How Nigerians Can Survive Economic Recession,

How Nigerians Can Survive Economic Recession,

According to recent report by Nigerian Bureau of Statistics, NBS, the Nigerian economy is officially in recession.

Whether the Minister of Finance, Kemi Adeosun, believes that recession is only a word or not, the prices of goods and services, staple foods; groceries, cosmetics and others, have gone up by 50% to 100% leaving the ordinary Nigerian, who can barely feed completely, oblivious as to where the President Muhammadu Buhari’s government is headed, and is doing to alleviate the sufferings of the populace.

Here are tips on how we can cheat the recession without filling the full impact of the economic emergency.

CUT EATING OUT

With staple food like a mudu of rice now going between N600 – N700 (a bag of rice at N24000 from N11, 000) and a basket of tomatoes now at N800, eating out especially at exotic restaurants like Aunty Ajobi, Wakis, KFC, Dominos among others will automatically become a luxury.

So if you previously spend a large chunk of money on eating out and on leisure, it is best you consider cooking at home now and also find inexpensive ways of relaxation because it’s more economical. However, there are still places to eat out on a low budget as low as N300–N500 since N500 cannot make you a pot of soup.

With N500, you can comfortably eat a plate of rice and chicken at Chicken Republic. You can also use hygienic road side Restaurants (mama put) to eat good food at an affordable cost. Live within your means by cutting costs in every possible way.

PUT YOUR TALENT TO WORK

If you can sew, make furniture, bake, build or make music. This is the time to put your talent to work, because that might provide your meal ticket. This is a wake-up call for everyone particularly the youths to bring the best version of themselves to the table.

PLAN YOUR TRIP AHEAD OF TIME

“EVERYONE MUST NOT TRAVEL BY AIR”

With some local and international Airlines folding up in the country and the cost of air travel now at an all time high, it is best to plan your trip ahead of time. Before now, a one way ticket to Lagos cost N8, 000- N10, 000 when you book online ahead of time. Ordinary Nigerians could afford it but the case is different today. You may now have to spend not less than N60, 000 for a one way ticket to Lagos.

Since air travel has become hot cake for only the crème de la crème, why not go by road? Safety credible transport companies like ABC transport, the Lord is Good motors and Big Joe, have comfortable coaches that Ply almost all the routes in the country at affordable cost of N7000 – N8000 or less.

CUT OUT ON HUMAN HAIRS AND EXPENSIVE COSMETICS

About 75 percent of Nigerian women spend huge sums of money to enhance their beauty. Be it on cosmetics or buying human hairs which cost between N40, 000 – N100, 000 depending on the inches and brand.

There is no more money for extravaganza, so instead of Brazilian, and Peruvian hairs, why not braid your hair with attachment or extension (which by the way is more durable) in this times.

GET A SMALLER APARTMENT

Nigerians are losing their daily livelihood. Salaries have been cut down, and costs of commodities on the rise.       This means you can no longer afford that big house and maintain the Mercedes. Everybody must not live in the heart of the city.

If you don’t own your own home, move to a more affordable house or change your environment to cut your spending on your annual rent.

It is advisable to live within your income and save as much as you can no matter how small.

These should help during the rainy days.