One can accurately say that Nigeria is currently experiencing one of its most challenging periods as a nation—since the civil war in 1967. Talks about the unbearable cost of living appear to be drowning out the complaints about insecurity lately.It is a case of ‘the snake in the house is more dangerous than the snake in the bush’. Nigerians are indeed at the receiving end of the ongoing battle, but like all battles, only a small percentage of Nigerians have the correct weapons to fight well in the present economy, and I’m not referring to the usual action plan: Japa.
The word ‘Japa’which means to ‘escape’ from Nigeria, sadly, has come to be synonymous with the Nigerian dream, given the general belief that life is better abroad. However, going by the slamming economic woes in other countries—which some escaped Nigerians are also facing—this author thinks that the Nigerian dream is overrated and proposes a better alternative.
A breakdown of the present economic realities in the UK, US, Canada, and some other favorite destinations for Nigerians would prove the notion that they are the Nigerian dream, wrong. The U.S. economy is presently facing major challenges despite high GDP growth and low unemployment. As of May 2024, the annual inflation rate stands at 3.4%, driving up costs for necessities like housing, healthcare, and childcare. The cost of living has increased uncontrollably, and housing and rent prices are just off the charts. Many Americans, especially those with lower incomes, struggle to buy basic necessities despite wage increases. The end of pandemic-era funding by the federal government is likely to worsen these issues, especially in terms of childcare costs.
Canada’s inflation rate moderated to 3.6% in May 2024 from a peak of 8.1% in 2022. However, the rising cost of living, especially in cities like Toronto and Vancouver, continues to strain household finances. Essentials like food and transportation costs, as well as slow wage growth, put financial pressure on many families. In the UK, inflation has fallen to 4.5% by May 2024 from double the previous year. Nevertheless, the cost of living problem remains, affecting low-income households in particular due to the sharp rise in energy prices. Despite government-sponsored programs, many people still find it difficult to make ends meet. To worsen matters, stagnant wages and rising rents are adding to the economic strain, reflecting persistent economic challenges despite the broader growth.
Popular destinations for Nigerians like the UAE and South Africa, are also under economic pressure. In the UAE, the high cost of living, especially in Dubai, worries expatriates and low-income workers. South Africa is also facing its share of severe economic challenges with high levels of unemployment and social unrest, resulting in significant income disparities and economic hardship for many of its citizens.
These shared economic depressions, which are not very amplified in the media—except for a few clips of Nigerians overseas lamenting the harsh living conditions on social media—put a dent in the overrated ‘Japa’. While life may yet prove rewarding for many Nigerians overseas, as the Nigerian spirit spurs them to put in the effort and actually break through, the same can be achieved here.
A few Nigerians who have been able to do more than break even in the present depressed economy are leveraging the opportunity of remote foreign work. As at the time of this article, the foreign exchange rate stands at approximately 1,500 NGN to one dollar. The remote model of work is a best-fit income strategy for the present economy: working for foreign businesses, earning in stronger currency, while living in Nigeria.
While there are several other factors to consider and not all Nigerians would agree with this assertion, 32-year-old Ahmed—who has enjoyed this work model since 2019—is evidence that foreign remote work works. Himself, a digital marketer, and several other Nigerians across different age groups and social segments are living the new Nigerian dream in Nigeria, at least financially.
For Nigerians seeking to leverage these opportunities, the internet offers limitless opportunities in digital skills, and other relevant foreign remote work where their skills and educational qualifications may be put to better and more rewarding use.
Concluding, in Nigeria, we have two main exports: oil and our brains. While this ought not to be so, self-preservation they say, is the first law of nature. It holds true that the grass is not always greener overseas—with an emphasis on ‘not always’—and one proven model that can ensure financial freedom given the present challenges is the new japa, where you live in Nigeria and earn in a stronger foreign currency.