Navigating Finances after Graduation

in
Navigating Finances after Graduation

Navigating Finances after Graduation
By Glorious Olajire

Listen to the podcast Version here 

Listen to the interviewees and the expert in audio form.

After Hafeez Ibrahim concluded his National Youth Service Corps (NYSC) program in 2020, he could not find a job that complemented his B.Ed in Adult Education. His story is representative of the struggles facing Nigerian youths across the country, as they grapple with the devastating effects of a 28-year high inflation rate, which has resulted in exorbitant food prices, soaring fuel costs, and a greater challenge of finding employment.  Statistics from the National Bureau of Statistics (NBS) (see the infographic for more details) indicate that self-employment is the primary response to these challenges, with an astounding 87.3% of Nigerians working for themselves in the third quarter of 2023, with only 12.7% earning wages in the traditional sense. Notably, this 87.3% includes graduates like Hafeez who, despite the harsh economic climate, have found innovative ways to navigate their financial needs. 

Hafeez’s story is just one example of the resilience and resourcefulness of Nigerian graduates who are forging their own paths in the face of adversity. This feature will explore the journeys of Hafeez, Adewumi Adelakin, Dr. Rukayya Umar, and others who have not only adapted to these challenges but have also thrived, finding success through entrepreneurship and continuous learning. Their experiences offer insights into the strategies and mindsets that empower young Nigerians to navigate the complexities of post-graduation life in an uncertain economic landscape.

pastedGraphic.png

Info-graphic based on Statistics from the National Bureau of Statistics, 2023. 

Hafeez Ibrahim’s Story

After graduating from the University of Ilorin in 2019, Hafeez faced the harsh reality of job scarcity in Nigeria. He completed his National Youth Service Corps (NYSC) year in Lagos in 2020, but the COVID-19 pandemic worsened the difficulties in securing employment, prompting his return to Ilorin. Hoping to enhance his prospects, he pursued an accounting top-up program at Al-Hikmah University in 2022, yet he still struggled to find a job. Consequently, he decided to utilize his savings from NYSC to start an aṣọ-ofi-making business. Aṣọ-ofi is a typically hand-woven material popular in the southwestern part of Nigeria. 

‘Aso-ofi is a cultural heritage of Ilorin. It is a source of living for us. We use it to sponsor ourselves through school’, he shared. He learnt this skill from his father, and now sells these woven fabrics at large markets like the Ibadan, Oje market. Before market days, he and a group of helpers produce it in large quantities of different colours. He also sends his goods to Lagos and Onitsha based on demand, acknowledging the high competition in his business. ‘If we do not produce the quality expected by the customers, we will lose them because of the competitors. Almost everyone is doing it,’ he explained. The business has taught him endurance and perseverance despite challenges.

Adewumi  Adelakin’s Journey

Adewumi Adelakin embodies perseverance, an important skill for navigating Nigeria’s challenging economic landscape. After earning her bachelor’s in Soil Science and Land Resource Management at Obafemi Awolowo University (OAU) in 2019, she struggled to find a job that matched her aspirations. Through persistence and the support of her network, Adewumi  transitioned into a rewarding career as a DevOps Engineer.  Initially, she found herself overwhelmed by the transition process. After graduating, initial research and curiosity led her to cloud computing. ‘I googled the topics under cloud computing, and I would go to YouTube, but I did not understand. Everything was just looking like jargon to me’, she recalled. 

pastedGraphic_1.png

Adewumi  Adelakin Credit: Adewumi  Adelakin

During her NYSC, she sought guidance from a friend already in the Tech field, who recommended a co-working/training space and the HNG internship. Unfortunately, the pandemic hindered her ability to utilize these resources. After completing her NYSC in 2020, Adewumi  took a receptionist job in Lagos but quickly realized it was not the right fit. ‘Five months into the job, I knew that this job is actually not for me,’ she said. Determined to pursue her interests, she reached out on WhatsApp, asking for recommendations for cloud computing courses. A friend directed her to an online school, reigniting her passion for learning. 

‘So 7 months into the job, I just posted to my WhatsApp—does anybody know any school or anybody that can teach me cloud computing? Then a friend of mine just chatted me up that there is an online school that just started.’  Adewumi  had a career goal in mind. She reflected on her aspirations noting, ‘Imagine working actively for two, three years and you are still within a very limited rate of salary. I told myself that this is not it. I want a case whereby when I work actively for two or three years, I know that after 3 years, I am earning nothing less than 1 million naira or 2 million naira.’ In 2022, she decided to begin her master’s at the University of Ibadan and combine it with her learning. She took the HNG internship again, which boosted her confidence.

Now as a DevOps Engineer, she advises young graduates to explore their interests online and emphasizes the importance of continuous learning and community engagement. ‘Think of what they like, check online because if you don’t desire to learn it, you will be frustrated because it [Tech] is hard’. As young Tech enthusiasts find their path, moving between different tracks is also expected. She encourages perseverance, ‘so that when there are frustrating moments, you are telling yourself that I will return from this.’ She also recommends that beginners make use of the Tech community on Twitter and programs from communities like She Code Africa and NexaScale. For those job searching, she encourages them not to give up and to keep learning while posting their progress. “Ensure that you don’t stop learning, and while you are, keep applying.”

Dr Rukayya’s Journey

Dr. Rukayya Umar’s experience highlights the importance of continual learning. Now based in the United States, she utilized scholarships to pursue advanced education. After earning her Bachelor’s in Computer Science from Nile University of Nigeria in 2014, she felt the need for further specialization. Engaging with her lecturers led her to seek a master’s degree, prompting her to research scholarship opportunities. 

‘Then I started thinking about it, researching the internet, and looking for different opportunities for scholarships’, she shared. A friend told her about an opportunity at the African University of Science and Technology (AUST), ‘which is a school that is part of the Nelson Mandela Institute. You get there, they give you an examination, and if you pass their exam, they try to source for funding for you.’ She wrote the exam in 2016 and received a call months later, informing her that she passed and was awarded a scholarship from the African Capacity Building Foundation. After completing her master’s in 2017, she continued to seek scholarships, ultimately earning a 95% scholarship for her PhD at Nile University, where she also served as a lecturer before graduating in 2022.

She advises others to spread their scholarship search widely. ‘You have to look for different sources, different opportunities, everywhere. You don’t want to limit yourself to a certain place. You don’t just want to say that, it has to be in New York or it has to be at home.’ Patience is also key when going through the scholarship search process. ‘You will have to be patient, as you navigate through the websites, trying to find some information, and don’t get tired of writing essays, speaking about yourself and what you can do.’ she counselled.

STAR: Regina Blackson’s Advice

Regina Blackson, with over 15 years of experience, emphasizes the importance of continuous learning through initiatives like Skilled Through Alternative Routes (STAR). For her continuous learning is also very important. ‘’Knowledge has never been easier to get. And as long as you are like a sponge, willing to take, you’ll soak as much as you can. There are free online courses, there are free certification courses, and there are courses you can get online. You might not get a certificate, but it doesn’t matter. You can do virtual internships with so many different companies now. There’s a website called Forage, where you can get experience’ she shared.  

Entrepreneurship is also another way to manage financial needs. ‘So get a vocation. If you get a vocation, by the time you come out [of school] and you have something to do, you can use that to support while you look for entry into the corporate sector.’ She also stressed the importance of prudence in managing finances, especially regarding housing, transportation, and food.

Expert on Entrepreneurship

Professor S.O. Adedeji, Head of Business Entrepreneurship and Executive Education at the University of Ibadan School of Business, emphasizes the necessity for graduates to identify needs within their communities. He states, ‘Business starts with identifying needs. There are so many needs in our country that we have not been able to identify. Until we begin to think of meeting needs, we are not in business. Business is trying to see the extent to which you can meet needs. You will never see a business which is meeting needs collapse.’ 

pastedGraphic_2.png

Professor S. Adedeji Credit: Professor Adedeji

He further explains that need identification is very important, because of the ever changing market. ‘The market is changing. And because of those changes, even the students themselves, need to develop a lot of soft skills.’ He also encourages that recent graduates and students alike, ask themselves these important questions: ‘What are our needs, what are our challenges, what are our problems?’  These questions would help to make proper problem/need identification. ‘Whatever is not working well is a problem. Look at your environment. Look at the sectors. Look at those things that appeal to you. Ask yourself, are these things working well? If they are not working well, that’s a problem.’ Professor Adedeji also highlights that education should foster adaptability, and that the most important lesson from obtaining a degree is the ability to adapt to various circumstances. ‘Education will tell you how to manage, how to analyse and how to deal with issues.’ He believes that education can significantly impact entrepreneurship and urges young Nigerians to stay informed about the evolving skills in the market to remain ahead of trends.

Navigating life after graduation is undoubtedly filled with challenges, but the stories of resilience, commitment to lifelong learning, and adaptability shared in this feature illuminate a path toward fulfilment. Young graduates must embrace entrepreneurship and pursue continuous self-development, remaining proactive and resourceful despite economic adversity.  With the right mindset and support, the future looks bright for graduates who are willing to think outside the box and embrace the opportunities that come their way.