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Impact of global economic realities on Nigeria: A time for adjustment

The global economic outlook and some key performance indicators have pointed to a significant downturn. The economies of most nations of the world are performing…

The global economic outlook and some key performance indicators have pointed to a significant downturn. The economies of most nations of the world are performing below expectation. This is due to the collective effect of some recent events that shook the economic landscape.

These events include the dreaded global warming, the horrendous COVID-19 pandemic and the raging Russia-Ukraine war. These events caused a drastic decrease in global energy demand, higher rates of inflation, unemployment and various monetary issues. The impact of these global economic realities on the lives of Nigerians has been very crushing and devastating.

The new Nigerian government of President Bola Ahmed Tinubu has inherited these myriads of economic issues. The government is poised to surmount these challenges and has already taken some measures that may seem to be effective and efficient. These measures include an exchange liberalization policy, the removal of subsidies on premium motor spirit and other hitherto subsidised petroleum products.

However, the federal government needs to focus more attention and resources on putting in place some non-monetary palliatives and measures to ameliorate the pains that the policies might inflict on the masses. As it is expedient also to hasten in providing critical infrastructure that can stimulate economic growth and catalyse the overall national development. These may include the provision of good road network, railway lines, constant power supply and portable drinking water in rural and urban areas alike.

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There is also a strong need to curb the menace of corruption that has become a cankerworm in both private and public services. It is also more expedient to descend on and deal decisively with the issues of insecurity, national unity and economic inclusivity.      While the FGN is taking these measures, Nigerians also need to adjust to the current economic climate, by embracing economic survival strategies, through adapting to economic changes and sound financial planning. They should equally learn to manage personal finances in this economic crisis.

Strategies for adjusting to the current economic realities may include embracing entrepreneurship. This could be achieved by starting a small business or exploring new opportunities. These will create multiple streams and diverse sources of income.

There is also a strong need to cut down on unnecessary expenses by identifying and eliminating unnecessary spending habits. In these trying times Nigerians also need to develop the habit of savings and investment. This could help in building an emergency fund to invest in assets that appreciate over time. They also need to learn new skills that are relevant to contemporary realities or explore new career paths.

To successfully adapt and implement the new adjustment strategies, it is expedient to create a financial plan. Developing a plan will guide how to properly manage their finances daily. This will also enable them to evaluate their progress regularly and review their financial goals so as to make necessary adjustments based on progress made.  They also need to avoid debt traps.

Everybody needs to try to avoid taking on debt unless absolutely necessary. They should also need to keep positive attitudes to life and stay motivated even when things get tough. This will help them keep afloat and wither the storm as the economy stabilizes. As the saying goes “no gain without pain”.

 

Usman Aliyu Elnafaty, DP 21, Fadamar Jaji, Behind Federal Secretariat Complex, Bauchi

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