How a Solopreneur in Nigeria Can Handle the Fuel Subsidy
At this time, the Nigerian government, under the watchful eye of President Bola Tinubu, has removed the fuel subsidy. Causing a lot of hardship for the common Nigerian. Our homes and our businesses
In this blog post, we will be looking at how to cope with the removal of the fuel subsidy. There is a need to talk about it because it is literally the same thing most Nigerians are facing at this time. The truth is, the fuel subsidy was bound to happen. It was only a matter of time.
The major issue most Nigerians had was how our dear president made the announcement on his first day in office (fuel subsidy announcement).
As soon as the announcement was made, there was pandemonium everywhere in filling stations. Trust Nigerian fuel marketers to take advantage of the situation.
Most fuel stations saw it as an opportunity to increase the price of fuel, which a lot of people do not blame them for. A lot of outrage and criticism are going on both on radio and television stations concerning this new development. Also, the NLC threatened the FG with a strike.
However, the government has defended its moves, saying the removal will help save us a lot of billions of naira. But the masses need to cope with this until the government comes up with better solutions. Ordinary Nigerians must find ways to cope with and manage the impact of this policy on their daily lives.
Here are some suggestions on how to cope with this situation
- Reduce dependence on gasoline generators for now. If you live in an area where there is an epileptic light supply or none at all, I will advise you to consider alternative sources of energy like solar panels, inverters, or batteries. These also don’t come cheap, but they are worth it. You can get one to at least charge your phones, torch, and light bulbs.
- Park your vehicle and use public transportation for now. It will be more economical to do so at this time, at least for now, so you can gradually ease into the fuel price increase. Also, you can identify with other people working in your area and carpool with them.
- You can consider planning or adjusting your budget for the year if you have one. And if you use a monthly budget, consider removing some not too needed expenses. Early this year, me and my hubby decided no DSTV until May, not knowing the subsidy was coming.
- Plan all your trips and errands ahead of time. Make a list of the important places you need to visit and the things you need to do. Try to make sure they fit into one trip, so you can kill 5 birds with one stone.
- Utilize online shopping and delivery services. Use them for even your groceries, food and other items to reduce the need for physical trips to and fro.
- Limit your energy consumption. A lot of us have prepaid meters, and that alone can add to the financial stress. The AC can stay off for a couple of hours.
- Maintenance of your vehicle is key. Check the fuel efficiency of your car. A lot of times I hear people say Toyota has fuel efficiency; yes, it does, but you need to take care of it too to make sure it stays that way.
- Use bicycles or walk; it’s good exercise for you and heart friendly especially if you are 40 and older. It’s time to walk a little. Put on your trainers and take a walk to that store close to you.
- Patronize the people around you. There’s no harm in doing so. There is no reason to travel so far to get something you can just buy in your living area.
You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats so you can know who you are, what you can rise from, and how you can still come out of them.” Maya Angelou
For Business Owners
Everything said above applies to everyone. But to stay without adding mental stress to the subsidy issue
NOTE: THERE IS NO WITCH AFFECTING YOUR BUSINESS WHEN YOU DO NOT SELL!
The issue is that people are struggling to cope with the situation on the ground. The buying power is low, hence the drop in sales.
Maintain your sanity by:
- Be prayerful
- Be accommodating. I am not saying to sell your goods on credit to people in a bid to be accommodating.
Just be friendly and nice, knowing that your attitude at this time matters a lot.
- Cultivate a better approach that will keep your customers glued to your store. You have competitors in your neighborhood. It’s the time to gain loyal customers from my own standpoint. I remember that during COVID, I had a lot of customers. People who didn’t know I was friendly started seeing me as a very friendly person.
- Be moderate with your prices. Don’t go overboard with your prices, and we all know customers love to hear about discounts. Do a bit of that here and there, and you’ll be fine.
- Avoid buying credit from suppliers. This can cause a lot of anxiety. Try to avoid it.
- When this term ends and nothing is still done about the fuel subsidy, consider changing your children’s school. Start looking for a school closer to your house or shop. There are good schools around. So your kids can trek home or to the shop.
In conclusion: This is not the time to be wasteful. Parents must take up the challenge and become a team so as to weather this storm and come out victorious. Discuss in a civil manner with your spouse issues concerning your family’s finances. I know this might not be easy. Remember, your relatives are in this too. Your mom, siblings, and dad should know and understand the situation on the ground. Try to cook at home to avoid eating out. More hardship looms ahead, and the earlier we take precautions, the better for us.
Author: UGOCHI
Women empowerment, encouragement, motivation and mentoring. We take bold steps each and everyday to become better.