Ibraheem Fiyinfolowa
Food, clothing, and shelter. These are the basic necessities of living that are essential for human survival, but in the current state of the Nigerian economy with regard to the standard of living,the majority of Nigerians are not able to afford basic necessities.
Food items had gone beyond the roof. The prices of goods keep soaring from week to week, and life is now becoming much more of a burden for people whose monetary income is gradually becoming useless to their survival.
What can organized labour do?
Organized labor in the country is now in battle with the government for a salary increase for workers, but there is, however, a particular group of people that are most often categorized as the minority and are usually not taken into consideration. These are the students of tertiary institutions. This class of Nigerians either depend on their families for sustenance or depend on their families and are also making a bit of income by themselves, while others are left on their own to sort themselves out.
Regardless of the classification in which these students might find themselves, they still bear the brunt of this serious economic depression.
Aside from other costs from food items., clothing, shelter, books, a stable internet connection and other important miscellaneous expenses daily confront the students’ populace. Acquiring education is becoming a serious burden for the students.
University of Ibadan (UI) students are becoming student entrepreneurs
I spoke to some students at the University of Ibadan with the aim of feeling their pulse in relation to how they are affected by this economic crisis.
Leshi Oladotun is a student in the Department of Communication and Language Arts who is heavily invested in football, film, and music. When he is not in class studying or at his place of worship, he will most likely be in the Student Union Building Field or at the Indy Maracanã playing football. He also, in partnership with a course mate who does movie reviews on X (Twitter) so others can watch. He gets commissions for such referrals.
Leshi Oladotun, a U.I. Student (Pc. Fiyinfolowa Ibrahim)
Leshi can definitely relate to the economic depression encumbering the Nigerian economy. It is a tough period for him.
“It has taken a toll on everybody, not just the middle class. It has ruined the purchasing power of everybody, and everyone is currently in survival mode at the moment. People are finding it difficult to live and even afford the basics. It has not been easy if one is to be candid,” he said.
He now finds it difficult to buy certain things that he needs and wants for his survival and studentship. He believes that the financial crisis has affected his purchasing power.
“The rate at which commodities are getting expensive and unaffordable is in a geometric progression, and this has taken a heavy toll on my purchasing power. For instance, buying an outfit has tripled as a result of hyperinflation and the tough financial crisis,” he explained.
Another student, Kabirat Aleem, says she can definitely relate to the drastic change that the financial crisis in the country has brought.
“I believe anyone living in the country could relate to it in one way or the other. The degree to which we all relate to it may differ, though. As for me, as a student and a budding entrepreneur, the effect has been heartbreaking,” she explained.
Kabirat Akeem, a student-entrepreneur at U.I. (pc: Fiyinfolowa Ibrahim)
Kabirat is an entrepreneur who offers data subscription services and document management services. She combines her work with her studentship at the university’s premier faculty, the faculty of arts.
She believes that the financial crisis has drastically affected her purchasing power, which has been very draining on her financial capacity and not in the least helpful.
“What I could get for 500 naira before is now 1000 naira or more, which automatically means that in order to get a certain quantity, I have to increase the amount spent. For example, a quantity of pepper that used to be 100 naira is now 500 naira. The same applies to many other products as well. Less quantity, lesser quality, and more cost automatically affect my purchasing power,” she complained.
Measuring the impact on students ‘educational performance?
For Leshi, being a student entrepreneur has forced him to make lifestyle changes to better manage his finances and survive. He has had to modify his diet and how often he uses paid transportation, and he has even had to tune down his participation in recreation, which is a big deal for him, just to be able to cope and survive the financial crisis.
Leshi admits that the current economic issues have had an impact on his education, as much as he would not have wanted that to happen. “Often times, going to class on an empty stomach affects one’s level of concentration and alertness, and it can indirectly affect assimilation. Also, it affects a student’s ability to study. For instance, one might not be able to afford an internet subscription for an online class or carry out research for assignments and projects.”
For Kudirat, this has forced her to greatly modify her lifestyle and change her purchasing preferences. Kabirat prefers buying whatever she needs in bulk, but now all she can afford to get at a time is in units. “I let go of things that are not of the utmost importance, even though they might be needed,” she mentioned.
Being a student-entrepreneur and supporting oneself is enough for Kabirat. She has to fund her education through what she does, but the current economic issues are making matters more detrimental to her education.
“I think the main part is that it affected my concentration in class, and that sort of extends to my reading concentration as well. While some of my colleagues are fully focused on academics, I mostly have the consciousness of bills to pay in the back of my mind, and it can be quite tasking,” she explained.
“Indirectly, it affects how I spend my holidays as well. While others are trying to rejuvenate for each new session so they can come back refreshed and ready for the new session or semester, I am mostly drained from working back and forth to endure” Kudirat said. I got my education and other bills paid upon resumption. Couple with a new school fee hike again; those are mind-boggling issues that could affect anyone.”
This issue can be a lot to handle, having to study and manage sustenance in school during such a dire period, and it would not be unusual if this offsets a psychological balance in students.
Leshi does believe that the economic crisis is a deterrent to a student’s psychological well-being and that it often leads to depression and anxiety. “The inability to afford the basic things of life, mostly as a student, can dent one’s psychological well-being. However, with the support of friends and families, it has served as a form of coping mechanism and a source of solace in this current financial crisis,” he said.
For Kingsley, a final-year student of sociology at the University of Ibadan, the crisis has been a source of psychological disturbance for him as the hikes in price have led to a reduction in the foodstuffs he purchases, and as someone who loves buying Fufu from cafeterias, he can’t do that anymore because it is becoming unaffordable. “Overthinking of what to eat and how to eat is a big problem. It has just been God,” he commented.
Kabirat has, however, taught herself to never allow anything to tamper with her peace of mind so much that it will cause psychological issues for her. “The world could be ending tomorrow, yet I will receive the news with a big smile and a stress-free mind. My mind is my most precious asset at the moment, so nothing and no one is allowed to tamper with it, no matter what. So, there you have it. Nigeria and its myriads of issues will never be a reason for me to sacrifice my mind. Psychological issues? Not at all,” she affirmed.
Students at the University of Ibadan now have to cope with an increment in school fees in conjunction with an ever-declining standard of living. Some students, like Kingsley, have only God to look up to in order to help them survive the just-beginning session.
#fFyinfolowa Ibraheem, a campus journalist and 2024 campus Journalism fellow of Africa Foundation for Young Media Professionals sent this story from University of Ibadan, Oyo State
