• Wednesday, July 24, 2024
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BusinessDay

How to survive on low budget in Nigeria

Rivers women pledge to crash food prices below 50%, want mechanization

Eating three square meals is becoming a daily struggle for several households owing to the continuous surge in food prices.

Nigeria’s food inflation accelerated to a new 17-year-high in June 2023, hitting 25.25 percent and far outpacing wage growth, according to data from the National Bureau of Statistics. This is 4.65 percentage points higher than in the corresponding month in 2022.

Over 90 percent of households in Africa’s biggest economy spend 60 percent of their income on food and related expenses, analysts say.

The continuous surge in food prices is forcing households to cut back on spending as multiple pressures like falling real wages, rising energy costs, and the recent devaluation of the naira – have exacerbated more economic pain for the average Nigerian.

To ameliorate the pain caused by the recent subsidy removal, President Bola Tinubu ordered the release of 200,000 metric tons of grains to households across all 36 states and FCT.

He also ordered the distribution of 225,000 metric tons of fertilizer, seedlings, and other inputs to farmers to help stabilise food prices and the disbursement of N200 billion to cultivate 500,000 hectares of farmland.

Time will tell whether these measures will stabilise food prices or provide some respite for the country’s 200 million people.

Read also: Palliatives: Nigerians task Tinubu on accountability, credibility

As many Nigerians seek ways to eat cheaper and survive the difficult moments, BusinessDay in its usual manner spoke to experts and according to Olumide Adesina, a financial analyst at Quantum Economics and an economist, here are the following ways:

Price adjustment: You can compare prices from different shops and find the lowest price. This way you get the best price for the same product.

Stockpile: You can also buy groceries in bulk when they are cheap and store them for later. This will help you avoid price spikes when prices rise. You can also store food frozen, canned, or dried.

Reduce food waste: Reducing food waste starts in the kitchen and extends to budgets and potential food inflation issues.

Finding ways to reduce waste cuts on your perishable food products such as meat, fish and preserving them by drying or by freezing.

Avoid eating out: Eating out is expensive and many of the cool meals you pay for in formal restaurants, most especially on the Island, can be prepared at home for a fraction of the price. You can make a cheaper breakfast just by yourself.

Grow a garden: Want to create an edible garden but don’t have the space for it? If you live in a rental and your landlord doesn’t allow you to be part of the property, no problem. Even if you don’t have time to tend a large yard or build a square-foot box.

Buy with offers: You can save money by buying groceries when they are discounted or on sale in major supermarkets. Save even more with coupons, loyalty programs, and cashback apps.

Avoid using bottled water: Purchase a water filter if you don’t like the water that comes out of the faucet. The price per gallon is far lower than that of bottled water, and as there are fewer plastic bottles to throw away, it is also better for the environment.

Make purchases from local stores: Food that is grown or produced locally is frequently more affordable because extensive transportation costs are avoided.

Reconsider your eating habits: Some of the most expensive items have increased in cost are meats, eggs, and seafood. You can dramatically lower your spending by switching to plant-based proteins like beans, lentils, and other grains.

Since the consumption of fruits and vegetables hasn’t increased as much, substituting other food classes can be beneficial, especially when they’re in season.