Nigerians have been urged to embrace financial literacy and diversify their income sources as growing economic uncertainties and rising inflation continue to erode household earnings and weaken financial security.

The Managing Director of Ten Trade Africa, Victor Ufot, gave the charge at the Ultimate Trader Finance Conference in Enugu, where he said both global and domestic economic realities were reshaping traditional assumptions about income, wealth creation and economic mobility.

According to him, the changing economic environment has made dependence on a single source of income increasingly risky and unsustainable.

“We are living through a period in which the traditional assumptions surrounding income, financial security, and economic mobility are being fundamentally disrupted by both global and domestic pressures, forcing individuals and institutions alike to rethink how financial stability is built and sustained,” he said.

Ufot noted that geopolitical tensions, particularly the conflict involving the United States and Iran, continue to drive volatility in global oil markets, investor confidence, commodity pricing and overall macroeconomic sentiment.

He said the impact of these global developments has worsened inflationary pressures, with Nigeria facing even greater challenges due to long-standing domestic economic issues.

According to him, rising petrol prices, transportation costs, food inflation, unstable electricity supply and increasing rents have significantly reduced the disposable income of many Nigerians.

“Nigerians today are dealing with sustained increases in petrol prices, elevated transportation costs, persistent food inflation, unstable electricity supply, and rising rent and household operating expenses, all of which materially weaken disposable income,” he said.

He further observed that many Nigerians now privately fund essential services such as electricity generation, water supply, private security and parts of healthcare, thereby pushing the actual cost of living beyond official inflation figures.

Ufot said the consequence is that many hardworking citizens are now finding it difficult to maintain the level of comfort and financial security they once expected from their earnings.

“The result is that many people are working harder than ever, yet finding that their earnings no longer deliver the level of comfort, security, or aspiration they once expected. For many households, salary income has become insufficient for the realities of modern living,” he said.

He stressed that Nigerians must adopt a new mindset towards wealth creation by exploring alternative income streams, including financial market participation.

“This changing economic reality demands a strategic shift in how individuals think about income generation and wealth creation. Dependence on a single source of income is becoming increasingly unsustainable in a world of rising costs and economic volatility,” he added.

Ufot identified financial markets as one of the most effective avenues for disciplined individuals to diversify income, build capital and create additional financial opportunities.

He said the broader mission of Ten Trade Africa is to empower Africans with the knowledge and tools needed to thrive in an evolving economic landscape.

Describing the Enugu conference as a testament to the growing appetite for financial education among Nigerians, he said the country is filled with talented individuals capable of competing globally if given the right opportunities and enabling environment.