Surviving amidst Economic Decline

Surviving amidst the economic decline is a not so convenient situation in my country, especially with unemployment reaching 33% and inflation reaching 19.64%. It is not an adaptable situation regardless of how long it's been since the Nigerian economy began crumbling in 2016.

What was expected to be a game changer in 2015 turned out to be harbinger of evil. We were hit by an economic recession in 2016, barely one year after a new government assumed power, which resulted in a massive financial decline, constantly diminishing value of the Naira (Nigerian's local currency), poor circulation of funds and inflation.

Fuel scarcity and a sudden hike in fuel price followed suit and the overall cost of living became too exotic for the below average to handle.

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Surviving in the midst of it all

With the recent world wide inflation, fuel prices have sky rocketed, the Naira to Dollar exchange has become much worse (710-715 Naira per $Dollar at the time of writing), which has caused a surge in prices of commodities. This is not very convenient especially since salaries/incomes are not increasing, which means that more money is spent for less value.

Surviving is the toughest part but the Nigerian in me is not willing to give up. It's been very tough for me especially since the first wave of fuel scarcity which hit in the month of February. It was very depressing because I'm in a region without constant electricity.

I've been managing through zero power supply since January till now, which is about 8 months now. Lack of supply means I had to spend more money than planned on fuel for powering my generator in order to sustain my business.

The fuel price is no better. Coping through a sudden rise from 65 Naira ($0.09) per litre to 190 Naira ($0.27) per litre means more money spent for less amount of fuel. This is a change I wasn't prepared for, and has caused a decline in my financial portfolio as I've spent more money on fuel for sustaining my business than what was initially planned.

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The recent bear market made things worse as I saw my crypto portfolio diminish drastically. I'm gradually recovering from the overall losses, but some losses are irreversible.

With the inflation and diminishing resources, I literally destroyed my savings by spending the lots of it on sustaining myself during the bear market while managing losses where possible. Touching my savings means my plans to get a personal apartment has been completely destroyed. I'm literally starting over while simultaneously managing depression.

As mentioned in my introduction post about four months ago, I'd require a little over $2000 for a personal space (a one bedroom apartment). Unfortunately, I'm no where close to that amount especially since my savings has been tampered with.

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Surviving in the midst of the economic decline and bear market as a Nigerian is a very difficult situation especially since my source of income is majorly crypto based. Unemployment makes things much worse which makes every youth doubt the authenticity of the promised future. What if the future is not so bright?

Regardless of how tough situations may be, I have faith that being on the Hive blockchain will be a game-changer for me in the next few months due to the infinite possibilities I've come across. I hear that we can grow from $0 to $1 million dollars?

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