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Coping with recession: Nigerians react
As the recession deepens in Nigeria; CNBC Africa went on the streets to find out how people are coping with the economic situation, on day-to-day living.
Mon, 28 Nov 2016 11:03:07 GMT
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AI Generated Summary
- Nigerians are adjusting their spending habits and lifestyle choices due to the recession, opting for locally made products and cutting down on travel.
- Prioritizing basic needs has become essential for many families, leading to sacrifices in leisure activities and non-essential expenses.
- Some individuals have resorted to carpooling to work to save money on transportation costs, demonstrating resilience and adaptability amidst the economic challenges.
As the recession in Nigeria continues to deepen, the impact on day-to-day living is becoming more pronounced for the average Nigerian. The economic situation is forcing individuals and families to make significant changes in their spending and lifestyle choices. One Nigerian shared his experience, stating that he has had to cut down on consumption in many areas, opting for locally made products over imported goods. He used to buy clothes from the U.S for his children but now only purchases locally made items due to the high cost of imported goods. Additionally, he mentioned that he has had to scale back on travel, foregoing his annual summer trips due to financial constraints. Many others echoed similar sentiments, expressing the need to prioritize basic needs for themselves and their families. Some have even had to carpool to work in order to save money on transportation costs. It is evident that the recession in Nigeria is taking a toll on the daily lives of its citizens, leaving many to make tough decisions and sacrifices to navigate through these challenging times. Despite the hardships faced, Nigerians are demonstrating resilience and resourcefulness as they adapt to the economic downturn. The government's response to the recession will play a crucial role in alleviating the burden on its citizens and steering the country towards economic recovery. As the situation unfolds, it remains to be seen how Nigerians will continue to cope and persevere in the face of adversity.