Ways to survive Nigeria’s present economic hardship – It is no longer news that the Nigerian economy has been going from bad to worse as the days go by. Economic experts are already predicting a gloomy future for the economy as many say what Nigerians should expect is a full blown recession.
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Yesterday, the National Bureau of Statistics (NBS) revealed that Nigeria’s inflation rate has hit an 80-month high of 15.6% .
The last time Nigeria recorded an inflation rate as high as 15.6% was in September 2009 when the rate of inflation was put at 15.86 %
Last month, NBS also revealed that in its first quarter, the Nigerian economy shrank by 0.4 percent.
Ventures Africa’s Omotola Omoloyo gives five tips on how Nigerians can cope if the country goes into recession.
Read below:
1. Pay your debts now
Trying to pay off a debt could be a burden but it’s even worse if one waits till the recession hits. Debt repayment becomes extra stressful and can bring a lot of financial strain. During a recession, there is an increase in interest rate and banks will have constricted credit limits.
So, in order to avoid the stress, make an outline of your payment obligations and make a plan to pay up your debts as quickly as possible.
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