The Nigerian economy under President Bola Tinubu is so complicated that trying to understand it feels much harder than walking through a corn maze with a blindfold on.
Don’t worry, dear reader, with a bit of humour, some good advice, and practical tips, you’ll be ready to do well (or at least get by) in this wondrous Nigerian economic journey.
The “Jollof Rice” Approach: Master The Art of Budgeting
Just like every grain of rice is key to preparing a very delicious pot of famous jollof, every naira in your wallet is important too.
Put First Things First
Pay attention to essentials such as food, a place to live, and your internet subscription.
Track Your Expenses
Use budgeting apps or, if you are old-fashioned, a classic notebook and pen to track your hard-earned naira.
Cut out the Non-Essentials
Consider missing that wedding of your third cousin. Instead, stay home to “Netflix and chill.” Think of the transport or fuel money you will use to get there and back. Just pray there is no power outage.
Financial guru Arese Ugwu wisely notes, “Budgeting is the foundation of financial freedom. It forces you to confront your reality and take control of your money.”
The “Side Hustle” Symphony aka Diversify Your Economy
In Tinubu’s Nigeria, depending on a single source of income is like sitting tenderly on a chair with only one leg; it’s not very stable.
You may need to consider:
Freelancing
Today’s world is your oyster! Sell your skills in writing, graphic design, or online marketing. Your global customers await.
Small-Scale Farming
Roll up your sleeves and try being a farmer by growing vegetables or keeping chickens in your backyard. It may be “dirty work,” but it’s well worth it.
E-Commerce
Sell things online, such as homemade crafts or products from other countries (but be cautious about customs rules).
Business coach Steve Harris says, “The best way to protect your money is to have different ways to earn it. ” Even little jobs on the side can really help.
As business coach Steve Harris puts it, “The best way to secure your finances is to create multiple streams of income. Even small side hustles can make a big difference.”
Adopt the “Stomach Adjustment Program” (SAP)—A Culinary Adventure
When the going gets tough, the tough get very creative with their meals.
Putting SAP to work involves:
Meal Planning
Create weekly menus using low-cost, locally sourced foods.
Embracing Your Inner Chef
It’s time to find out how fun and sometimes disastrous cooking your meals can be.
Cutting Down on Food Waste
Use your leftovers. Do not throw them away! You can turn them into new meals with a little creativity. This method not only saves you money but also lets you know exactly what’s in your food. Say no to hidden ingredients and nasty tastebud surprises.
Know That The “Knowledge Is Power” Principle is Real—Invest in Financial Literacy
Knowing about money and finances is like having a map when you’re navigating the perils of an unstable economy.
Get ready by:
Taking Classes
Sign up for online courses about budgeting, investing, and financial planning.
Reading Books
Explore stories such as “The Richest Man in Babylon” to learn timeless lessons about money.
Joining Communities
Take part in online groups or forums about money management to share your experiences and advice.
Financial educator Nimi Akinkugbe emphasizes, “Financial education is the single most powerful tool you can use to change your money story.”
“Buy Naija to Grow” Naija—Reduce Dependence on Imported Goods
With exchange rates doing the cha-cha, it’s wise to:
Buy Nigerian: Boost The Nigerian Economy
Buy products made in Nigeria to strengthen the Nigerian economy and lower prices.
Explore Local Options
Find Nigerian replacements for imported things, from clothes to food.
DIY Projects:
Tap into your creativity to make things you usually buy. This strategy not only helps save money but also creates a feeling of togetherness and pride in our country.
The “Fit Fam” Formula: Prioritize Health and Well-being
Bad economies can take a mental and physical toll, but staying healthy doesn’t have to cost a lot.
Stay Active
Engage in physical activities such as running, yoga, or dancing at home.
Eat Healthy Food
Choose nutritious and budget-friendly foods to keep your body healthy.
Stress Management
Try mindfulness exercises, meditate, or just have a good laugh with friends.
Keep in mind that being healthy in both body and mind is very important when navigating this wondrous Tinubu economy.
The “Ubuntu” Approach: Engage in Community Support
No man is an island, especially in tough times. Make your support system stronger by:
Joining Local Communities
Get involved in community organizations to share information and resources.
Bulk Purchases
Team up with your neighbours to buy things together in larger amounts and save money.
Skill Sharing
Trade services with others. For example, you could fix a neighbour’s plumbing and, in exchange, they could help tutor your child. Working together can help us share the load and make us stronger.
The “Voice of the People” Strategy—Advocate for Policy Reforms To Improve The Economy
Individual actions play an important role; however, systemic change is equally important. Get involved by:
Staying Updated
Know what the government is implementing through policies and how it affects your everyday life.
Join Discussions
Attend town hall meetings or events to air out your ideas and concerns.
Ensure Accountability
Get involved with or support groups that encourage honesty and good leadership.
Getting actively involved in community activities can create policies that are more beneficial to citizens.
The “Cautious Gambler” Technique —Invest Wisely
In uncertain times, protecting your assets is critical. Stay away from risky investments that promise exorbitant returns with little risk.
The “Adapt or Become Plantain Chips” Philosophy in Tinubu’s Economy
In Tinubu’s economic adventure park, it’s either you adapt or become plantain chips; crispy, slightly burnt, but still somehow delicious.
Let’s face it, lately, we’ve all become financial ninjas, dodging inflation like bullets and finding joy in the little things, like when PHCN actually gives us light.
So, keep your sense of humour sharper than a suya knife, your budgeting tighter than a Lagos danfo, and remember: even if we’re all just winging it, we’re winging it together.
Last but not least, drink water because dehydration is not a vibe, regardless of the exchange rate.
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