August 15, 2016 – Nigeria’s Economic Crisis : Ways Individuals And Families Can Cope.
The Nigerian economy over the years has been anchored on crude oil export revenues, this has turned out to be a huge mistake. The drastic fall in crude oil prices globally, which started in June 2014, has negatively impacted the Nigerian economy.
On a daily basis, news outlets report job losses, closure of businesses, owing of government workers, increasing cost of goods and services, fall in the value of the naira, and other negative reports issue.
Individuals and families are the ones who suffer the adverse effects of the economic downturn the nation is currently going through. Nigerians can work out ways to improve their situation and minimize the impact of the current economic crisis.
WAYS NIGERIANS CAN COPE WITH ECONOMIC CRISIS:
1. Keeping a positive attitude – In times of economic difficulties, people who put on a positive, optimistic, and cheerful attitude find it easier to cope and handle financial challenges affecting them. On the other hand, people who put on a negative attitude of hopelessness, fear, anger, and bitterness do not cope well in dealing with financial challenges.
2. Wise Spending – When Spending money, in times of economic difficulties, individuals and families should know the difference between needs and wants. Essential and basic needs include food, housing, health care, clothing, transportation, communication, and education. In managing available funds, adequate amounts should be spent on basic and essential needs. People should spend less on things they want, and make efforts to live within their means.
3. Reducing The Cost Of Living – Individuals and families should look into ways of reducing living expenses, examples are;
(a). Cooking at home for those who spend a lot eating at restaurants.
(b). Reducing the amount spent on cable TV subscription.
(c). Reducing the amount spent on recharge cards.
(d). Relocating to a cheaper accommodation.
(e). Transfer of children to less expensive schools that render quality education.
(f). Dealing with life style behaviours that leads to unwise financial spending.
BUSINESS OPPORTUNITIES :
Another excellent ways to cope with the present economic crisis is by venturing into small scale businesses
Here are some business areas you can venture into;
(a). Sales and supply of food items.
(b). Operating of low cost canteens and restaurants.
(c). Affordable health care services.
(d). Affordable educational services that offers good standard and quality.
(e). Farming of vegetables and crops that have short harvest period.
(f). Small and medium scale animal farming.
(g). Low cost transport services.
(h). Small and medium scale manufacturing of products that have high demand.
The rule for those who have the financial means to venture into business is to avoid greed, render quality services and products that are affordable.
FOR THE UNEMPLOYED:
Individuals who suffered job losses, and those unemployed before the current economic crisis, should consider accepting low paying jobs as a temporal solution. They should also consider acquiring skills and training that will help them to earn money.
The crisis currently facing the Nigerian economy is not permanent, but temporal, in my opinion, the nation’s economy will recover between 2018 and 2019. Individuals and families should take actions to better their conditions, while expecting the economy to recover.
[By John Uzie]