In recent times, we have witnessed a significant rise in the prices of essential commodities in Nigeria. Inflation is ~27% and the cost of living is at an all-time high. However, amid soaring food prices and the grip of financial hardship, there are individuals who are thriving. For us, their success stands out as a beacon of hope and inspiration. What sets these people apart? What financial strategies are they employing to navigate these troubled waters? We asked a couple of them, and they shared how they have managed to stay afloat despite the prevailing economic sinkhole.
One common thread among those who thrive in challenging economic times is their commitment to financial literacy. Tunde says, “Understanding how money works, learning about investments, and budgeting wisely are essential skills I am glad I garnered during the lockdown. They have come in handy again in these times.” Many successful individuals have invested time and effort in educating themselves about financial matters, enabling them to make informed decisions about their money.
In the face of rising unemployment rates, entrepreneurship has become a lifeline for a lot of people. Rukkayat shared, “I successfully started my side hustle while I was working my 9-5 about 3 years ago. It helped me diversify my income streams and it has better positioned me to weather the economic storms of today.” By identifying viable business opportunities and leveraging your skills, you too can become an entrepreneur, and create a stable source of income, to enable you to withstand economic hardships.
Thriving individuals often prioritize saving and investing. They understand the importance of setting aside a portion of their income for emergencies and future investments. Obi said, “I sought the advice of a financial advisor. I also stayed updated with trends and industry news. This helped me make informed investment choices, pertaining to real estate, stocks, and mutual funds. And helped create opportunities for my money to grow over time.” These investments act as a financial cushion during tough economic periods and provide a sense of security and stability.
Those who are ‘making it’ in Nigeria have shown remarkable adaptability and innovation in their approach to work and business. According to Oghogho, “I have learnt to embrace change quickly. I always adjust my skills and strategies to align with market demands. So, I stay updated with industry trends and consumer preferences. And as an entrepreneur, I tailor my products and services to meet evolving needs.” This proven strategy ensures the sustainability of businesses even in challenging times.
Community support and collaboration have proven to be invaluable assets during difficult economic times. Tega shared, “I attended a workshop sometime last year and met interesting people with similar values and interests as me. I engaged with them, and we forged mutually beneficial relationships. So far, these connections have not just provided emotional support but also shared resources, and collaborative opportunities with me.” Creating a network of resilience can help you navigate economic challenges more effectively.
While the ‘casting down’ phenomenon continues to cast a shadow over Nigeria’s economy, there is hope on the horizon. The stories of those who have managed to thrive amidst adversity serve as a testament to the power of financial literacy, entrepreneurship, investments, adaptability, and collaboration. By embracing these principles, you can build a secure financial future and transform challenges into opportunities. Nigeria as a nation currently faces economic uncertainties. You don’t have to face them too.