How to Survive Economic Recession in Nigeria

Economic recession is a poor condition of an economy due to its poor governance, Of course, Nigeria is a victim ever since the fall in price of crude oil. This condition may get worse if not properly handled with care and consciousness. Nowadays in Nigeria it is very difficult for a family to eat a complete three square meal, students are been chased home for school fees, banks and companies are sacking their workers because of lack of resources to pay them for their services delivered.

The Nigeria Naira has lost value in the international market, additionally, family responsibilities of caring for aged parents and other dependents related to you can become more and more overwhelming, when you are no longer able to manage their needs within the limit of your income. But do not be worried, because even at this economic recession period of this country, so many people are making cool cash while some too are comfortable with their condition.

How to Survive Economic Recession

In this same hard times, So many health problems and matters begin to emerge pop up both mental and emotional distress would lead to insomnia. Some who are unable to cope with the unexpected turn of events adopt desperate measures, and even tempted to engage in many things just to make money to care good care of themselves and their family.

7 Things you Need to Survive Economic Recession in Nigeria


1} Start Saving Your Money

I think it is better if you have a regular income from investments even though it is small. Do not live a life of no savings or living a life of what Nigerians call “From hand to Mouth”. After making your money, make sure you do the primary things you need to do with the money and save the rest for future purposes.

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2} Avoid Owing Debts

Living a life of debts is like not living a life of your own, this is because you are been chased everyday like a moving train by your creditors. I am sure that you know that owing of debts can cause you sleepless nights.

The worst of all is borrowing a huge amount of money and at the end being unable to pay back. Say no to owing of debts or else you might find yourself in a terrible condition you will regret.

 3} Develop Entrepreneurship Skill

Do you know that with your entrepreneurial skills, you can feed yourself properly and care of other problems that may arise? These skills I am talking about may include additional skills to your main skills obtained from your secular studies {school}.

Upon deciding on which skills to develop, scan through your neighbourhood and discern areas of need that could yield income. The needs could vary from delivering services to trading on items that are not easily accessible within your locality or resident.

4} Be Financial Investment Wise

We all know that money is an immediate necessity in times of economic recession, however, a wise and sustainable financial investments holds one of the keys to successfully manage through the heat of recession. The aim in a good financial investment is to make your money work for you.

Do you know that Learning from those who have attained success in this area can provide insight on what you require? This is because fraudsters and scammers are on the increase to make gains from other people’s losses, be analyses, be cautious and carefully examine any investment opportunities that you prefer joining.

5} Learn the art of negotiating with your customers

Do you know that for you to be a successful shopper in Nigeria while coping with recession you must learn the art of negotiation? This is because it usually involves reaching an agreement on a favorable price of an item between the buyer and seller of the product.

Therefore, there are few things you must know in negotiating business with your customers. Additionally, you must know the value of the items you intend to buy. Some sellers would charge exorbitantly for second-hand items as though they were unused items. You need to be smart and observant. To ease your negotiation skills, you must also know when to buy items in the market.

6} Minimise your Excesses

With this present economy recession in Nigeria, make sure that you do not in any in any habit that enhances or encourages unnecessary spending of money.

In this period stay or reduce indulging in habits like regular eating, buying irrelevant things, buying newly launched gadgets like phones and laptops whenever they are out, spending much money on alcohol, drugs, and smoking. Minimizing the way you spend your money will be of a very good help to you can your future.

7} Start having the principle of Goodwill and Kindness

Do not make the stress of Nigeria economic hardship recession weigh you down in doing what you are supposed to do. Even in the state of hardship still portray goodwill and kindness toward people. This is very important because they represent your integrity and ethics with which you deal with people and handle your business. Be wise, and know that people are more likely to treat you the way you treat them.

The principle of goodwill and kindness should apply to both your personal and business lives. These positive qualities will help you promote and maintain a positive outlook, good health, build good report and research with people, attract investors to your business, sustain your business, open-up opportunities, keep you from depression and so many other good things you can ever think of. It will also guide you from feeling resentment over other people’s success, opportunities, possessions and so on.


I really hope this article has thought you so many things, including how to stand out from the economy recession complaints. In the long run, you may discover other ways in additional to the various ways discussed. Nevertheless, be self-determined, consistent, optimistic and apply practical wisdom then you will never complain of the economy situation today.

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