Nigerians seek cheaper alternatives to survive surging prices

As prices of items keep making a rapid climb, Nigerians are now sourcing cheaper alternatives to survive amid the current economic hardship.

BusinessDay conducted a series of interviews with individuals to ascertain how they are surviving. And in no particular order, here are responses from individuals:

Godwin Idiege, school proprietor

How are you coping with the rise in food prices and what are you buying less of?

Managing the escalating food prices has indeed been quite a challenge. The current inflationary trends have made it increasingly difficult to navigate these circumstances. Consequently, I’ve had to make certain adjustments in my purchasing habits. I buy fewer quantities of both fuel and chicken, as these items have become more constrained by the financial strain imposed by the rising prices.

What do you have to forgo in terms of housing, healthcare, and higher education?

They are all essential so I have not had to forego any but I’m thinking of moving to move to a cheaper area because my current is high.

How easy has it been for you to move around?

Getting around has been quite challenging, primarily due to the substantial surge in transportation costs. Commuting between my workplace and home has become notably more expensive, requiring an additional N800 expenditure for each round trip. The increased financial burden has made traveling from one location to another a considerable hardship.

Has your income increased in the last year?

Regrettably, my income has not witnessed any growth over the past year; my salary remains unchanged from the previous year.

What are your fears if the economy continues like this?

My concerns revolve around the potential escalation of insecurity, as individuals may resort to desperate measures in their pursuit of sustenance. This could potentially lead to a surge in criminal activities as people search for any means available to support themselves. Additionally, I have a genuine unease about the looming state of hopelessness among Nigerians. The increasing burden on the working population might reach an unsustainable level, as they struggle not only with their livelihoods but also with the weight of providing for their dependents. This could culminate in a scenario where the prevailing challenges become overwhelming for a significant portion of the populace.

Do you think the proposed palliative by the president will cushion the cost of living for themselves and their businesses?

From my perspective, I think that the suggested palliatives possess the potential to mitigate the impact of the escalating cost of living, provided they are executed with precision in their distribution. Furthermore, it is plausible that these measures could usher in a more favorable and accommodating environment for businesses, addressing the current adversarial conditions. However, a pivotal aspect that warrants attention is the historical issue of implementation, which has often been a stumbling block for policies introduced by the Nigerian government.