Top 5 ways the current economic crisis is affecting the everyday life of Nigerians
It
is no secret that the Nigerian economy is in crisis. In the last six
months, the official Nigerian currency, Naira, has fallen by almost 50%
and there has been an increasing change in the price of goods and
services. With pay increases lagging behind and the
inflation soaring,
the wallet of most Nigerians continue to take a beating as the cost of
living increases in just about every aspect of daily life.
Jumia Travel, Africa’s No.1 online hotel booking portal, lists the top 5 ways the crisis is affecting the everyday life of Nigerians.
Decreased job opportunities
From
prospective civil servants to bricklayers just looking for an hour’s
pay, citizens in the country are now faced with extreme difficulty in securing job opportunities as
most employers can no longer afford to pay as much as they used and are
instead laying off staff to ensure they maintain operations. Even
marketers and sellers can no longer make as much sales as they used to
and most have closed shop, as consumers now tend to buy less, switch to
less-expensive substitutes or drive farther to find bargains.
Increase in cost of living
The
recent times have witnessed significant increase in food, fuel and
utility costs. This means that less money remains once these necessities
are paid for, leaving little for savings or discretionary spending.
While the effect of this hike in cost of living has affected almost all
citizens in their daily life, the rising prices have hit the lower and
middle classes especially hard. It is quite difficult to keep up with
the rising cost of living when your paycheck is not growing at a similar
rate.
Higher security risks
There
are increased incidents of theft and kidnapping for ransom around the
nation. It is getting hard to earn an honest living and some who feel
like they have no other choice give in to different vices and extort
money from others either by conning them, or forcefully taking it from
them. The people, both rich and poor, are therefore more prone to
security risks; and the culprits when caught, face the prospect of jail
term.
Reduced access to credit and trade financing
The economic crisis in Nigeria is friendly
to debtor’s but of huge disadvantage to creditors as thanks to the
continued inflation, amount borrowed will eventually deteriorate in
value so that the debtor pays back less money and the creditor receives
less money. This has been harder for financial institutions, including
banks to give out loans in recent times to prospective entrepreneurs and
traders and as such, most are finding it hard to keep their businesses
afloat or grow them any further than it already is.
Depression
The
economic crisis has ensured the life of the average Nigerian is
becoming more difficult by the day. A majority of Nigerians are
suffering from depression and as such, are now finding it hard to go on
with their daily lives. In a bid to make ends meet many stay on the
hustle and are forced to manage all kinds of stress, from physical to
emotional. This has led to an increase in death rate and a decrease in
fertility rate in the country.
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