Nigeria, as it stands today, is grappling with severe economic challenges that are taking a toll on its citizens. Despite these difficulties, Nigerians have consistently demonstrated remarkable resilience and determination to thrive. This unyielding spirit has enabled them to stay afloat amidst adversity.
The following are possible ways one may survive the economic hardship in Nigeria:
Knowledge and Skill Set
Surviving in harsh economic times necessitates leveraging one's comparative advantage, which typically encompasses technical expertise, skill sets, and determination. A popular school of thought posits that every individual is born with a purpose, primarily to earn a living and positively impact others' lives. Discovering one's purpose and identifying key skills, then refining them through training and practice, sets the stage for success. Unfortunately, many individuals remain unaware of their strengths.
During challenging economic periods, uncovering and perfecting hidden talents or skills can be invaluable. As Dr. Myles Munroe aptly stated, "Your gift will make room for you." In this context, one's gift refers to their skill. To survive the economic hardship in Nigeria, discovering and effectively using one's skills is crucial.
Cut Down on Expenses
To survive Nigeria's economic hardship, reducing expenses is a no-brainer. Anyone seeking to navigate this challenging period must, as a necessity, intentionally cut back on non-essential spending like eating out regularly, over-bloated subscriptions, travels with no monetary or self-development value attached, etc. As Dave Ramsey succinctly puts it, "The key to surviving economic hardship is financial discipline, patience, and persistence." Financial discipline, objective spending will help in eliminating unnecessary expenditure, optimally allocate and use scarce funds, and prioritise the essentials.
Wise Investment
As previously discussed, reducing expenses can free up funds for investment, potentially generating higher returns. In the words of Robert Kiyosaki, "The best way to survive economic hardship is to be prepared. Live below your means, save, and invest." However, it's crucial to exercise caution when investing, as fraudsters are increasingly active, seeking to exploit unsuspecting individuals. In today's economic climate, careful consideration is essential to avoid falling prey to scams: ponzi schemes, phishing, etc. Before investing, take time to research on potential opportunities, look out for their legitimacy and credibility, and consult with experts that are reputable in such area(s). Hasty or poorly informed investment decisions can lead to devastating consequences, exemplified by the phrase "going from the frying pan to the fire."
Bulk Buying
When restocking your household, prioritise essentials and consider purchasing them in bulk whenever possible. Buying in bulk reduces overall expenditure, as purchasing smaller quantities frequently leads to unnecessary spending. In Nigeria's current economic reality, characterised by rising inflation in food and general items, bulk buying is a prudent decision. Prices can double overnight, hence planning ahead of time for future needs and minimising frequent purchases.
Planting Gardens
One effective strategy for surviving economic hardship is planting gardens, which can yield a variety of vegetables, groundnuts, and other crops. While the proceeds from the garden may not cover the entire food needs of a household, they will provide a significant boost to kitchen supplies that are arguably fresher and healthier, help reduce spending on general food items, enhance food security and sustainability.
Don't Sleep on Government's Policies; Stay Informed
While Nigeria's government may not be perfect, it's essential to acknowledge and utilize the resources and initiatives they provide. The Federal Government regularly introduces various grants and programmes that can be life-changing opportunities for citizens. To stay ahead of the curve, it's crucial to remain informed about government policies, programmes, and initiatives by reading newspapers, listening to radio programmes, following and keeping tabs on government's verified social media handles, and checking government websites and portals to get the latest information emanating from there.
Income Diversification
Diversifying your income streams is a necessary strategy for surviving economic downturns. Having multiple sources of income can provide sturdy financial base, making sure that the well-being of the household is not jeopardised. Income diversification takes time, but it is a crucial step toward achieving financial resilience and surviving economic shocks that are unpredictable.
Have Data, Just Have Data
Nigerians are known for their resilience and jovial nature. However, years of anti-people governance, corruption, and economic hardship have taken a toll on the population, leading to widespread frustration and despair. One coping or survival mechanism Nigerians have adopted is active engagement on social media platforms. Phrases like "just have data" and "always come online" reflect this reality, particularly among late Generation X, Millennials, and Generation Z. For many Nigerians, going online serves as a temporary escape from economic stress and mental exhaustion. They find solace in "catching cruise" (a colloquialism for browsing and enjoying online content). Having data, getting yourself a power bank to bridge the gap on poor energy supply, usually go a long way in helping people get by mentally, giving room to face the challenges of economic hardship head-on.
Surviving the economic hardship in Nigeria is not a one-way traffic affair. It also has different dimensions from which it could be tackled from. Suze Orman posited, "Believe in yourself, take small steps, and focus on the present moment to navigate economic uncertainty." Economic hardship is here, but it can be survived by focusing and believing in oneself, putting your craft to good use, making moves to diversify earning sources, amongst others. "Tough times never last, but tough people do." Robert H. Schuller famously asserted.
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