It’s no news about the state of our economy and how since the new government administration, things have been on a steady decline. Right from the moment that BAT was declared the winner of the election, the price of petrol went up overnight, and that marked the start of a series of insane inflation that will shake the economy to its core.
Soon, everything else went up as well. However, when we thought things were at their worst and couldn’t get any worse, that was when the naira and dollar wars began. It pains me to say this, but the naira was failing massively. The cost of the naira to a dollar kept on increasing with reckless abandon until it almost hit the N2000 mark.
That was when the government chose to take action against Binance, fingering them as the cause of the incessant devaluation of the naira against the dollar. All allegedly, of course. However, it was this bold move that brought about the much-needed change that we were looking for and soon, the naira started appreciating. Since then, it has experienced a steady increase and now, it’s trading at just about N1200 against the dollar. If this trend continues, it will go back below N1000 within a few months.
But then, the appreciation of the naira has not really changed anything about the high cost of living. Things are still very much expensive and traders are still charging an arm and a leg. There’s a perfectly good explanation for all that, maybe I’ll cover it in a separate post.
Anyway, based on today’s topic, I’ll be talking about the current state of the economy. Right now, I’m earning roughly enough to take care of myself, both as a student and as an independent human. With the daily billings that come with being a student, or living in a house that consumes utilities, it’s unavoidable that one will pay bills. And then, I’ve not even mentioned feeding, transport, and all that.
There are a lot of things swallowing up my money and when I calm down to run the maths, at this current rate, surviving in another country might not be as easy as I expect. I’m working remotely, but with what I’m making right now if I decide to move to Canada or somewhere else in Europe, I’d be forced to take up another job.
The cost of living is also high in other countries, this can’t be disputed. The better the house, the more money you’ll have to pay for it. And then, there are so many bills to be paid, so many taxes that are heaped on everyday people. All these things lead to a more costly way of life. Although it’s also what helps them to create a more sustainable system of government, and why everything seems to work out for them, but it’s still going to be high.
But then, with the current rate I’m earning, I’ll probably be a rich kid in South Korea. Right now, I’m definitely a millionaire in won (South Korean’s local currency). So, if I decide to move there with this current earning of mine, I might be able to live comfortably.
Still, I’ve never been to South Korea and I have no idea about their economic system or the cost of living in the country. So it could turn out that I’m only deceiving myself and even with all that, I still won’t have enough.
The thing is, you’ll never really know for sure until you get there and you live there. For you to properly be able to judge an economy, you need to be a part of it, even if it’s just for a short while. Gauge how expensive or cheap things are, from living arrangements to the small kiosk selling ice cream by the side of the road, that’s the only way you’ll know for sure what your earnings can and cannot get for you.
But then, I guess only time will tell.
