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Naira Life Vol 124

Naira Life Vol 124

Also: How much does it cost to build a house in Lagos?

Toheeb Lanlehin
March 17, 2025

Volume 124

Good morning ☀️

If you’ve ever wondered what goes on in the mind of a chronic debtor, this week’s Naira Life might give you some useful context. We spoke to a 32-year-old who’s lost count of people he owes money to. How did he get here, and how does he hope to escape the cycle of debilitating debt?

Then, for Love Currency, we have a 27-year-old balancing a long-distance relationship and a gambling habit on a ₦280k/month salary. His girlfriend has no idea about his habits, and he’s hoping he gets it together before this [+ the secrecy trailing it] results in unintended consequences.

Both stories take us deep into the financial trenches, where debt cycles and hidden habits define people’s money realities. That said, the third story in this dispatch is a departure from all of this. If you’re curious how much it costs to build a house from scratch in Lagos, a site engineer is here with the numbers. Spoiler alert: the numbers are quite something.

Let's dive in.

In this letter:

#NairaLife: The Chronic Debtor Trusting God for a Better Financial Future
Love Currency: He’s Funding a Gambling Habit and Long-Distance Relationship With a ₦280k/Month Salary
I Build Houses in Lagos — Here’s How Much It Costs to Build One From The Ground Up
Ask Aunty M: I need more money than my parents can give me. What should I do?
Where The Money At?!

#NairaLife: The Chronic Debtor Trusting God for a Better Financial Future

The 32-year-old in this #NairaLife has an unconventional hack for his money problems: constantly taking short-term loans.

Now he hopes to increase his income to beat his long-standing debt cycle. His strategy? Faith in God.

Read his #NairaLife here

Love Currency: He’s Funding a Gambling Habit and Long-Distance Relationship With a ₦280k/Month Salary

Olabanji* (27) and Naffy* (25) have dated for two years, and their relationship is headed toward marriage — but only if some things remain hidden.

For #LoveCurrency, Olabanji talks about hiding his gambling habits from his partner for fear of a breakup and the cost of his long-distance relationship. Read the full story

I Build Houses in Lagos — Here’s How Much It Costs to Build One From The Ground Up

How much does it cost to build a house from scratch in Lagos?

A site engineer breaks down the full cost of building a ₦200 million home, brick by brick. Jump in here

Ask Aunty M with Reni

I'm in my second year at the University of Port Harcourt, and my parents send me a ₦100k allowance every month. They also pay for other school expenses. But the thing is, my allowance isn't enough for my basic needs. My rent increased a few months ago, and I have to squeeze some money from my allowance to pay the rent. Plus, I still have my feeding and other personal stuff to worry about. I don't want to disturb my parents for more money; they have more than enough to worry about. Thankfully, I know how to sew. But how do I start that as a side hustle? And how do I get steady clients? Also, my sewing machine is at home in Calabar, and I don't want my parents to think they're not giving me enough when I try to bring the machine to school. Please help me out. - Precious, 21

Hi Precious,

It's clear that you're very thoughtful and don't want to burden your parents…are you the first child? This has the first child written all over it! You mentioned that you don't want your parents to think they're not giving you enough, but the reality is that they aren't giving you enough money to support yourself. This isn't any fault of their own; they may not know how much it costs you to survive with this new rent increase.

First, I suggest contacting your parents and explaining what is happening honestly and plainly. It's not like you don't have enough money because you're frivolous; it's because of the situation. You can also explain to them that you want to start sewing to make up the difference so they can see your efforts as well.

Now, let's assume you will ignore all that and get your sewing machine. Fine. Starting a business is, first off, about raising awareness about your services. Start with word of mouth, letting people know that you sew. You can make minor adjustments to clothes at school for free or at a discount so that people know about your services. You can also create a social media presence and wear your creations to get people to know more about you.

Second, you have to build a client base of paying customers, so figure out your pricing based on your ideal client. Since you are at school, I will assume most of your clients will be other students. With that in mind, realise that you need to offer a price that is competitive to them. You can offer student discounts, offer promos, etc.

Remember to save some of your earnings once you're off the ground and making money. For example, 30% of everything you make goes to savings. Hope this helps!

Xoxo, Reni

If you're here, you probably have a money or work dilemma. Ask your question and we'll figure out an actionable solution for you.

Where The Money At?!

We can't say we're about the money and not actually help you find the money.

So we've compiled a list of job opportunities for you. Make sure you share this with anyone who might need it because in this community, we look out for each other.

Again, don’t mention. We gatchu.