The 2023 will no doubt be an intriguing year for most Nigerians as it is an election year. Many Nigerians believe this year will be a very historic year for most Nigerians because of the election. It is the year since 1999 that the youth are heavily involved, and can state that they have a candidate. Now, how will this decide how will 2023 be like for Nigerians?
2022 wasn’t really a fantastic year for a lot of Nigerians financially and economically. This is primarily due to the financial crunch in the global economy caused by the Russia-Ukraine war. The rate of inflation rose, energy price soared, cost of production and doing business blew over. Due to the war, some vital food items like flour and wheat became expensive. The gas prices tripled. It wasn’t easy for most people in 2022, even the elites.
Most people hold their breaths in awe of how will 2023 be like Nigerians? Will there still be inflation as high as it is now? Will there be insecurity? How is the election going to turn out?
How will 2023 be like for Nigerians?
2023 is the Nigeria election year. We reiterate that it is going to be an exciting year for most Nigerians as they go to the poll to decide who their leaders would be for the next four years. This election will be different from the ones that has been held since 1999 with no clear insights of who the winner would be.
With the CBN naira redesigning policy and the expected election spending, you’re to expect increased money in circulation. This will have different consequences on the economy. In addition, with the change of governments on May 29, 2023, you’re to expect increased spending and more money in circulation.
There is moderate propability of an end to the hostilities between Russia and Ukraine. If there is an end, the global market is set to recover a little; however, it is expected that it will take a minimum of two years for the global market to recover fully. So, with the war or no war, energy prices, food prices, and other prices, will still be high.
Therefore, inflation would remain or increase. The decrease in prices is certainly not coming in 2023. However, prices are expected to not add up that much globally.
For Nigeria’s case, the prices of commodities are mainly determined by security, power provision, and exchange rate. The global market has a role to play but even if hostilities cease, the local factors still have a role to play. Due to these, prices of commodities in Nigeria in 2023 would continue to rise.
The Federal Government of Nigeria has stated that by June, 2023, the Fuel Subsidy will be removed, and you are to expect fuel price at around 500 naira. At the moment, the average fuel price across the nation is 250 naira.
If fuel subsidy is removed, there will be sharp increase in food and services prices. Since the Nigerian economy has learned how to cope with the gas price, the high fuel price won’t have a devastating effect on the economy. Nevertheless, you should get prepared and stock your house with foodstuffs for June till January next year.
In case you are very comfortable, you should consider getting alternative sources of energy to power your business and home. The best is to get Solar Energy system. You should also go to the market around April to get rice, beans, semovita, beverages, and many more, in bulk. From June to December, prices will go higher.
The election will have effect on the dollar price. It will rise or go down depending on who wins the election. It won’t be affected much for a long time, though.
The issue of insecurity is left open. Solving this problem, by whoever wins, can’t be all achieved in 2023. However, with all the major presidential candidates talking about devolving power, states would play more role in securing their states. This is a policy that will take a long time (two years, at least) to enact.
In summary, what do you do to survive 2023?
1. You should keep your mind out for continuous inflation in 2023.
2. Get alternative sources of energy for your home and businesses to ease the cost of living.
3. Stock your home with food and other house commodities in April.
4. Reduce your level of spending. Restrict yourself to spending on only vital stuffs like food, housing, affordable clothes for you and your family,children school fees, fuel for your car, hospital bills, and others.
5. Don’t store huge money in the bank or anywhere else. Except it is the money you intend using for your business or vital expenses in a short time, you shouldn’t store huge money in the bank. This is due to inflation. You can use the money to buy valuable assets like lands, properties, and gold. You can easily sell these off whenever you need money.
6. Seek out additional income to add to your main source of income, or seek out how to earn in dollars, pounds, and euros. To survive 2023 better as a Nigerian, you should get to earn in foreign currencies and from foreign firms.
7. You should consider starting a viable business, online or offline, and full-time or part-time.
What Businesses can you Start in 2023 in Nigeria?
These businesses listed here are trending and viable.
1. Agriculture Middle man or Supplier to big organizations.
2. Importation of hot moving goods like bags, wigs, clothes, shoes, phone accessories, phones, laptop accessories, electronics, and many more.
3. Importation, or Selling of First-Grade Thrift of clothes, shoes, and bags.
4. Betting shop or platform or Sports Viewing center. This one is depending on where you are, and whether it is not already popular in your area.
5. Micro-finance level loaning and saving Platform. It should be well-planned. You should endeavor to ask for collateral, and link yours to Nigerian credit score system.
6. Animal farming of pigs, rabbits, snails, or cows.
7. Palm-oil, Cashew, Cocoa, or Rubber plantation. This one is a very long-term business, and so you should do it if you want dividends in long term.
8. Bambara nuts, Rice, Maize, or , farming in large scale in the North.
9. Transportation business vie transportation of humans or goods. Anyone you invest in moves.
10. Providing storage facilities and storing excess food supplies in the surplus season to sell off at the needy season. You can store vital products like palm-oil, pepper, cashew, crayfish, rice, yam, and many more.
Now, what jobs should you think about finding in 2023 to meet up to the inflation rate.
Best Jobs to Get in 2023 in Nigeria
The best jobs to get in 2023 in Nigeria are remote jobs where you can earn in dollars but there are also other Nigerian jobs that pay well.
1. Remote Tech Jobs like Programmer, Product Designer, Graphic Designer, Data Analyst, SEO expert, Content Creator, and many more, that are well-paid as from $2000/ a month upwards.
2. Business Manager and Administrator for Large Corporations.
3. Military Officer from the Level of a Captain Equivalent
4. Senior HR Professional
5. High or Mid-Level Engineer in Oil and Gas companies.
7. Senior Accountant or Auditor in a Large Corporation
7. Medical Radiographer
8. Medical Doctor
9. A Researcher or Senior Official in a Federal Government Research Center or Institute.
10. Lecturer as from the level of Lecturer II
Conclusion
How will 2023 be like for Nigerians isn’t much of a difficult one if you know what to do to stay away from hardship. The situation won’t be much different from that of 2022. You should endeavor to take the right steps and do the right things.