The removal of petrol subsidy and unification of the FX window has intensified the strain on the local currency and manufacturers, leading to increased difficulties as prices continue to rise.
Abubakar Suleiman, the managing director/chief executive officer of Sterling Bank, on Sunday, shared advice on how to thrive amidst Nigeria's economic hardship and cost of living challenges.
President Bola Tinubu on 29 May 2023 announced the removal of the petrol subsidy, a policy decision with adverse effects on the cost of living and general economic well-being of the populace. The situation was compounded by the Central Bank of Nigeria's move to consolidate the foreign exchange market, leading to massive depreciation in the value of the naira.
Reflecting on lifestyle and socioeconomic tips originally shared during the COVID-19 pandemic, Mr Suleiman in a post on X emphasised the enduring relevance of remote work for fulfilment amid the prevailing challenges.
"I just realized that the same advice I tweeted during COVID is perfectly suited for 2024.
'For thou shall work remotely & still be fulfilled'," he tweeted.
"First you must conserve, be it energy, resources, food .. there's less room for waste. Time to shrink your spending because the pie (GDP) is shrinking, the time to be expansive will come. Buy only what you really need. All the extras can wait, save your gunpowder. We can't spend our way out of this, we will have to produce our way out."
He urged individuals to prioritise local purchases and reassess foreign currency commitments amid dwindling access to imports.
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Entrepreneurs were urged to pivot towards essential goods and services, towards mitigating risks associated with currency volatility by sourcing locally.
"Rethink your business - if people are cutting luxuries, is that what you are selling? Move toward essentials, things people can't live without. Beware of the risk of currency volatility, don't be caught exposed. Source locally," he wrote.
The banker also encouraged employees to explore remote work opportunities, emphasising the potential to sustain businesses and retain jobs.
Furthermore, he advised individuals to maintain a balanced approach to financial planning, investing in earning assets and extending support to others where possible for mental well-being.
On the health front, he emphasised the importance of fitness and engagement with loved ones and work, foreseeing a prolonged adjustment period post-pandemic.
He also stressed the need for continuous learning, particularly in leveraging technology for various aspects of business operations and customer engagement.
