Surviving in Nigeria’s current economic climate can seem like an overwhelming challenge, given the country’s persistent economic issues such as inflation, unemployment, and the rising cost of living. However, strategies grounded in self-sufficiency, practical resource management, and adaptability can significantly mitigate the effects of these hardships. As highlighted by Chris Ikosa, Founder/CEO of Comsmedia Limited & CM Properties, one of the most impactful ways to weather these difficult times is for every household or family to engage in farming. This, he asserts, is crucial for eradicating food inflation and hunger in the country. Here’s a deeper look into how Nigerians can navigate the economic storm using this and other strategies.
- Start Farming or Support Local Agriculture
Ikosa’s call for every household to engage in farming is not just a matter of producing food but a sustainable approach to reducing dependency on costly imports and mitigating food inflation. The agricultural sector remains a cornerstone of Nigeria’s economy, yet it has been underutilized in terms of household productivity. Families can start by cultivating small-scale farms, growing staple crops such as cassava, maize, vegetables, or even raising small livestock like poultry or goats. By doing so, families can reduce their dependency on market-bought food, thus lowering their exposure to rising food prices. Even urban dwellers can take advantage of available space by engaging in urban gardening or hydroponic farming.
- Diversify Income Streams
In a time of economic uncertainty, relying on a single source of income is risky. Nigerians should explore diverse income-generating activities, from freelance work to small-scale businesses. The rise of the gig economy, online businesses, and digital services presents opportunities for individuals to leverage their skills and generate additional revenue streams. People can engage in online content creation, freelance writing, graphic design, or consulting, depending on their expertise. This diversification allows households to buffer against job loss or economic instability.
- Cut Down on Unnecessary Expenses
As the cost of living continues to rise, it’s crucial to scrutinize personal and household expenditures. Nigerians must prioritize essential needs over luxury or non-essential items. A more minimalist lifestyle, with careful budgeting and better planning, can go a long way in preserving limited financial resources. Cooking at home, reducing unnecessary travel, and finding affordable alternatives to expensive brands can all help to stretch the household budget.
- Engage in Community Networks
Surviving difficult economic times is easier when people support each other. Forming community networks for bartering goods, sharing resources, or collaborating on business ventures can be a valuable strategy. These networks often provide collective support for households facing similar struggles and can create opportunities for pooling resources, such as cooperative farming or shared transportation.
- Invest in Education and Skill Acquisition
A well-educated populace is better equipped to adapt to changing economic conditions. In hard times, investing in education and skill development can open up new career paths and create better opportunities for sustainable income. Nigeria’s youthful population should take advantage of the many online platforms offering affordable courses in digital skills, entrepreneurship, and technology. Upskilling in areas such as coding, digital marketing, and e-commerce can help individuals secure higher-paying jobs or create their own businesses.
- Save and Invest Wisely
Despite the challenges, it is crucial to establish a savings culture. While savings might seem difficult in times of economic strain, setting aside even a small amount each month can help cushion against emergencies. Nigerians should explore alternative investment opportunities, such as local stocks, real estate, or agricultural ventures, which may provide returns even in tough economic conditions.
Conclusion
Chris Ikosa’s emphasis on farming as a key survival strategy reflects the need for self-reliance in Nigeria’s economic landscape. By combining agricultural activities with diversified income sources, cost-saving practices, community support, education, and prudent financial management, Nigerian households can not only survive but thrive amid these challenging times. Ultimately, resilience and adaptability will be the cornerstone of economic survival in Nigeria.
