In Nigeria, inflation can have a significant effect on the daily lives of its citizens. When prices rise, the purchasing power of the average Nigerian decreases, making it more difficult to afford basic necessities such as food, housing, and healthcare.
High inflation rates can lead to a decrease in real wages, meaning that even if a person's income remains the same, their ability to buy goods and services diminishes. This can result in a decline in living standards and an increase in poverty levels.
The truth is that many countries are also facing inflation, but the case is different when your country's currency continues to depreciate. The impact of inflation on my personal life is something many other Nigerian families face every day.
The hyperinflation rate has made it so hard to save because most of the money we earn online and offline can't even cover the cost of living. The more you earn, thinking you will be able to meet your basic needs and save for the future, the more the price of goods and services increases.
Businesses in Nigeria also face challenges due to inflation. Rising costs of raw materials, transportation, and other inputs can squeeze profit margins, making it harder for businesses to expand and create jobs. I planned on starting a laundry business at my estate, but the cost of building it was enough to put a pause on that dream. The last time I checked the cost of washing machines, it was around 55 thousand naira, but currently it's at 110 thousand naira; that's even above the 100% increase. So starting a business is hard enough, and even if you successfully establish the business, there are still some costs that would squeeze out the profit you're making.
Basic gadgets for keeping life active on the hive and some other online jobs to support the offline job I'm doing are now so expensive. For a while now, I've wanted to get a laptop, but the ridiculous price the gadget vendor called it for me in January made me decide on getting it later, after I made some more money. Currently, the price of that laptop has increased, and if I don't buy it on time, the price will continue to increase. The laptop cost $250, and I only have $70, which means I have a long way to go.
I plan on taking out some of my token so I can get it; it would make work easier and faster for me, and after I purchase it, I can start building my portfolio again.
One thing that's certain is that if there is enough at home, then it would be easy to gather all the funds one possesses to get anything they want. The inflation rate has made it so hard to get two things at a time; you have to let go of one to get another, all because of the cost of living.
We are all hoping for a better tomorrow, and I hope it gets here on time.
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