A Nigerian Christmas is a Piggyvest editorial series that explores how Nigerians are preparing for and celebrating Christmas in 2024 despite economic challenges.
Christmas used to be the homecoming season for 47-year-old businessman Obinna*. In an interview with Piggyvest, he fondly recalled how his extended family members would troop to the village in high spirits to paint the town all the colours of the yuletide.
“I’m an Oguta man, and growing up, my father would take us home every Christmas. I loved it. And I fondly held on to those memories and promised myself that I would make it a tradition for my own family,” he said.
Obinna kept this promise. He ensured his family returned home for Christmas every year since he married. This year, however, the fourteen-year streak will have to be broken as it is the first time his family will spend the Christmas holiday in Lagos. With school fees for his four kids looming in January, spending Christmas in Lagos is a more practical financial choice—far cheaper than making the trip back home.
“I can’t afford it anymore” Obinna lamented. “The money that will leave my body this year will be nothing less than ₦3 million. We have to manage our expenses now. Everything is just too expensive.”
Obinna isn’t the only one.
His situation reflects the dispiriting reality for many Nigerians as the holidays approach. Financial anxieties have stolen the joy and nostalgia of the holidays, and finding ways to keep our spirits high despite low purchasing power has become our foremost priority this season.
Festivities on a shoestring
Christmas: the most wonderful time of the year is here again. Christmas in Nigeria is more than just a holiday — it’s a cherished cultural tradition that symbolises family, love, and celebration. It’s a time when cities empty as people journey back to their hometowns for long-awaited reunions. Streets come alive with festive decorations, and children eagerly await visits from “Father Christmas.” For many, it’s the highlight of the year—a season of joy, generosity, and shared experiences that momentarily ease the year’s hustles.
Anita Jo-Okereke, serial entrepreneur and founder of The Christmas Elves, told Piggyvest that people are more willing to part with more money in December. “People are [often] more open to spending money at the end of the year,” she explained. Owning a Christmas business gives Anita a front-row-seat view into the spending habits of Lagosians during the festive season. “I’m unsure if it stems from a place of gratitude or the season’s celebratory spirit. An average [Christmas] tree I install is about ₦1.5million to ₦1.7million. ”
This year, however, feels like just another chapter in an economically grim year. With inflation currently at record highs, it has become increasingly difficult to find ways to spark joy, especially during important holidays like Christmas.
Due to the diminishing disposable incomes of most Nigerians, once-palpable festive joy has been eclipsed by financial concerns. Adenike, a 49-year-old housekeeper, expressed how recent Christmases have filled her with anxiety. With the sustained erosion of her purchasing power, the single mom of two has silently agreed with her children that Christmas is just another day and nothing worth breaking the bank to celebrate.
To cope with rising costs, Nigerians are forced to forfeit traditional Christmas customs and lavish celebrations to focus on surviving.
“My ₦25,000 salary is not enough for that,” Adenike stated. “My ajo is ₦5,000 every month, but that ₦60,000 can’t buy a big bag of rice and chicken so that they will share half bag [of rice], with tin tomatoes and oil, and we have to manage it for the whole year.” Besides two teenagers, Adenike also has her ailing mother to care for. It’s no surprise that she’s constantly in survival mode. “I am still looking for more cleaning work so that I can earn more money. Christmas is not my priority.”
Damilola Arogundade, the Head of Treasury at Piggyvest, said that inflation has made it more expensive to buy things. “From rice to transport fare, everything costs more this year. What used to cover a full Christmas feast now barely gets you halfway. Inflation is like the anti-Claus. It only comes bearing gifts of higher debit alerts.”
For some younger millennials who couldn’t wait to grow up and hop on the Detty December wagon before the 30+ responsibilities and backaches set in, it’s been shocking to watch their financial capabilities decline in real time despite the need to wind down after a long and wearying economic year.
“My best Christmas as an adult was in 2022.” Zara*, a fashion designer, said as she reminisced about her days as a newly engaged woman, attending multiple December concerts with her fiance, now husband. “Things weren’t that bad; there used to be a time when fuel wasn’t ₦1,100.”
Zara and her partner had the dettiest December in 2022, attending concerts, house and beach parties, and buying gifts for family and friends. “Our budget was around ₦500k, and it was enough for everything,” she said.
But the results of her whirlwind December showed up in February in the form of a positive pregnancy test. “We had to rush the wedding, prepare our house, and buy baby things — all before September.” Since then, it’s been one expense or another for them, and Christmas in 2023 with a three-month-old was a blur of diaper changes, bottles and sleepless nights.
To make the most of the season, Nigerians are finding more creative and budget-friendly ways to kindle Christmas cheer and evoke the essence of Christmas while keeping costs low. “This December, I’m celebrating o!” Zara added. “I bought us a Christmas tree and clothes for my baby, but I kept my expenses under ₦100k. We don’t plan to spend more than ₦150k this year, and luckily, my husband gets rice and other food items from work. So we can just focus on making good meals, visiting family members, and attending a couple of affordable outings with my husband and son.”
Stylist and Creative Director Ashley Okoli believes one way to do this is by prioritising the things that matter most and discarding the others. “I don’t have the fear of missing out; I have the joy of missing out,” Ashley explained. “If I’m not gaining something out of it, like a networking event, then I don’t care to be there.”
Writer and student Jeffery Jude agrees with Ashley. Unlike last year, he’s spending his Christmas holidays in Uyo. Last year, he had a swell time spending last year’s Christmas in Lagos. “I was out with my friends a lot, attended concerts, went for raves, live shows, exhibitions, and a host of other activities. Everything, including my flight, cost about ₦600k to ₦700k.” But this year, he has decided on a stricter budget. The cost of getting a new apartment this year, saving up for his next rent and a new laptop, and the worsening state of the economy informed his decision to remain in Uyo.
Jeffery has trimmed his Christmas budget to ₦200k this year, as replicating last December’s fun might cost double last year’s expenses. “It doesn’t make sense, considering I’m not earning much more. I also have exams in January, so I’ve used my absence from Lagos as an opportunity to study.” He told Piggyvest. To ensure he doesn’t exceed this budget, he will cook for himself more, say no to last-minute events, use public transport, and split ride-hailing services with friends. “I bought everything I’ll need earlier so I don’t get caught up in the Christmas price hikes.”
For Christmas aficionado and business owner Anita Jo-Okereke, staying home is the easiest way to enjoy a budget-friendly Christmas. “Outside is very expensive, so every Christmas, I make my house more comfortable than the last.” Anita loves to host friends and family, so making her home a Christmas haven with an endless supply of Christmas music, movies, good wine, and even better company helps her prioritise experiences and save money.
Anita recommends simple strategies like buying in bulk and stocking up on non-perishables, which can be preserved as useful hacks for Nigerians looking to enjoy a merry Christmas while saving money. “There is a chance that people will try to capitalise on the high demand and scarcity during the Christmas season to hike prices. So buying in bulk and ahead of time has helped me cut costs on a business and personal level.”
According to Anita, another great money-saving trick is making your home Christmassy. “Cheap lights around your TV and a small tree can make the difference and make you want to spend time at home. I once lived with an uncle who watched ‘This Christmas’ with his family every Christmas,” Anita also emphasised the importance of having or creating Christmas traditions at home. “You can create your minimal cost and effort traditions of watching films, playing certain songs, gifting, playing games, or cooking classes with your family,” she told Piggyvest.
The power of community
While individual budgeting strategies have become essential, many Nigerians are also leaning into the power of community to keep the festive spirit alive. In tough economic times, shared experiences and collective giving have proven to be a lifeline for sustaining the joy of the season.
One such initiative is PiggySanta, one of Piggytech’s efforts to bring relief to some Nigerians by providing them with groceries. Martha Kingsmike, Senior Product Marketing Associate at PiggyTech, explained, “Inflation rose to 32% this year, and our findings from The PiggyVest Savings Report 2024 show that 76% of Nigerians saw a significant increase in their food and grocery expenses.” Martha pointed out that the Christmas holidays are a time to celebrate with family, which is difficult to do when there’s nothing to eat. “This kind of support is very important because it allows the beneficiaries to focus on the festivities,” she added.
Churches also support their community with relief initiatives this season. One such initiative is The David’s Christian Center’s annual community outreach, ‘Christmas 1000x Better’. Food drives like the just concluded Charity Kitchen Project ‘24 and Available Shoulders’ project to feed 1000 people on Christmas Day. The annual #ChristmasOnTheStreetz on 25th December, where you can volunteer to bring the people of Makoko relief items (clothing, foodstuff, toys, toiletries) and medical care, exist for this reason — to spread the joy of Christmas to individuals and communities who cannot afford it.
Ifeanyi Amayo, the founder of Wonder Wellness Foundation, a foundation that provides material resources and moments of joy, love, and connection in special seasons like this, told Piggyvest that generosity, communal support, and targeted outreach can restore hope and remind people of the season’s true meaning. The foundation tries to bring light to these communities by organising initiatives that provide material resources and moments of joy, love, and connection in special seasons like this. “At Wonder Wellness Foundation, we’ve seen firsthand how poverty profoundly impacts individuals, communities, and the Christmas spirit,” she said. “Poverty often robs people of the ability to experience the joy and togetherness the season represents. Families struggle to meet their basic needs, let alone afford festive celebrations. For many, the holiday season reminds them of what they lack rather than a time to celebrate love, hope, and generosity. Poverty somehow dims the spirit of Christmas by shifting focus from joy and giving to survival.”
Ifeanyi believes the holidays are about spreading love, hope, and joy. “By supporting charity or carrying out your acts of kindness, you can help uplift lives, restore joy, and bring the Christmas spirit to those who need it most.” She also shared several ways to spread the Christmas spirit, including donating, volunteering, and sharing initiatives on social media, organising local drives or acts of kindness, and collaborating with foundations like Wonder Wellness to support outreach efforts and fundraising events.
Damilola Arogundade offers practical strategies for managing holiday expenses without compromising the joy of the season. Know your priorities: family, food, and the reason for the season. ” He adds that no one should go into debt just to celebrate. He suggests cost-saving tactics like cooking together, making DIY gifts and decorations, and taking advantage of local markets and year-end sales.
Going into the new year, he also recommends early planning for major festive seasons. “Start planning and saving early with tools like Target Savings to avoid last-minute overspending.”
Actionable Insights
The effects of inflation on our personal finances may be dreadful, but being intentional about your finances can make a difference. Damilola Arogundade has shared some practical tips to help you create a solid holiday financial plan and enjoy a budget-friendly Christmas.
- Make a financial plan:
Here are some things to consider when creating a holiday financial plan.- Your goals: Who and what do you want to celebrate?
- Fund allocation: Allocate funds wisely. Set aside funds for food, transport, and gift budgets. You can create multiple Labels for different purposes.
- Purposeful savings: Piggyvest helps with automated and category-specific savings.
- Discipline: Discipline is key—plan, then execute. And stick to it.
- Budget wisely:
Budgeting is one aspect of a financial plan that helps you closely track income and expenses. This holiday, create a budget that focuses on necessities to delay indulgent expenses.
- Be proactive:
The best time to start investing and planning for a holiday was yesterday, and the next best time is now. Goal setting, budget creation and shopping early and in bulk to avoid the holiday price surge are ways to stay on top of your finances this season.
- Save in high-interest plans:
Investing in high-yield investments is a good way to keep your money working for you. Investify has some great, vetted options for everyone, including newbie investors.
- Focus on experiences:
Anita, Ashley, Damilola, Jeffery, Martha and Ifeanyi agree that Christmas is best enjoyed with your loved ones. Focus on enjoying quality time with loved ones over costly gifts for a budget-friendly and joyous Christmas celebration.
