Owning to its population and huge economy, Nigeria is often referred to as " Giant of Africa ". As of 2015, Nigeria is the world's 20th largest economy and over took south Africa in 2014 to become Africa largest economy.
But of recent,Nigeria economy have been mired and is sinking down by the day. There's continuous currency depreciation, high inflation rate, depletion of the foreign reserve and a tremendous decline in the sales of oil which is Nigeria's basic source of income.
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The situation has gotten so bad with no clear assurance of when it will end that
some state government find it difficult paying the basic salaries of workers,
some companies folding up, a high rate of workers retrenchment and many families finding it difficult to feed and slowly going into poverty.
Nigerians are blaming the President and the ruling party. But rather than complaining and lamenting, I think it is better for Nigerian's to find ways of handling the situation and avoid this impending economic disaster.
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Here are some measures that could be adopted by Nigerian's who are willing to escape this ugly situation and avoid being financially empty.
HOW TO SURVIVE THE CURRENT ECONOMIC HARDSHIP IN NIGERIA.
- Minimize your spending
This current economic turmoil has really called for us curtailing our spending habits. Embrace and learn how to adjust. Create a new budget plan that will fit into the present situation.
- Discover other ways of making money
With the current trend of government owing workers salaries and the high inflation rate, I think its high time Nigerian considered discovering other means of generating side income no matter how little. Pick up some part time jobs and go into business.
- Save and invest well
Develop the habit of saving some percentage of your income every month. When it comes to investing,invest your money on properties and goods that have a high appreciation value like lands and houses.
- Go into agriculture
With the huge population of Nigeria and a high demand of food stuffs, going into agriculture now is a good ideas because it is no longer news that the price of food stuff keep increasing everyday.
- Enrol your children in more affordable schools
This is a choice every family have to make on their own but I included it because I think it is a point that should be considered. Many Nigerian believe that the higher the tuition, the better the quality of education. To some degree it count. But there are many decent and affordable schools. Find out those good affordable ones and enrol your children pending when the economy bounces back.
- Sell off some of your used items
Some people have garages filled with old properties ranging from electronics,furnitures,clothings and jewelries they have no use for. Rather than packing them,I think selling them off and investing the money on other important things is a good idea.
I believe these tips will help keep you at edge in this trying time. Leave a comment after reading and please like US and SHARE.
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