How Families can meet up with the current Economic Situation in Nigeria – Growing up, we were filled with the information that Nigeria is the giant of Africa. It was of no doubt then, because at least “an average man” can afford a 3-square meal, be able to visit the places that he wants to visit, in short, be able to provide the immediate needs of his family.
Gradually, the possibility of an average man providing for himself and family is becoming a mirage in Nigeria. The current economic situation in Nigeria today is really appalling. Hardship is gradually setting in for most families in Nigeria as the prices of goods and services keeps soaring higher with little money in the pocket of an average man to purchase such goods and services. Not only the average man is affected, the “big guns” are also affected because their businesses are facing low patronage from the majority of the public who are low income earners and can’t meet up with the increasing cost of goods and services.
Who is to be blamed for this economic hardship in Nigeria? The people in leadership takes a greater percentage of the blame. This is because most of the policies taken in recent years is unfavorable to the average man. Subsidy removal increased the cost of goods and services, a little amendment was made in the salary of public servants, though not enough to meet up with the economic realities in the nation. Those at the Private sectors were left at the mercy of their employers who have little to nothing to add up to their salaries. Business owners were forced to increase the cost of their goods and services. The question is then, who are still going to patronize them with the little money available to most Nigerians? Indeed, businesses are greatly affected too!
Employment opportunities for fresh graduates in the country is not feasible because industrialization is taking place at a slow pace in the country. Foreign investors who can’t meet up with the current economic situation are being forced to leave the country where others are discouraged from investing in the country. This also contributes to the increasing cost of some goods and services being handled or manufactured by such investors. The value of naira keeps on depreciating as the day goes by.
Let me not bother you so much on what have gone wrong so that we can focus on how to manage with the available resources so as to achieve a stable lifestyle for our families. Check the available tips here and see the one that will work for you. Whether you are living in the rural or urban area in Nigeria, the necessary adjustments can help improve your standard of living.
How Families can Meet Up with the Current Economic Situation in Nigeria
1. Create a Priority List
You may have some many needs, but the available resources needed to pursue such needs may not be in sight. In order not overwhelm yourself which too much thought, list the things that is very necessary for you to purchase and go for them. Consider the level of your income so as to guide you on what and when to buy. Having the prices of such things available will equally guide you in making a good budget.
2. Consider the cost of transportation and make amendments
When necessary, use alternative means. The cost of purchasing fuel and diesel in the country has greatly increased. To this effect, when you want to embark on a journey, check whether it will be cheaper to use your personal vehicle if you have or go with a paid transport system. If convenience is most important to you, you can go with your personal means of movement. Consider purchasing all you need to get from a particular location where the cost of transportation is high.
3. Switch off some lights and gadgets when not in use
If you are making use of prepaid meter, you will equally observe that the cost of purchasing electricity units equally increased in Nigeria. To avoid having your units getting easily exhausted, consider using energy saving bulbs and gadgets and switch some lights and gadgets off when not in use.
4. Consider buying from a cheaper source
Some business owners inflates the cost of goods and services based on the source of their products, expenses and proximity to the customers. In this regard, some of the goods being sold by such business owners can be purchased at cheaper rates from other sources. You can visit other selling points around you and make price comparisons before settling for the particular area you will purchase your goods from.
5. Avoid making unnecessary expenses
With the current economic situation in the country, properly weigh any expenses that you want to make and know whether it worth it.
6. Create multiple streams of income
Looking at the economic situation in Nigeria, every individual should create multiple streams of income most especially those in paid employment whose monthly expenses cannot be equated with their monthly income. That means monthly expenses skyrockets due to the rising cost of varieties of products while monthly income remains fixed. As a rational human being, there is need to strategize and plan towards having multiple streams of income so that the flow from each of these streams can be able to allow someone to create a balance between expenses and income. In the light of this, carry out a proper survey around you to know the thriving business opportunities.
With proper adjustments, families can meet up with the current economic situation in Nigeria. Nigeria is a blessed country we can’t deny that, good governance, equity and justice will land us to the country of our dream. Be courageous and make wise decisions so that you and your family will continue to thrive despite the economic hardship in the country.
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