The high Cost Of Living Crisis in Nigeria is beginning to impact the way people live their lives, forcing many to adopt a more modest lifestyle to cope with the economic challenges. As commodity prices continue to soar, families are finding it increasingly difficult to afford groceries and meet their basic expenses, as income dwindles in the wake of rising inflation. Nowadays, the prices of rent and Education have surged dramatically, the expenses for food have more than doubled.
Transportation costs are also on the rise consistently, all without a proportional rise in earnings. The national Minimum Wage of $20.2 per month, as determined by the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate of N1,485.36 per dollar on June 21, 2024, is considered unacceptable. Over the course of the last year, Nigerians have experienced a significant decline in their economic circumstances due to a series of economic reforms introduced by President Bola Ahmed Tinubu.
Rising cost of energy has worsened Nigerians’ financial hardship.
These reforms, which included the elimination of Fuel Subsidies and the liberalization of foreign exchange policies, have exacerbated the financial struggles facing many Nigerians. The rising cost of energy in Nigeria has led to a situation where many Nigerians are facing financial hardship, with businesses struggling and the value of the Naira drastically depreciating. This has caused a surge in the prices of food items, making it difficult for citizens of the country to afford basic necessities.
In May, Nigeria saw a sharp rise in food inflation, with the rate hitting 40.66 percent on a yearly basis. This spike marks a notable increase from the previous rate of 24.82 percent, as reported by the National Bureau of Statistics (NBS). In light of the circumstances, organized labour is pressing for the Federal Government to reconsider the national minimum wage, proposing an increase to N250,000 or approximately $168.31. However, the government has only agreed to a payment of N62,000 or about $41.74.
Many young people choose to delay marriage due to economic challenges.
More so, as the debate over the minimum wage between the Federal Government of Nigeria and organized labour persists, the increasing costs of basic necessities are leading to a decrease in the overall quality of life for many individuals. A growing number of young Nigerians are opting out of Marriage because of the economic challenges they currently face, lack of job opportunities, and the difficulty of taking on additional financial burdens in a climate of declining purchasing power.
As a result, there has been a decline in the amount of marriages taking place in churches and the number of wedding ceremonies being held overall. Additionally, those working in the wedding industry are currently facing a slump in their sales. According to Karl Marx, the economic status of individuals is directly influenced by the Economy of the state. Due to the current economic situation, many young people are choosing to delay marriage, resulting in a decrease in the number of weddings taking place in churches and other venues.
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It has been discovered that many couples are opting for low-key wedding ceremonies, choosing to marry their partners without the extravagance of a grand event, even though they are deeply in love with each other. A growing trend is emerging where couples choose to have a small gathering at the civil registry with only a handful of loved ones before heading to the church for a blessing on their marriage. By opting for this intimate approach, they are able to cut down on expenses associated with extravagant celebrations and instead channel their energy into laying the foundation for a strong and happy home.