Business
Depressed Economy: South Easterners devise survival strategies
The ingenuity, industry, and creativity of the Igbo people, which have always been key to their survival and development, are now being tapped to the fullest in response to the ongoing economic hardship in the country.
Across the five states of the South East, businesspeople, investors, traders, and artisans are developing new strategies to navigate the increasingly difficult economic landscape.
Mrs. Ngozi Chukwuma, a lawyer, was recently observed at the popular Relief Market in Egbu, Owerri North Local Government Area. “I am not ashamed of engaging in legitimate businesses that can provide meaningful income,” she stated.
“Yes, I am a lawyer, and I have my chambers where I continue to practice; however, the number of clients has declined. I still have school fees, house rent, and feeding bills to pay. My husband is no longer with us, so I have no choice but to return to trading. I start selling seasonal goods, like palm oil and fruits, early in the morning and am usually done by 8 a.m. By 9 a.m., I am at my office or in court, depending on the day. It hasn’t been easy, but that’s how I am managing through this challenging economic period. Our people say that when the music changes, the dancers must change their steps,” Chukwuma explained.
A visit to Aba, Abia State, showcases the innovative business strategies of the Igbo people. Barbershops have notably shifted from using generators to utilizing wireless sprucing machines. Emeka Ndubueze of High Point Barbers expressed, “I don’t go to filling stations for fuel anymore. How can I buy a liter of fuel for N1,300? How many liters will I purchase, and how many customers can I serve with it? I cannot cope with the high cost of fuel, so I had to find a new way to keep my business afloat.”
In Onitsha, Anambra State, many have turned to food vending, drinking spots, and other forms of relaxation despite the harsh economic realities. A survey by Business Hallmark revealed that in Onitsha, like many cities in the Southeast, no single business space is dedicated to just one venture. For example, a kiosk or an unfinished building might house three or more business operations simultaneously.
Here’s how it works: a food vendor operates between 5 a.m. and 7 a.m., catering to factory workers, drivers, and those who can’t prepare breakfast. Another food operator takes over from 7 a.m. to noon, and a third person uses the space from noon to about 4 p.m., after which another vendor may follow for the final hours.
“Another common strategy involves what is known as ‘agency’ jobs. Almost everyone in the Igbo community has become a realtor, involved in real estate and related matters. I visited a major bank in Owerri and was amazed to hear the area manager discussing the sale of a property worth over half a billion naira.
“Many individuals are calling themselves agents who guide those in search of houses, shops, or land for rent, lease, or purchase. The reality is that this agency work has significantly benefited the Igbo people, as one substantial deal can provide considerable income that sustains them for about three to six months, depending on the transaction,” shared Emma Ibenna.
For vehicle owners, unnecessary journeys have become less common for vehicle owners. Ibenna noted, “It has been observed that Igbo people no longer undertake frivolous trips. Those living in urban areas visit home less frequently than before, and even within cities, inter- and intra-visits are conducted with caution.”
The Igbo have found many other ways to adapt and mitigate the effects of the current economic stagnation. For instance, many are now engaging in quasi-transportation businesses. In Owerri and Enugu, seven-passenger commuter buses are being purchased by those who can afford them, which guarantees a daily income and helps in meeting various domestic obligations.
