The secret to becoming independently wealthy is very simple, increase assets, reduce liabilities. In other words, make more money and spend less money. The higher the volume of your inflow and the lower the volume of your outflow, equals how truly wealthy you are. The same applies to countries. The less money a country spends in relation to the amount of money the country makes determines how truly rich the country is.

The small-minded folks assume that reducing the cost of governance will make a country richer; it won’t. Imagine you want to cut costs, so you decide to sell all your expensive clothes, shoes and cars, with the hope of living on a lean budget; to you, this is saving money. Then an opportunity comes to win a big contract but you have to attend a dinner event to meet with the management of the company you desire to get the contract from. You have no acceptable clothes to wear and you get bounced at the gate of the venue (this has happened to me personally twice in my life). (I got bounced in Aberdeen because I wore a joggers instead of a proper suit when I wanted to access a prestigious business establishment. I was also bounced at another location for wearing “shorts” (the short knicker was very expensive but it is against their policy as an establishment. That day was a public holiday, I was on the beach with a friend when I got the call from a businessman from Singapore that he was in Nigeria and would like to meet with me. I remember rushing off to buy a suit at whatever ridiculous price that day so that I don’t miss out on that meeting).
Dressing well and driving a good car (not a fleet of cars but I recommend having two good ones because cars can sometimes develop a fault unexpectedly) is an asset to anyone looking to attract investments, respect, and acceptance. Many of us will remember how Trump vilified Zelenskyy for not wearing a proper shirt and tie for a meeting in which he was soliciting for funds and support on behalf of Ukraine in the war against Russia. As a businessman, if you take a potential customer to lunch or dinner, you sometimes have to pay. If you are on a lean budget, how do you pay? People generally entrust their money to the rich or those who appear to be rich rather than the poor. Cutting your spending does not have to translate to you flying “economy” or riding coach to save pennies while losing potential pounds. You must maintain the appearance of wealth while tightening all the loopholes in your finances.

PS This has nothing to do with Nigerian politics, PLEASE.
Thank you