Latest economic figures released recently by the National Bureau of Statistics (NBS) inform that Nigeria is currently in recession. This is going by the fact that the Gross Domestic Product (GDP) for the second quarter of 2016 slid from -0.36 per cent in the first quarter to -2.06 per cent in the second quarter.
Since the troubling proclamation was made, many Nigerians have sad tales to tell. Jobs have been lost, contract opportunities had waned while free flow of cash is ceasing by the day.
For the first time in Nigeria, Industrial Unions are bargaining with their employers to reduce their take home pay as an alternative to reduction in the work force capacity.
This is not to mention the fact that more people are become jobless because many vocations are being overtaken by technological advancement.
In the same vein, prices of items in the market are skyrocketing on a daily basis. While job opportunities are reducing notwithstanding the ever increasing universities graduates.
In a time like this there is the need for a CHANGE of attitudes and styles to avert being swept away by sudden economic downturn.
Below are 18 suggested changes every Nigerian needs to adopt to survive the current tough times:
1. If you are an applicant take the next available offered job even if it is below your dream job.
2. Buy only items that are considered as necessities. Postpone all luxurious articles till later dates.
3. Forget about living a life to satisfy others expectation at the expense of your purse, income or convenience.
4. Avert taking unnecessary risk in your place of work or business that has the possibility of making you loose your job or major client.
5. Be committed to your profession, job or business more than ever before.
6. Re-evaluate your recurrent expenditure pattern like children school fees and effect necessary changes if found beyond your income line.
7. If you are blessed with many cars try and use those with less fuel consumption capacity. You may have to combine outings instead of members of the family taking different cars out for outings.
8. Except you can afford it, resist all ‘aso ebi’ or clothes made mandatory by a person inviting you to a ceremony.
9. Avert social functions that will tell terribly on your finances in terms of distance. Why not just send an ‘envelope’ to the organizer instead.
10. Let those asking you for money know that things are no longer the same: Stop pretending at your expense. Stop suffering in silence. When the chips are down you will be alone.
11. Notwithstanding any promise to the contrary, avoid lending money to anyone an amount which if you don’t receive on time will hurt your financial stability. Many loans to friends or family members are most likely to be irrecoverable during this tough time.
12. If you are a tenant living in a rented luxurious apartment with many rooms left unutilized, it is high time you get a smaller accommodation.
13. Where the house is yours and most of your children are adult leaving you and your spouse in a big apartment with less than half of the house being utilized, quickly consider modifying the house into smaller units with the possibility of earning rental income.
14. Plan only on funds at hand, avoid permutations based on promise made by others. In a time like this, many promises will be broken.
15. Where it is possible talk things over on phone with people rather than putting your car on the road for physical meeting. In addition avoid endless fruitless banters on phone. Be conscious of the call card cost and data usage.
16. Shut all lights that are not required in your house to minimize the energy bills.
17. Do more physical exercise to minimize constant requirement of drugs. Learn to trek short distances, it help to improve your health and relieve you of avoidable small expenses.
18. If the regular food in your house is becoming dearer look for alternative. For instance yam is a substitute for bread in the morning.
