Inflation in Africa’s biggest economy, which surged to a new 17-year high in June, has forced cash-strapped consumers to adapt coping mechanisms to deal with the inflationary pressures.
BusinessDay in its usual manner interviewed some individuals and here are their responses below:
Faith Akpan
How are you coping with the rise in food prices and what are you buying less of?
I had a bulk buying system every month, but I decided to cut down on it basically by maintaining the same amount I budget for food and working with buying the foodstuffs that this amount can purchase also no more impulsive online food buying from Jumia food and Glovo.
What do you have to forgo in terms of housing, healthcare, and higher education?
I’m not sure I’ve been able to forgo any, only glad I have HMO to fall back on and pray utility bills don’t rise.
How easy has it been for you to move around?
It has been difficult as transportation cost has doubled, both for Uber and Bolt rides and the public transport.
Has your income increased in the last year?
It increased before the new policy changes but now it doesn’t seem to be enough.
What are your fears if the economy continues like this?
The fear is if I’m unable to increase my income or find multiple streams of income, I would be left with living hand to mouth and not having any real savings.
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Do you think the proposed palliative by the president will cushion the amplifying cost of living?
Thank God they canceled the N8,000 palliative plans because it will not cushion anything, how many paints of rice or garri can N8,000 buy that can feed a poor household for a week? We saw how local government officials hoarded palliative measures during the pandemic. I’m not saying the government would not give, but will it get to the people that actually need it? Also, the student loan is a bad idea. They signed the student loan and increased school fees. What sources are the students supposed to use to pay back? and it is not like jobs are waiting for them.
Osayuwamen Saleh
How are you coping with the rise in food prices and what are you buying less of?
The best way I am learning to cope with the rise in food prices is to accept that it has come to stay, which in my opinion is the first best thing to do at this point because no matter how much we lament, nothing changes. Rather than expend that energy over what you cannot control, give yourself room to be productive and proactive. Regarding what I am buying less of, I haven’t changed anything rather I have become better at managing more. I try to keep my bulk purchases within a monthly timeline as opposed to the bi-weekly structure of the past.
What do you have to forgo in terms of housing, healthcare, and higher education?
This is a tough choice because all three are very important, however, technology has made education very affordable and, in some cases, next to nothing. I’ll say to anyone reading, rather than fighting over what to let go of, invest your time in acquiring tech skills for today and strive to increase your revenue streams or earning power.
How easy has it been for you to move around?
Personally, I haven’t had to struggle much. All I have done is ensure my physical movements are important and guarantee a revenue in return that means no more unnecessary movement. As a business owner, my company decided to operate a hybrid structure where staff are allowed 2-days to work from home then come in physically the other days. It has really cut down overhead costs and reduced the complaints on the impact of transportation cost from employees.
Has your income increased in the last year?
Sure, my income has definitely increased so also my overheads. Every single staff wants a pay raise and frankly speaking, they don’t care if the company is making money or not, the truth is how some of them are wired to behave. However, my principle is to hire and negotiate what you can pay per time, to avoid owing your staff.
What are your fears if the economy continues like this?
Not sure how well you have been following trends of massive looting the U.S when I saw those videos, I said to myself if this is happening in a supposed first world country where basic needs have been met, what happens when people can no longer cope with the hardship here in Nigeria, I leave that to your imagination.
Do you think the proposed palliative by the president will cushion the amplifying cost of living?
I am not a fan of handouts, never been, never will be. I believe in empowering people to stand on their own, understand the value they possess and channel that value where it is needed in exchange for income. Palliatives as it is been done here, has only succeeded in shutting down the vibrant minds of people, they are unable to creatively think. For every time I have been broke starting a project, I have recorded success on those projects; scarcity isn’t a bad thing in my opinion as it serves as a mind activator if only one is empowered to think. I’ll wrap by saying there are creative ways to cushion the cost of living and if Mr president really cares about solving these challenges beyond 4 or 8 years then a mind upgrade is what we need as a people whilst cushioning the hunger.
