Every single person living in this world has something they so desire and require to sustain their existence and exist in the world of the living. These are called primary needs that are relevant to all. Just as Maslow gave us a pyramid for personal growth that takes us to the peak of greatness, we also want you to join us as we explore our pyramid of financial needs in Nigeria.
The Nigerian pyramid of financial needs gives you a vivid picture of how a person can climb from just being the lowest level of the prosperity chain (Paul Collier in his book called “Bottom Billions to your personal “Aso Rock” of financial success.
Physiological Needs/Survival (Base Level):
At this level, all the individual just wants to do is focus more on meeting the most basic financial needs that guarantee their survival. A good example of a person here would be a fresh graduate working their first job in Lagos, struggling to make their entry-level salary cover rent in a shared apartment and also trying to cover daily meals. Needs here could include
– Daily food (even if it’s just garri and groundnut)
– Basic shelter (a roof, even if it’s just a room in Mushin)
– Essential utilities (water. Enough for domestic needs)
– Basic healthcare (at least enough for common meds)
Importance: This is your financial foundation. Without this, nothing else matters.
Safety and Security:
This level is about creating a financial buffer and reducing vulnerability to economic shocks. A good example here would be a mid-level bank employee who has started a savings account for emergencies and enrolled in the National Health Insurance Scheme. The key needs here are
– Stable income (whether from 9-5 or your side hustle or your own business)
– Emergency fund (for those “God forbid” moments)
– Basic insurance (at least third-party for that car that takes you to the office)
– Debt management (keeping those loan sharks at bay)
Importance: This level gives you peace of mind and a safety net.
Growth(Baby Steps to Success):
At this point, things are beginning to get better and the person starts to invest in their future and expand their financial horizons. A good example here would be a school teacher who takes evening classes to get a master’s degree, aiming for a promotion to a school administrator position.
– Savings for short-term goals (like buying a better phone)
– Investment in Personal development (maybe that Master’s degree or coding bootcamp you’ve been eyeing)
– Starting to invest (whether it’s in stocks or buying a plot of land in your village)
Importance: This is where you start to build wealth and improve your financial situation.
Comfort:
This level is about elevating one’s lifestyle and enjoying more of life’s pleasures. The suffering has come to an end and all that needs to be done is create systems that bring comfort and happiness. A successful business owner who has just moved her family into their own house in a good estate and bought a new SUV would be a perfect example of this. Their needs at this point would still include the basic needs and the others in the previous lists but with some more like
– Better housing (maybe moving from face-me-I-face-you to your own flat)
– Quality healthcare (ditching general for private hospitals)
– Improved transportation (upgrading from danfo to your own car)
– Regular leisure activities (occasional weekend getaways to Ibadan)
Importance: At this level, you’re not just surviving, but enjoying a comfortable life.
Financial Freedom:
This is the pinnacle of financial achievement, where the lack or presence of finances is no longer a daily concern. A perfect example will be a retired CEO A retired who has up to 4 businesses and numerous portfolio companies and lives off the rent from her multiple properties and dividends from her stock portfolio, while also funding a scholarship program for underprivileged students in her hometown. Needs for them would be more towards
– Having multiple streams of income (your salary, investments, and that thriving side business)
– Ability to make major purchases without debt (like buying a house without a 30-year loan)
– Generous giving (becoming the “rich uncle/aunty” at family events)
– Legacy planning (setting up your children and even grandchildren for success).
Importance: This is the ultimate goal, where money works for you, not the other way around.
At the end of the day, one thing you must know is that, like climbing Olumo Rock, you have to tackle this pyramid one level at a time. You can’t reach the top without a solid foundation. Each level builds on the one below it. Also, there is also one fact- “It is lonely at the top. ” The closer you are to the top of the pyramid, the fewer people you would encounter but the more quality they would become.
Your goal should be to solidify each level before moving to the next. But don’t worry if you slip sometimes – even the richest Nigerians started somewhere. The key is to know where you are and always strive to climb higher.
As we say, “It’s not about who starts the race but the one who finishes first.” Your financial journey is a marathon, not a sprint. With this pyramid of financial needs as your guide, you can map out your path from everyday survival to true financial freedom.
Bravewood is licensed by the Central Bank of Nigeria to provide investments with low risk and high returns for Nigerian professionals.
Want to start your journey to financial freedom?
Choose Bravewood!
We are the wealth-building partner you deserve.
