Steem4Nigeria Weekly Contest - Adjustments I have made to cope with the present economic conditions in my city

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Hello everyone, How are you doing ?, I welcome you to the weekly contest In steem4nigeria where I get to join the ongoing contest in the community In the discussion of What are the adjustments you have personally made to cope with the present economic conditions in your city.

In the formats below, I shall be discussing the recession and how I have been coping so far with it in the country.

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What are the economic situations in your city/ location as of today?

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I am currently situated in the City of Abuja, Nigeria, where I have been staying for some time, with my due experience with how things are, I could say for a fact that things are more difficult and recession is hitting the county real hard since the past days.

My Country Nigeria has been suffering in the stock market, crude oil prices as surged to maximum price in a couple of days, The Crude oil was said to have been triple the previous price per barrel, crude oil is widely used as means of transportation, and companies made use of it in their engines as well, so we could see that the companies have to make an adjustment and make up for the surge price in crude oil.

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Due to the price inflation in crude oil, markets have been falling, and one of the annoying facts is that the government is not paying any attention to striking down or adjusting the price of crude oil.

Crude oil is essential to humanity and especially in my county, the crude oil is widely used by big lorries and Luxurious transportation, which for this case, things are costly in excessive, transportation that cost 10,000 NGN now cost price of 15,000 NGN, same goes for country products and goods, which most goods are up by 50% and despite that, humanity still needs to survive and make an adjustment to the current situation of the country.

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What are those government subventions, policies, or palliatives put in place now to help reduce the over-bearing inflation?

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Just like I have said earlier, the government is not making any adjustment to it, the response gotten was that it was due to the strike in the price of Dollars per naira, the Nigeria currency is making use of Naira, and the currency is fastly declining, which thus makes it way to difficult as naira is currently trending at 600/Naira.

This is one of the effects that cause inflation, the price of barrel keeps declining, which means as the strike of dollars goes up, the price of naira keeps declining, causing much effect. some months ago, Naira was still resisting at 500/Naira in stock, but right now, the currency has fallen and thus has caused great effects on most usage in the country.

The government could have factor a better alternative by including other alternatives to the economy, like refining our oil, and as well make the country well productive, the price of gas as well are high in my country, this as well was caused with the effect of transportation in crude oil, yet the government has not taken any drastic action in securing the position of crude oil back to its previous price, we pray for a better Nigeria to come in some days.

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What are those personal adjustments you've put in place to help reduce the economic impact around you?

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Well, nonetheless of whatever situation we are in, everyone still has to strive to survive, well the first human instinct is to cut down the price of usage, and avoid unnecessary spending.

Regardless of spending, one has to be extra careful when it comes to surviving, the situation in the country is hard, and one of the best things to do is avoid moving unnecessarily, personally, I have not been going on any outings, I stay indoors as much as possible, no time to flex, or takes any unnecessary visits.

And as well, I now patronize locals, instead of buying expensive goods or chasing fancy restaurants, I try as much as possible to go to the locals and get the provisions I needed, so in this case, I don't need to spend excessively on food anymore, I would only buy what I can afford then continue to live the day off.

Lastly, I stay much away as possible from the internet when I am not needed, a recession is in town, which means the cost of subscribing is high at the moment, and making earnings as well is difficult, which in this case, I can't be consuming as much internet as I was consuming earlier when everything was still okay, on an average month, I spend 15,000 NGN (120 steem) on internet, but I have to cut this to the minimum level, where my last month subscription was only at the cost of 6,000 NGN (50 steem), this has to be done so I could survive and still maintain my social and work activity.

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Do you have any recommendations for the audience today as a way of helping them at these trying times?

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I could suggest to others as well, to cut their shoes according to their sizes, I believe all crypto earners are currently in the Dip period, crypto prices have been heavily declining in recent days, and we could see bitcoin has been maintaining $19k in the past month, no reason to smile in the past days as the cost of gas is getting higher in every country and their states, things are not getting any easier, the best way to do this is to survive at the bare minimum level.

As a human being, one way to ruin is when you started spending more than you are earning, so in this case, I suggest others to try and adjust in any way possible, try to cut prices on things you can do without, no need to unnecessarily patronizing fancy restaurants for the daily meals, so, I had suggested all users to starts cooking their meals, foods are expensive, but cooking is still manageable, in every way possible.

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Conclusion

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The market keeps declining heavily both in abroad and in the countries, and all stock markets are still taking hits due to the Ukraine/Russia war, Mining has been difficult as well, the price of Gas across Europe has been extreme and things are not getting any easier.

My country is taking a hit from crude oil, crude oil is the backbone of major resources in my country, with the price of crude oil at maximum, things are ultimately costly and an average Nigerian is finding it difficult to maintain a living with little earning, we all pray and hope things get easy sooner.

Thank you everyone for following up, I had like to invite @solexybababa and @usmanismail882 to participate in the contest as well.