Why you Need Multiple Streams of Income
Nigeria’s Situation
Nigeria’s economy slipped into recession and the GDP saw a 3.62% decline in the third quarter of 2020 after slipping by 6.1% in the second quarter, according to the National Bureau of Statistics. This decline has adversely impacted on the livelihood of thousands of Nigerians.
The Big Blow
Over the past few months, several Nigerians across different sectors have either been laid-off or had their salaries significantly slashed. These woeful occurrences have resulted in a sharp spike in the country’s unemployment rate. Even more, it has created an intense atmosphere of uncertainty, as many Nigerians have become apprehensive of the security of their jobs. In these trying times, it is imperative to actively work towards diversifying our sources of income and not rely solely on one source.
Admittedly, Nigerians are resilient people, have immense potential and are greatly skilled at taking advantage of innovative technology to make our lives better. In dire situations like these, we must learn to make the best of whatever situations we find ourselves in. How then can we employ this long-standing strategy of resilience adaptivity in our current situation?
Chinning up and Striving on — The way forward
There are a thousand and one recommendations that can be proffered. However, the only solution that is practical, is one that has taken into consideration Nigeria’s present situation and has promptly reconciled it with the effects on the life of the common Nigerian citizen.
Let’s take a look at this situation, Uju, a single mother, who is a private school teacher has had her salary slashed by 30%. This salary reduction affected her monthly income. Uju is also a woman with exceptional cooking skills, friends who have tasted her meals can attest to this. Uju clearly has a skill that is largely untapped. How can Uju monetize this skill to supplement her income?
Uju can start a virtual food business right from the comfort of her home and run it as she continues teaching. How is this possible? With the emergence of several food ordering and delivery apps such as Eazzy Eats, running a food business would no longer be a daunting task. Uju can become an e-restaurant owner or offer catering services to thousands of readily available customers on the platform.
Uju does not need to quit her job to be able to run this business. She can work within her schedule as a teacher whilst continuously providing her customers access to her meals. She can also cater for small events during weekends or make meals for readily available customers on the Eazzy Eats App which is available on Google play store or App Store.
Uju’s scenario is an example of some practical ways Nigerians can harness their innate potentials to develop multiple streams of income and truly attain financial independence amidst Nigeria’s economic situation. Like Uju, Nigerians must be like the Chameleon — an animal renowned for its ability to adapt to and overcome drastic changes in its environment.
