We are not expecting recession….

         America is in recession, Britain is in recession, so many other countries are in recession but Naija is not expecting recession. In the first month of January, 70,000 people lost their job in the US. Anyone with a job today is immensely blessed. January was the lowest month in the NY stock exchange. Sony reported in the last quarter a 95% loss, it is their belief that Sony will be in bankruptcy by April. It was announced two Thursdays ago that pound had dropped and Great Britain was in recession. The dollar dropped and it has affected the global effect. However, what impact do these have on naija?

        A naija diplomat was asked if recession had hit Naija and when Naija was anticipating the recession to start, but the diplomat mentioned that “we don’t anticipate it”. If the whole world hinges on US dollar and if the US is in recession, how is it possible Naija is not anticipating recession?

         Its probably cos America lives on credit whereas Naija depends on “cash down”.  When you buy everything with money you don’t have, you are setting yourself up for failure and debt. Most people in Nigeria who own a home paid cash down for it; no one has a mortgage (except for recent converts), cos we buy our values on cash value. We don’t spend money on cars when we don’t have homes. Some homes might be dilapidated, but they are owned, cos we buy what we can afford and we afford what we can buy. You spend all your money buying things you don’t need to impress people you don’t like. Will this mean anything after I am gone? Will it make any significant?

       Xoxo…My words, my views, my style! Naijagirl©2009

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Published in: on February 17, 2009 at 2:44 pm  Comments (3)  

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3 CommentsLeave a comment

  1. You make a great point that it is very important to live within your means. You can’t take these material goods you store up on earth with you, and if your motivation to buy the next hot gadget is because you’re trying to outdo your neighbour, well that’s a good way to get into debt quickly!

    That being said, I think the US economy made it easy for people without self control who like instant gratification to get themselves into a lot of trouble. People have to start thinking about tomorrow and saving for a rainy day, instead of going from “I want this” to having it within 5 minutes, without giving a thought to why they want it or if they really want it.

    • GNG, your comment is very insightful

  2. Thank you 🙂


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