When the economy struggles, Nigerians face a host of challenges. President Tinub announced a series of measures in his inaugural speech on May 29 that he hoped would improve the situation. One of the important initiatives is to end the gasoline subsidy system. For years, Nigeria has subsidized the price of oil, especially gasoline and kerosene, to ease the burden on consumers. However, the removal of the subsidy had sparked public anger and resistance as consumers would face higher gasoline prices, prompting protests and demonstrations.
In response to the recent increase in gasoline prices, Nigerians have come up with some coping strategies to cushion the impact. Here are ten strategies you can adopt during tough times:
A humble job/startup
Finding Humble Jobs or Entrepreneurial Opportunities: Nigerians have seen little increase in income as commodity prices doubled. Many start humble jobs or start small businesses to generate more income to support their families. This includes things like street stalls, handicrafts or starting a small business.
agriculture
Emphasis on Agriculture: Agriculture plays an important role in the Nigerian economy, and during times of hardship, many people rely on agriculture to be self-sufficient and meet basic needs. You can increase your income by selling produce, using it in bartering, or as a source of food.
Seek family support
Seek support from family: For most Nigerians, seeking support from family is often one of the most viable options for most Nigerians to relieve some of the financial stress at a time when they need it most.
seek spiritual support
Seek spiritual support: According to the Archbishop of Lagos, Adéwal Martins, in an interview in 2016, the economic crisis has seriously affected the Church. Many people go to church to see a priest for various forms of help. In recent years, Nigerians have turned to the various churches they attend for financial help.
barter
Rebooting barter: Before civilization, barter was a way to obtain necessities without using cash. Faced with increasingly severe difficulties, the Nigerian people struggled to make ends meet, and bartering gradually returned to society.
frugal contribution
Thrift: Although thrift has existed before, as a result of current economic realities, more and more people join informal savings organizations or cooperatives, where members pool funds and take turns receiving a sum of money to help their financial needs and other questions.
adapt
Adapting to Change: As mentioned earlier, Nigerians have often adapted to changing circumstances by being flexible in responding to ongoing economic challenges that have resulted in myriad difficulties.
self development
Self-development: During difficult times, some people invest in education and skill learning to enhance employability or create new opportunities for themselves. This is a strategy many Nigerians have adopted in recent years to boost their income.
Religious and Social Support
Seek Religious and Social Support: Religious and community involvement can provide psychological and emotional support, hope and a sense of belonging during difficult times. It is also a way of easing the plight that Nigerians are currently participating in.
government relief
Government Relief: Nigerians make sure to take full advantage of any form of temporary relief provided by the government to those in need, whenever conditions are met. Currently, Tinub’s proposed relief package, which would provide 80,000 naira to 12 million needy families, has received mixed reactions. Nigerians, however, had expectations.https://giftcard8.com/blog/
You must be logged in to post a comment.