The Dummy's guide to making money during the Economic financial crisis

(Making the Inversely proportional equation work in your favour)

Do you know that every single second naira falls against the dollar, the monetary value of everyone who earns in naira drops. This means that if you were rated 40% poor last year, you have automatically become 80% poor now.

I am not here to trend-blog or complain about the economy. I just want to open your eye to some facts, and if possible, encourage you with some thoughts.

Before I start, I need to mention the fact that I am not an economist or financial expert. I am just a young business woman who understands mathematics very well. So we won’t be plotting supply and demand graphs, discussing 10 steps to wealth acquisition in the time of recession or spewing economic jargons that frankly no one likes to read. We would not be talking about the government, how to attract investors, diversify the economy, or all the things you have been reading and hearing since December 2015.

We would be talking about just one thing, and that is YOU. In fact, the whole of this article is going to be simplified into just two basic points that even the most simple-minded educated person can understand.

Firstly, to put it straight, this is the worst period to earn in naira, and spend in dollars. The more you do that, the poorer you become. So for now, if you want to buy foreign products, use the money you have earned in dollars. If you haven't earned dollars, please buy Nigerian products. It's that simple.

Now, that’s the first level, which is the most basic way to survive in these times. Earn in naira, spend in naira. The bite of the fall in naira will be reduced on you. But there’s a higher level.

If you are very observant, in this period in Nigeria, there are three categories of people. Firstly, the ones who are all over social media, schools, work, churches, mosques, etc. complaining about how terrible the economy is. I call them the victims.

Secondly, we have the decision makers, who are either trying to salvage the economy or sabotage the economy, depending on the divide you fall into. They are mainly people in the government, who get blamed for everything, ranging from why the naira has descended to a level lower than Jesse Pinkman did in Breaking Bad season 2, to why the cockroach we sprayed in our rooms last night with insecticide refused to die, to why we are having the 7th daughter in a row after trying to have a male child in vain. I call them the villains

And lastly, there are the wise people. They are the ones who at this moment are very quiet. They are not complaining. In fact, they are hiding undeground. They are taking advantage of this situation, and making serious money. That is what they do. They take advantage of every situation you drop them into, and turn it around for their goods. I am in this third category, and you can also join it.

Remember I said when you earn in naira, and spend in dollars, you become poorer. This is an inversely proportional equation. Therefore, the reverse is the case. When you earn in dollars and spend in naira, you become richer.

So you would think that in situations like this, many people would wake up to this reality, and take advantage of the situation, instead of complaining about how Buhari or Jonathan has ruined the economy.

The world is now a global village, so don’t think you cannot earn in dollars. Not only can you export products, you can export services and intellectual properties. When you write a book and sell on amazon, do you earn in naira because you are a Nigerian? No, you earn in dollars and pounds.
Google adsense pays bloggers in dollars. As an editor catering to writers all over the world, you would get paid in a foreign currency. There so many services you can sell on The common factor here is that the market be international.

There are so many services you can sell all over the world without leaving the comfort of your room. You don’t even have to take your bath if you don’t want to. The days of people rushing to work every morning as the only option to earn income are fast plunging into oblivion. If you are still stuck in that era or mindset, get ready because the moving train is about to leave you behind.

This is the time when any idea you are developing should cross the boundaries of Nigeria. And if you are exporting physical products that are in wide demand, lucky you, it is your time to get rich while others are crying.

As a one-liner bonus, I’ve said this and would keep saying it. Watch your tongue. Don’t spew careless words this season. If you don’t have anything good to say about the economy or your situation, don’t say anything!

In essence, what I am saying is that it is not all gloom and doom that everyone seems to think it is. Don’t believe the inverse hype, people are getting rich. You can choose to join them or sing the bandwagon canary song. It is your choice. The question is “are you willing to put in the work it takes?”


  1. #Word!#
    Preach it!

    Though, the rise of dollars ... I don't want to say fall of Naira....jeez, I just did! Ahaha. As I was saying, the rise of $ is favourable to diasporas but it still does not meet the needs of families back home. $200 @ an exchange rate of #199 before, and as at this morning @ #320 is the same 10 pence and kobo!

    Nigerians back home equate expensive to quality and using imported items as being classy or tush. A wrong kind of mentality!

    Even here, some of us know where and when to buy certain items. Someone yesterday showed us a place to shop for children clothes I didn't know about, because we were talking of getting summer clothes for our kids, and I was searching when there will be sales. He told us that, parents with many kids shop there because it is cheaper. And we were grateful. Because we know a dime matters much here!

    I am not surprised you belong to the 3rd group, you are very enterprising and ambitious. Though, I was expecting you to throw a hint, but I remembered this is 9ja, anything can hapoen..ahahaha.
    Have a good week.

    1. Thanks. People are now adjusting to the austerity measures here. If it's a foreign product, and I can do without it, then bye bye to it mehn.

  2. the value of the naira continues to drop, the price of (local) goods stays the same?

    1. Many of the local goods... yes! Mostly the ones that aren't dependent on foreign raw materials

  3. Indeed even though the economy is dwindling, people are taking serious advantage of the situation and enriching themselves. We all should do the same to avert serious poverty.

    1. Hey madam, how have you been? Been a while. We will keep opening our eyes to opportunities.

  4. Indeed even though the economy is dwindling, people are taking serious advantage of the situation and enriching themselves. We all should do the same to avert serious poverty.

  5. Blessings....
    sounds good
    sounds intriguing.

  6. Thanks for writing such a great post. I really enjoyed reading that content.abcya 4


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