Nigeria’s Inflation Soared to 33.40% in August – And It’s Not Over Yet!
A few years ago, ₦100 could buy a decent breakfast in Nigeria. Today, with inflation hitting 33.40% in June—the highest in 28 years—cost of living is out of control.
Key factors driving the surge include the Naira’s devaluation, subsidy removal, and global conflicts.
Essentials like fuel and power are either scarce or costly making life difficult for most.
Yet, surprisingly, some individuals are seeing their incomes rise despite the downturn.
How people earn more during a recession.
- New Income Streams: Diversifying investments can boost earnings without adding extra work.
- Higher Demand: Certain sectors experience increased customer demand, leading to more work and income.
- Skill Value: Expanding skills through knowledge stacking allows professionals to command higher pay.
We spoke with designers in the NGD community about their strategies for navigating inflation and increasing income during tough times.
Here’s NGD’s spotlight on the financial life of designers amidst inflation.
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What’s the number one lifestyle choice you’ve made due to inflation?
Ade: I’ve stopped eating out. All those “I’m hungry” and “I feel like” moments have stopped or been reduced to the bare minimum. I’d rather buy foodstuffs and cook my meals. Lol.
Emmanuel: Food o! Since this inflation, things I didn’t think twice about like suya or quick shawarma bites, are now a no-no.
Lanre: I stopped overthinking things. Previously, you could afford to leave a product if it was too high and come back. But now, the price you see today, is usually the cheapest, come back and it’s gone up. so I’ve learned to pick items and leave without overthinking.
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What’s the one thing that soared high that’s still unbelievable to you?
Ade: Hard drive! I expected everything else to be more expensive, but the jump in the cost of hard drives scared me. Just for context, I got a 2TB hard drive for ₦31k in 2019, and I didn’t need another one until 2024. When it was time to buy some months ago, I got it for ₦145k after a lot of negotiations! The same 2TB!
Emmanuel: Transport in Nigeria is so outrageous. It differs from place to place, but in my area, distances of 3 minutes cost ₦300 now.
Lanre: Shampoo. Basic hair hygiene in Nigeria is now so expensive.
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What do you miss about the old days?
Ade: I had the habit of just going on pizza dates with my partner without thinking. These days, naaa! I no do. Have you seen the cost of pizza?! Same thing with the cinema. I used to go to the cinema monthly before, but I’ve only gone to the cinema once this year.
Emmanuel: Omo, I just miss the old prices of everything. Things have been going up for a while, but it’s only recently we experienced this hourly jump. I miss when ₦1000 could take you out and back.
Lanre: Impulsive buys. Before, you could buy impulsively and balance out later, but now you have to think twice.
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But are you making more money this year than before?
Ade: Yes, I am, and I thank God for that. So I’m working to live below my means and get better to offer more value and increase my income.
Emmanuel: Yes, I am. I’ve engaged myself in more activities like trips without flinching.
Lanre: Yes.
5. Why do you think you’ve earned more this year
Ade: My earnings have only increased on the numerical side. I made some investments and it has also contributed to my earning more this year.
Emmanuel: I switched to a niche skill which increased my value.
Lanre: The personal growth I’ve had has helped create better opportunities.
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So any good side to the current situation?
Ade: Well, yes. I’m a cup-half-full kinda guy, so there are always positives. For me, it’s the understanding of value, financial education, and continuously improving myself.
Emmanuel: I am more determined to earn in USD. It has always been my dream, but inflation just made it a necessity for me now. I am in no mood to work 3x harder just to have inflation gulp down more of my earnings.
Lanre: The current situation makes you more financially conscious. People now argue for ₦10 change this proves that no naira is lost in this economy. The things you think are not big are now important.
Beat Inflation with Passion!
Is inflation taking its toll? NGD offers exclusive platforms designed to help you boost income during these tough times!
Coming Soon: NGD’s Unique Products to Help You Earn More:
- Youdesign:
Make more money this year with Youdesign, a platform connecting designers with lucrative projects across Africa. Simply upload your portfolio and get handpicked by project owners, or bid for exciting jobs. No upfront payment, no conditions—just sign up and get started! - NGD Marketplace:
Earn passive income by reselling your creative assets to fellow designers. NGD Marketplace lets you upload finished templates for unlimited sales to creatives. Create once and earn forever. - NGD Blog:
The NGD Blog is your go-to hub for learning how to maximize revenue, adopt best practices, and stay updated on the latest in design.Level up with insider tips, industry trends, and expert advice.
Inflation doesn’t have to stop your growth. With our innovative products, savvy strategies, and value-driven solutions, you can turn this year into a success story.
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