10 Safest Ways to Grow Your Salary in Nigeria

For Nigerian salary earners, effectively managing finances is essential for building wealth, purchasing dream properties, combating inflation, and preparing for unpredictable job markets. 

While having a steady paycheck is a positive foundation, growing your wealth demands strategic savings and low-risk investments. These options not only help protect your capital but also provide modest returns to keep you ahead of inflation.

This guide explores 10 of the best savings and low-risk investment options tailored for Nigerian salary earners. Each option is analyzed for its benefits, how it works, and how you can get started. Whether you’re looking for short-term savings or long-term growth, this list provides practical solutions to secure your financial future.

Criteria for Selecting the Best Savings and Low-Risk Investments

When choosing savings or low-risk investment options, consider these key factors:

1. Safety of Capital

• Prioritize government-backed instruments (e.g., T-Bills, FG Bonds) or regulated platforms (e.g., NDIC-insured banks, SEC-approved mutual funds).
• Avoid unregistered schemes promising unrealistic returns.

2. Liquidity:

• Opt for options that allow easy access to funds (e.g., money market funds, Kuda’s Spend+Save).
• For longer-term goals, use tools like PiggyVest SafeLock with flexible lock periods.

3. Returns

• Compare interest rates (e.g., 10–12% for SafeLock vs. 5–7% for traditional savings accounts).
• Balance returns with risk—higher yields often come with longer lock-in periods.

3. Regulatory Compliance

• Verify that providers are licensed by the CBN, SEC, or PENCOM (e.g., Stanbic IBTC’s mutual funds are SEC-regulated).

4. Ease of Use

• Prefer digital platforms (e.g., ALAT, PiggyVest) for automation and convenience.

10 Safest Ways to Grow Your Salary

Growing your salary doesn’t have to involve risky moves; these 10 proven low-risk investments will help you boost your earnings safely and sustainably.

1. Treasury Bills (T-Bills)

Treasury Bills (T-Bills) are short-term debt instruments issued by the Nigerian government to raise funds. They are considered one of the safest investments because they are backed by the government.

Benefits:

• Low Risk: Government-backed, making them virtually risk-free.
• Liquidity: Can be sold in the secondary market before maturity.
• Competitive Returns: Typically offer higher interest rates than regular savings accounts.

How It Works

T-Bills are sold at a discount and redeemed at face value upon maturity. For example, you might buy a 91-day T-Bill for ₦95,000 and receive ₦100,000 at maturity, earning ₦5,000 as interest.

How to Use

1. Primary Market: Purchase through the Central Bank of Nigeria (CBN) or authorized banks.
2. Secondary Market: Buy from the Nigerian Stock Exchange (NSE) or brokerage firms.

2. PiggyVest SafeLock

PiggyVest’s SafeLock is a flexible savings feature that allows you to lock away funds for a fixed period to earn higher interest.

Benefits

• Higher Interest: Earn up to 12% per annum, depending on the duration.
• Flexibility: Choose lock periods from 10 days to 2 years.
• Automated Savings: Set up automatic transfers from your bank account.

How It Works

You lock funds for a chosen period, and interest accrues daily. Withdrawals before maturity attract penalties.

How to Use

1. Download the PiggyVest app.
2. Select “SafeLock” and choose your lock period.
3. Fund your SafeLock and watch your money grow.

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3. Stanbic IBTC Money Market Mutual Funds

A Money Market Mutual Fund (MMMF) is a low-risk investment fund that pools money from multiple investors and invests in low-risk, short-term financial instruments such as Treasury Bills, Fixed Deposits, Commercial Papers, and Federal Government Bonds.

Benefits

• Liquidity: Withdrawals are processed within 24–48 hours.
• Low Risk: Invests in high-quality debt instruments.
• Professional Management: Managed by Stanbic IBTC Asset Management.

How It Works

Your money is pooled with other investors and invested in low-risk assets. Returns are distributed periodically.

How to Use

1. Open an account with Stanbic IBTC Asset Management.
2. Invest a minimum of ₦5,000.
3. Monitor your returns via the online portal or app.
4. Additionally, you can invest using the Cowrywise or Arfinvest apps.

Kuda Bank Spend+Save Feature

Kuda Bank’s Spend+Save Feature is an automated savings tool designed to help users save money effortlessly every time they spend. 

Benefits

• Effortless Savings: Saves without you thinking about it.
• Interest Earnings: Earn up to 10% per annum on saved funds.
• No Fees: No hidden charges.

How It Works

For every transaction, Kuda rounds up the amount and transfers the difference to your savings.

How to Use

1. Open a Kuda account.
2. Enable Spend+Save in the app.
3. Spend as usual, and watch your savings grow.

Federal Government Bonds

Federal Government Bonds (FG Bonds) are long-term investment securities issued by the Federal Government of Nigeria (FGN) through the Debt Management Office (DMO). These bonds are long-term debt instruments with maturity periods typically ranging from 2 to 3 years. They pay interest every six months until they reach maturity.

Benefits

• Stable Returns: Fixed interest payments every six months.
• Safety: Backed by the government.
• Tax Benefits: Interest is tax-free.

How It Works

You buy bonds at face value (e.g., ₦1,000 per unit) and receive periodic interest payments until maturity.

How to Use

1. Purchase through the CBN, stockbrokers, or banks.
2. Hold until maturity or sell in the secondary market.

ALAT by Wema Goal-Based Savings

ALAT by Wema Goal-Based Savings is a structured savings feature designed to help users save towards specific financial goals  (e.g., rent,  travel, tuition) while earning competitive interest rates.

Benefits

• Customizable: Set goals and timelines.
• Interest Earnings: Earn up to 10% per annum.
• Automation: Schedule automatic transfers.

How It Works

You create a savings goal, choose a timeline, and ALAT helps you stay disciplined.

How to Use

1. Download the ALAT app.
2. Create a goal and set a target amount.
3. Fund your goal manually or automatically.

7. Exchange-Traded Funds (ETFs)

Exchange-Traded Funds (ETFs) are investment funds that are traded on stock exchanges, similar to shares, but they invest in a basket of securities, such as stocks, bonds, or other asset classes.

Benefits

• Diversification: Invest in multiple assets with one purchase.
• Low Cost: Lower fees than mutual funds.
• Liquidity: Buy and sell like stocks.

This is recommended for both low and high salary earners.

How It Works

ETFs mirror the performance of an underlying index. For example, the Vetiva Griffin 30 ETF tracks the NSE 30.

How to Use

1. Open a brokerage account.
2. Buy ETFs through the Nigerian Stock Exchange.
3. Monitor performance via your broker’s platform.

USD Saving – Flex Dollar by PiggyVest

Flex Dollar by PiggyVest is an excellent option for saving in USD. To get started, you simply deposit naira into the platform, which will be converted into US dollars at the current exchange rate. Your funds will be securely stored in a USD account, and you will earn interest on your balance over time. Typically, the interest rate ranges from 5% to 10% per year, depending on market conditions.

Benefits

• Hedge Against Inflation: Protects against Naira depreciation.
• Interest Earnings: between 5% and 10% per annum in USD.
• Flexibility: Withdraw anytime.

How It Works

You save in Naira, which is converted to USD, and interest is paid in USD.

How to Use

1. Fund your PiggyVest account in Naira or USD.
2. Convert to Flex Dollar.
3. Earn interest and withdraw when needed.

Investing in US Stocks – Dollar Cost Averaging

For Nigerian salary earners looking to invest in U.S. stocks, Dollar Cost Averaging (DCA) is an ideal strategy. U.S. stocks are favored by many Nigerian investors due to their higher growth potential, stability, and ability to protect against naira depreciation. DCA allows you to consistently purchase assets over time, which helps reduce the impact of price fluctuations and market volatility.

Benefits

• Reduces Volatility Impact: Spreads investment over time.
• Access to Global Markets: Invest in companies like Apple, Tesla.
• Long-Term Growth: Potential for higher returns.

How It Works

You invest a fixed amount (e.g., $100 monthly) in US stocks via platforms like Trove or Bamboo.

How to Use

1. Sign up on a US stock investment platform.
2. Set up recurring investments.
3. Monitor and adjust as needed.

RiseVest Fixed Income Plan

The Risevest Fixed Income Plan is a low-risk investment option aimed at individuals seeking stable returns while safeguarding their capital. This plan allows users to invest in dollar-denominated fixed-income assets, such as U.S. government bonds and corporate debt instruments, ensuring consistent and predictable earnings.

Benefits

• Dollar Returns: Earn in USD, hedge against Naira volatility.
• Low Risk: Invests in high-quality bonds and T-Bills.
• Professional Management: Curated by experts.

How It Works

Your funds are invested in US and Eurobonds, with returns paid periodically.

How to Use

1. Register on RiseVest.
2. Choose the Fixed Income Plan.
3. Invest and track your returns.

5 Common Mistakes to Avoid

1. Putting All Funds in One Option:

• Avoid overexposure to a single asset (e.g., keeping all money in a savings account). Diversify!

2. Ignoring Fees

• Check hidden charges (e.g., brokerage fees for ETFs, withdrawal penalties on SafeLock).

3. Chasing High Returns Blindly

• Schemes offering >20% returns (e.g., unregulated forex trading) often carry high risks.

4. Neglecting Emergency Savings:

• Invest only after setting aside 3–6 months’ expenses in liquid savings (e.g., Kuda or ALAT).

5. Procrastinating:

• Start small (even ₦5,000 monthly in Stanbic’s mutual fund) to benefit from compounding.

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