5 Things dwindling economy has deprived Nigerians

The economic environment of the country has been deteriorating for the past few years which has left millions of Nigerians impoverished.

The inauguration of President Bola Ahmed Tinubu, which was held on the 29th of May, 2023 was supposed to be a day filled with happiness and hope for a better Nigeria instead, it ended with fuel queues and panic in the country. 

Barely two months into the new administration, the number of Nigerians living below the national poverty line has increased. Nigerians are being faced with a high rise in transportation costs and constant increases in food prices, among others, leaving individuals and families struggling to cope with the provision of basic needs. Many citizens are being impoverished of what they used to comfortably enjoy.

Daily Trust highlights some of the things Nigerians have been deprived of in the past few months: 

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1). Bulk buying and variety of food shopping:

The inflation rate in the country soared to a seven-year high in June due to the scrapping of fuel subsidy and the weakening of the Naira. 

Our reporters also spoke to a number of individuals who expressed their grievances, some of whom said they were just eating to survive. Another man said he and his family could not eat meat or fish except on rare occasions. 

Many Nigerians only buy what they can afford at intervals and are finding it hard to buy food stuff in bulk due to the fact that they do not have enough income to meet up. 

2). Buying Nigerian-used vehicles instead of  brand new or ‘Tokunbo’ cars:

During the past month, the current weakening of the Naira and increase in Customs duties have brought about an upsurge in the cost of foreign-used cars, which are popularly known as ‘Tokunbo’  

Nigerians have fallen back to the purchase of locally-used vehicles. 

Unlike the ‘Tokunbo’ vehicles which are imported with secondhand value, the Nigerian vehicles are already used in Nigeria for a period of time. 

Nigerian used cars were not popularly bought due to distrust from buyers in the efficiency and handling of the vehicle prior to the time of sale, but it is being considered widely as a better option for many due to the bad state of the economy. 

3). Irregular gatherings and hangouts: 

Hangouts are very important to Nigerians, irrespective of their frequency. Most people like to go for dinners, adventure games like visiting parks and drinking while gisting and catching up with friends. This has become a struggle for many considering how everyone has to balance their income with the state of the economy. Unlike the usual ‘lavish’ spending, you would find out that a group of friends just go out and eat one or two things and gist till they depart to their homes. 

Speaking with a revellers simply identified as Mr David he said, “Most people can no longer move around like before, there is no more unnecessary ‘yawo’ because of the increase in transport cost. We are now forced to only make important movements like work and all that. Compared to the times when friends and loved ones could meet up and hang out on a weekly basis and some even as regular as two to three days, everyone has to cut off unwanted spending to cope with this reality.”

4). Reduced workflow for business owners

The growing inflation has also created a massive hardship for business owners. 

For instance, Chinyere Ajah, a fashion designer said, “My business is located in Kurudu area and I live in Wuse, Abuja. I cannot afford to come to my shop every day because of the increase in fuel price. Unlike before when I came every day except on Sundays, now I have to come only 3 times a week and it has drastically reduced the productivity of my business. 

“At this rate, more businesses would crumble because everything is getting harder by the day, how much money would you keep adding to your products and services constantly and it is expensive for the customers too”.

5). Smaller social events:

We all know that Nigerians are the life of the party and they do everything to make sure that they have the most fun at every event.  Unfortunately, this has been limited by the current situation of the country. 

Couples are forced to plan weddings that would not leave them reeling in debts after marriage. Many couples are going for memorable smaller weddings than bigger ones. You would find that they have a stipulated and strict guest list and some go as far as using their houses or relations houses/compounds to do the reception. 

Likewise, birthday celebrations, graduation parties and the like have drastically reduced with most people doing just photo shoots or celebrating with very few clothes friends at a minimal cost. 

Although some people are of the notion that the fuel subsidy removal and the floating of the exchange rate is a big step in the right direction for the economy, others say that the absence of palliatives and the low minimum wage will further reduce the standard of living of the citizens.