Business
6 •
The Lion King
• October - December 2016
Coping with RECESSION
– SURVIVAL NUGGETS
By Olawale Hamed
T
he year 2016 is one year many wish to forget at least from an economic
standpoint. Looking at key economic indicators, inflation hit a 94-month
high at 18.3% to reflect the astronomic increase in basic goods we con-
sume. Price of rice, one of the most consumed staple foods in Nigeria rose
by 120%. Pump price of petrol also rose by 68% from 2015 year-end prices.
These commodities are some of the highest consumed in Nigeria and there-
fore directly impact every working class citizen’s bottom-line. Meanwhile,
salaries have remained at the same levels or reduced in some cases.
However, life must go on inspite of the astronomic rise in the price of essentials
and other necessities. As they say, tough times don’t last, tough people do. So
what are those little things we can do or adjust and enjoy life despite the harsh
economic realities? Here are a few survival nuggets to help you get through 2017:
Buy locally made
items:
There are many
beautiful locally made fab-
rics, jewelry and other consumables
out there on shopping racks waiting
to be picked up at fairly affordable
prices. Instead of our usual interna-
tional designer-labels, why not pick
affordable home-made products.
Guaranteed, you will love them and
you would have saved yourself some
valuable cash in the process.
Make a shopping
list:
Making
a
shopping
list
has
numerous advantages.
First, it helps ensure you do
not forget anything you need to buy.
Also, it keeps you focused. If you go
shopping without a list, you can end
up buying so many things you do not
need, many things you simply want
but only a few things you actually
do need. This can be wasteful and
detrimental to your financial stability.
Eat what you cook:
With eateries and res-
taurants adjusting their
pricing “in line with economic
realities”, it becomes wise to sweat
our kitchens more. Try to visit your
local market and buy those live tur-
keys, chickens or goats. Get them
processed and take the meat home
to make wonderful dishes for your
family and friends instead of visiting
5-star hotel buffet halls. Go for picnics
and enjoy the bright sunshine and the
warmth of nature instead of burning
your expensive petrol indoors in front
of a TV set with air conditioners on at
full blast.
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