By Olawale Lamina and Fatimah Alli
Nigeria is a fast developing nation with a potential to be the third most populous country in the world in 2050.
But despite her famed population that made her the most populous nation in Africa, millions of homes in the country grapple with how to cope up based on the current experience of harsh economic situation being faced on daily basis across the states. For instance, cities like Lagos, Port Hacourt, Abuja, Kano are among among the worst hit amid surging population and limited opportunities because of the high level of migration of people in search of green pastures.
However, Nigerians across different regions have imbibed a sense of ‘financial discipline’ for themselves and family members, reflecting in their spending habits and creating in them ability to cope up as a result of inflationary trends, where the cost of living has assumed an all time high far above the experiences of the past.
It is worth noting that despite the present economic circumstance, there are boundless opportunities for those who will look inwards, see a need and plug into addressing it. Truth be told, the smart and wise among the rich get richer in Nigeria today because they have learned to take advantage make wise investments for the future.
Here are a few things Nigerians can do to cope with harsh economic situations of the country.
Budgeting: This can be referred to as financial freedom that helps monitor income and expenditures.Budgeting is indeed a powerful tool for achieving financial freedom and managing economic hardship.In embracing budgeting,
Nigerians can take control of their finances and build a stronger financial future.It is a way of creating a plan for their finances by tracking income, categorizing expenses, setting financial goals as well as allocating resources
It is time Nigerians understood their financial situations and make informed decisions by building savings and emergency funds towards long-term financial goals which can help reduce financial stress and anxiety. Budgeting will help to manage resources, cope with inflation and economic uncertainty, avoid debts and achieve financial stability as well as financial freedom.
Prioritizing Necessities: Nigerians should distinguish between essential needs and discretionary wants. Households and individuals should focus on fulfilling basic needs before indulging in non-essential purchases. This shift in mindset can lead to more deliberate spending choices, thereby helping to overcome impulse buying and slipping ding into unplanned debts.
Before making a purchase, assess whether it fulfills a genuine need or merely a desire. Implement a waiting period for non-essential purchases, allowing time for reflection on how they align with your financial objectived.
Learning a Skill: By investing in skill development, Nigerians can enhance their career prospects, increase their earning potential, and build a more secure financial future. SKILL or TALENT Which can be Monetized to generate income for you helps with Personal Development will also help with how to apply the financial rules and scale higher in wealth and health. Skills acquisition that can provide means of income will help to diversify and create other sources of income for individuals to cope with many competing demands on their incomes.
With relevant skills learnt and mastered, the people can easily fit in without much stress, because they will lead to a richly rewarding service render especially as they say, ‘when prepared opportunity, it is success.’
Some of the skills that can be learnt and Nigerians are still learning include Digital marketing, content writing and creations, social media management, data analysis and visualizations, Cyber security, graphics designs, freelance writing for foreign media which attracts earnings in dollar.
Nigerians who may be deliberate to learn a skill or too relevant to the needs of his environment can cope with harsh economic situations, just as the acquired skills will help ensure brighter chances for employment and improved earning potentials
Nigerians should doore savings: Savings have been described as a financial stabilizer, given their potential to cater for urgent needs and create opportunities for investments. it is advisable to improve the value of savings through investments in interest-yielding assets such as stocks, shares, bonds, microfinance and production. Unfortunately many Nigerian income earners spend as they go, not seeing savings as part of their budgets.
When carefully observed, these strategies can help Nigerians to effectively prioritize necessities, manage expenses, and navigate through harsh economic realities in the country.
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