“Unemployed”- How To Survive The Present Economy Recession

Recently the economy was hit with its worst economic crisis in decades. The export value of crude which is the number one resource in the country nose dive to 52 percent, that is #1.27 trillion Naira and most of the hard currency needed to finance import disappeared. Worst is, the country hardly manufactures what it consumes –making her dependent on import commodities.

Some economic experts have gone to predict hard times for the country. Only just last year, business confidence stood at about 8.4 percent, people were hopeful and confident in the economy. Also, the country’s gross domestic product GDP growth rate indicated a significant growth of 9.19 percent as at the end of September last year compared to the 2.57 percent recorded in the previous year.

These economic experts have also predicted a high inflation rate from 9.6 percent to 10.18 percent just for this year alone. Meanwhile, the almighty dollar continues to fight and dominate the Naira in the foreign exchange market. The present condition of the foreign currency market and the big gap between the parallel market and the interbank rate is a big worry for everyone despite the desperate efforts f the Central Bank of Nigeria CBN to settle/revive the situation.

From all indications, it has shown that proper plans need to be in place in order to be able to handle serious economic issues such as crude oil prices drop. And failure to do so will result in naira fall which in turn affects other sectors in the country and likely to cause economy recession which we have been experiencing so far.

Read Also:  How To Effectively Stop Corruption In Nigeria

Economy recession is a period of general economic decline and it is usually accompanied by a drop in the stock market, real estate market and an increase in unemployment.
The cause of the decline clearly seems in the financial report of the oil and gas industries who were unable to merge their total expenditure together with their total revenue which then leads to the laying off of employees, therefore increasing the unemployment rate to an alarming 12.1 percent just for the first quarter of this year.

According to the labor market report released by the National Bureau of Statistics, the number of unemployed Nigerians increased by 518,000 to 5 million just for the first quarter of this year. It is no surprise that the average individual on the street is always angry and bitter especially with the high cost of living today.

Read Also: Effective Ways to Save Money Every Month in Nigeria

The purpose of this article is to tell you how or the ways to survive the present economic crisis.

1. DISCOVER YOUR TALENT

Take your time to figure out that which you know you are good at but have not given it your attention before now. Find that inner skill which you possess, that is what will drive your interest. Take your time and discover the entrepreneur in you and utilize it to your advantage. For instance, you like the internet and are always online, why not consider blogging. You see, blogging is another perfect way to stay busy while still doing what you love, you can blog about anything you like as long as you have the knowledge and interest in it. And as you continue to blog about interesting stuff and there is enough traffic to your site — you never know, any corporate firm might be interested in placing adverts on your site and the cash will start coming.

Read Also:  See the Messiahs That Will Shape Nigeria's Economy in 2020

Or you enjoy teaching and you are good with kids, why not take up a teaching position in any of the schools close or around your environment –at least that will save you the cost of transportation.

2. LEARN EMPLOYABLE SKILLS

As a graduate, whether you recently graduated or not it is advisable to learn and get trained on skills that will make you employable or make you self employed. This day’s everyone is talking about learning skills that will be beneficial and make them less dependent. You can apply for a vocational skill that is of interest to you and learn that which you can utilize to bring in income if the jobs are not forthcoming.

Recession: How To Obtain A Business Loan To Start A Business

3. APPLY FOR INTERNSHIP PROGRAM

Internship programs give you the opportunity to use what you learned in school to expand your knowledge. It is also another way to open your mind to the career choices that are ahead of you. Keep in mind that some companies might refuse to pay you or even offer less money when you take up an internship program with them, do not be discouraged if that happens –rather see it as a sacrifice you have to pay in the path to success

Read Also:  NGO: Complete List of Human Rights Organization in Nigeria

4. APPLY FOR PROFESSIONAL EXAMS

Many graduates hardly ever think of enrolling for professional courses that will help boost their knowledge in order for them to be more marketable. Agreed, enrolling for professional courses can be quite expensive but there is a saying “nothing good comes easy”, so you need to make that sacrifice and re-invest in yourself. Being a member of a well-recognized professional body always gives one an added advantage.

5. ATTEND EDUCATIONAL SEMINARS/WORKSHOP

Once in a while, a group of professionals/experts organizes one seminar or another to enlighten people and discussed the economy and other important subjects. The private and public sectors most times send their top managers to represent them in such seminars –so you need to try all you can to attend one of the seminars and have the opportunity to talk directly to employers and find out things they look for in applicants while also using the opportunity to sell yourself.

In conclusion, do not let the present situation in the country deprive or stop you from achieving your set goal. This is the right time to fully invest and improve yourself, so go ahead and start something today. I wish you good luck on your chosen path.

Leave a Reply