Business
Consumers Blame Hard Times On Poor Planning
The inconsistency in the country’s economy and poor spending habits by some families have been identified as major causes of hardship experienced, especially in the month of January.
Speaking with newsmen in Port Harcourt last Tuesday, a clergy man, Rev. John Ezekwu, said responsibilities saddled around one’s shoulders in January is often greater than normal.
He advised that plans should be made in advance towards it in order to avoid financial incapability.
“The new year comes with so many things like new budgeting, fresh commitment to God and also domestic cares, room provision and children’s education,” he said.
According to him, such challenges were bound to be accompanied by an increase in expenditure.
“As a matter of fact it would not come without a heightening of expenditure”, he said.
Other residents in Port Harcourt who spoke to The Tide on the matter pointed out that while the prices of commodities and every other item increased, salary rate remained the same.
“January is always tough, but this one is something else, I dare say it is a lot tougher than others in the recent past”, according to a house wife, Mrs Flora Onu.
Another respondent, Helen Uka, however advised that Nigerians should plan towards surmounting the challenges posed by January, even as she urged people to downplay Christmas and New year celebrations in order to forestall unnecessary expenses.
“Many people, especially women, go for new dresses, despite the fact that they have old cloths that are better.
“The funniest thing is that such women have not used such clothings as to warrant the purchase of new one”, she wondered.
Also, an Associate Professor of Economics, Dr Hycinth Ajie, gave tips on how spending should be done in order to remain buoyant even at the beginning of the year.
He advised that Nigerians should learn not to save up their earnings for eleven months and then to waste all in December, only to be stranded in January.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.