Nigeria has entered its worst recession in over 29 years. According to the Nigeria’s National Bureau of Statistics’ (NBS) GDP report, the economy contracted by 2.06 percent in the 2nd quarter of 2016. This translates into its lowest growth rate in three decades.
While economic woes are affecting the outlook of the country, individuals are trying to insulate themselves from the effects of high interest rates, unemployment and an inflation rate of over 18%. Saving in this environment can be extremely challenging, even Nigerians who are able to save, are not getting traction.