Julius Okorie
Nigerians have been described as one of the happiest people on earth. This description is perhaps not unconnected with their ability to stomach and absorb every hardship no matter how excruciating.
Join our WhatsApp ChannelLittle wonder even their leaders seldom blink when they wish to introduce any policy that will further push the citizenry to the wall.
The usual submission when the powers that be converge is “they will adjust” and indeed they have been adjusting.
To opine that Nigerians are going through tough times is to put it mildly. With increment in tariffs, fuel price becoming a yoyo, high today, mildly reduced tomorrow and all that.
Increase in electricity tariff and even increase in cost of calls data etc. DSTV subscription has become an exclusive of those who what to live large rather than a means of information and entertainment.
Ask around your neighbourhood unless of course you leave in the exclusive areas meant for the rich, you will be shocked to see the number of people who have since stopped subscribing to the DSTV, following increases.
The inflation rate in the country is currently put at 34.6% according to National Bureau of Statistics (NBS) and there are no guarantees that it will witness a reduction soon, rather it is taking its toll on every facet of the economy.
In all of this, survival is the name of the game. Self-preservation is in born in man which explains why, no matter what happens people struggle to weather the storm and survive today, believing that tomorrow will be better since the only constant thing in life is change.
As the hardship continues and the inflation rate continues to rise,
Here Are 10 Ways Inflation Affects Your Daily Life And What You Can Do About It:
1.Food And Feeding:
With the high cost of feeding and the rising prices of food stuff in the market, many now struggle to eat. The question in most homes now is not whether you are satisfied, but whether you have eaten. It is not about whether you ate what you want but what is available. The usual ‘three square meals’ has become a mirage. As a survival strategy, buy food in bulk. Buying in bulk at major markets helps save cost. Street purchases cost more and puts more pressure on your pocket. If you are privileged to have enough resource to shop once a month, count yourself lucky and be prudent with the food you have stored at home, so that it doesn’t run out before you get the funds to re-fill.
- Transportation:
Inflation of any kind affects transportation, a major part of the economy involving movement of goods and passengers. Transportation fares have increased since the removal of subsidy, increment of fuel prices and even with slight downward reduction in fuel prices, the fares have refused to come down both for intra and interstate movement. To avoid getting stranded plan very well before you leave your house. Unless where you are going is absolutely inevitable make calls, chat or send text message, even though this also has increased but compared to embarking on a journey it could be relatively cheaper.
- Education:
The education sector has not been spared. Schools complain of rising cost of study materials with publishers equally lamenting over cost of printing. In some schools, students pay for examination papers. Most parents struggle to buy test books for their wards. Hence you see students without test books, depending solely on what has been taught in class which is never enough.
Most Private schools have increased fees forcing some to withdraw their wards. The escape here is to ensure that your wards get education according to what you can afford. Don’t compete with your neighbour whose children are in private schools if you cannot afford it. Consider public Schools. Consider Public tertiary institutions as against Private ones. Settle for what you can afford.
- Social Engagement/Milestone Celebrations:
It is the desire of many to celebrate milestones and social engagements, like weddings, birthdays, chieftaincy titles, promotions to mention just a few. These, on a good day can be considered normal and part of human living.
After all the bible enjoins you to rejoice with those who rejoicing and mourn with those who are mourning, But with sky rocketing cost of hosting such events, it behooves on all to make affordable budget before dishing out invitations.
Like a friend said, there is hunger in the land and when you say there is a party in town, be ready to welcome both invited and uninvited guests. To have such celebrations if you must, avoid very expensive event Centres. It must not be loud in Lagos, unless of course you are a celebrity. Many of them insist on loud in Lagos even if it means borrowing, but remember that borrowed money must be repaid. It is better to celebrate and come out not owing anybody than to finish and go into hiding over unpaid debts.
- Drugs And Family Health:
A visit to the hospital, clinics and pharmacy reveals increase in drugs and cost of treatment. It is a known fact that deposits are required in most hospitals before treatment even commences.
Many are not able to afford the initial deposit let alone the eventual cost of treatment. A school of thought has tried to equate the rise in the number of those who patronise herbal medicine to high cost of treatment in hospitals.
The search for family treatment as reasonable cost thus has forced many to seek alternative. It will interest you to know that “agbo” sellers now have union and have rules and regulation guiding their operation just like the Nigeria Medical Association (NMA). For those who prefer to buy drugs across the counter even though considered unethical but very rampant in Nigeria, prices of popular over the counter drugs have increased. They pharmacist will tell you for free that the cost of importing some of the drugs and that of producing high risen. Even those produced at home require certain imported components for their production. Does that not explain why there is increase in the manufacturing of fake drugs to serve a ready market with limited purchasing powers?
The solution lies in preventive measures, keeping environment clean and avoiding everything that will lead to sickness. Registering with Health Maintenance Organisation (HMO) may help to cushion the effect of treatment.
Regular check up to dictate ailments before the degenerate is advised. Another method of surviving this is engagement of family nurse, Who give home service treatment and accept payment in installments. Prevention is better than cure.
- Importation And Exportation:
Those in importation and exportation have in recent times complained about cost of doing business. With increased tariffs including custom duties, cost of clearing goods from customs before it hits the market for end users.
The Central Bank of Nigeria (CBN) for instance increased the exchange rate for customs duties in Nigeria multiple times in 2024 leading to significant increase in import duties, which inevitably is passed on to the prices of imported goods.
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Perhaps this is where the popular saying look before you leap comes in. The era of importing just anything is over. Doing enough research studies before importing any product has become inevitable. Where there are no ready buyers for a particular product, it may be wise to invest the money in goods that are in demand.
In fact goods associated with food and survival appear to be the way to go as reports have shown that Nigerians spend more of their earnings on food, housing education and health. So while those involved in importation of drugs may break even if fake drug producers did not spoil the show for them, those importing cars need to wait longer to reap the gains of their importation or alternatively pray for the greed among politicians to increase so that they can continue to invest on luxuries.
- Farming and Agricultural Products:
It is usual to have fresh farm products flood the market ready for buyer as reduced prices. Most farmers who bring these products want to sell as quickly as they can and return to base. But alas cost of seeds for planting, cost of transportation of products from farms to the markets amid very bad roads has sent of these farmers out of business. The farm products that manage to reach the market arrive at high cost. There is need for all to return to the gardening for those who have one behind their backyard. Ability to get vegetable, pepper and some other little things from your garden is a plus as it the money used for these sundries can be channeled to something else.
- Bad Roads And Potholes:
One of the effects of rising inflation is reduction in money available for road construction and repairs. Inter-state travels in some parts of the country have become nightmarish because of the prevalence of potholes, sometimes right in the middle of the highway. Contract are awarded and endlessly reviewed upwards, yet the roads take ages to finish and even remain unattended to for years. The resultant effect is road mishaps and untold sufferings for the average man on the street.
- Foreign Vacation:
Dream vacation in the cooler for most Nigerians
There is no law that says a man or family cannot take a vacation once in a while to see new places, refresh and rejuvenate. Travelling is said to be part of education and such vacations directly or indirectly according to medical experts helps to elongate lives. But with increased inflation, Nigerians now attend to only essentials. Foreign vacation has become a luxury which only the rich can afford. Aside from education and inevitable health tourism, not many consider foreign vacation worth listing among the needs. Those who must necessarily go on vacation may consider some tourist centres at home like obudu cattle ranch, Yankari Game reserve etc, not that going there is cheap, but at least where the desirable is not available they say, the available becomes desirable.
10.Home Ownership/Accommodation:
Shelter is one of the necessities of man. It is in fact the very first after food. Having a decent and affordable accommodation should not really be a luxury but a need.
But with inflation affecting every aspect and department of our lives, affording descent accommodation has become a luxury. What you can afford determines where you can live especially in cities like Lagos, Port Harcourt, Abuja and other major cities.
It is common these days to see families who ordinarily should be occupying three bedroom bungalows and flats, managing two bedroom flats or even room and parlor self-contain which has become very popular these days.
This category of apartment was hitherto reserved for bachelors and spinsters who are not ready for marriage yet. With every passing day, there are increments in house rents and the landlords will tell you for free that that the cost of building materials has hit the roof. Even those who built their houses before the Nation’s independent in 1960 also join in the sing-song about cost of building materials.
Buying land and building personal houses don’t equally come cheap, if you are not swindled by ‘omonile’ and other land racketeers. A visit to building material sections really indicate rise in cost of materials ranging from woods to iron roads, to granite and sand etc. The resultant effect is the presences of abandoned projects littered all over the place from cities to even the villages, as owners of these projects struggle to raise funds to continue the projects.
In most cases attending to essentials like family feeding, education, health needs, take preference. Keying into government housing scheme where available may be advisable, investing in mortgage homes is equally advisable. Joining Cooperative societies both at the union and club levels to take advantage of joint efforts and investment is also a way to go.
For those who believe in prayers and indeed everyone should, there is need to intensify prayer and also have faith and buy the idea popularised by Gary Fox and Robert H. Schuller in their book “Tough times never last, but tough people do”
Julius Okorie is Chief Sports and Entertainment Correspondent for Prime Business Africa. He began his journalism career with the Champion Newspaper and Sporting Champion and later moved on to Daily Independent and the Nation Newspapers. Okorie joined Prime Business Africa in 2024 bringing on board 20 years of experience in writing investigative news on Sports and Entertainment. His well researched and highly informative articles on Sports Business and general entertainment are followed by a wide range of audience.
