How worsening economic challenges are affecting our lives – Nigerians

Across the country, Nigerians are expressing deep concerns about the harsh economic realities affecting their daily lives. Many business owners bemoan a sharp decline in customer patronage, as rising costs and inflation have led to a significant drop in sales. They shared with CHIJIOKE IREMEKA how they are adapting—cutting expenses, prioritising spending, and taking on freelance work and side hustles—as part of their efforts to instil hope in their children

Difficult to rent or pay house rent– Oluchi Onyemaobi

I am not immune to the economic hardship in the country—it affects me in many ways. Accommodation has been a major challenge because the agent and agreement fees are now more expensive than the house itself.

My monthly salary is not even enough to sustain me until the next payday. Market prices have skyrocketed, making it difficult to afford three square meals a day.

Despite the challenges, I have devised coping strategies by cutting down on spending. Sometimes, when I think about the cost of a meal, I reconsider and strategise differently. But in all things, God has been my only source of sustenance—He always comes through for me.

It’s affecting me financially, emotionally – Esther Ndupu

The current hardship in the country is affecting me financially, mentally, and emotionally. One needs to be financially, mentally, and emotionally sound to think clearly, but how can someone who doesn’t have a job or side hustle cope?

Just like the lady who jumped from her flat on 22 Road and passed away, no one knew what she was going through. But I can tell you—it was depression.

Today, coping with all this stress and hardship in the country is hard, my bro. It’s only the grace of God that’s sustaining us. You go to the market today to buy what you bought yesterday, and you’ll find the price has already gone up. Little income, higher expenses—it’s really crazy.

I now prioritise essential expenses – Elizabeth Bassey

The current hardship in the country affects me in various ways, particularly financially. With rising inflation and economic uncertainty, I have had to adjust my budget and prioritise essential expenses. Keeping up with the increasing cost of living is challenging.

However, to cope, I have implemented several strategies, including budgeting and financial planning. I have created a strict budget to manage my expenses, ensuring I save enough while cutting back on non-essential costs.

I also seek alternative income sources by exploring additional streams, such as freelancing or selling items online, like books and stationery. Additionally, I practice self-care by prioritising activities that help manage stress, such as exercise, meditation, or spending time with loved ones.

These coping strategies help me navigate the current economic challenges and maintain a sense of stability and resilience.

Job security is uncertain

The ongoing hardship has made daily life increasingly challenging. The rising costs of essentials like food, transportation, and utilities are putting a strain on my finances. On top of this, job security feels uncertain, adding to the stress and anxiety. Now, I have to focus on budgeting, cutting unnecessary expenses, and seeking additional sources of income. By staying adaptable to economic trends and seeking help when necessary, I’ve found that navigating these tough times is more manageable. Despite the difficulties, being resourceful and flexible is crucial.

It’s Difficult to Plan for Future

The rising costs of food, transportation, and other essential items are making it incredibly challenging to make ends meet. With the high cost of living, I have less money to spend on non-essential items, which is impacting my quality of life. The economic uncertainty is also making it hard for me to plan for the future, whether that’s saving for a major purchase or thinking about retirement. However, I have had to adopt several strategies, including creating a strict budget and prioritising my spending. I have cut back on non-essential expenses, such as subscription services, to free up more money for necessary items. I’m exploring ways to increase my income. Staying positive and focused on my goals is essential to avoid feeling discouraged and to keep pushing forward, even when things are tough.

Customers now buy food items and pay in installments

The current economic crisis and leadership-induced hardship are really taking a toll on me. It has seriously affected my business. Getting products and materials from suppliers has become a challenge due to rising costs, and customer patronage has dropped significantly because there is no money anywhere. People now prioritise food over other purchases, making business very slow.

By the grace of God, I am surviving. To navigate this tough period, I allow customers to buy products and pay in instalments within a set timeframe. This makes it easier for them while ensuring I keep my business running. Some customers even pay in advance, which helps me manage the situation better.

Nigerians now ration food – Uduak George

The economic hardship in the country is affecting not just feeding but also the quality of food people eat. Many can no longer afford balanced meals, and we now manage whatever is available.

Personally, I have cut down on unnecessary expenses, such as frequent hair treatments and buying clothes, bags, or shoes. There is a saying: “When the desirable is not available, the available becomes desirable.” That is the reality we are facing. I also advise children to accept whatever is available at the moment.

Cost of living has been challenging  – Zainab Olufemi

The rising cost of living has been challenging. Essentials like food, transportation, and basic utilities have become more expensive, making it harder to stick to a budget or save. The economic uncertainty also affects long-term planning, especially with fluctuating prices and unstable income streams.

However, I have adopted several strategies to stay afloat. These include prioritising needs over wants, exploring remote and freelance opportunities to diversify my income, cutting down on unnecessary expenses, and leveraging digital tools and online platforms for side hustles.

I also try to stay informed on financial literacy to manage resources better. Networking and staying connected with others who share tips on navigating tough times have also been helpful.

Salary remains the same amid rising costs

The current economic hardship in the country is affecting me in many ways. Transport fares have surged, and I’m required to be at work five days a week, making it more difficult to manage. To make matters worse, my landlady raised the rent without any prior notice. The prices of foodstuffs are skyrocketing daily, along with other essential needs, yet my salary remains unchanged. This is seriously impacting my finances. For me to cope, I have had to work extra hours, take on weekend jobs, and explore virtual opportunities to make ends meet. Without these efforts, I would likely have gone bankrupt by now.

School fees are killing parents milk

This hardship is affecting everyone except the politicians who have access to public wealth. If you are an ordinary Nigerian, you are feeling it. As a tailor, I struggle with the rising cost of living. Schools have increased their fees, yet there is no money to pay. Families that used to eat three square meals now have to cut down and manage whatever they have. There is no room for luxury anymore. A derica measurement of rice that used to sell for N500 is now N1,400. It is not easy anywhere in the country. Despite all these struggles, God is helping me and my family.

Cost of transportation is crazy

I would say that the hardship in the country is seriously affecting my basic income, as things have become very expensive. I spend a lot on transportation. The cost of transportation is crazy and unnecessarily high. I am spending more than expected.

Coping is not easy, but God is helping us. Due to the situation in the country, I had to minimise my expenditures. I have learned to spend less on unnecessary things and manage what I have.

It has adversely impacted my business, earnings – Blessing Olonisakin

The current hardship in the country is affecting me in many ways. The prices of food, transportation, and basic necessities have increased, making it hard to manage daily expenses. It has also adversely impacted my business and earnings, as people have less money to spend.

To cope, I try to cut down on unnecessary expenses and focus on my essential needs. I also look for extra ways to make money, like online work and side businesses. Staying positive and hopeful keeps me going despite the challenges.