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To equip individuals and communities with the knowledge and skills necessary to achieve financial freedom and economic stability, Blakey Ijezie Foundation held a one-day conference in Lagos.
The event which held under the theme, ‘Unlocking financial freedom’, also aimed to promote financial literacy and economic empowerment of the participants who were drawn from across the country.
Speaking on “Retiring young and enjoying life, amidst Nigeria’s economic challenges’, the convener of the conference, Blakey Okwudili Ijezie, recalled that Nigeria in the past two years had faced significant economic challenges which according to him had impacted the standard of living.
Explaining further, Ijezie who is a chartered accountant and financial strategist affirmed that in spite of the present economic challenges one can overcome through smart investments, multiple income streams, and disciplined spending.
“We can break free, build wealth, and truly enjoy life, no matter the economy’s challenges.
“The pursuit of financial independence is not a privilege, but a necessity.
“True financial freedom grants you the ability to make life choices unhindered by monetary constraints—it is the key to stability, security, and ultimately, a fulfilling life,” he said.
In what he described as the ‘Nine lessons for financial freedom’, he outlined a roadmap that included living below one’s means, cultivating multiple income streams, prioritising investments, and embracing financial literacy.
Dissevering the nation’s economic crisis, painting a stark picture of the challenges Nigerians face daily, the accountant asserted that “survival is no longer enough. We must position ourselves to thrive.”
On the other hand, he appealed to Nigerians to curtail debt, build emergency funds, and adopt tax-smart investment strategies as essential steps toward securing their financial future.
On the conference which is the maiden edition of Blakey’s National Economic Conference, Ijezie said it was part of a movement that is revolutionising financial literacy and economic empowerment in Nigeria.
Speaking on ‘Data-driven strategies for diversifying income streams: Harnessing AI and machine learning’, Emeka Atuma defined diversification of income streams as the strategic approach of generating revenue from multiple sources rather than relying on a single income channel.
This strategy, Atuma affirmed, enhances financial resilience, mitigates risks associated with the economic downturns and positions stakeholders to take advantage of emerging opportunities.
In addition he said; “For individuals, businesses, SMEs and governments, diversification is critical tool for stability and sustainable growth in an increasingly volatile global environment.
“For instance, the COVD-19 pandemic highlighted the vulnerability of businesses and individuals dependent strategies by integrating empirical data, predictive analytics and AI-driven insights.”
Speaking on ‘Impacts of Microfinance Banking on Economic Development’, Sam Okpugo said Microfinance banks in Nigeria are crucial drivers of the nation’s economic development, offering financial services to individuals and SME businesses.
According to him, microfinance banks target low-income individuals and businesses that are often excluded from traditional banking such as the actively poor business owners.
“The “actively poor” are young people who are unemployed or underemployed and live in poverty.
“The term describes people who are considered “active” because of their energy, but “poor” because they don’t have enough money to live on.
“Causes of these state could be: demographic factors: early death, poverty, or illness of parents can lead to youth becoming orphaned or neglected.
“This can prevent them from receiving adequate nutrition, education, and healthcare.
“The “active poor” phenomenon can lead to “jobless growth”, where the economy is doing well but there are still many people who are unemployed.’’
While describing financial inclusion as the availability of financial services to everyone, regardless of their income or location, he said; “It’s about ensuring that people and businesses have access to the financial products and services they need, at a price they can afford.”
To him, financial inclusion can help to create jobs, boost productivity, and reduce poverty, adding that business growth access to capital and credit can help small businesses expand and create jobs.
Talking about financial freedom, Okpugo described it as the act of having enough income, savings, and investments to make choices without financial stress.
Enumerating ways individuals can achieve financial freedom, he said they include: Track your income and expenses to understand how you spend your money; prioritise paying off high-interest debt like credit cards, student loans, and mortgages; set aside money for savings and investments.
Others are to consider working with a financial advisor; avoid spending more than you earn; learn about financial issues and how to make healthy financial choices.
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