2023-in-Review: Earning in Dollars, Other Coping Mechanisms Adopted by People Amid Rise in Inflation
- In 2023, three Nigerians gave extensive details of their coping mechanism in the face of surging inflation
- Legit.ng spoke with a man who earns N300k but says it is not enough to survive as commodity prices have soared
- The second man postpones his marriage plans as he struggles to feed himself with his salary
The Bola Tinubu-led administration’s announcement of the removal of fuel subsidy in 2023 sparked a surge in commodity prices, leaving many employees in acute survival mode.
Months later, many employees realised that their purchasing power had plummeted drastically, and they could no longer afford basic things at the same price. However, some were unaffected by the economic crisis.
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In this year’s review, Legit.ng spoke to three people who shared their stories of how they are coping with the economic downturn.
Man earning N300k says it is not enough to survive
A Nigerian man who used to buy food in bulk discovered that he would need to double his money to get the same value in the market after the price of commodities soared.
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He also talked about his transportation cost and how he is managing to stay afloat amidst the current reality.
Man postpones marriage plans after inflation hits hard
A Nigerian man who worked as a marketer gave his honest opinion of the economic situation and its impact on his financial well-being.
He had plans to get married and start his own family, but he confessed that he had put that dream on hold as he struggled to feed himself with his salary.
He also said that he was looking for jobs that paid better than what he currently earned, and he was working on improving his skills to be more employable.
Man earning in dollars from Nigeria escapes the inflation
A Nigerian man who worked as a content writer for an international company was not affected by the inflation because he earned in dollars.
His purchasing power remained relatively stable, and he said that he continued to invest in order to safeguard himself against any uncertainties.
Prices of food, commodities in Nigeria are expected to rise further in 2024
Meanwhile, Legit.ng earlier reported that the persistence of escalating food prices, as observed throughout this year, is expected to contribute to ongoing food security challenges, thereby impeding the African continent's ability to attain the goal of zero hunger by 2030.
This forecast is drawn from the 2023 Crop Production Report recently published by AFEX, a prominent commodities player in Africa.
The report underscores the substantial hurdles posed by food insecurity and inflation, particularly in Nigeria.
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Source: Legit.ng
