Strategies i deployed to Survive financial challenges/inflations

The past one and a half years in Nigeria have been rocked by high inflation rates, which have reflected in the high cost of goods and commodities. Despite the high cost of goods and services, the wages and salaries of civil servants have remained stagnant or insufficient to meet the inflated costs.

The global market is equally not exempt from the high inflation rates; however, the discussion will be limited to Nigeria, where I am an indigene and resident.

The inflation in varying sectors is widespread, and hardly any sector is exempt. I will attempt to mention a few affected sectors of the economy and strategies employed to ameliorate the effects.

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  1. Transportation: It is generally difficult to find cheap transportation in Nigeria now, especially after the failed new naira policy. Prior to now, local transportation went from as low as N50 ($0.06) to as high as N100 ($0.12) for short distances, while interstate transportation increased by about 25%–50%.

  2. Liquefied petroleum gas (LPG) and other petroleum products: I used to fill a 3kg cooking gas cylinder for about N900 ($1.2) about three years ago, but right now, a similar cylinder goes for N2400 ($3.2). This is an almost 300% increase. The popular kerosene is scarce and equally expensive. Nigeria has recently come out of a recurrent fuel scarcity despite being an oil producing nation. Sometime last year, a charcoal pot was introduced to our office, the JIKOKOA CHARCOAL STOVE, which I luckily paid for the small size at N12,500 ($17), but now goes for N30,000 ($40). Part of my job description is to go into far and near communities within Kwara State; hence, I do buy bags of charcoal at a very reduced price of N1500 to N2500 ($2–$3.4) per bag as compared to its price in the capital city, which costs about N3,500 ($4.7), which is convenient for me since the office has a Hilux vehicle to ease the transportation.

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  1. High cost of foodstuffs: There is hardly any cheap food in Nigeria now. This goes for as little as children's food (which may be more expensive). There are foods that we cannot do without, and some can be lived without. Hence, I have prioritized those foods I need in the house while forgoing those I could do without. This has also helped my diet modification, as I now spend less on junk food. Whenever I am making purchases of foodstuffs, I preferably buy in bulk, which is usually cheaper for me compared to making roadside sellers’ purchases.

  2. Health and drugs: Health is wealth, and it cannot be compromised. Unfortunately, original drugs are expensive and limited, while fake drugs are numerous and of average cost. One major step I took was to insure my mom’s health under the National Health Insurance Authority (NHIA), which helps to cut the cost of healthcare to a minimum. Keeping good hygiene, flitting the house with insecticides, and netting the house have been paramount in the prevention of outbreaks of illnesses.

  3. Electricity tariff: The tariff has been hilarious. You will struggle to recharge a small amount, and before you say ‘Jack’, the subscription will be exhausted. The government may have permitted the increased tariff without carrying the populace along. Even though the power supply is epileptic, I ensure sockets and bulbs are switched off whenever they are not in use.

  4. Internet data and TV subscriptions: the data subscription has almost ripped me out of my small bank savings. For God’s sake, almost everything everyone does now requires an internet connection, but the tariff has been strangulating. I am left with limited choice, but I have engaged some sites minimally so as to conserve data. The funny thing is that I received DSTV’s customer call today and refused to pick up. I know they want to implore me to subscribe, but for now, I am okay with the NTA news I listen to in the morning before going to work and the numerous movies I pick up from friends and family.

I could continue to cite examples of the effects of inflation on sectors of the economy in Nigeria that have equally affected us personally and collectively; however, I would state that it has been difficult, but we are coping and adjusting fairly well enough. Hive has been a major breakthrough for many to feed and also have support for businesses, and we can only be grateful for this platform and opportunity.

Thank you for reading. I would love to have your comments and contributions 🤗



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10 comments
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Bang, I did it again... I just rehived your post!
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Seriously, Hive has been helpful to many of us here. Things are difficult in this country and in one way or the other, one has to find ways to manoeuvre around it. Just like the point you have highlighted, we must learn to abide by them for our benefits.

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Thank you for your kind comment,I'm honoured

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The high cost of living here is really alarming, even in my school we don't have a bus of #100 again,it's now #150,it is really tiring.

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God save us in Nigeria.

Thank you for your comment

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Though economy indeed produces though people.
No wonder people are overworking themselves to meet up with financial needs, overbearing labour with little success.

I hope that someday things will be better and we will live to tell this stories.

You have done so well to minimize your expensive and buy only valuable items.

Thanks for sharing your experience and point of view

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Thank you for your kind comment

I'm grateful

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