If, by the end of his tenure, Bola Tinubu did not activate a socio-political orientation programme, he would have become the first president since 1983 to buck the trend. Civilian and military presidents have had one “ethical revolution” project or the other; so far, it is unclear whether Tinubu will sustain the trend. To clarify things a bit, two of the leaders we have had since 1983 (Ernest Shonekan, August–November 1993; Abdusalami Abubakar, June 1998 – May 1999) are exceptions. That is because their short-lived respective administrations were largely transitory. They had neither the time nor the stability to first entrench themselves and then attempt to define a national moral vision.

Leaders (political or not) usually promise their tenure will be a time of moral renewal, a reformation of values on which the political economy would be planked. Shehu Shagari’s “Ethical Revolution” was thus not the beginning of such aspirations, only its formalisation. That was the first time a Nigerian leader would propose reforming society’s values and attitudes through bureaucracies rather than the traditional channels of family, religion, and social groups. It is not hard to see where Shagari was coming from and what drove him toward such aspirations. The decade before him, Nigeria had gone through a civil war. No matter who you are before a war, you never remain the same after it. No one witnesses a war without having the edges of their humanity tweaked by the ugliness.

Following the ravaged days of war were the years of the oil windfall. Nigeria earned such astounding revenue from oil but unfortunately lacked visionary leaders. Those who gunned their way into power had no lofty agenda other than power as an end in itself. Thus began Nigeria’s Age of Waste, when superficialities supplanted substance. Nigeria not only frittered good money away, but we also effectively became a mono-economy and a consumocracy—people consuming everything yet producing nothing. Nigeria’s political economy was forever changed, and the imprudence of that era still haunts us.

Even if Shagari had lasted in power, his Ethical Revolution would still have failed to resolve the problems of our national character it tried to address. His government was not only morally compromised, but the character defect had also become ingrained.

Then came the supposed tough guy, Muhammadu Buhari, who introduced War Against Indiscipline. His was not going to a revolution of ethics by persuasion but through chastisement. Still, he failed. WAI was kicked out with Buhari. Good riddance, the nation thought. Then came Ibrahim Babangida with Mass Mobilization for Self Reliance, Social Justice, and Economic Recovery. The programme rehashed the same ideals as earlier ones: eschew wastefulness, value productivity, uphold truth and integrity, and above all, place the Nigerian identity at the crux of competing self-identifications. Of all the socio-political orientation programmes, this lasted the longest. That is not because its character reformation agenda succeeded; MAMSER mutated into the National Orientation Agency.

When Sani Abacha came into power, he introduced his version that, even by its very name, Not in Our Character, denies the reality of Nigeria’s social character. Every vice that was purportedly not in our character and which we were expected to denounce was, in fact, the substance of our character. Not in Our Character died before Abacha. When Olusegun Obasanjo got into power, he launched the Heart of Africa project that modified the reformation agenda from changing our manners to an outward projection of values. The national ethos he aimed to create was no longer just for intramural purposes but also to announce us as a relaunched economy, full of a young, dynamic, and resourceful population ready to engage in creative pursuits. It was the start of a new millennium, and the Obasanjo era, the beginning of the Fourth Republic, were the heady days of optimism.

Unfortunately, what started as a well-placed faith in the promise of new beginnings gradually gave way to a disillusionment that diseased the heart of Africa. Obasanjo had neither the personal discipline nor leadership integrity to advance his envisioned Nigerian ideal. His successors, Umaru Yar’Adua and Goodluck Jonathan, maintained the tradition by launching Rebranding Nigeria, (and which gave us the catchy slogan, Good People, Great Nation). Their vision barely survived the troubled days of the Yar’Adua Presidency. By the time Jonathan got into power, Rebranding Nigeria had become past tense.

Buhari’s second coming saw a re-launch of his old WAI gimmick, Change Begins With Me, but without soldiers ‘bulala’ to drive compliance. That programme did not survive the hypocrisy of the Buhari Presidency. After spending so much campaign time promising they would bring change to Nigeria, Change Begins With Me tried to push that responsibility back to the people who had looked up to them to set personal examples. It would perhaps have been easier to persuade the public to moral reform if Buhari himself had not been funded to power—and supported all through—by degenerate beings whose public life violently antagonised the ethos of change. Nobody could take Buhari seriously for too long. In any case, it was not long before both the project and its proponent (the major one being Lai Muhammed) fell into disrepute on account of their lack of character.

Tinubu got into power already weighed by many burdens, some of which had to do with the economic climate of 2023. Nigerians had just gone through one of the most enervating policies—the naira redesign project—that left everyone impoverished and sore. To speak of any ethical revolution in that context was to be more tone-deaf than Shagari whose project was activated when the enervated public had written him off as corrupt. Tinubu faced the unresolvable crisis of his legitimacy, and the unfavourable perception of his moral character has so far regulated his relationship with the public. While Buhari could posture anti-corruption by valorising poverty before his talakawa mentality followers, whose only desire in this world is to see the affluent humbled, Tinubu’s luxury life brooks no such pretence. He once publicly boasted that he is richer than a whole state in the country—a pretty bold claim for a man to whom you cannot trace any productivity.

Tinubu’s precedents also make it hard for him to speak against corruption or urge us to higher ideals. With which mouth will a man who cannot elaborate his pedigree, personal and professional, exhort anyone to virtue? The few times he tried to mention the platitude of “anti-corruption”, he came across as funny-laughable and funny-ridiculous. So far, the only intervention he has made in terms of defining a Nigerian character was to change the national anthem. That decision speaks more to his head being buried between the laps of nostalgia for a Nigeria long gone than a vision of a future to which we can all aspire. As I said before, and still certain of, the 2027 election will test Tinubu’s commitment to a Nigeria where people remain an indissoluble nation even though “tribes and tongue” differ.

Sincerely, I am relieved that he has avoided posturing an ethical revolution in a country where people are struggling with his impoverishing policies. Nigeria does not need to add another jeun jeun national project. Still, whatever the moral and managerial deficiencies of Tinubu, our society needs a defined moral vision that will drive social reformation. We need a leader with charisma and integrity to compel the better angels of beings and drive us to do great things. Despite all their ethical revolution agenda, our previous leaders serially failed in this quest largely because they would/could not muster the force of will that has made great leaders push their nations from the brink into prosperity and progress. Our current leader? I am not sure he will be any different.

Punch

Melissa Houston

Starting a business can be one of the most rewarding and exciting journeys you can go on, but if the business fails, the failure can be tough to manoeuvre. Research shows that about 20 percent of small businesses fail within their first year, so choosing business ideas with high profit and low failure rates is a smart strategy.

When you combine strong profit potential with lower failure rates, you set yourself up for long-term business success. These two factors create a foundation that allows your business to not only thrive but also weather challenges more effectively. Choosing the right business model is key to maximizing these advantages, ensuring your efforts and investments lead to sustainable growth and profitability.

High profit and low failure businesses share key characteristics that set them apart from riskier business ideas. They include:

• Strong demand and market growth.
• Low operational costs.
• Recession-resistant industries.
• Scalability and recurring revenue streams.

These factors work together to create a solid foundation for profitability and scalability, making these businesses an attractive choice for entrepreneurs looking to minimize risk and maximize success.

Let’s explore business ideas with high profit and low failure rates:

1. Tech-based businesses

Tech-based businesses, particularly those offering Software as a Service (SaaS), are highly scalable and boast relatively low failure rates when properly planned. For entrepreneurs with tech skills, this model is attractive because you can tap into a global market, generate recurring revenue, and innovate in fast-growing industries, all while maintaining flexibility and control over your operations.

2. Professional services

Professional services, such as accounting, consulting, legal services, and fractional C-suite services, are excellent examples of high-profit business models. These businesses rely on specialized expertise, which allows for premium pricing and strong profit margins. They often have low overhead costs, as they typically don't require large inventories or expensive equipment. This combination of high margins and low operational expenses makes professional services an attractive and sustainable option for entrepreneurs looking to build a profitable business.

3. Senior care services

Senior care services are becoming increasingly in demand due to the aging population and the growing need for support among seniors. As more people live longer, families often require assistance in managing their loved ones’ daily care needs. This demand has created opportunities in areas like home care services, assisted living placement, and specialized senior wellness programs. These businesses offer not only a chance to make a meaningful impact but also a stable and profitable venture in a recession-resistant industry with consistent market growth.

4. Rental properties

Rental properties are a reliable business option, offering the dual benefits of long-term rental income and the potential for property value appreciation over time. This combination provides both steady cash flow and wealth-building opportunities. Risks can be minimized by carefully selecting properties in high-demand locations and implementing effective tenant management practices, such as thorough tenant screening and clear lease agreements. With the right approach, rental properties can serve as a profitable and stable investment.

5. Self-storage facilities

Self-storage facilities are a thriving business opportunity with significant growth potential due to increasing demand for personal and business storage solutions. The industry benefits from stable, year-round demand, as people and companies often require extra space regardless of economic conditions. With relatively low operational costs, such as minimal staffing and maintenance, self-storage facilities offer high-profit margins and long-term stability, making them an appealing choice for entrepreneurs seeking a recession-resistant business.

The bottom line is that choosing the right business model is one of the most important decisions you’ll make as an entrepreneur. By focusing on industries with high profit and low failure rates you can set yourself up for long term success. It will not only offer you financial stability but also align with market trends, providing opportunities for growth and scalability. The key is to research, plan strategically, and take the first step toward building a profitable and sustainable business.

Forbes

In a significant development for its economy, Nigeria's total public debt reached N142.3 trillion by September 30, 2024, marking a 5.97 percent increase from June's N134.3 trillion. This rise, equivalent to N8.02 trillion, primarily reflects the impact of currency depreciation on the country's external obligations.

Exchange Rate Impact on External Debt

While external debt showed only a marginal increase in dollar terms - from $42.90 billion to $43.03 billion - the naira equivalent surged by 9.22 percent to N68.89 trillion. This dramatic rise in local currency terms stems from the naira's depreciation, with the exchange rate weakening from N1,470.19 to N1,601.03 against the dollar during the quarter.

Domestic Debt Composition

The domestic debt portfolio, while decreasing in dollar terms from $48.45 billion to $45.87 billion, grew by 3.10 percent in naira terms to N73.43 trillion. Federal Government bonds dominate this category, comprising 78.95 percent of domestic debt at N54.65 trillion. Notably, Nigeria successfully launched its first domestic dollar-denominated bond, raising $500 million with an impressive 180 percent subscription rate, adding N1.47 trillion to the domestic debt stock.

Debt Distribution

The Federal Government holds the majority of both external and domestic debt. Its external obligations reached $38.12 billion, while states and the Federal Capital Territory accounted for $4.91 billion. In domestic terms, the Federal Government's share stood at N69.22 trillion, with states and FCT holding N4.21 trillion.

Debt Instruments Analysis

The domestic debt portfolio shows diverse instruments:

- Treasury Bills declined slightly to N11.73 trillion

- Promissory notes increased by 5.80 percent to N1.77 trillion

- FGN Sukuk decreased to N992.56 billion

- Savings Bonds grew by 16.11 percent to N64.09 billion

- Green Bonds remained stable at N15 billion

Sustainability Concerns

Despite the overall decrease in dollar-denominated debt from $91.35 billion to $88.89 billion, the rising naira-equivalent debt burden has sparked concerns among economic analysts. The situation is particularly worrying given that interest payments consume a significant portion of government revenue, raising questions about long-term debt sustainability in the face of continued currency volatility.​​​​​​​​​​​​​​​​

Chief Medical Directors (CMDs) of University Teaching Hospitals and Federal Medical Centres (FMCs) in Nigeria have raised concerns over the alarming rate at which doctors, nurses, and other skilled health workers are leaving the country due to poor remuneration and working conditions. They warned that if this trend continues, tertiary healthcare facilities across the nation could face a severe workforce crisis within the next two years.

The CMD of Lagos University Teaching Hospital (LUTH), Wasiu Adeyemo, and the CMD of University College Hospital (UCH), Ibadan, Jesse Abiodun, sounded this alarm during the 2025 budget defence session before the House of Representatives Committee on Health Institutions.

Adeyemo highlighted the urgency of the situation, stating:

“Resignations occur almost daily, not even retirements. If this continues, in the next one or two years, our hospitals will be empty. While the government has invested significantly in infrastructure, it will all amount to nothing without addressing the poor remuneration of healthcare workers. Consultants are earning less than $1,000 monthly, which is a major reason for the exodus.”

Chairman of the Nigerian Medical Association (NMA), Federal Capital Territory (FCT) chapter, Emeka Ayogu, echoed these concerns, attributing the mass exodus—commonly referred to as the “Japa syndrome”—to economic hardship, inadequate salaries, and poor working conditions. He noted:

“The money paid to doctors is insufficient to sustain them. Many leave for better opportunities abroad, not just because of poor pay but also due to unfavorable working environments. While judges recently received a 300% salary increase and military retirees were given benefits like bulletproof vehicles, retiring doctors, even after 30 to 35 years of service, are left struggling financially. This disparity is deeply troubling.”

Ayogu stressed the need for urgent reforms to prevent a further decline in Nigeria’s healthcare system, calling for improved remuneration, better working conditions, and the provision of necessary equipment and facilities to retain healthcare professionals.

The CMDs and NMA officials have urged the government to prioritize the welfare of healthcare workers, warning that failure to address these issues could lead to a collapse of the country’s tertiary healthcare system.

On Monday, an unnamed group of Northern Nigerians led by Jamilu Majia and Adams Funtua organised a luncheon to celebrate Donald Trump’s inauguration as the 47th President of the United States.

Majia, a musician, composed and released a music video in November 2024 to drum up support for Trump during the build-up to the presidential election.

In the music video posted on his TikTok page, he extolled Trump and urged Americans to vote for his return to the White House.

In the music video, children hold American flags and wear customised vests while singing about Trump.

However, the luncheon video he posted on his TikTok to celebrate Trump’s inauguration sparked mixed reactions and raised questions among netizens.

He posted the viral video with the caption, “Congratulations, President #Trump Inaugural Luncheon in Nigeria.”

A video from the gathering continues to trend online.

The one-minute, thirty-one-second video showcases jubilant Hausa participants singing in their native language, clapping, and expressing joy in honour of the occasion.

Analysis

The video featured attendees dressed in traditional Hausa attire, a dignitaries’ table adorned with juice, Coke, and water, and a banner in the background that read, “Congratulations, Mr. President. Trump’s inauguration.”

Set amidst vibrant decorations, the celebration included traditional Nigerian cuisine, such as jollof rice and suya, creating a lively atmosphere filled with cultural pride and festivity.

A special song was composed for Mr Trump in Hausa, accompanied by English subtitles. In the video, which had sparked discussions about the global interest in American politics, attendees stood, clapped, and danced enthusiastically to the song.

A woman and children were also seen at the front of the dignitaries’ table, singing, clapping, and dancing in unison with the celebratory crowd.

The song’s lyrics praised Trump’s boldness and commitment, describing him as a great leader chosen by God.

They sang, “In God, we trust Africa; in God, we trust America. Oh! Hail Donald Trump, the American President. Oh! Hail Donald Trump, America. We’re all in support. Donald Trump is the President. The great leader, Trump, may God uplift your dignity.

“God chose you, made you, and protected you. Always take care of your supporters. America loves you. Oh, hail Donald Trump. Africa is also praising you, Asia is praising you, the Middle East is praising you, and Latin America is praising you. Everyone supports you, and everyone believes in you, Donald Trump.”

Not the first time

This newspaper gathered that it was not the first time Nigerians celebrated Trump in election-related matters. They celebrated him after he won the presidential election in November 2024.

More so, in November 2020, a rally was held in Onitsha, Anambra State, to drum support for the 78-year-old when he sought a reelection. During the event, a group organised a pro-Trump rally to mobilise support for him.

The group, consisting primarily of women and youths, marched through the streets while singing victory songs for Trump, whom they believed deserved another term in office.

Dressed in white and blue uniforms, they waved the United States flag alongside banners and placards bearing inscriptions such as “Make America Great Again” and “President Trump: America needs a man like you.”

Trump tweeted about the rally, captioning it: “A parade for me in Nigeria, a great honour!”

However, Trump of the Republican Party lost his re-election bid to the immediate past President Joe Biden of the Democratic Party.

This newspaper earlier reported that two prominent Nigerians, William Kumuyi, founder of the Deeper Christian Life Ministry, and renowned gospel artiste Nathaniel Bassey, ministered during Trump’s inauguration.

Kumuyi led a prayer session at President Trump’s Inaugural Prayer and Praise Convocation on Sunday in Washington, D.C., while Bassey performed at the inaugural prayer breakfast. The prayer breakfast is a non-political, faith-based event held every four years before the swearing-in of a new administration.

PT

Nigerian environmentalists on Tuesday condemned a government plan to resume oil production in the restive Ogoniland, demanding a halt until meaningful talks with local communities are completed.

Ogoniland, in Nigeria's coastal Rivers state, is a flashpoint for pollution in the oil-rich Niger River delta region where a $1 billion cleanup was launched in 2018 following a comprehensive 2011 United Nations Environmental Programme study.

More than 20 groups, including Environmental Rights Action/Friends of the Earth Nigeria, Health of Mother Earth Foundation, and the Ogoni Solidarity Forum have criticised the plan, saying it disregards the environmental and social damage caused by decades of oil extraction.

In a 14-point demand issued on Tuesday, the groups slammed the government for initiating talks with a select group from the region, arguing it undermines efforts towards environmental justice and a cleanup of the heavily polluted environment.

"This decision disregards the enduring environmental, social, and economic injustices faced by the Ogoni people and undermines efforts toward sustainable development, environmental justice, community empowerment, and cleanup of the devastated environment," the groups said in a statement.

Ogoniland locals have a storied history of resistance to oil extraction on their land. Their struggle gained international attention in the 1990s with the execution of environmental activist Ken Saro-Wiwa and eight other Ogoni leaders by the then-Nigerian dictator Sani Abacha.

They are also calling for a $1 trillion commitment for clean-up and compensation, the immediate release of a confiscated Saro-Wiwa memorial sculpture, and a full implementation of the U.N. report that recommended a comprehensive clean-up of Ogoniland.

"We stand in solidarity with the Ogoni people in their fight for justice and sustainable development," the groups concluded.

A government spokesperson did not immediately respond to a request from Reuters for comment.

Reuters

More than 2,400 aid trucks enter Gaza under truce, UN says no big looting issues

Nearly 900 humanitarian aid trucks entered the Gaza Strip on Tuesday, the third day of a ceasefire between Israel and Palestinian militants Hamas, as a senior U.N. official said so far there had been no apparent law-and-order issues.

The latest arrivals bring the three-day total to more than 2,400 trucks entering the enclave.

Throughout the 15-month war, the U.N. has described its humanitarian operation as opportunistic - facing problems with Israel's military operation, access restrictions by Israel into and throughout Gaza and more recently looting by armed gangs.

Muhannad Hadi, the top U.N. aid official for Gaza and the West Bank, said there had been minor incidents of looting in the past three days, but "not like before."

"It's not organized crime. Kids jumped on some trucks trying to take food baskets. There were some other people (who) tried to take some bottled water," he told reporters after visiting the Palestinian enclave on Tuesday.

"Hopefully within few days this will all disappear once the people of Gaza realize that we will have aid enough for everybody."

The U.N. Office for the Coordination of Humanitarian Affairs said 897 aid trucks entered the Gaza Strip on Tuesday, citing information it received from Israel and the guarantors for the ceasefire agreement - the United States, Egypt and Qatar.

This compares with 630 on Sunday and 915 on Monday. The truce deal requires at least 600 truckloads of aid to be allowed into Gaza every day of the initial six-week ceasefire, including 50 carrying fuel. Half of those trucks are supposed to go to Gaza's north, where experts have warned famine is imminent.

Hadi warned that problems were likely to arise: "Let's not assume that because there is a ceasefire life is going to be rosy and our work is going to be a walk in the park."

He said the aid operation faced logistical problems because the road network within Gaza was destroyed, adding that the movement of people with the enclave was also a complicating factor.

OCHA said on Tuesday that humanitarian priorities in Gaza include food assistance, opening bakeries, providing healthcare, restocking hospitals, repairing water networks, bringing material to repair shelters, and reuniting families.

Reuters

WESTERN PERSPECTIVE

Zelenskiy says security guarantee would need at least 200,000 peacekeepers

Ukrainian President Volodymyr Zelenskiy, who is seeking a meeting with U.S. President Donald Trump, said on Tuesday that at least 200,000 European peacekeepers would be needed to prevent a new Russian attack after any ceasefire deal.

The Ukrainian leader, speaking at the World Economic Forum in Davos, Switzerland a day after Trump returned to power following months of promises to end the war in Ukraine quickly, also urged European leaders to do more to defend the continent.

The prospect of a rapid settlement has focused minds in Kyiv and Europe on the urgent need for security guarantees to prevent any future Russian attack, with the idea of peacekeeping force circulating.

"From all the Europeans? 200,000, it's a minimum. It's a minimum, otherwise it's nothing," Zelenskiy said when asked about the idea of a peacekeeping contingent on an interview panel after delivering his speech.

That number is around the size of the entire French armed forces, estimated at just over 200,000 by France's defence ministry in 2020. Zelenskiy said at least that number would be needed as a security guarantee if Russia's armed forces totalled 1.5 million personnel and Ukraine had only half that number.

Zelenskiy said such a force would only be part of the security guarantees that Ukraine needed.

TRUMP MEETING

The Ukrainian leader said Kyiv was working to set up a meeting between himself and Trump.

"The teams have been working on a meeting, they are currently in the process," Zelenskiy said about those efforts.

Trump, who returned to office on Monday, has said he would stop the war in Ukraine swiftly, without saying how.

Zelenskiy said Ukraine would not agree to Russian demands that it drastically reduce the size of its military, predicting that Russian President Vladimir Putin would demand Ukraine cut its armed forces to a fifth of their size.

"This is what he wants. We will not allow this to happen," Zelenskiy said.

In his speech, Zelenskiy said Europe must make itself a strong global player, able to guarantee peace and security for itself and for others. He suggested Europe had less influence over Washington because the United States viewed its allies' contribution to security as lacking.

"Does anyone in the United States worry that Europe might abandon them someday – might stop being their ally? The answer is no," Zelenskiy said.

He said that Europeans needed to devise a united security and defence policy and alluded to a pre-inauguration remark by Trump, who proposed a massive hike in defence spending for NATO members to 5% of GDP.

"If it takes 5% of GDP to cover defence, then so be it, 5% it is. And there is no need to play with people's emotions that defence should be compensated at the expense of medicine or pensions – that's not fair," Zelenskiy said.

RUSSIAN PERSPECTIVE

Ukraine conflict ‘needs to end’ – Rubio

US Secretary of State Marco Rubio has said that US President Donald Trump will begin working on a ceasefire agreement for Ukraine “almost immediately.”

Rubio was the first high-level cabinet member of the new Trump administration to be confirmed by the Senate on Monday following Trump’s inauguration.

Speaking to journalists shortly afterwards, Rubio said Ukraine will be a “top priority” for Trump and that efforts to reach a ceasefire will begin straight away, but did not give a specific timeframe for ending the conflict with Russia.

Some of the groundwork has “already been laid,” Rubio said, adding that it will be a complicated process. “I mean, it’s a complex conflict and a bloody one, and it needs to end,”CNN quoted him as saying.

Rubio insisted that both Ukraine and Russia will have to concede “something” as part of any deal, but he did not elaborate on what such concessions might be. Asked for specifics, Rubio said negotiations with such high stakes “are best conducted through diplomacy” rather than public forums.

“Obviously the countries involved, both the Russians and the Ukrainians, will have to make ultimate decisions about what they agreed to,”Rubio said.

During his campaign for president, Trump had repeatedly promised to resolve the Ukraine conflict within “24 hours” if returned to the White House. Asked on Monday following his inauguration whether he would keep that promise, Trump joked that he had “half a day left.”

Trump also reiterated his willingness to meet with his Russian counterpart Vladimir Putin with a view to finding a diplomatic settlement of the crisis, saying that he wants to get it done “as quickly as possible” and that the conflict “should never have started.”

CNN reported on Monday that Trump has instructed aides to set up a phone call with Putin within the first few days of his term. The call is expected to lay the groundwork for meetings aimed at ending the conflict over the coming months, CNN said. Responding to that report on Tuesday, Putin’s foreign-policy aide Yuri Ushakov said that Moscow had not been contacted by the White House yet.

Putin extended good wishes to Trump ahead of his inauguration on Monday, saying he “welcomes” the new president’s comments about wanting to restore relations with Moscow and “the need to do everything to prevent World War Three.”

Moscow remains committed to its principles and believes that dialogue must be built on an “equal and mutually respectful basis,” Putin said.

Reuters/RT

Melissa Houston

Many are taking the entrepreneurial leap in 2025, and if you have that burning desire to join them but aren’t quite sure if it’s the right move for you, you are in good company. Transitioning from steady employment to start a business is a big decision, and one that shouldn’t be taken lightly.

Understanding Your Motivation

When it comes to entrepreneurship, you need to know why you want to start a business. Is it because you have a passion for an idea, or maybe you are dissatisfied with your current job, or have a strong desire for independence. Whatever your “why” is, you need to be aware of it.

Understanding your goals for wanting to start a business is important. Are you looking for financial freedom, a better work-life balance, or intend to build generational wealth? Your goals play into your “why,” and you need to be focused on your why to keep you motivated during the hard times. It needs to be a strong enough pull that you would want to give up a steady income job to pursue your business.

Evaluate Your Financial Readiness

Starting a new business can be an expensive endeavor and you need to be financially prepared to support yourself as you build your business. Do you have savings that will help support you financially while you wait for revenue to come into your business?

There are financial risks of entrepreneurship that you must consider. Unlike a steady-income job, starting a business often means navigating a period of uncertainty with no guaranteed income, especially in the early stages. You’ll need to account for startup costs, such as equipment, marketing, and operational expenses, which can quickly add up.

Additionally, cash flow might be inconsistent, requiring a solid financial cushion to cover personal and business expenses during slow periods. Without adequate savings or access to funding, you risk jeopardizing both your business and personal financial stability. It’s crucial to create a detailed budget, establish an emergency fund, and have a clear understanding of your break-even point to mitigate these risks effectively.

Comparing Lifestyle Impacts

Comparing lifestyle impacts requires understanding the key differences between the stability of job security and the uncertainty of entrepreneurship. A steady-income job often provides a predictable schedule, regular paychecks, and benefits like healthcare and retirement plans, creating a sense of stability and financial safety.

On the other hand, entrepreneurship offers the potential for greater flexibility and independence but comes with irregular income, longer hours, and higher levels of stress, especially in the beginning stages. Entrepreneurs must juggle multiple responsibilities, from managing clients to handling operations, which can disrupt work-life balance.

Weighing these differences carefully is essential to ensure that the entrepreneurial lifestyle aligns with your personal goals, financial situation, and capacity for managing risk.

Test the Waters

An alternative to going all in at the outset is to test the water by starting a side hustle. This means that you are working on building your business on a part time basis while maintaining your job. This gives you time to test your business idea and start bringing in revenue before you commit to the business full time.

Forbes

The Nigerian Communications Commission (NCC) has authorized telecommunications companies to implement their first tariff increase since 2013, though at a lower rate than requested. The approval caps the increase at 50%, falling short of the 100% hike sought by some operators.

In an announcement released Monday, NCC Director of Public Affairs Reuben Muoka explained that the decision was made under the commission's statutory authority to regulate telecommunications pricing. The adjustment aims to address the growing disparity between operational costs and existing tariffs while ensuring service quality remains uncompromised.

"This measured increase reflects our careful consideration of ongoing industry reforms and sustainability needs," the commission stated. The new rates will be implemented within the framework established by the 2013 NCC Cost Study and must comply with the recently introduced NCC Guidance on Tariff Simplification, 2024.

The decision follows mounting pressure from industry stakeholders. In December 2024, the Association of Licensed Telecommunications Operators of Nigeria (ALTON) warned of potential service disruptions if tariffs remained unchanged. The Association of Telecommunications Companies of Nigeria (ATCON) had also advocated for tariff revisions by early 2025, with MTN Nigeria's CEO Karl Toriola specifically calling for a 100% increase.

The NCC emphasized that the adjustment will enable telecommunications companies to invest in critical infrastructure and innovation, potentially leading to improved network quality, enhanced customer service, and expanded coverage. The commission arrived at this decision after extensive consultations with both public and private sector stakeholders, aiming to balance consumer protection with industry sustainability.

To protect consumer interests, the NCC has mandated that operators:

- Implement the new rates transparently and fairly

- Clearly communicate the tariff changes to customers

- Demonstrate concrete improvements in service delivery

The commission has pledged to maintain active engagement with all stakeholders to ensure the telecommunications sector continues to support Nigeria's digital economy while protecting consumer interests and sustaining the broader ecosystem that enables nationwide connectivity.