The current economic situation in the country is one that is visible to the blind and felt even by infants. The pestilential and deleterious complexities of the nation is evident and felt by many particularly the young population. A lot of young people feel they’re losing the best of their youth in the pursuit of survival when frankly things could be a lot easier. Now, the subject of discussion is what young people must do to thrive even under such harsh realities. The situation in the country is disappointing and we’ve seen a lot of dreams taking a hiatus as people seek a means of survival first because “na who dey alive dey pursue dreams”.
We could sit and discuss all day about how bad things have gotten and the increasing difficulty in affording things that were once considered the bare minimum but that’s already common knowledge and a smarter way to go about it would be proffering solutions to this egregious issue.
There are ways to navigate these challenges and build resilience even in these trying times. We’ve identified few strategies that can help Nigerian youths survive and even thrive despite the uncertainties of the economy.
Embrace Side Hustles
Yes, I know, you’ve been hearing this same thing for years now but it’s still important today as it was the first time you heard it. The volatility of the job market in Nigeria makes reliance on one source of income a very risky move. As a young person, you should seriously be looking into starting a side hustle that aligns with your interests and skills. There are tons of options to look at; ranging from selling goods, drop shipping, baking, freelancing to offering services like tutoring, barbing or sewing.
You can leverage platforms like X, Instagram, Fiverr, Upwork to market your services or products. There’s always the fear in venturing into uncharted territory like this but with the right attitude to work and dedication, you can turn your side hustle to a suitable additional, reliable source of income or even a full-time business.
Consider Alternative Career Paths
“Doctor, Engineer, Lawyer” these would be the answers you’d receive when you asked Nigerian kids what they would want to be when they grew up. Owing to this background, a lot of youths didn’t open their mind to the possibility of other career paths when selecting one. While traditional sectors like telecommunications, medicine, banking are lucrative, some alternative sectors like tech, digital media and fashion are worth exploring.
Although these industries may not always offer the same stability as traditional sectors do, they’re really a great place to learn, build and even become pioneers in. Small startups that can offer unique services will always thrive in such spaces where competition isn’t as much.
Develop Marketable Skills
Giving the population in Nigeria and the amount of people in the work force, developing marketable skills is one way to edge over others in such a competitive economic atmosphere. Acquiring locally and internationally in-demand skills can give you an edge over peers and be a good add on to traditional degrees. There are quite a number of these marketable skills, some of which are, software development, video editing, data analysis, digital marketing, and graphic design.
These skills provide much needed visibility, an added value and can help you key into the international market through working remotely and of course earning in foreign currency. It increases employability and puts you on the map. Platforms like LinkedIn Learning, Udemy and Coursera offer affordable certificate courses.
Practice Financial Discipline
Financial management and discipline are sacrosanct in times of economic uncertainty as we find ourselves in now. Also, financial discipline is a skill that is learnt and there’s not been a better time to learn it than now. Start by creating a budget outlining monthly income and expenditure. Prioritise needs over wants and try to cut down frivolity in spending. Savings should be embraced, and a portion of income should be put aside for emergencies or future spending no matter how little.
Financial discipline however goes beyond prudence in spending. Investing is another way of maximising income and making your money work for you. Nonetheless, investments should be low risk ones to avoid regret. Platforms like Corper Invest offer good savings and investment options for young people and they don’t necessarily require a huge capital.
Networking and Leveraging Social Capital
As a Nigerian, we already know the to a reasonable extent the benefits of social capital. Attend seminars, conventions, online communities with the aim of connecting with like minded people in your field of interest. Also, leveraging the services of professional networking platforms like LinkedIn or the Corper Invest app can expose you to job openings, valuable mentorships, business opportunities and even good friendships. Having supportive individuals with similar aspirations can help keep you motivated and offer professional advice, fresh perspectives or financial support when facing difficulty.
Networking spans more than just getting job opportunities; its also about getting the opportunity to collaborate, share resources, and connect with individuals who are either facing or have faced similar roadblocks as you are facing.
In conclusion, while we hope and work towards making Nigeria the country of our dreams, we must understand that great things are possible even from little places. No matter the sorry state of the economy, putting effort inwards can position you for better opportunities.
