In November, 2020, Nigeria’s economy slumped into its second recession in less than five years as COVID-19 bites harder. During recession, economic hardship knows no limits and boundaries. Family structures and nations’ economic well-being are co-related. In a recession, families with little or no buffers to resist the effect of recession are most likely to be hit severely, but there are ways the unfortunate condition could be managed. BARBARA NEGBEJIE seeks the views of some people on how families can cope with the harsh effects of the economic recession.
‘Families can cope by considering priority’
In a depressed economy hardship knows no limits and boundaries. It affects the livelihood in one way or the other and as a result of this the survival instincts are usually high as people tend to work harder and more effective to tackle the new economic realities. Families can cope with the countries’ depressed economy by considering priority: Families are expected to know when to draw thick line between needs and wants and prioritize accordingly; this is highly considered necessary during a depressed economy as income has shrunk the needs like shelter, healthcare, feeding, clothing and schooling; this should be treated as priority over any other wants. Families should come to terms and realities on time on this priorities expenses while adapting to the new economic realities and coping with necessary adjustments and above all; families should put their trust in God and believe in His words that says “Sorrow may endure at night but Joy comes in the morning “. Amen.
‘Families should go for needs, not wants’
Families in Nigeria are going through hard, tough and rough times. Families find it difficult to maintain their standard of living. In my view, families should cut down on whatever standard they were used to; go for NEEDS not wants, cut coat according to cloth no longer according to size because your size may be bigger than the cloth, so if your cloth can give you a pant go for it. This is not time for luxurious living. It is important to note that it is a passing phase; it will go the way it came. Families need to remain united and in peace to overcome this evil wind by praying together. Families should reduce eating out; home – made food is cheaper and filling.
‘Hopes and Faith in God; multiple sources of income’
Nigerian Families right now must understand the Country’s economic position now. Coping with the depressed economy of our Country Nigeria now is by first of all placing all our hopes and faith in God. The answer to Nigeria’s depressed economy is having faith in God, the only way for victory. Families should create multiple sources of income to sustain their homes. Entrepreneurship, crafts and or handiworks should be introduced to all youths, and even be added to all the school’s curriculum both for the graduates, undergraduates and even the informal trained. Idleness, laziness, lousiness must be guarded against. Nigerian Families should rise up to obedience unto God’s word and all shall be well. The rules and conditions of reasons for famine and economy failures and crash are all written in the Scriptures. He that believes and acknowledges our Lord Jesus as Lord is saved. Children should be instructed in the way of the Lord that they may not depart from it. Families in order to survive must start now to create work for themselves, Agriculture, Network ing, etc to live and leverage on.
‘Be our brother’s keeper’
Families can cope with Nigeria’s depressed economy, by being our brother’s keeper. We should return to the olden days, where we care for our neighbours. With these, there would be less depression, crime and hunger in the Land. Mr. Gibson Fagbemi, Provost, Festac Deanery Laity Council
‘Draw up budget to guide spending’
• Both husbands and wives should find a job to do even if it is not a befitting one.
• They should draw up a budget to guide their spending.
• They should review their consumption and shed some items.
• They should buy in bulk
• They should form themselves into co-operatives with other families to buy directly from producers of goods and services.
• Mr. Albert Ehichoya, Insurance Manager