How To Survive Nigeria’s Economic Recession, 12 Important Steps

Yes! For those who care to know, Nigeria is currently in a deep, record breaking economic recession.

Even though, it’s no longer a news that Nigeria is currently in such a serious and difficult economic recession, with absolutely no clear signal or assurance that it will soon end.

economic recession

What is new however, is that Nigerians are quickly adapting and devising different survival approach to this Nigeria’s worst economic recession in 30 years.

Here are 12 important steps and tips to consider and practice in order to come out of this economic doldrums in one piece.

Step 1: Be an amazing employee
It is a regular practice for employers to lay off some of their employees during economic recession. Hence, as a working class, it’s your sole responsibility to jealously guard and secure your job in such difficult economic situations.

First be happy at what you do, come early to work, add more value to what you have been giving before. Volunteer yourself for projects, encourage the weak and slack co-workers, pick up the unattended jobs. This will stand you out and eventually make it difficult for the organization to lay you off in event of downsizing.

Step 2: Minimize generator usage
Our standby household generators have for years, been doing what the government cannot do for us.

Now that the situation is getting worse everyday, generator usage should be restricted to specific hours and to only take care of necessities.

Comfort can wait till recession is over and we are out of troubled waters.

Step 3: Give eating out a brake
Anyone who actually cooks will know that restaurants serve overpriced, often unsatisfying food.

So instead of taking your hard earned money to pay for ‘fancy’ food, go to the market, buy raw food and prepare it yourself. You’ll surely save so much money.

Step 4: Develop multiple streams of income
Though you are currently being gainfully employed, you can still devise a separate means of income by investing and/or learning new skills. You can as well start networking, so that in case you lose your job, you will still have a safe net of contacts that might be of great help.

Step 5: Walk the walkable distances
The cost of fuel is higher than it has ever been in Nigeria’s history, so why not kill two birds with one stone while going for short errands.

Take a walk or go for a run while running your errand. Your body and pockets will thank you.

Step 6: Entertain bulk buying with caution
One notable disadvantage of buying goods in bulk is that some goods may expire or spoil before you get around’] to using them, hence do cut your grocery shopping list down to necessities.

Get what you need and not what you think you will need.

Step 7: Maintain your old clothes and shoes
Oh you think people have noticed you’ve had that shirt for a while? Frankly speaking, it’s nobody’s business.

As long as your clothes are not obviously tattered, there is no use going cloth shopping every week to impress people and depress your bank account. Sacrifice it for now.

Step 8: Regulate your hang out
We all love spending quality time with friends and family but instead of going someplace where you’ll spend more than your budget, invite them to your house and plan activities everyone can participate in.

You’ll create a stronger bond and more lasting activities while saving money.

Step 9: Postpone the vacations abroad
Also known as “the king of excesses,” abroad vacation is currently a great luxury.
Why go and spend your hard earned and demoralized‘Naira’ in a foreign country contributing to the growth of their economy while leaving yours in the backseat.
Stay at home!

Step 10: Reduce your DSTV subscription
You don’t need to pay for all the channels. It’s not a competition.
You hardly ever watch more than 15 of the channels on the premium package, so why the bother?

The smallest bouquet has news channels for the grown-ups and cartoons for the kids.

Step 11: Drink water instead of juice and sodas
Some people think there is an award for living lavish. News flash: there isn’t.
Most of these processed drinks you desire to gulp down your throat with every meal are not even good for your health and they definitely cost more than water. Drink water, you’ll live longer.

Step 12: Cut unnecessary phone calls
Restrict your airtime to calls with purpose , that is work and business.
There’s no need to ask your friend what he/she is eating or staying on a call for an hour discussing what nail polish color to wear to an event.

There are tons of instant messaging services like WhatsApp, BB Channel, Facebook IM, etc. Embrace them.


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Thanks for sharing

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Majority of Nigerians promised to vote for a man with NEPA bill as school certificate, .. and they fulfilled their promise…. So, please @nago allow us to enjoy the result together.

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Nigeria is in a deep shit hole.

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Economic recession is not peculiar with Nigeria alone….. though the case of Nigeria’s is worst, one begin to wonder the caliber of financial managers at the helm of affairs here

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If u do person mago mago, na u go take ur head carry am
If u do person jigbiti, na u go take ur head carry am

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