Nigeria’s Economic Crisis: Ways Individuals And Families Can Cope

nigerian economic crisis solutions

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]

15 thoughts on “Nigeria’s Economic Crisis: Ways Individuals And Families Can Cope

  1. THE CRY did not start today for the diversification of our economy. But the oil which blessed other nations became our curse instead. And so, if this crash in prices becomes what compels the nation to look where they had been unwilling to look until now, then blessed be the crash!

    THE GOVERNMENT should equally be advised on spending wisely: it doesn’t have to be a family or individual thing. The recent subsidy for pilgrimage makers was highly wasteful in a critical time like this. Buhari should be wiser.

    • @ Metu, for your information President Buhari had earlier approved subsidy for the Christians who went to Jerusalem last year to perform pilgrimage. If he decides not to do it for the Muslims, they will strongly oppose him and that will create another tension from our Muslim counterpart. Unfortunately this happens during the time when everybody is experiencing depression.

      • @JILO, if you read me well, you would see that my statement says Pilgrims, and not Christians or Muslims.

  2. Really this article is educating. The only things that is on high demand now is the area of foodstuffs and transportation. Starting farming or business that relates to food/eatable items is what Nigerians needs dive into.

  3. @ metu. @maryf you’ve both said well. Nigerians are currently being battered by food insecurity and lack of good roads to convey our produce to it destination. The mess we are now seing can be traced back to so many years of corrupt practices of our leaders. My dear brother john uzie,your write up is in order.

  4. Nice article by the poster. Really so educating.
    Nigerians have been hit hard by the harsh economic situation of the country.
    Though I believe things get bad to get better, government in their own way should provide more avenues that encourages youth to acquire skills without paying and also providing them with capital to start off after acquiring skills. Robbery cases are on the high side now & youths need to be mobilized in these areas to stop hunger, incessant killings, robbery and all the rest.
    It’s often said that a hungry man is an angry man.
    Youth development & empowerment should be looked into by the Nigerian government while building more industries to create jobs.

  5. Very good advice, also cut down on all those foolish Owambe parties, while you’re working, you must save at least 35% of your earnings, go to village market to get your foodstuffs, gossip less on social media, always multiply what you spend daily by days of the month. I think folks will be surprise to see problems in their habit.

  6. Well articulated article. I say AMEN for the time frame projected for the nation’s economic recovery but do wonder whether it is a prophecy or based on some facts that can be explained. Those in the cities face challenges carrying out farming activities because of the need for space in undertaking such ventures and most people living in rented apartments with scarcely any arable land nearby. The constraint of time also inhibits extra training acquisition for those who do not have free weekends and yet work long hours each day. Could you please suggest possible alternatives for such people?
    Thanks for the article. We’ll explore the possibilities.

  7. Fellow Nigerians, I’m feeling much depression just like anybody else’s but one thing that we really lack is ability the to make use of our initiatives to proffer solution to our problem. God has given us powerful brain to seek solution to our problems but in Nigeria, we are using it in opposite way. In the 1930’s, America went through a Great Depression that people taught they may not come out of it but guess what? they became greater and stronger after the recession period. What they did first was how to create a job by building roads, bridges and money collected by the motorist were used to pay workers salaries and maintenance. They build roads connected to the rural area so that farm produce can be easily transported through the Cities. They also built bridges, dams railroad. All these provided jobs for thousands of people across the Country. Another thing they did was producing cheaper but nutritional foods. They engineer their food products. At that time Meats were expensive but they came up by subsidizing it with more nutrients vegetables and Poultry produce. Now America can proud of food security. They never stop in researching, inventing and coming up with new innovations. According to the writer, he has said it all. What we need to do now is adjust our spending by putting more on foods. We can suspend buying expensive clothing or jewelries just for limited time. Sometimes we dont actually need the stuffs we buy. We end up dashing it out or hoarding them which is not really necessary. I know a guy who works for the Apple the company that makes IPhone, iPad etc. This guy design games for them. He was so rich and intelligent. What I’m trying to say about this guy is, he only has 4 pieces cloths. 2 pairs of Jeans, 2 Shirts and 2 pairs of shoes but he has a lot of money in his possession and eats at the best restaurant. I was so surprised that somebody who makes over $180,000 a year could not buy himself all these designer outfit but he is able to meet up with his expenses and help his parents out. All these materials things is nothing to some people. He is not married yet only in his late 20s or early 30s. The bottom line is let us make use of what we have right now, you never know may be cwe can come up with an innovations that can be beneficial to all. Finally, bear it in mind that this is temporary recession who knows that in the end you may tend to thank Buhari in the end.

  8. We face is a general economic problem aggravated by political carelessness.If the leaders have been politically meticulous having faced depression,there would not have been issue of NDA which has almost brought the economy to its knees. The first step is a political solution.FG should as a matter of expediency, swallow its pride and make the needed diplomatic sacrifices to quell the activities of the NDA. 2nd. Urgency,in refineries building, sound diversification and strategic import substituting moves.Any expenditure that creats job outside the country without attracting valuable or commensurable percuniary or non percunary fortunes to Nigeria should be halted forthwith.

  9. the current economic recession is a needed evil. it will at the end teach Nigerian and Nigerians the basic economic principles needed to build a strong and a viable nation. best of all is the ongoing attitudinal change waving across all social strata in Nigeria, the rich and the poor alike have to learn to live within their means.

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