Nigerians adopt survival mechanisms amid economic hardship

As the Economy bites harder, Nigerians are adopting measures to survive the hard times occasioned by the removal of fuel subsidy and the unification of the Foreign Exchange (FX) market in 2023 by President Bola Tinubu.

Most Nigerians currently spend 90 percent of their monthly income on food, transport, fuel, and basic commodities. This is due to the soaring inflation rate, which has been high for 11 consecutive months, thereby resulting in a hike in food prices, and transport, among others.

Our correspondent interacted with people, who shared the survival mechanisms they have adopted to cushion the effects of the Economic crisis.

Christiana Uduak, a 39-year-old mother of three, said her cost-saving technique was buying food in bulk at Ile Epo market as prices of food keep increasing every day.

“I started buying foodstuff in bulk at Ile Epo market when prices of food started increasing every day. Instead of going to the market every week like I used to, I only go once a month now. Sometimes, the things I buy last for two months and I have been able to save money. It is not advisable to buy things in bits considering the way prices of food items are skyrocketing every day,” she said.

Kolade Odunlami, a 44-year old, Real estate agent had to resort to being a ride-hailing app driver as the economy was taking a toll on his business and clients weren’t forthcoming.

“Real estate is not a business that brings in money every day but it has never been this bad. We are in a situation, where people can’t feed properly, so buying land and properties is the last thing on their minds currently. These days, it’s even hard to find a client, who wants to rent an apartment, it is that bad. As a man who has a wife and two kids to feed, I can’t afford to be laid back. I decided to use my car to earn more money, then I registered on ride-hailing apps. I have been doing it for about three months now and the situation has been better. At least it’s way better than not earning money at all,” he narrated.

Jumoke Alimi, a sales representative started her Chin Chin business, which has helped to cater to her needs and helped her survive amidst the economic downturn.

“My salary doesn’t cater to all my needs because things are now very expensive. I don’t even get to save as much money as I would have loved to. In November 2023, I started selling chin chin, which I supply to retail shops. The extra money I make from my Chin Chin business, in addition to my salary, has helped me survive amidst the harsh economy,” she said.

Aside from engaging in menial jobs and running small businesses, thrift contribution is another survival mechanism Nigerians have embraced to mitigate the effect of the economic crisis.

Chioma Okezie, a Lagos resident, who runs a provision store in the Alapere area of Lagos state shared how thrift contribution has helped her expand her business.

“This economy is challenging for business owners. My store was almost empty due to the rate at which the prices of products were skyrocketing. Closing down my business wasn’t an option. I joined a thrift contribution group through a friend and we contribute N2500 weekly. One person receives N100,000 weekly based on your number. When I received my own N100,000, I restocked my shop and I started selling other products in high demand” she explained.

Samson, a 23-year-old corp member whose Place of Primary Assignment (PPA) is a secondary school revealed that he makes extra income through extra coaching and home lessons after school hours.

“My PPA is a secondary school where I teach the junior secondary school students Mathematics. I make extra income from extra coaching and home lessons after school hours. This has helped me a lot to survive the hard times,” he stated.

Austin Idemudia, an IT expert, who resides in the Ogudu area of Lagos state and works at Victoria Island said his way of surviving the hardship and saving costs was picking up passengers at the bus stop, when going to work and coming back from work.

“When the price of fuel increased to N650 per litre, I realised I would be spending 55% of my salary on fuel because every day, I use about 10 liters of fuel, amounting to N6500 daily and N32,500 weekly. I had to restrategise and came up with ways to make extra funds, at least, to reduce cost. I started picking up passengers from my bus stop to Obalende at N500 each. On my way back from work, I pick up passengers also,” he revealed.

Aishat Oyelakin, a Lagos-based Social media marketer narrated how starting an online business and enrolling in a fashion school helped her gain extra income and support her family financially.

“I work remotely as a social media marketer. I am currently undergoing a training program in a fashion school and I also run an online business, where I sell Ready-to-wear (RTW) female clothes on Instagram. Through my side hustles, I have been able to make extra money and also support my family financially,” she shared.