The world is struggling with inflation at the moment, and it's sad to see governments investing in other things while leaving crucial things unattended. As it stands, we are all aware of the war threats between countries, and it makes me wonder if that's what the world needs right now because if we are struggling right now with inflation in the absence of war, what will happen when there is chaos across different nations?
I have never experienced a war, and whenever I watch videos of Ukraine, Russia, and other countries that are currently at war, my heart races because there is nothing good that comes out of it. It all ends with destruction that will require decades for the affected nations to build again.
Aside from global inflation, Nigeria is suffering from insecurity and terrorism, which have taken inflation to a whole new height for us even before the Naira devaluation against the dollar came into the picture. Immediately after the exchange rate crashed, the price of things tripled in the country, and it's quite challenging because everyone is affected. For the first time in Nigeria, even the rich are complaining because nothing is going smoothly for everyone. At first, we thought earning in dollars would help us stay above inflation, and it did for a while when the price of things only doubled.
As things went from double to triple, earning in dollars and buying goods at an extremely inflated price made a lot of people earning in dollars unhappy because the inflation rate had gone really higher than the exchange rate, and it's not a good one.
As a family man, I wouldn't deny that I didn't feel the impact of inflation. I have a mother, wife, and siblings who are still students. Taking care of them has been quite challenging because I need more than usual money to perform my responsibilities.
They need money for a lot of things, including transportation, academics, feedings, and others, which requires more money than usual because the prices of things have escalated a lot. It's impossible for me not to still do the things expected of me, but it's eating deep into my purse, and I am still grateful to have been able to perform my responsibilities.
As a businessman, I know that the inflation in Nigeria is hitting differently. I am a fish farmer, and the cost of fish feed now has made a lot of people stop business. It is happening that way because the cost of fish feed keeps increasing every day, and after harvesting, it always turns out that we need to invest our profit just to stay in business. Imagine how discouraging it would be to always need to reinvest your profits just to stay in business.
Things are not easy, but with the help of Hive, I have been able to help myself stay financially stable to some extent. I fall back on my earnings, and it feels great to have somewhere to fall back when there is a need for it.
For a few weeks now, we have seen the naira appreciate in value against the dollar, but we have yet to see the effect of it on the price of goods. Nothing has changed, and we hope that as it appreciates further, the price of goods and services will drop so that life can become easier, even though it was not before.
It would have been great if this inflation of a thing was something we could correct, but we can't. As it is, we just have to adapt and cope with the inflation because it doesn't look like anything will get better soon.
Feel free to participate in the March Inleo Daily Prompt and share your thoughts about the topics assigned for each day and I bet you will love it.