News, People, What's Trending

Nigerians reveal lessons learnt in recession

Most times we learn the hard way. The economic downturn the country is experiencing shocked a lot of people. Most were not prepared to face harsh and tough times but we all learnt our lessons.
ENCOMIUM Weekly spoke with people on lesson learnt during recession.

I learnt to be creative in the act of food making as things are so expensive that we couldn’t afford some items . We had to make do with whatever we have. I have learnt to cut my coat according to my cloth, there is no more room for excesses in Nigeria. We are all trying to endure till things gets better.

To be strong in the face of challenges. It is only the strong that are standing now in Nigeria, some relocated and some even committed suicide. I also learn to put more efforts in whatever I do, recession made me realise that there is no shoulder anywhere to fall on except only God, and He will not come down in shirt and trousers but He would bless whatever you do.

I learnt the hard way. I didn’t have a good saving culture before now, l learnt not to eat with all my fingers during recession. It was so tough but so far we are surviving it. I also learnt that I am a strong lady, for me to survive in the last one year, it means I am strong. A lot of people broke down, I have never seen so much hardship in my life, yes we are here and we are still standing.

I learnt to be closer to God because a lot of people disappointed me. There was nowhere to run for assistance, I had to hold unto God. I also learnt to be prudent with spending, even the priorities had to be prioritized. It was indeed tough, I don’t quite agree that recession is over as some people say. Things are still very tough.

The normal lesson learnt is that no condition is permanent, people should learn to save for the future. A lot of people realized that when recession started.

I have learnt to cut my coat far below my cloth and ignore most frivolous things and face the essential. There should be moderation in everything you do.

Recession made me closer to God, I had to rely more on him for provisions because everything else failed and things were just too tough. I also learnt to be prudent in spending, there was nothing to save because the little I have has to go for most important things.

I learn to adjust my lifestyle and cut down on spending significantly. I also learnt to complement my main source of income with supplementary income streams. The most important is wise spending and creativity and maximizing our earnings.

I learn not to eat with all my fingers, it is better to save and plan for the rainy days. I also learnt to diversity as an individual, you don’t put all your eggs in one basket, it is better to have more than one thing fetching you money. Nigeria, it is time to diversify.

Managing all you have, not just money, food even true friends. One may not know when you will be in need. Recession was also an eye opener for me, one had no choice than to manage all you have.

I was closer to God and I trusted him more because I was pushed to the wall. I learnt to pray more, I had to work harder and had to forcefully learn a skill to complement what I had. I also learnt how to be contended in a hard way.

Recession has taught me to be closer to God. I had to pray more, go to church more because all other sources failed. I also learnt that lack of money can help people shed unnecessary weight. I lost weight which I have been struggling to shed for quite a while now. I have also learnt to manage with little or nothing, coping in the face of challenges.

I have learnt how to save. Before recession, I didn’t have any savings, that is why I didn’t find it funny during recession, now I have started building my account gradually. I have learnt to be contended and hardworking.

I have learnt how to manage on a low budget, I have learnt to eat less and spend less as well and also to avoid food wastage.

I am a businessman, I have been in business for over 20 years. I have never faced this kind of economic situation. We need to tell ourselves the truth, nothing has really changed. So, I don’t agree with the CBN governor that we are moving out of recession. The only thing that has happened is that the exchange rate is stable, but that has not really affected the poor positively. Even prices of commodities have not come down. The man is just talking from his end, not feeling the heat as we’re doing. The only thing is that if the exchange rate is worked on a bit, things will stabilize. Then, by next year, we will be talking of moving out of recession.

It’s too early to be saying that. We have not even moved an inch out of recession. People at the grassroots are the ones to tell the story, not those at the centre. The first thing to note is change in the prices of essential commodities, and that hasn’t happened. So, how are we now moving forward? Emefiele’s statement is reckless. This is not an academic thing, it’s a street matter. Although, with the policies of the present government, especially the anti corruption crusade, I believe Nigeria has a future.

I believe we’re moving forward gradually. Nigeria will get out of recession in the next eight or nine months if the exchange rate remains stable. And gradually we’re beginning to move out of dollar oriented businesses. With that, dollar will surely be going down.
And so far that is achieved, Nigeria is out of recession. So, there is hope. The governor may not be wrong in his assessment outrightly.


Related Stories:



About the Author