If there’s one thing that should no longer surprise Nigerians, it’s the speed at which the price of things can keep rising. It seems like for every dawn that rises, our purchasing power falls. So we decided to hear from some Nigerians about the different ways the inflation rate has affected them
Here are some of the responses we received:
“I have to be reasonable about the things I spend money on now” — Barry
In my daily life, inflation has not really affected me much. I still buy the things I used to, but I now try to be careful about how long I keep my generator running.
Since my salary is not increasing as fast as the bills, I’ve decided not to increase the amount I send home as well. Once a year, I try to review and add ₦5k or ₦10k to the amount I send home every month, but for the past year, I haven’t.
I would have also bought FIFA 23 by now, but I told myself that even though I can afford it, I can also wait a while. I have to be reasonable about the things I spend money on now.
“I’ve learnt to delay gratification” — George
With the new reality of a harsh economy, I have had to adjust my lifestyle to stay alive because no one knows when the incessant price hikes will end.
First, I’ve learnt to delay gratification — that I can’t get it now doesn’t mean I can’t get it in the future. I went back to my Economics notebook in school to read more on the Scale of Preference, now I only ‘do’ priorities.
With the high fuel price resulting in a hike in transportation prices, I now favour online meetings (Zoom or Google Meet) over paying so much to sit in Lagos traffic under the hot sun.
I also plan for tomorrow; I spend little today to reserve some for tomorrow. I try my best to avoid waste, so my food hardly goes bad. I’ve also switched from costly brands to cheaper ones with good quality.
“It’s just painful that with the way things are expensive, employers are not increasing salaries” — Chidinma
I don’t know whether to say I even have a lifestyle like that, especially as I still live with my family. It’s just painful that with the way things are expensive, employers are not increasing salaries.
But one thing I know I’ve changed is the way I eat. I now minimise my eating. I don’t know how people spend o. I spent ₦800 today and I wish I had spent less. But hunger will always win. Even the ₦800 did not cover two square meals, only one and a half.
“I’ve reduced my skincare budget to almost nothing” — Abigail
There are a few changes I’ve noticed. For instance, I’ve started buying half crates of eggs instead of full when I’m stocking up. I buy half a carton of Indomie as well, instead of the full thing.
I also eat heavily in the mornings so that I can go the entire day without eating. Then I can have a light dinner at night. I’ve even reduced my skincare budget to almost nothing. As for the fuel price hike, my generator only stays on long enough for my phone and laptop to charge. Once that’s done, I turn it off.
“My salary has risen to 2 million, but I’m not feeling it” — Tobi
This year, my salary has risen from ₦500k to ₦2 million, and while I feel very blessed, sometimes inflation makes it feel like it’s still at ₦500k. I have had to send a lot more money home because of how expensive things have gotten; I’m my family’s main source of income, so I have to account for inflation.
My rent also went up by ₦1 million without any warning (thank God for savings), and the price of power has more than doubled in my estate. Honestly, I’m just tired of this country. It feels like I’m being held back by the poor choices of the people in power. I never thought I’d ever japa, but I’m seriously considering it now. Things are getting harder and harder.