Economic recession” as we know it has been christened in Nigeria and is becoming more popular than the famous people in the history of Nigerian politics. Nigeria suffered its first economic recession over 26 years ago, so we can safely say this is the second economic recession in Nigeria since its independence.

Recession means the significant decline in the economy for two quarters or at least six months. It means two equal negative growth in two quarters. Most times when this happens, there is usually a drop in the Gross Domestic Product(GDP), manufacturing, income, employment and retail sales. Nigeria’s major source of income comes from crude oil production, since the drop in the oil prices the income has not been flowing as it should be. Hence, this translates to higher exchange rates of foreign currency.

Most of us are not shocked with the current economic situation in Nigeria as Olisa Agbakoba SAN sometime in March 2016 advised the Federal Government on how to save Nigeria from sliding into economic recession. I guess he saw it coming.

I was inspired to do a write up on this bleak situation called ‘economic recession’  its effects on households in Nigeria after a TV recording  I partook in of that exact topic for the Voice Of Eve TV program.

Economic recession in Nigeria
‘Learn new skills and engaged in small scale business such as selling food items, farming to cushion the effect of the economic recession on households.’ Special guest.

 

How does economic recession affect Nigerian households? At least the Nation can take care of itself, but who will take care of the populace? Those people out there who have lost their jobs as a result of the recession? The bankers have more insight to this situation, there seems to be the worst hit. What of those whose businesses have collapsed as a result of the economy? Business men and women can give us an insight on how economic recession has wrecked their business. But, let’s see take a look at how the recession directly affects women and the households.

1.Income: The drop in income maybe nothing and of no effect as long as the prices of food items and other necessities are static. But that has not been the case, there is also the problem of inflation so the price of food items and living expenses are on the rise.  Whilst the money is not enough to take care of all expenses. The ever-increasing rise in the price of rice, millet, garri, frozen turkey and even chicken has been a cause for constant worry in this hard economic times in households. Although garri is produced locally, the cost is on the rise to enable manufacturers of garri meet up with the ever-increasing cost of living. Households are unable to afford 3 square meals and/or balanced diet. Carbohydrates seems to be favoured more than any other meal due to its filling capacity. A strain is then put on the income of the household. In cases, where the salary of the breadwinner is unpaid, the effect of the economic recession is felt more.

2. Unemployment: As the rate of employment is on the decrease, this also affects households as the dependents on the meagre source of income increases. An emotional strain is created in the family with this new trend. Tempers are quick to rise and patience are a thing of the past. Where the man is out of a job and the woman has to take the mantle of providing for the home and caring for everyone the atmosphere in the home becomes tense.

3.Manufacturing: We are known as a Nation of consumers. Need I write more? The cost of goods are on the rise because the cost of a naira to a dollar is on the rise. Cost of purchase and importation influences the foreign goods we bring into the country and for the traders to continue in business they must increase their goods to the ever fluctuating value of the naira. What about the importation of raw materials to manufacture goods in Nigeria? The same principle applies, the price of a dollar to the naira affects it all.

Discussion on how economic recession affects households
‘Women are no longer quarrelling with their husbands’ Discussants on effect of economic recession on households.

The story is bleak and discouraging but what is the way forward? What can households do to survive these hard times?

Grieve not, here are solutions for us, while it is not a 100% solution, it gives us an idea of how to cope with the effects of the recession on our households:

a. Meals: We can all cut down our meals to twice daily as against three times daily and if affording two square meals is still tough, why not try one and half square meal. Perharps a heavy brunch and a light dinner. Be innovative with the food, for the sake of balanced diet and variety. Now is not the time to cook very quick meals, spend time making moi-moi or akara. It is cheap and easy to make.

b. School Fees: Put kids in qualitative yet less expensive schools

Peace: Avoid adding to the tension in the household by arguing and fighting, everyone is already stressed as it is.

Small scale business: Look for a lucrative small business, venture into food business as everyone consumes. No matter how bad, people must eat. Or low cost transport business or selling food items or farming.

c. Acquire skills: Acquire new skills and trainings in different sectors of the industry. Handiwork is very useful at this time. Now is not the time to discriminate handiwork or feel too big for such jobs. Everybody needs it. It will help you earn money.

d. Cost Of Living: It is not business as usual, reduce your cost of living to the minimum.

One word to all Nigerians ‘Have a positive attitude.’

Cheers!

 

If you love this write up and would like to know more about explosive topics like this and practical solutions watch Voice of Eve on LTV or DSTV channel 256 every Monday by 7pm. Make it a date.

By floramichaels

Hi, I am Flora Ngo-Martins. I love writing and I am passionate about fashion, stories, news and food. Sometimes I get a little bit serious but that's alright, I can also be mischievous. I also like to analyse stuffs people do and sometimes judge.*wink* Most of all, I love to influence the lives of people positively and tell people's stories from a totally different perspective. Feel free to contact me if you have any suggestions or....

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