Recession In Nigeria: How To Survive Nigeria Current Economic Situation Or Recession

Nigeria was hit with its worst recession in its history just two years back. Recession is a time of economic turmoil, unfavourable conditions for both businesses and individuals, for many it means hunger, malnutrition, poor standard of living etc. However, that does not mean that there are many who wouldn’t live their lives as if the recession never happened and I am not talking about those who travelled out of the country to escape the harsh conditions, but those who followed these 3 tips.

Below, I have listed 3 tips on how to survive in Nigeria’s bad economy and live as if the recession never happened.

  1. Update Your Budget

Everyone has a budget, in which he dictates what he will spend and gain in the week, month or year. If have never made a budget before for your spending and earnings, then this is a great time to do so. You can simply place them in 4 categories: Expenses, Wages/Gains, Savings and Emergencies.

If you already have a budget, you should give it an update if you really want to survive a bad economy. In a bad economy, things become different, the prices of goods and services like foodstuff, transportation and accommodation rises and unfortunately, there is a high chance your salary might not improve, so you will have to spend more for what you budgeted less.

  1. Value every kobo

Think of taking a stroll to the bar to burn some cash just to feel good, well you should think again. During a time of economic crises you should focus on forgoing unnecessary expenses, just like the example I listed above.

Every kobo you spend should have a necessary purpose if you want to enjoy even in the times of economic hardship. But this does not mean you should not wind down at all, just limit the number of times and make sure you don’t over spend.

  1. Learn How to do Food Substitution

It is normal for food prices to sky rocket during economic recessions and the recession that hit Nigeria was not exempted from this. Due to this, it is important you learn food substitution. By food substitution, I mean substituting expensive foods for cheaper foods (the nutrients remain the same) e.g. substituting fish for crayfish.

Food substitution helps you save more and spend less. Although it might not be very pleasant, but it is enough to keep you looking good during such inhumane conditions.

Remember, to always secure your environment during such times. During recession, there is a normal increment in social vices and your #1 priority is keeping yourself safe.

Try to avoid unnecessary nigh movements or avoid it completely. Take extra security measures to ensure that you are safe, keep a lookout and always make sure your assets (car, phone etc) are always intact anywhere you are.

These 3 tips should help you sail smoothly during times of economic instability.

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