Nigerian Stock Exchange (NSE), which accounts for over 80% of the country’s foreign trade flows and generates over 50% of Nigeria’s port revenues. The list goes on.
Other socio-cultural factors also confirm its status.
- The land of opportunities – Lagos has forever been known as the land flowing with milk and honey, no man’s land. A place where the son of a nobody can become a somebody! Numerous Nollywood movies attest to this belief. Thousands of movies have been produced about dreamers who migrated from the village, started a business in Lagos, and returned to build mansions back home. In reality, Lagos belongs to the smart-witted and street-smart, who can spot opportunities and monetize them. The high population density supports this nuance.
- Cost of living – Lagos is one of the most expensive states to reside in the country, as of a June 2024 report by Business Day. Apart from the macroeconomic conditions influencing inflation, the rising cost of food, transportation, etc, living and maintaining a certain lifestyle is expensive. It’s an extreme sport! Renting a one-room apartment, in a high-brow area like Ikeja, or Yaba, can go for as high as N2,000,000 per annum. Hanging out in bars, and restaurants is another discussion – you could easily spend as much as N150,000 on dinner with friends. A movie ticket goes for between N7,500 to N10,000. This doesn’t even take into account a higher percentage of Lagosians who are either poor or in the lower middle-class, and can’t afford these ‘luxuries’, but strive daily to make the most of the situation.
“Forget the hustle, surviving Lagos is a full-time job“
How do Lagosians cope with the rising cost of living? How do they manage the constant cycle of work and stress of living in Lagos? Enter, the most important distinguishable feature of the Centre of Excellence.
The Hustle that keeps on Bustling
The Hustle culture – A concept that is the pride and joy of Lagosians. It’s technically a badge of honour. The fact that you can survive in Lagos is a win. If you exhibit the qualities of a hustler, you are truly a Lagos boy or gal. The hustle culture encourages that you do what you have to do, to survive and thrive. Legally!
Take Eunice for example.
Eunice is a 24-year-old investment analyst with one of the big fund managers in Lagos. A good part of her day at the office involves her analyzing the financial market, trends, and projections, and advising her clients on the best assets to invest in. In between work breaks, she fields phone calls to the manager of her pastry business – resolves pending issues and ensures deliveries to her clients are made on time.
Before the day runs out, she receives a credit alert from her bank. Someone has just purchased a copy of her e-guide on ‘investment for Gen Zs‘. Nice! She smiles as she heads to a small workshop where she teaches young girls how to bake. She holds these classes three days a week after work. By the time she’s done on a good day, Eunice has spent the last 12 hours working. When she gets home, she can do nothing else but sleep.
Currently, Eunice has a 9-5, a small business, runs free training for young girls, and has inflows from her passive income business. It’s not easy, but it’s worth it! Well done Eunice!
Let’s take a look at Tunde.
Tunde is a back-end engineer at a fintech company in Lagos. He spends his working hours coding and optimizing the backend infrastructure for the company – ensuring the app functions optimally. If he isn’t reworking the code base to improve log-in speeds, he is busy securing a substantial reduction in latency issues on the engineering infrastructure for another tech company he works for in Estonia. What he lost in typical ‘rush hour’ traffic, he gained in excessively long hours. He can be seen tapping his keyboard, and jumping on calls till the early hours of the morning, before he calls it a day.
This is an example of the life of the average Lagosian Hustler. Whether it is healthy, optimal, or rewarding is another conversation. The big question here is – What is your money doing while you work this hard round the clock? Are you working this hard just to maximize only 7%-8% of your money’s overall potential? Or are you investing to make sure your money is working and ‘grinding’ just as hard as you are?
Dear young Nigerian, time may no longer be on your side
How do you build wealth amid the hustle and bustle?
It’s simple!
Get your money working on autopilot by investing with a reputable and well-established fund manager, like Cowrywise. The basic concept of investing is to put your money in an investment vehicle, which is then invested in an asset, to generate returns. This is how your money makes more money for you. You could even see how much in returns you earn daily, and maximize your money’s full potential.
At Cowrywise, we do this with a fusion of technology and financial expertise, which we have combined to create one of the best apps built by engineers in Nigeria. Not our words. Apple said so!
There are several other reasons you should choose Cowrywise.
- Trusted by over a million customers
- The largest aggregator of mutual funds in Nigeria. When it comes to picking a mutual fund or investment vehicle to invest in, you are spoilt for choice. You can invest in Naira or dollar-denominated mutual funds.
- Licensed by the Securities and Exchange Commission of Nigeria
- Safeguard your funds with a third-party custodian. So, no, we can’t run away with your money
- Subject to corporate governance frameworks – this just means we can’t invest your money carelessly, and we have to abide by regulatory guidelines.
- We have double-digit interest rates that will interest you. 😉
- Most importantly, investing is extremely easy and flexible. You can choose to invest any time, and anywhere. You can start with as little as N10,000. This way, your money works round the clock, just the same as you.
If you are anything like the city of Lagos that never sleeps, the logical step is to ensure your money isn’t sleeping either. Why not earn returns daily, while you hustle every day?
Here’s what you have to do:
- Log in, or sign up if you haven’t
- Tap on ‘invest’ at the top of the screen
- Click on the fund type (Naira, Dollar, etc.)
- Tap the “+” icon to select an individual Mutual Fund or a Managed Portfolio
- Invest
Your money will immediately get to work on your behalf, while you meet up with friends for a night out. Have fun!
3 pics, 1 word – Invest
If you were to summarize the key message on the boards, it’d be not just to invest, but to do so today. Living in the city of Lagos means you are most likely living an extremely fast-paced life – always on the go!
If you are working, you’ll either be at the gym, hanging out, or in transit. It’s your responsibility for your present and future self, to ensure you set up yourself for a future worth living.
If you invest NGN100,000 to earn 10% in 1 year, you’ll have NGN110,000 in total. That is, NGN100,000 + NGN10,000 (interest). With compound interest, in the second year, you’ll earn 10% on NGN110,000, not just the NGN100,000. You get the picture, right?
Compounding is getting returns on your returns.
The next time you drive by any one of these boards, don’t just holla! Let it serve as a reminder that you should keep your money working round the clock and that Cowrywise is here to stay, to help you make the most of your hard-earned money.
Anything worth building takes time. Start today.
Sign up here to start investing
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