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Millennial and Gen Z unattainable retirement dreams – Side Hustle gig, the way ahead

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Every young Nigerian before age 30 should try as much as possible to work at least 2 jobs. After 30, commit to one you can build a lasting next decade of career with then automate the second to get extra income. You won’t die, working 2 jobs wont make you less but you will earn.

Let’s start with why you need it?

At Fundall @get_fundall, we recently built a retirement calculator that helps both Entrepreneurs and 9-5ers calculate how much they will need when they retire. We invited several people from the 2 groups to use the tool.

After several tests, we discovered that none will be able to meet up the amount they will need to live at their current monthly expenses if we take into consideration an average annual naira depreciation of <=4 and an inflation rate of <10%.

To achieve retirement you need to either start saving young (in your 20’s or 30’s) and save at least 10% of your income each year, or if you start saving late (in your 40’s and 50’s), you’ll have to save a large portion of your income, as much as 50% a year.

Also Read Black Space App CEO, April Jefferson on entrepreneurship and connecting black travelers to their culture

Lets use this scenario;

You’re 25 and want to retire at 50, your monthly expenses is 50,000 and you don’t have anything in Retirement. Your future yearly spending will be 1,599,502 naira when you retire.

To survive your retirement, you have to have saved up 79,975,090 naira before you retire (at an assumption that you will stay at your current monthly expenditure and would live till 100).

You need to save at least 60,275 in a retirement account that will yield at least 10% annual returns. The question is, how many people that spend 50,000 monthly can afford to set aside 60,275 naira monthly?

The best bet for many is to get a side hustle or another job so they can earn more and have enough for the days they will retire. Retiring is when you stop working actively and you start earning passively. To some, it can be 40, 50 or you can choose to retire at 65 years.

I will advise that all young people start thinking about retirement, do not over splurge! Ours is the show-off generation, everything around us says “buy”. You need to discipline yourself. Read this article

At Fundall, one of our biggest vision is to help young Africans earn more so they can live sustainable lifestyles. Hence, the need to develop tools that can enable everyone build wealth and grow business.

At Fundall, we’ve built tools that can help you save and invest, get personal and business loans, a peer to peer marketplace that you can sell and earn and business tools to automate your business finances.

Sign up via https://fundall.io  We will be live very very soon!

 

Credit: Taiwo Obasan

 

Press Release

The 234 Venture Vault Launches Tech Startups and Talents Hunt Across Nigerian Tertiary Institutions

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The 234 Venture Vault Project Administrator, Boluwatife Micheal (Image: Supplied)

The 234 Venture Vault has announced its inaugural Tech Startups & Talents Hunt across Nigerian tertiary institutions. It is on a mission to discover innovative startups and nurture tech talents in Nigerian university communities, beginning with the launch of “StartUp Unilag.” This initiative, set to kickoff at the University of Lagos, provides a unique platform for members of university communities, including laboratory and faculty staff members to gain hands-on insights and support in creating products, refining ideas, finding markets, managing investor relationships, and generally, building great companies.

Located in a city renowned for its vibrant technology startup ecosystem, the University of Lagos stands out as a breeding ground for future tech leaders. The university has produced standout founders like Olaoluwa Faniyi, Co-founder of Sun-Fi; Luther Lawoyin, Founder & CEO of Pricepally; and Olumide Soyombo, an investor and the Co-founder of Bluechip Technologies Ltd. StartUp Unilag seeks to uncover more companies and hidden talents, to equip them with the skills, tools, access to mentorship and funding they need to succeed faster.

This one-day event will feature a lineup of industry-leading speakers who will share their expertise and inspire the next generation of founders. Confirmed speakers include:

 – Oluwapelumi Oyetimein , a distinguished Growth Manager and Digital Strategy expert who spearheaded the Marketing department at Umba, acquiring over 1.5 million app downloads, 1 million sign-ups and 700k verified active users in a year.

Oluwatofunmi Awodiji, a technology professional, a product engineer at a global invest bank and founding Executors Lead at Covenant University’s Hebron Startup Lab.

Collins Gilbert, an Associate at Ventures Platform, a pan-African venture capital fund that invests early in mission-driven founders in Africa.

In addition to expert talks, participants will have the chance to network, receive scholarships that will help bridge technical skill gaps, and receive guidance from esteemed partner organizations that share our mission. We are proud to announce partnerships with Natal Bond, Being The Product, Rabit Consulting LLC, Makintouch Consulting, Heard In Africa, Business Africa Online (BAO) and Native Shapers.

Date: Saturday, 30th of November, 2024

Time: 10am

Venue: Faculty of Social Science Design Studio, UNILAG, Akoka, Yaba.

Join us at StartUp Unilag to witness the birth of Nigeria’s next big tech startups here.

 

About The 234 Venture Vault  

The 234 Venture Vault is an initiative by The Business Apple, dedicated to identifying, mentoring, and developing tech startup founders across Nigeria to support and fund them before they become obvious. The Business Apple specializes in supporting entrepreneurs who are building consequential businesses, by providing training, insights (data), mentorship, funding and access to markets.

 

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Economy

Meta Hosts its First Youth Summit in Nigeria to Drive Innovation and Empowerment

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Meta recently hosted its first Youth Summit in Lagos, Nigeria, bringing together over 200 young professionals, students, recent graduates, creatives, tech enthusiasts and aspiring entrepreneurs.

Themed ‘Empowering Youth Through Technology, Innovation and Entrepreneurship’, the summit included a series of thought-provoking panel discussions, a mentoring session  and an interactive workshop designed to equip young Nigerians with the skills, insights and networks needed to thrive in today’s tech-driven world.

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Commenting about the event, Phil Oduor, Head of Policy Programs, Sub-Saharan Africa said, “At Meta, we believe that today’s youth are tomorrow’s change-makers. Through initiatives like the Youth Summit, we aim to foster innovation, promote digital literacy and empower young Nigerians with the tools and opportunities to realise their potential and contribute to Nigeria’s growing digital economy.”

Delivering the keynote address, Femi Aluko, CEO/Co-Founder, Chowdeck, shared his journey of breaking barriers to achieve success in tech. He encouraged attendees to embrace the limitless opportunities within today’s technology ecosystem.

A panel discussion, led by Chinny Francis, Public Policy Manager at Meta, featured panellists Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack. They shared valuable insights about the future of work, emphasising the importance of storytelling to build a personal brand, practicing self-awareness, developing soft skills, lifelong learning and honing problem-solving skills to thrive in a digitally transformed world.

Francis Sani, Technical Adviser for Innovation, Entrepreneurship & Capital at the Federal Ministry of Communications, Innovation & Digital Economy, spoke at the event. He highlighted the 3 Million Technical Talent (3MTT) program, emphasising that the program aims to build Nigeria’s technical talent backbone to drive the digital economy and position Nigeria as a net talent exporter. He encouraged youth to take advantage of this opportunity.

Another panel of industry experts took the stage during the ‘Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape’ session, moderated by Sade Dada, Head of Public Policy for Anglophone West Africa at Meta. Seye Bandele, CEO of PaidHR and Damilola Teidi-Ayoola, Head of Platform and Networks at Ventures Platform Fund, shared their invaluable insights. Seye highlighted the importance of grit, curiosity and candour, while Damilola reinforced the need to understand one’s target audience, deliver value through their business and embrace data-driven decision-making in the dynamic entrepreneurial landscape.

The event also featured inspiring conversations with leading figures in the creative industry. Miss Techy, an award winning tech content creator and Salem King, a creator, storyteller, author and speaker, shared their experiences and advice on achieving long-term success. Attendees also benefited from an interactive workshop and a mentoring session, where industry experts shared practical advice and strategies for entrepreneurs and tech enthusiasts.

Meta’s Youth Summit 2024 highlights a commitment to driving positive change, championing youth empowerment and advancing economic opportunities in Nigeria. Through investments in key areas—such as the creative industry, digital literacy, economic impact and youth job training—Meta is dedicated to empowering young Nigerians to thrive in today’s tech-driven world.

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Cross-section of some of the attendees at the Meta Youth Summit 2024 in Lagos

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L-R: Chinny Francis, Public Policy Manager, Meta; Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack.

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L-R: Sade Dada, Head of Public Policy, Anglophone West Africa, Meta; Damilola Teidi-Ayoola, Head of Platform and Networks, Ventures Platform Fund, and Seye Bandele, Chief Executive Officer, PaidHR during the Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape panel session.

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Salem King, a creator, storyteller, author and speaker and Miss Techy, an award winning tech content creator

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During a mentoring session workshop

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Femi Aluko, Chief Executive Officer and Co-founder, Chowdeck.

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Francis Sani, Technical Adviser to the minister of communications and digital economy of Nigeria

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Press Release

Novotel, French Global Hotel Expands Into East Africa

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Novotel Director Sales and Marketing Joesph Kimondo, PR and Marketing Manager Ivy Irungu, General Manager Fabio gonsalves, During the Media Briefing at the hotel (L-R).

Novotel, one of Accor’s flagship brands and a champion of balanced living, is proud to announce the opening of Novotel Nairobi Westlands, Kenya. 

Situated in the vibrant Westlands area, the new hotel seamlessly balances moments of adventure, relaxation, business, and pleasure, offering a truly reenergising experience just 20 minutes from Jomo Kenyatta International Airport (JKIA). Guests can explore multiple attractions with ease such as the Nairobi National Park, modern shopping malls, entertainment spots, the Giraffe Centre, and the Maasai traditional Market. The hotel caters to business travellers and families eager to share quality moments.

Novotel Nairobi Westlands offers 347 stylish rooms and suites, all featuring the brand’s signature design concept by RF Studio, which emphasises adaptability and sustainability, creating a comfortable, modern atmosphere. For business travellers, the hotel offers 13 versatile, intuitive meeting and event spaces, including a ballroom that can host over 100 guests – ideal for conferences, corporate functions, and social gatherings. 

For guests seeking relaxation, the hotel’s state-of-the-art spa offers a range of curated signature massage therapies, designed to provide the ultimate rejuvenation experience. Each treatment is crafted to melt away stress and restore balance. For those looking to stay active, the fitness centre provides expert-led individual and group training sessions, offering a mix of tailored workout routines to suit all fitness levels.

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“We are excited to introduce Novotel to Nairobi, a city that beautifully blends rich cultural heritage with modern dynamism,” said Fabio Gonsalves, General Manager of Novotel Nairobi Westlands, Kenya. ‘’Our goal is to create a welcoming space for business travelers and families alike, where quality moments lead to a more balanced life. At Novotel Nairobi Westlands, where modern living meets the pulse of cultural fusion, we offer flexible workspaces and relaxed dining options to suit everyone. It’s a place where guests can truly unwind, connect, and leave feeling invigorated. 

The hotel’s four distinct dining concepts take guests on a culinary journey. The rooftop Trunk & Tandoor Gastro Bar offers Indian-inspired cuisine paired with breathtaking views of Nairobi’s skyline, creating the perfect setting for a relaxed evening. Gemma’s Italian Kitchen & Bar provides an all-day dining experience with rich Italian flavours in a welcoming atmosphere. Located at the heart of the lobby, the Safari themed Social Hub coffee lounge and bar adds a unique local flair, inviting guests to connect and unwind. For those seeking a more laid-back experience, the rooftop Pool Bar serves light bites and refreshing drinks, perfect for unwinding under the sun while enjoying the stunning panoramic city views.

Whether complementing a safari adventure or enjoying a family getaway, Novotel Nairobi Westlands offers travellers and locals the perfect environment to connect with family, friends, and colleagues and share quality moments.

“With the opening of Novotel Nairobi Westlands, we are proud to reaffirm our commitment to Africa. The hotel offers a gateway to Nairobi’s vibrant experiences and marks a significant milestone in our growth strategy, as we continue to expand our footprint in key markets across the continent while enriching local communities.” said Paul Stevens, Chief Operating Officer Premium, Midscale & Economy Division, Middle East & Africa for Accor.

Following a longstanding commitment to support its guests’ pursuit of balance in their lives, Novotel announced a three-year agreement with World Wide Fund for Nature (WWF) to champion the protection and restoration of the world’s oceans, the greatest source of balance for the planet’s climate, through science-based action and conservation projects.  Novotel has built a three-year Positive Impact Plan, rooted in three of the United Nations’ priority ocean-related actions, namely: reducing marine pollution and ocean acidification, particularly from land-based activities; fighting overfishing and promoting sustainable fishing models; and increasing scientific knowledge and research for ocean health. 

To celebrate the opening, Novotel Nairobi Westlands is offering rates from Kes 20,000, including breakfast. True to the Novotel Family Promise, up to two children under 16 can stay for free in their parents’ room.

Members of the brand’s ALL loyalty programme, can unlock 4X Reward Points when booking on all.com until 24/11/2024, for stays up until 12/01/2025. Guests can join the loyalty programme for free and earn points towards a number of benefits, including free hotel stays.  

Novotel Nairobi Westlands is Safe Hotels Certified, ensuring our guests peace of mind with globally recognized safety standards. This certification highlights our commitment to a secure, comfortable, and welcoming stay.

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