Tuesday, June 28, 2016

Top 5 Essential Tips to Survive Economic Recession in Nigeria

This is a guest post from Mariam, one of my friends at Jumia Travel (formerly Jovago), she shares tips on how to survive the economic recession in Nigeria, the lessons can be applied universally though...

Tips to Survive Economic Recession in Nigeria Today
Very few foresaw the economic state of the country today after the change we so desperately sought in the country was handed down to us. We were quick to forget that our value system has become warped and clung to a wishful clandestine plot of the government to transform our economy miraculously.
We believed the rigour with which the new government fought the state of corruption in the state would also cause drastic developments in all areas, choosing to believe that price of fuel will drop to a mere 10 naira per litre, trusting that there will be uninterrupted power supply and that graduates no longer have to wait several years to get a suitable job.
We chose to believe things couldn’t be so bad, since we are considered the largest economy in Africa, an oil rich country, the purported giant of Africa. Alas, the cost of living has skyrocketed in recent times, there is little hope of getting 24 hours of electricity in a week, the heat emanating from the sun has become unbearable, well-paying jobs have become scarce and the foreign exchange rate has become heartbreakingly high.
Rather than rely solely on the government for the change we so need, I believe healthy scepticism is very necessary for survival.

Hence, our survival instinct has to kick in. Here are a few tips on how to survive in the face of the economic instability plaguing our beloved country:
1.      1. Minimize or stop foreign purchase for now:
I know this is no easy feat, but you have to buy Nigerian to grow the naira. The consolation here though is that our indigenous fashion designer for instance are doing a tremendous job right now. You can get your fashion apparels from stores like ShopMaju or the 5k store. Get your household items, appliances or accessories from online stores in Nigeria. Stick to Jumia or Konga right now, to avoid the overbearing cost of importation.

           2. Start a business to address unemployment:
If you already have a job, please do everything you can to keep it, as times are hard. However, if you are currently unemployed, the best way to tackle unemployment is through personal empowerment. Entrepreneurship is key, start something today. Even if it’s a small trading business, monetizing your writing, event coordination or planning, get something done.
Tap into the various industries at your disposal, Lagosian love to party, get into a catering business, start small but who knows, you could probably end up catering to bigger events or even be hired as an interior decorator in the homes of some affluent people living in the upscale residential areas of Lekki or Victoria Island.

      3.   Use cheap hotels only:
If you have to travel round the country, avoid staying in luxury hotels in Nigeria for now. If you need a place to stay close to the airport, stick to cheap hotels in Ikeja.

The hotels in Lagos and Abuja are considered to be on the high end of the cost spectrum but you can get affordable accommodations online through Jumia Travel, Africa’s no 1 hotel booking portal. You are assured of great deals and amazing discounts on all hotel across the country.    

      4.   Fight the heat:
To protect yourself from the health consequences of the heat wave, stick to wearing light and loosely fitted clothing, drink plenty of water, use a deodorant spray and wear sunglasses.
      5.   Maintain the Nigerian sense of humor:
While we continue to struggle with the seemingly unabating economic hardship, our will to survive should be the greatest resolve. We must ensure that we retain the Nigerian sense of humor, for which we are well known. Humour is a sure way to cope with all the hassle and it lifts all the pressure off us.

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