When the economy of a country goes south, like we currently have in Nigeria, everything becomes a struggle—prices rise, jobs become scarce, and uncertainty looms. Surviving in such an economy requires a mix of financial discipline, creativity, and resilience. But beyond personal survival, it’s also about demanding accountability from those in power. Here’s how to navigate tough economic times while pushing for change.
1. Cut Unnecessary Expenses
When every naira counts, luxury spending has to go. Reduce eating out, limit subscriptions, and buy only essentials. Cooking at home, bulk shopping, and using public transport can make a big difference. It’s not suffering; it’s financial wisdom.
2. Diversify Your Income
Relying on one source of income in a failing economy is risky. Consider side hustles like freelancing, reselling goods, remote jobs, or small-scale farming. In Nigeria, many people have turned to online businesses, thrift reselling (okrika), and POS businesses to make ends meet. The key is to find something that works for you.
3. Save and Invest Wisely
Even in hard times, saving is essential. Focus on stable investments like land, gold, and digital assets that hold long-term value. Be wary of get-rich-quick schemes—they usually collapse when the economy worsens.
4. Speak Out Against Government Failures
Survival isn’t just about managing your finances; it’s also about demanding better policies. Bad governance, corruption, and economic mismanagement often cause financial struggles. Use your voice—online and offline—to call out incompetence, demand accountability, and support leaders who prioritize the people’s welfare.
Economic hardship isn’t always just “global issues”; many times, it’s the result of bad leadership. If we remain silent, things will only get worse. Whether through social media activism, peaceful protests, or community discussions, speaking up is part of securing a better future.
5. Reduce Debt and Avoid New Ones
Loans can be a trap in a weak economy, especially those with high interest. Pay off existing debts as soon as possible and avoid borrowing unless it’s to invest in something that generates income.
6. Build a Strong Network
A good network can provide opportunities, support, and useful information. Connect with like-minded individuals, attend networking events, and stay in touch with people who can help you navigate the tough times.
Final Thoughts
Surviving a bad economy isn’t just about adapting—it’s also about pushing for change. Financial discipline will help you get through, but holding leaders accountable will ensure things improve in the long run. The economy affects everyone, so speak up, act wisely, and prepare for whatever comes next.
