Surviving in a post-subsidy regime in Nigeria can be challenging. It has brought rising costs in almost daily needs for an average family in the country. From food stuffs to transportation, house rents to cost of electricity, the economy of families are badly impacted. But families can innovate and adapt to the changes to ensure their well-being and prosperity. Here are ten ways families could innovate to survive.
Diversify Income Streams
Family members are to encourage themselves to explore additional sources of income outside their regular jobs. This could involve starting small businesses, freelancing, or investing in income-generating opportunities. Families should think like business organisations and should have different sources of revenue. Innovating on sources of income is the way to go in this current hard time.
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Explore Agricultural Ventures
Nigeria has vast agricultural potential. Families can consider cultivating small plots of land for farming, gardening, or even exploring urban farming techniques like vertical gardening. This could give them food at cheaper rate and could even allow for income generation.
Be More Energy Efficient
With the removal of subsidies on fuel and electricity, families can invest in energy-efficient appliances and adopt renewable energy solutions such as solar panels to reduce energy costs. Not only these, families could watch their consumption of energy by prevent energy waste which is common in most places in the country
Financial Planning
In this hard time, financial literacy is important. People should emphasize the importance of budgeting and financial planning within the family. This ranges from encouraging saving, investing, and setting up an emergency fund to prioritizing their needs. To cope with economic uncertainties, there is a need to be more clinical in the financial planning of families
Education and Skill Development
Continuous learning and skill development are crucial in a changing economic landscape like it is being experienced in Nigeria. Families can support each other in acquiring new skills or pursuing higher education to improve employability or improve income generation.
Collaborative Consumption
Since critical problems require critical solutions, families should encourage sharing resources among family members and even neighbours. Cost saving practices such as carpooling and bulk-buying essential items to get better deals should be adopted.
Entrepreneurship and Innovation
In this time and era, it is important for families to nurture an entrepreneurial mindset within the home. Members of families should be encouraged to identify problems in their community and develop innovative solutions that could lead to potential business opportunities.
Healthcare Management
With potential changes in healthcare subsidies, families can focus on preventive measures to maintain good health. Healthy eating should be encouraged while regular exercise should be collectively practiced. To reduce out-of-pocket spending on health, families are advised to subscribe to affordable health insurance. These services are not only available to salaried civil servants, but are open to people in the informal sector across states in Nigeria.
Online Commerce
Families should explore opportunities in e-commerce and online businesses. Family members can start selling products or services online, tapping into a wider customer base beyond their local area. This usually comes at a relatively cheaper cost when compared with physical selling
Community Support
It is important that at this period, ties within the community should be strengthened. Families can collaborate with neighbors and community members to initiate collective projects, share resources, and support each other during challenging times.
In closing this piece, it should be noted that innovation requires a willingness to adapt and take calculated risks. By working together and embracing change, families in Nigeria can find creative solutions to navigate the post-subsidy era successfully.