I saw a post on Instagram about how because 2 million dollars is now 1 billion naira, a lot of young billionaires will be emerging in 2022 in Nigeria and that could be true if you earn in dollars.
With the way Nigerian’s economy is heading, there is a lot of uncertainty in the future and I know a lot of families that are barely even surviving right now. As of this morning, the foreign exchange market says that a dollar is about 412 naira and on apps like piggyvest you could purchase a dollar for 565 naira.
Now due to these factors, there has been a spike in the cost of living in Nigeria and most people can’t even afford to eat three square meals even if they wanted to. The sad part of this is that with this inflation, minimum wage still resides comfortably at 72.89 dollars which is 30,000 naira only and it doesn’t look like that would be changing anytime soon.
With 33.3% which is 23.2 million out of our 70 million citizens unemployed and this number ever-rising, you would realize that there are serious problems that we might be facing in 2022 and due to lack of jobs and the government frustrating business owners with their new laws, the crime rate is gradually spiking and the living conditions are getting worse.
Now if you have the privilege to earn in dollars while in Nigeria, I bet that you wouldn’t be as affected by these circumstances, and if your cards are played right you might be one of these emerging billionaires but I think only about 5% and this is me being nice would have this privilege so what happens to the rest?
It is clear that at this point if you are a Nigerian living in Nigeria, the best solution would be to figure out a way to earn in dollars, and luckily we have platforms like Hive, YouTube, and even remote jobs that have made it easier to.
As much as I want to end this by saying that it would get better, I know deep down that it wouldn’t be happening anytime soon so the best thing to do is prepare for the worse, especially if your plans do not involve leaving the country.
Thank you for opening this box of passion