I don't think there's any country that's currently experiencing the cost-push inflation that's happening in Nigeria and this is because there are no good or lucrative jobs, good platforms, or fertile business environments which provide a premise through which people can thrive or earn money enough to override the effect of inflation in their lives.
I have a cousin who became a millionaire by selling street food, but over time, his income dropped, why? An increase in the cost of production which occurred due to the increase in raw material made him increase the price of his produce.
However, he wanted to be considerate, he increased the price of his products to a reasonable amount to foster affordability for his customers, but they still couldn't afford to pay the price even when he was losing considerably.
In Nigeria, people prefer home-cooked meals and restaurants to street food and this is why it's easy to stop the patronage of street food because it's not a compulsory good.
Because people had to draw a scale of preference as to how they'll spend their money street food becomes a choice that was forgone meaning that, people like my cousin will suffer the effect of cost-push inflation.
In a country like Nigeria, people who thrive despite the incessant increase in the cost of living are people who are offering products and services that are essential to general living.
Generally, the conditions for being an entrepreneur are difficult, so this is why people cannot afford to build businesses for themselves, the conditions for building is difficult, meaning that more people will have to rely on exploitative jobs to be certain of a minimal living.
This means that many people are working to feed and pay only rents, in fact, over time, their ability to even feed well will decrease because they're not earning enough to stay above the rate of inflation. The problem in Nigeria is in its government.
Simply put; leadership is the bedrock of a nation but to be sincere, the government is incentivizing poverty as a way to rotate governance, keeping power in the hands of a selected few. Because there is no economic structure set in place tackling inflation has been difficult.
The people in power are clueless, they're wrongly handling the country's resources and that's why Nigerians are seeking succor outside the shores of this country. It's synonymous for Nigerians to always talk about the terrible conditions of the country.
In fact, in recent times people have seen similarities with Nigeria and Venezuela when it comes to inflation but the truth is that the situation in Nigeria is incomparable.It's arguably the worst economy in the world and this is in how the country is being run.
The Way Out?
Recently crypto trading has been banned and it's like a decision that puts people closer to the stone age.
Another Presidential election is coming up next year and the lack of exposure, tribalism and has and will remain why people will continuously vote wrongly in Nigeria. The present presidency was responsible for banning Twitter, it was responsible for banning crypto, and recorded the highest inflation rate ever.
Now leaving Nigeria costs a lot of money, this is major because of how weak the currency is when traded against the dollar. Even at this, people are taking risks, selling everything they own to go to better countries. However, everyone cannot afford to travel oversea and I find it silly or foolish to liquidate oneself for the promise of a better life without any guarantee.
In reality, leaving Nigeria for me is inevitable, but I think people tend to underestimate the struggles it takes to survive in another country. However, I think people with enough skills or qualifications might push. In my case, I'm taking it one step at a time.
Interested in some more of my works?
Keying Into Sophistication & Exposure To Forestall Economic Revolution
Money: The Learning Curve & Translational Process
What Makes A Job Opportunity Lucrative?
Shopping Online & The Illusion Of Buying Cheap Things
The Humanistic Approach Towards Scarcity & Competition
Spending & Accumulating: The Low & High Point Of The Crypto Seasons.
@Josediccus, your brother-in-pen & heart
I'm hoping to reach more people who are broken at heart and spirit, so share on any platform or reblog