As Christmas and New Year celebrations wrapped up, many Nigerians reflected on the financial struggles of making ends meet during the festive season. With soaring bills and low purchasing power, people are getting creative to survive.
One trend that’s gaining traction is online informal savings contributions, often initiated by food vendors. Participants contribute monthly, and in return, they receive bulk food items and other essentials.
“I made a monthly saving contribution of N15,000 last year, specifically for Christmas and New Year celebrations,” said Mrs. Bukola Johnson, a fashion designer. “I got a 50 kg bag of rice, half a carton of turkey, and other goodies. It was worth it.”
For Mrs. Racheal Adeji, a single mother, these contributions helped ease the financial burden. “I saved N10,000 monthly, and it helped me a lot. I got a large quantity of food items that I’d never bought in years.”
However, not everyone’s experience is positive. Some have fallen victim to fraud, losing their savings to unscrupulous conveners.
“I saved N210,000, and the convener disappeared with N6 million,” said Mrs. Hafusat Omoruyi, a wig vendor. “I’ve decided to save in a wallet this year.”
Others are wary of joining such groups, fearing they’ll be scammed. “I was hoping to join, but heard of a friend’s wife who lost N300,000,” said Mr. Wisdom Momoh, a fuel attendant.
Despite the risks, many Nigerians are determined to find ways to make their festive celebrations more affordable. As the economy continues to pose challenges, creative survival strategies like these are becoming increasingly popular.
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