Inflation is the continues increase in the cost of a commodity. Bad government policies can affect the cost of commodity in the market. When there is too much money in circulation there is bound to be inflation, also when too much money is after few goos its sure be inflation in the economy. In some case inflation can be imported, when a country is important dependent; It's bound on that country to have imported inflation.
Nigeria can't escape inflation because its a important dependent nation. Nigeria Economy absolutely depend on production of other countries. Ukraine and Russia war as have urge negative impact on Nigeria Economy. Nigeria depend largely on wheat production from Ukraine to survive. Since the start of Ukraine war, price of flour in Nigeria as sky rocket. The rich cant afford it, talk more of a poor man that depend on $25 monthly salary.
Last year there was transmission of government power to the new government in Nigeria, the previous government policies as great negative effect on the economy, the economy enter into recession twice during the administration of the last government. The previous government closed all land border there by destroying the economy. The government place too much production boding on an economy that does not have structure of production, the economy is an import dependent.
The best way to deal with Nigeria inflation is to earn in dollar. Naira value is drooping sharply, making it purchasing strenght and value weaker. Currently naira is not the best way to store value because your 1,000 naira today can turn 300 next week. There is a big need to place value in earning in other stable currency. I believe this is the best time to exploit the opportunity web3 provides.
Don't live above your income, budget your spending base on your income. It's won't be necessary to eat 5,000 naira chicken when you have other important bill. You have to prioritize you need, discipline and stay focus.
If you can't afford it to live in big city like lagos, abuja etc , kindly move to smaller city that is within your income. Many people in this cites live above there earning, causing them to sink in poverty. Its not important to live in bigger city, opportunity are also bound in small city snd villages. Its high time the population of cities need to droop. Its funny living in a house that your 6 month salary cant pay. As price of living is rising in city's also the cost of living in small city's are rising but not high as the big city.
The ultimate solutions is to engage in agricultural activities. The reason why people in the city suffer more is because they are absolutely dependent on production from the smaller cities and villages.
Your mental health is important, stay healthy, sleep well and stay wise.
