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At the beginning of every new year, people would always shout in cheers and set out to make new year resolutions. And of course, most of these resolutions always center around their finances. But halfway through the year, we see that they didn’t stick to their resolutions.

What could have gone wrong?

You, yes you reading this, have you met your financial goals for the year? People often say that making these goals is easy, but it’s never easy to accomplish them.

Well, we agree that it can be hard to achieve your financial goals. However, it could also be that you are going about it wrong. Therefore, it would be best if you had some principles and mindset when trying to accomplish a financial plan to make it easier.

As much as we encourage people to have financial goals, we do not want you to have them just for fun. Instead, we would be happier to see you accomplish and achieve them.

So, for those who have been struggling with achieving their financial goals, here is a guide on ways to achieve your financial goals:

  • Have a reason

Why did you set out to have financial goals? So, it’s the beginning of the new year, and all your friends are listing their financial goals. Is that the reason why you also have a financial plan?

There should be a reason you are trying to achieve a financial goal, as that reason serves as fuel to keep you going. If you do not have a reason, you will feel unmotivated along the way and drop the plan by the roadside.

One of the primary reasons people have unfinished or unaccomplished financial goals is that these goals were not their initial idea. Instead, they saw that others had financial goals and decided to join the bandwagon as they felt it was the new cool.

Having a financial goal should be out of a personal conviction. We cannot tell you the type of financial goal or what should be part of your financial plan. However, it should align with your life and not that of others.

Once you have a reason for setting your financial goals, it would stay bugging your mind and push you to make plans that would make the financial goals feasible and achievable, even if it inconvenienced you.

  • Write them down


They say that out of sight is out of mind, and this doesn’t apply to only relationships. So, yes, we know this saying pops up concerning relationships. But, it can also play out when trying to achieve a financial goal.

Let’s say you had it in mind to reach a particular financial target by the year’s third quarter. However, you did not pen down this goal. Then, the year starts, you are carried away by other life challenges, and you forget about your financial target. Unfortunately, you remember this goal in the fourth quarter of the year after the deadline. You can see how easy it is to get carried away with other issues.

But if you had written this goal down in a vital diary, you would come across it in one way or another, and it would serve as a constant reminder.

Some people would boast that they wouldn’t forget their goals or plans. Of course, we laugh when we listen to such people and they think they always have everything under control. However, there is nothing wrong with going the traditional way of writing things down to serve as a constant reminder.

  • Set a deadline for yourself


Have you ever heard about having SMART goals?

S – Specific

M- Measurable

A- Achievable

R- Realistic

T – Timebound.


Now, we are not here to speak on all the factors that make up SMART goals. So instead, let us focus on the T aspect – Timebound.

It would be wrong to have a financial goal and not set a deadline for accomplishing it.

Now, imagine saying you wish to buy a car. When do you desire to get this car? You can stay for over ten years without getting that car if you do not set a deadline.

Some people would say ‘problem no dey finish,’ which is true.

Yes, there will always be one hurdle to overcome as you navigate life. So, if you do not put a timeline for your goals, there will always be other things that would take your money and resources.

If you set financial goals for yourself, you should also put a timeline. It affects your mindset as you would be conscious not to disappoint yourself. Therefore, you would do everything possible to ensure that you are within the stipulated timing and meet the deadline. Never forget to put a deadline the next time you set your financial goals.


  • Be realistic about these goals.

People also often set unrealistic goals. Yes, it is essential to have goals, and financial goals are no exception. However, are these goals realistic? For example, how achievable are your financial goals on a scale of 1 to 100?

It wouldn’t make sense to make unrealistic goals as it would put unnecessary pressure on yourself.

The other day, we came across a guy who wanted to buy a house for 60 million naira. This person was bent on achieving this goal and said it would take him a year to get it. His drive was admirable, and we were curious about how he planned to accomplish this goal. So, it was shocking to find out that this guy had a basic 50,000 monthly naira income. How? How would he get a house of that amount on such an income?

We had these questions, and he didn’t have an answer. So then, it was clear that he was living on an unrealistic goal, and we had to orientate him on the consequences of it.

It would be best if you had a realistic goal, as that is the only way to formulate a plan that makes it achievable.

  • Get an accountability partner:


Do you have someone who puts you in check and ensures you do the right thing? Is there someone coming to your mind as you’re reading this? If yes, that person is your accountability partner, and you should hold them tight.

When you have an accountability partner, that person is aware of your goals and plans and will always encourage you to accomplish them. So even when you feel unmotivated, your accountability partner is there to hold your hands and guide you back on the right track.

Some people fear getting an accountable partner because they feel the person would judge them. However, the idea of an accountability partner is that the person is your friend. So, the chances of the person judging you are slim.

Before you pick an accountability partner, you should be sure of your relationship with that person and the bond you share. Then, you will see that things are easier when you have an accountability partner.

Having an accountability partner also helps as you wouldn’t want to disappoint the person. In addition, you would also be building yourself to become an accountability partner for someone else.


  • Have more sources of disposable income

The present state of society isn’t one where you would depend on only one income source. However, if this is your mindset, you would find it hard to survive and may never accomplish any of your financial goals.

For example, let’s say you plan to save a certain percentage of your monthly salary. However, different needs arise, and you may touch your savings. But this would not happen if you have multiple streams of income.

We always encourage people to have more sources of disposable income. Your disposable income is that money that isn’t tied to your primary salary. So, you should utilize your skills and indulge in things that can make you more in your spare time. It could be handsy skills like shoemaking, hairdressing, adire making, etc. It could also be creative skills like writing, graphics designing, etc. What matters is that you are doing something, and money comes in from it.

Some people overlook the fact that there is a need for more sources of disposable income. However, we know that it helps bring in money and would assist you in achieving your financial goals.

If you previously felt it wasn’t necessary, it’s time to rethink!




Many people are on the path of having financial goals and have related questions. Some of the questions they ask include:

What is a good example of a financial goal?

An excellent example of a financial goal could be saving for retirement, school fees, paying off a loan, etc.

What is a SMART goal?

A SMART goal is Specific, Measurable, Achievable, Realistic, and Time-bound.

What are the financial goals for students?

Some financial goals to have as a student could be saving to have emergency funds, trying not to buy things on impulse, saving for a trip during the holiday, etc.


To wrap up, we would say that your financial goals are achievable if you put your mind to them and follow the ways we have highlighted. Keep dreaming and soar!


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Rand Merchant Bank (RMB) works with World Bank in closing first to market MIGA guaranteed short-term sovereign loan



Rand Merchant Bank (RMB) works with World Bank in closing first to market MIGA guaranteed short-term sovereign loan

Through collaboration with MIGA and the Minister of Economy and Finance for Côte d’Ivoire, RMB facilitated a short-term loan to support crucial trade related initiatives

Rand Merchant Bank (RMB) (, a division of FirstRand Bank Limited, has achieved a significant milestone in Africa by partnering with the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank, to extend short-term funding support on a trade-backed facility for the Republic of Côte d’Ivoire.

Through collaboration with  MIGA and the Minister of Economy and Finance for Côte d’Ivoire, RMB facilitated a short-term loan to support crucial trade related initiatives.

Said Ben Bechet from RMB’s Trade and Working Capital, Structured Solutions team: “While RMB has a proud history of supporting sovereigns on the continent with their funding and capital markets requirements, this is a first of its kind facility for an African sovereign. This transaction will pave the way for further MIGA guaranteed short-term facilities across the continent to assist with developmental initiatives, critical projects and the importation of crucial goods such as food, fertilizer and medicines alongside other resources.”

Clarine Stenfert, Global Trade Finance Head and Head of UK for MIGA, said: “Through deep collaboration with RMB and MIGA, the teams were able to successfully structure and execute a process we hope to scale and introduce to other African countries. MIGA’s Trade Finance Guarantee Framework seeks to support sovereigns or sub-sovereigns across emerging markets with their trade financing requirements, alleviating the current liquidity constraints imposed by the current high inflationary environment and the retreat from markets by private sector players.”

MIGA provides political risk insurance guarantees to private sectors and investors in a broad range of sectors in developing  economies. MIGA promotes foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance guarantees and credit enhancement to private sector investors and lenders.

“RMB’s strategy entails forging partnerships with insurance, guarantee and export credit agency providers to extend meaningful funding support to our clients across Africa. Collaboration with development financial institutions and multilaterals remains key to truly unlocking new opportunities to support our clients, concluded Bechet.”

Distributed by APO Group on behalf of Rand Merchant Bank.

About RMB:
Rand Merchant Bank (RMB) is a leading African corporate and investment bank (CIB) and part of the largest financial services group (by market capitalisation) in Africa – FirstRand Bank Limited (which is wholly owned by FirstRand Limited). We offer our clients innovative, value-added advisory, funding, trading, corporate banking, and principal investing solutions.
With a presence in 10 African countries, we have a significant footprint on the continent. We also have access to a network of retail banks, representative offices and branches across Africa, the UK, India and the US.

At RMB we are passionate about solving problems for our clients by asking the hard questions. We challenge accepted thinking. We analyse and seek solutions beyond the obvious. We are innovative in our thinking and turn challenges into opportunities, while delivering on Traditional values. Innovative ideas. Our ability to think differently, our collaborative spirit, our client-centric solutions and our belief that great minds don’t always have to think alike, is what sets us apart.

For more information visit:

About MIGA:
MIGA was created in 1988 as a member of the World Bank to promote foreign direct investment in emerging economies by helping to mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance; and offering credit enhancement to private investors and lenders. Since its creation, MIGA has issued over $76 billion in guarantees across 123 developing countries, supporting more than 1,000 projects. Over the past decade, MIGA’s guarantees have generated more than 156,000 jobs in developing countries.

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Equatorial Guinea and Ghana Accede to the Establishment Agreement for Afreximbank’s Fund for Export Development in Africa (FEDA)



The Fund for Export Development in Africa (FEDA), the development impact-focused subsidiary of the African Export-Import Bank (Afreximbank) (, has announced that the Republic of Equatorial Guinea and the Republic of Ghana have recently signed the FEDA Establishment Agreement.

This important milestone is the result of several months of cooperation between Afreximbank, FEDA and government officials in Equatorial Guinea and Ghana.

As Afreximbank member states, Equatorial Guinea and Ghana have taken another step towards closer collaborations with FEDA by signing the FEDA Establishment Agreement. This milestone marks the countries’ support for Afreximbank’s efforts to extend FEDA’s impact investing objectives across the continent.

New memberships are crucial to broaden the scope of FEDA’s interventions and its mission of delivering long-term capital to African economies with a focus on industrialization, intra-African trade and value-added exports.

Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, said: “We heartily welcome the signing of the FEDA Establishment Agreement by the Republic of Equatorial Guinea and the Republic of Ghana. The signing of the FEDA Establishment Agreement lays the groundwork for an enhanced and more effective cooperation with better access to the full range of interventions offered by Afreximbank and FEDA. This milestone builds on the solid partnership already established with both Equatorial Guinea and Ghana. The aim is to support transformative investments in these countries in the near future.”

About FEDA:
The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

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Financial Analysis: A Comprehensive Study of The Well-Being of A Country 




Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Understanding the financial stability of a country requires a thorough understanding of financial analysis. In order to offer insights into the overall financial stability and overall wellness of the country, it entails evaluating a range of economic indicators, financial performance, and market movements.

In this article, we will delve into the fundamentals and importance of financial analysis in evaluating a country’s economic situation.


Ancient Beginnings:

The roots of financial analysis can be traced back thousands of years. The ancient Mesopotamians, Egyptians, and Greeks were among the pioneers of documenting financial transactions, creating basic records of assets and liabilities. These early attempts laid the groundwork for the concept of financial analysis through the study of financial statements and ledgers.

Medieval Europe:

During the Middle Ages, Europe witnessed the rise of merchant guilds and the emergence of double-entry bookkeeping. Italian mathematician and Franciscan friar, Luca Pacioli, is often credited with formalizing double-entry bookkeeping, publishing his seminal work “Summa de arithmetica, geometria, proportioni et proportionalita” in 1494. The concept of balancing debits and credits within financial records formed the basis for modern financial analysis techniques.

Industrial Revolution:

The Industrial Revolution in the 18th and 19th centuries revolutionized business and the need for financial analysis grew rapidly. As companies expanded and diversified, investors began demanding more comprehensive financial reports to assess the potential risks and returns of their investments. The birth of limited liability companies further accelerated the need for financial analysis, as shareholders sought transparency in the performance of their investments.

Modern Era:

The 20th century witnessed significant advancements in financial analysis techniques. The advent of electronic computing in the mid-1900s enabled the processing and analysis of vast amounts of financial data, leading to the development of sophisticated financial models and ratios.

The Great Depression of the 1930s laid the groundwork for modern financial analysis as regulators sought effective ways to prevent future economic crises. The establishment of the U.S. Securities and Exchange Commission (SEC) in 1934 brought about standardized reporting requirements, including the filing of audited financial statements. This increased transparency and standardized financial reporting provided analysts with a more accurate and consistent basis for their analysis.

The Rise of Quantitative Analysis:

In the latter half of the 20th century, the growth of computing power and the availability of large data sets propelled financial analysis into new territory. Quantitative analysis, utilizing statistical models and mathematical algorithms, started gaining prominence. Financial analysts began incorporating complex mathematical methods to assess investment opportunities, risk management, and portfolio optimization.

Modern Financial Tools:

With the advent of the internet and the digital age, financial analysis has become even more accessible and data-driven. Sophisticated software programs, data analytics tools, and artificial intelligence have revolutionized the way financial data is analyzed and interpreted. In recent years, technologies like machine learning have been leveraged to develop predictive models that can assess future trends and make accurate financial forecasts.


Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary investment.

Financial analysis is a fundamental tool that allows organizations and individuals to assess the past, present, and future financial health of a business or investment. Through a systematic examination and interpretation of financial statements, ratios, and other key indicators, financial analysis helps in making informed decisions, optimizing resources, and improving overall financial performance. In this article, we will delve into the meaning of financial analysis, its prominent components, and its significance across various sectors.

Financial analysis involves scrutinizing financial data to evaluate the performance and profitability of an entity. It assists in quantifying the effectiveness of financial decisions, identifying trends, predicting future outcomes, and benchmarking against industry standards. By analyzing financial statements, investors, analysts, and other stakeholders gain valuable insights into the financial position, liquidity, solvency, and operational efficiency of an organization.


  1. Gross Domestic Product (GDP): GDP is a primary indicator used to gauge the economic performance of a nation. Financial analysts analyze GDP growth rates and its components, such as consumer spending, government expenditure, investments, and net exports. This analysis helps in determining the overall strength of the economy and identifying areas of potential growth.
  2. Trade and Balance of Payments: Trade analysis focuses on a country’s imports, exports, and balance of payments. Evaluating trade patterns helps identify sectors driving the country’s economic growth, trade imbalances, and potential risks to the economy from external factors such as changes in global demand or disruptions in supply chains.
  3. Inflation and Interest Rates: Analyzing inflation rates and interest rates provides insights into the stability of a country’s economy. High inflation erodes purchasing power, while high-interest rates can impact borrowing costs, affect consumer spending, and investment behavior. Financial analysts assess the impact of inflation and interest rates on an economy’s overall competitiveness and economic growth potential.
  4. Government Debt and Fiscal Policy: Analyzing a country’s government debt levels and fiscal policy is crucial in understanding its financial sustainability. A high level of government debt may lead to increased borrowing costs, reduced investor confidence, and potential risks to economic stability. Evaluating fiscal policies helps determine whether a country is managing its finances effectively and implementing sustainable economic growth strategies.
  5. Stock Market Performance: The stock market reflects investor sentiment and provides valuable insights into a country’s economic outlook. Analysts evaluate key stock market indices, such as the country’s primary exchange, sector-specific indices, and market capitalization trends. Monitoring stock market performance allows for an understanding of investor confidence, economic growth expectations, and potential risks to the financial system.
  6. Banking Sector and Financial Institutions: A robust banking sector is essential for economic stability. Financial analysts assess the health of the banking system by evaluating indicators such as non-performing loans, capital adequacy ratios, and the overall stability and soundness of financial institutions. Understanding the well-being of financial institutions helps gauge the potential risks to the overall economy, including credit availability, liquidity, and financial contagion.
  7. Regulatory Environment and Governance: The regulatory environment and governance play a critical role in attracting investment and fostering economic growth. Financial analysts assess the effectiveness of regulatory frameworks, transparency in financial transactions, and the overall credibility and efficiency of institutions responsible for enforcing regulations. Evaluating the regulatory environment aids in understanding potential risks and opportunities for sustainable economic development.


Financial analysis plays a vital role across various sectors, serving the following purposes:

  1. Evaluating Financial Performance: By conducting a comprehensive financial analysis, companies can assess their performance, profitability, and financial stability. This, in turn, helps in identifying areas for improvement, developing strategic plans, and making sound financial decisions.
  2. Assessing Investment Viability: Investors rely on financial analysis to evaluate the profitability and risks associated with potential investments. Through detailed scrutiny of financial data, investors can determine the financial health and growth prospects of a company, aiding in making informed investment decisions.
  3. Facilitating Lending Decisions: Financial institutions utilize financial analysis to assess the creditworthiness of loan applicants. By analyzing financial statements, evaluating ratios, and assessing the risk profile, lenders can ascertain the borrower’s ability to repay loans and make sound lending decisions.
  4. Supporting Strategic Decision-Making: Financial analysis aids in strategic decision-making, such as expansion, diversification, or mergers and acquisitions. Understanding a company’s financial position and performance provides a foundation for evaluating the feasibility and potential outcomes of such decisions.


Conducting a comprehensive financial analysis provides valuable insights into the economic landscape of a country. By evaluating indicators such as GDP, trade patterns, inflation rates, government debt, stock market performance, banking sector health, and regulatory environment, financial analysts can gauge the overall financial health, identify potential risks, and recommend strategies for sustainable economic growth. Accurate and timely financial analysis acts as a compass, guiding policymakers, investors, and businesses to make informed decisions and contribute to the overall prosperity of the nation.

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